Allied World Assurance Company Holdings (AWH) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $68.61 million, or $ 0.77 a share in the quarter, against a net loss of $51.63 million, or $0.57 a share in the last year period. Revenue during the quarter grew 10.92 percent to $647.16 million from $583.43 million in the previous year period. Net premium earned for the quarter declined 10.24 percent or $66.60 million to $584.05 million. During the quarter, the company has written premium worth $528.32 million on net basis, down 12.96 percent or $78.67 million.
Total expenses come downOperating income for the quarter was $66.47 million, compared with an operating loss of $57.70 million in the previous year period. Net investment income was at $50.56 million for the quarter, up 10.72 percent or $4.90 million from year-ago period. The company has recorded a gain on investments of $10.66 million in the quarter compared with a loss of $113.63 million for the previous year period.
"I am pleased we were able to generate a 96.2% combined ratio and strong investment returns which resulted in net income of $68.6 million, in spite of some large loss events that took place in the quarter," commented president and chief executive officer, Scott Carmilani.
Liabilities outpace assets growthTotal assets increased 2.61 percent or $344.72 million to $13,542.30 million on Sep. 30, 2016. On the other hand, total liabilities were at $9,926.43 million as on Sep. 30, 2016, up 2.95 percent or $284.26 million from year-ago. Return on assets was at 0.61 percent in the quarter against a negative 0.28 percent in the last year period. Return on equity was at 1.90 percent in the quarter against a negative 1.45 percent in the last year period.
Investments move up marginallyInvestments stood at $8,485.10 million as on Sep. 30, 2016, up 3.73 percent or $305.28 million from year-ago. Meanwhile, yield on investments went up 4 basis points to 0.60 percent in the quarter. Net premiums and other receivables decreased 1.34 percent or $12.10 million over the year to $893.30 million on Sep. 30, 2016. Meanwhile, reinsurance recoverables moved down 8.57 percent or $157.38 million over the year to $1,679.72 million on Sep. 30, 2016.
Total debt was at $817.28 million as on Sep. 30, 2016, down 0.62 percent or $5.09 million from year-ago. Shareholders equity stood at $3,615.87 million as on Sep. 30, 2016, up 1.70 percent or $60.46 million from year-ago. As a result, debt to equity ratio went down 1 basis points to 0.23 percent in the quarter from 0.23 percent in the last year period.
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