Oxbridge Re Holdings Limited (OXBR) has reported a 302.29 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $2.98 million, or $0.50 a share in the quarter, compared with $0.74 million, or $0.12 a share for the same period last year.
Revenue during the quarter surged 83.56 percent to $2.17 million from $1.18 million in the previous year period. Net premium earned for the quarter increased 7.03 percent or $0.13 million to $1.92 million.
Total expenses increase substantially
Benefits, losses and expenses for the quarter were at $0.82 million, or 42.70 percent of premium earned from $0.44 million or 24.44 percent of premium earned in the last year period.
Net investment income was at $0.13 million for the quarter, up 40 percent or $0.04 million from year-ago period.
“The profitable third quarter of 2016 was highlighted by an increase in the number of reinsurance contracts. Additionally, we benefitted from a $1.2 million favorable development of loss reserves, which added to our already strong results for the quarter,” said Oxbridge Re Holdings President and CEO Jay Madhu. “Despite claims activity, we have grown book value to $6.77.”
Assets outpace liabilities growth
Total assets increased 7.44 percent or $4.02 million to $58 million on Sep. 30, 2016. On the other hand, total liabilities were at $17.53 million as on Sep. 30, 2016, up 0.86 percent or $0.15 million from year-ago.
Investments move up
Investments stood at $12.43 million as on Sep. 30, 2016, up 20.60 percent or $2.12 million from year-ago. Meanwhile, yield on investments went up 14 basis points to 1.01 percent in the quarter.
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