1347 Property Insurance Holdings, Inc. (PIH) has reported 174.96 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.59 million, or $0.27 a share in the quarter, compared with $0.58 million, or $0.09 a share for the same period last year.
Revenue during the quarter grew 7.62 percent to $8.13 million from $7.56 million in the previous year period. Net premium earned for the quarter increased 4.34 percent or $0.31 million to $7.58 million.
Net investment income was at $0.15 million for the quarter, down 6.25 percent or $0.01 million from year-ago period.
Doug Raucy, chief executive officer, stated, "2016 was a very challenging year as we dealt with severe weather events in both our first and third quarters. Despite these headwinds, we were able to record positive net income for the year as our sound claim servicing and well-structured reinsurance program enabled us to mitigate our losses through these severe weather events. When weather conditions were more favorable in the second and fourth quarters, our business was able to produce solidly-profitable results. Although we expect to incur weather claims and even catastrophe events as a part of our business, we do look at 2016 as a year of exceptionally negative weather for us compared with most historical models."
Liabilities outpace assets growth
Total assets increased 10.68 percent or $8.77 million to $90.85 million on Dec. 31, 2016. On the other hand, total liabilities were at $44.49 million as on Dec. 31, 2016, up 28.68 percent or $9.92 million from year-ago.
Return on assets stood at 1.75 percent in the quarter, up 1.05 from 0.71 percent in the last year period. At the same time, return on equity was at 3.43 percent in the quarter, up 2.22 from 1.22 percent in the last year period.
Investments increase substantially
Investments stood at $28.40 million as on Dec. 31, 2016, up 31.25 percent or $6.76 million from year-ago. Meanwhile, yield on investments went down 21 basis points to 0.53 percent in the quarter.
Shareholders equity stood at $46.36 million as on Dec. 31, 2016, down 2.42 percent or $1.15 million from year-ago.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
