AmTrust Announces Net Income For The Second Quarter 2016

0

Warrantech’s parent company, AmTrust Financial Services, Inc. (AFSI) today announced second quarter 2016 net income attributable to common stockholders was $134.8 million, or $0.78 per diluted share, compared to $70.7 million, or $0.42 per diluted share, in the second quarter 2015.
For the second quarter 2016, operating earnings was $140.3 million, or $0.81 per diluted share, compared to $130.5 million, or $0.78 per diluted share, in the second quarter of 2015. Annualized return on common equity was 21.1% for the second quarter of 2016 compared to 14.3% for the second quarter of 2015. Second quarter 2016 annualized operating return on common equity was 21.9% compared to 26.3% in the second quarter 2015.

Second Quarter 2016 Results

Total revenue was $1.39 billion, an increase of $0.28 billion, or 25%, from $1.11 billion in the second quarter 2015. Gross written premium was $2.07 billion, an increase of $0.39 billion, or 24%, from $1.68 billion in the second quarter of 2015. Net written premium was $1.27 billion, an increase of $0.26 billion, or 26%, compared to $1.01 billion in the second quarter 2015. Net earned premium was $1.18 billion, an increase of $0.21 billion, or 22%, from $0.97 billion in the second quarter 2015. The combined ratio was 91.7% compared to 90.5% in second quarter 2015.
A summary of Q2 results is listed below along with a link to the earnings release.

Financial Highlights

Second Quarter 2016

• Gross written premium of $2.07 billion, up 23.5% compared to $1.68 billion in the second quarter 2015

• Net earned premium of $1.18 billion, up 22.0% from $0.97 billion in the second quarter 2015

• Net income attributable to common stockholders of $134.8 million compared to $70.7 million in the second quarter 2015

• Operating earnings of $140.3 million compared to $130.5 million in the second quarter 2015

• Diluted EPS of $0.78 compared to $0.42 in the second quarter 2015

• Operating diluted EPS of $0.81 compared to $0.78 in the second quarter 2015

• Annualized return on common equity of 21.1% and annualized operating return on common equity of 21.9%

• Service and fee income of $138.3 million, up 28% from $107.7 million in the second quarter 2015

• Combined ratio of 91.7% compared to 90.5% in the second quarter 2015

• Weighted average diluted shares outstanding of 173.0 million, up 3% compared to 168.1 million in the second quarter 2015

• Repurchased 3.58 million common shares at a weighted average price of $24.82 per share

Article Resource- https://warrantech.com/blog/august-2016/amtrust-announces-net-income-for-the-second-quarte/

Advertisements