Allied World Assurance Company Holdings, AG reported a net loss of $1.9 million, or $0.05 per diluted share, for the second quarter of 2013 compared to net income of $96.4 million, or $2.59 per diluted share, for the second quarter of 2012.
Allied said the “quarterly net loss was due to $115 million of net realized investment losses driven by the mark to market adjustments on the portfolio. Net income for the six months ended June 30, 2013 was $157.1 million, or $4.45 per diluted share, compared to net income of $314.5 million, or $8.41 per diluted share, for the first six months of 2012.”
The company reported operating income, however, of $103.5 million, or $2.95 per diluted share, for the second quarter of 2013, compared to operating income of $87.3 million, or $2.35 per diluted share, for the second quarter of 2012. Operating income for the six months ended June 30, 2013 was $187.7 million, or $5.31 per diluted share, compared to operating income of $178.8 million, or $4.78 per diluted share, for the first six months of 2012.
Gross premiums written were $765.2 million in the second quarter of 2013, an 18.3 percent increase compared to $646.9 million in the second quarter of 2012. For the six months ended June 30, 2013, gross premiums written totaled $1.6023 billion, a 20.7 percent increase compared to $1.3278 billion in the first six months of 2012.
Net premiums written were $581.2 million in the second quarter of 2013, a 17.5 percent increase compared to $494.7 million in the second quarter of 2012. For the six months ended June 30, 2013, net premiums written totaled $1.2763 billion, a 17.8 percent increase compared to $1.0837 billion in the first six months of 2012.
The combined ratio was 82.8 percent in the second quarter of 2013 compared to 85.1 percent in the second quarter of 2012. For the six months ended June 30, 2013, the combined ratio was 83.9 percent compared to 85.2 percent for the first six months of 2012.
President and CEO Scott Carmilani commented: “Allied World produced excellent underwriting results. We benefitted from growth across all three segments, in part from newer product initiatives, and delivered a combined ratio of 82.8 percent for the second quarter of 2013. Despite the challenging investment environment, we continue to be well positioned to grow book value, and have done so at a rate of almost 4 percent during the first half of 2013.”
Source: Allied World Assurance
Topics Trends Profit Loss
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