Arch Capital Group. (ACGL) has reported 63.52 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $253.13 million, or $1.74 a share in the quarter, compared with $154.80 million, or $1.20 a share for the same period last year.
Revenue during the quarter grew 21.40 percent to $1,319.18 million from $1,086.68 million in the previous year period. Net premium earned for the quarter increased 17.39 percent or $165.44 million to $1,117.02 million. During the quarter, the company has written premium worth $1,276.26 million on net basis, up 13.83 percent or $155.03 million.
Total expenses move upOperating income for the quarter was $353.13 million, compared with $220.25 million in the previous year period. Net investment income was at $117.87 million for the quarter, up 25.75 percent or $24.14 million from year-ago period. Meanwhile, income from fees and commission for the quarter declined 8.20 percent or $0.41 million to $4.63 million. The company has recorded a gain on investments of $73.20 million in the quarter compared with a gain of $72.72 million for the previous year period.
Operating cash flow drops significantlyArch Capital Group has generated cash of $208.12 million from operating activities during the quarter, down 35.48 percent or $ 114.43 million, when compared with the last year period. The company has spent $121.88 million cash to meet investing activities during the quarter as against cash outgo of $233.27 million in the last year period.
The company has spent $227.67 million cash to carry out financing activities during the quarter as against cash outgo of $86.97 million in the last year period.
Cash and cash equivalents stood at $703.75 million as on Mar. 31, 2017, up 26.13 percent or $145.79 million from $557.96 million on Mar. 31, 2016.
Assets outpace liabilities growth
Total assets increased 22.62 percent or $5,550.86 million to $30,092.23 million on Mar. 31, 2017. On the other hand, total liabilities were at $20,412.55 million as on Mar. 31, 2017, up 18.90 percent or $3,244.96 million from year-ago.
Return on assets stood at 1.01 percent in the quarter, up 0.22 from 0.78 percent in the last year period. At the same time, return on equity was at 2.55 percent in the quarter, up 0.47 from 2.08 percent in the last year period.
Investments move upInvestments stood at $20,254.67 million as on Mar. 31, 2017, up 24 percent or $3,920.48 million from year-ago. Meanwhile, yield on investments went up 1 basis points to 0.58 percent in the quarter. Total debt was at $2,467.37 million as on Mar. 31, 2017, up 97.58 percent or $1,218.59 million from year-ago. Shareholders equity stood at $9,474.03 million as on Mar. 31, 2017, up 32.16 percent or $2,305.53 million from year-ago. As a result, debt to equity ratio went up 9 basis points to 0.26 percent in the quarter from 0.17 percent in the last year period.
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