Warrantech’s parent firm, AMT Warranty, Inc. (AFSI) today released 3rd quarter 2016 net gain thanks to common stockholders was $103.6 million, or $0.60 per diluted share, when compared with $182.7 million, or $1.09 per diluted share, within the 3rd quarter 2015.
For the 3 rd quarter 2016, operating earnings was $126.3 million, or $0.73 per diluted share, in comparison to $150.9 million, or $0.89 per diluted share, within the third quarter 2015. Annualized return on common equity was 15.9% for the 3 rd quarter 2016 as compared to 35.4% for the 3rd quarter 2015. Third quarter 2016 annualized operating return on common equity was 19.4% as compared with 29.2% within the 3rd quarter 2015.
"We provided a compelling performance within the 3rd quarter, having robust investment final results, larger service along with fee income, as well as boost in gross written premiums, compared with the same period last year," suggested Barry Zyskind, Chairman, President along with Chief Executive Officer, AmTrust. "Our efficiency reflects a full quarter's contribution from Republic Companies, as well as extended powerful policy retention as well as disciplined underwriting of new business inside our small commercial business segment, as shown by our stable loss ratio. The top-line results of our specialty risk and also extended warranty segment reflect the outcome of the diminish inside the British pound relative to the third quarter this past year, and we're pleased about the actual efficiency of this specific segment."
Mr. Zyskind at the same time explained, "We are generally optimistic concerning our organic growth prospects, given our differentiated model within workers' settlement in addition to commercial lines products inside the U.S., in addition to opportunities inside our warranty insurance supplying world-wide. We remain aimed at setting up a portfolio of economic that leverages our proprietary technologies as well as our effective operating structure to improve shareholder results."
Third Quarter 2016 Results
Total revenue was $1.41 billion, an improvement of $181.3 million, or 15%, from $1.23 billion in the 3 rd quarter 2015. Gross written premium was $2.03 billion, an expansion of $253.3 million, or 14%, from $1.78 billion in the third quarter 2015. Net written premium had been $1.22 billion, a boost of $73.1 million, or 6%, compared to $1.14 billion within the third quarter 2015. Net earned premium was $1.20 billion, an expansion of $150.8 million, or 14%, coming from $1.05 billion in the 3rd quarter 2015. The actual combined ratio was 91.5% when compared to 92.6% in 3 rd quarter 2015.
A listing of Q3 results shows up beneath along with a link to the gains release.
Financial Highlights
3rd Quarter 2016
• Gross written premium of $2.03 billion, up 14.2% compared to $1.78 billion inside the 3rd quarter 2015
• Net earned premium of $1.20 billion, up 14.4% from $1.05 billion in the third quarter 2015
• Net profit owing to common stockholders of $103.6 million as compared to $182.7 million in the 3rd quarter 2015
• Operating earnings of $126.3 million compared to $150.9 million in the third quarter 2015
• Diluted EPS of $0.60 when compared to $1.09 inside the third quarter 2015
• Operating diluted EPS of $0.73 as compared to $0.89 within the third quarter 2015
• Service in addition to fee income of $146.6 million, up 16% from $126.1 million inside the 3rd quarter 2015
• Combined ratio of 91.5% as compared to 92.6% in the 3rd quarter 2015
• Weighted average diluted shares outstanding of 173.1 million, up 3% in comparison with 168.3 million within the 3 rd quarter 2015
Article Resource:-https://amtwarranty.wordpress.com/2016/11/07/amtrust-announces-net-income-for-the-third-quarter-2016/
For the 3 rd quarter 2016, operating earnings was $126.3 million, or $0.73 per diluted share, in comparison to $150.9 million, or $0.89 per diluted share, within the third quarter 2015. Annualized return on common equity was 15.9% for the 3 rd quarter 2016 as compared to 35.4% for the 3rd quarter 2015. Third quarter 2016 annualized operating return on common equity was 19.4% as compared with 29.2% within the 3rd quarter 2015.
"We provided a compelling performance within the 3rd quarter, having robust investment final results, larger service along with fee income, as well as boost in gross written premiums, compared with the same period last year," suggested Barry Zyskind, Chairman, President along with Chief Executive Officer, AmTrust. "Our efficiency reflects a full quarter's contribution from Republic Companies, as well as extended powerful policy retention as well as disciplined underwriting of new business inside our small commercial business segment, as shown by our stable loss ratio. The top-line results of our specialty risk and also extended warranty segment reflect the outcome of the diminish inside the British pound relative to the third quarter this past year, and we're pleased about the actual efficiency of this specific segment."
Mr. Zyskind at the same time explained, "We are generally optimistic concerning our organic growth prospects, given our differentiated model within workers' settlement in addition to commercial lines products inside the U.S., in addition to opportunities inside our warranty insurance supplying world-wide. We remain aimed at setting up a portfolio of economic that leverages our proprietary technologies as well as our effective operating structure to improve shareholder results."
Third Quarter 2016 Results
Total revenue was $1.41 billion, an improvement of $181.3 million, or 15%, from $1.23 billion in the 3 rd quarter 2015. Gross written premium was $2.03 billion, an expansion of $253.3 million, or 14%, from $1.78 billion in the third quarter 2015. Net written premium had been $1.22 billion, a boost of $73.1 million, or 6%, compared to $1.14 billion within the third quarter 2015. Net earned premium was $1.20 billion, an expansion of $150.8 million, or 14%, coming from $1.05 billion in the 3rd quarter 2015. The actual combined ratio was 91.5% when compared to 92.6% in 3 rd quarter 2015.
A listing of Q3 results shows up beneath along with a link to the gains release.
Financial Highlights
3rd Quarter 2016
• Gross written premium of $2.03 billion, up 14.2% compared to $1.78 billion inside the 3rd quarter 2015
• Net earned premium of $1.20 billion, up 14.4% from $1.05 billion in the third quarter 2015
• Net profit owing to common stockholders of $103.6 million as compared to $182.7 million in the 3rd quarter 2015
• Operating earnings of $126.3 million compared to $150.9 million in the third quarter 2015
• Diluted EPS of $0.60 when compared to $1.09 inside the third quarter 2015
• Operating diluted EPS of $0.73 as compared to $0.89 within the third quarter 2015
• Service in addition to fee income of $146.6 million, up 16% from $126.1 million inside the 3rd quarter 2015
• Combined ratio of 91.5% as compared to 92.6% in the 3rd quarter 2015
• Weighted average diluted shares outstanding of 173.1 million, up 3% in comparison with 168.3 million within the 3 rd quarter 2015
Article Resource:-https://amtwarranty.wordpress.com/2016/11/07/amtrust-announces-net-income-for-the-third-quarter-2016/