White Mountains Insurance Group (WTM) has reported 163.85 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $34.30 million, or $7.50 a share in the quarter, compared with $13 million, or $2.34 a share for the same period last year.
Revenue during the quarter grew 4.49 percent to $385.90 million from $369.30 million in the previous year period. Net premium earned for the quarter declined 6.13 percent or $17.30 million to $264.80 million.
Total expenses come down marginallyBenefits, losses and expenses for the quarter were at $348 million, or 131.42 percent of premium earned from $360.80 million or 127.90 percent of premium earned in the last year period. Operating income for the quarter was $37.90 million, compared with $8.50 million in the previous year period. Net investment income was at $26.10 million for the quarter, up 45.81 percent or $8.20 million from year-ago period. The company has recorded a gain on investments of $51.30 million in the quarter compared with a gain of $29.50 million for the previous year period.
Manning Rountree, chief executive officer, commented, "It was a solid first quarter for White Mountains. We increased adjusted book value per share by 1%, including roughly half a point of one-time compensation and severance expenses. OneBeacon had a nice quarter, producing a 95% combined ratio. BAM posted its best quarter since inception for pricing, total premiums and growth in claims paying resources. The investment portfolio returned 1.5%, a good result."
Assets, liabilities fallTotal assets decreased 37.29 percent or $3,874.90 million to $6,516.90 million on Mar. 31, 2017. On the other hand, total liabilities were at $2,759.30 million as on Mar. 31, 2017, down 55.17 percent or $3,395.20 million from year-ago. Return on assets stood at 0.58 percent in the quarter, up 0.35 from 0.23 percent in the last year period. At the same time, return on equity was at 0.91 percent in the quarter, up 0.61 from 0.31 percent in the last year period.
Investments increase substantiallyInvestments stood at $5,339 million as on Mar. 31, 2017, up 47.08 percent or $1,709.10 million from year-ago. Meanwhile, yield on investments was almost stable at 0.49 percent in the quarter, when compared with the last year period. Meanwhile, reinsurance recoverables moved up 6.65 percent or $11.10 million over the year to $178.10 million on Mar. 31, 2017.
Total debt was at $284.70 million as on Mar. 31, 2017, down 35.31 percent or $155.40 million from year-ago. Shareholders equity stood at $3,757.60 million as on Mar. 31, 2017, down 11.32 percent or $479.70 million from year-ago. As a result, debt to equity ratio went down 3 basis points to 0.08 percent in the quarter from 0.10 percent in the last year period.
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