White Mountains Insurance Group, Ltd (WTM) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $91.70 million, or $ 18.80 a share in the quarter, against a net loss of $58.90 million, or $10.01 a share in the last year period.
Revenue during the quarter grew 23.27 percent to $365 million from $296.10 million in the previous year period. Net premium earned for the quarter went down marginally by 1.26 percent or $3.60 million to $281.30 million.
Total expenses come down
Benefits, losses and expenses for the quarter were at $345 million, or 122.64 percent of premium earned from $383 million or 134.43 percent of premium earned in the last year period. Operating income for the quarter was $20 million, compared with an operating loss of $86.90 million in the previous year period. Net investment income was at $22.50 million for the quarter, up 33.93 percent or $5.70 million from year-ago period. The company has recorded a gain on investments of $26.40 million in the quarter compared with a loss of $43.90 million for the previous year period.
Assets, liabilities fall
Total assets decreased 35.39 percent or $3,660.70 million to $6,683.30 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,881.90 million as on Sep. 30, 2016, down 53.05 percent or $3,255.80 million from year-ago. Return on assets was at 0.46 percent in the quarter against a negative 0.75 percent in the last year period. Return on equity was at 2.41 percent in the quarter against a negative 1.40 percent in the last year period.
Investments increase substantially
Investments stood at $5,213.50 million as on Sep. 30, 2016, up 27.41 percent or $1,121.70 million from year-ago. Meanwhile, yield on investments went up 2 basis points to 0.43 percent in the quarter. Shareholders equity stood at $3,801.40 million as on Sep. 30, 2016, down 9.63 percent or $404.90 million from year-ago.
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