AmTrust Financial Services, Inc (AFSI) has reported a 57.74 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $39.20 million, or $0.13 a share in the quarter, compared with $92.77 million, or $0.47 a share for the same period last year. Revenue during the quarter grew 13.61 percent to $1,431.97 million from $1,260.48 million in the previous year period. Net premium earned for the quarter increased 13.80 percent or $148.25 million to $1,222.53 million. During the quarter, the company has written premium worth $1,344.07 million on net basis, up 10.11 percent or $123.39 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $1,331.40 million, or 108.91 percent of premium earned from $1,116.81 million or 103.96 percent of premium earned in the last year period. Operating income for the quarter was $100.57 million, compared with $143.67 million in the previous year period. Net investment income was at $63.32 million for the quarter, up 28.15 percent or $13.91 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 6.75 percent or $8.69 million to $137.50 million. The company has recorded a gain on investments of $8.62 million in the quarter compared with a gain of $7.98 million for the previous year period.
“We achieved record gross written premium of $2.3 billion, driven by continued organic growth and contributions from prior acquisitions in our Small Commercial Business and Specialty Risk and Extended Warranty segments. Strong service and fee income and investment results also contributed to higher revenue, up 13.6% over the first quarter a year ago,” said Barry Zyskind, chairman and chief executive officer, AmTrust.
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