Oxbridge Re Holdings Limited (OXBR) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $2.32 million, or $ 0.39 a share in the quarter, against a net profit of $0.37 million, or $0.06 a share in the last year period.
Revenue during the quarter surged 1,263.36 percent to $11.83 million from $0.87 million in the previous year period. Net premium earned for the quarter jumped 537.24 percent or $9.62 million to $11.41 million.
Total expenses increase substantially
Benefits, losses and expenses for the quarter were at $14.15 million, or 124.01 percent of premium earned from $0.50 million or 27.69 percent of premium earned in the last year period. Operating loss for the quarter was $2.32 million, compared with an operating income of $0.37 million in the previous year period.
Net investment income was at $0.12 million for the quarter, up 64 percent or $0.05 million from year-ago period. The company has recorded a gain on investments of $0.30 million in the quarter compared with a loss of $1 million for the previous year period.
"Our diversified book of business produced $2.6 million of profit, despite paying out on losses for the year," said Oxbridge Re Holdings president and chief executive officer Jay Madhu. "We believe our positive results for the year were a reflection of our conservative approach and stringent underwriting process."
Assets, liabilities fall
Total assets decreased 3.20 percent or $1.69 million to $51 million on Dec. 31, 2016. On the other hand, total liabilities were at $13.84 million as on Dec. 31, 2016, down 11.64 percent or $1.82 million from year-ago.
Return on assets was negative at 4.55 percent in the quarter against a positive 0.71 percent in the last year period. Return on equity was negative at 6.24 percent in the quarter against a positive 1 percent in the last year period.
Investments move up
Investments stood at $10.99 million as on Dec. 31, 2016, up 17.59 percent or $1.64 million from year-ago. Meanwhile, yield on investments went up 32 basis points to 1.12 percent in the quarter.
Shareholders equity was almost stable over the past one year at $37.16 million on Dec. 31, 2016.
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