Argo Group International Holdings, Ltd (AGIIL) has reported 56.37 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $55.20 million, or $1.80 a share in the quarter, compared with $35.30 million, or $1.13 a share for the same period last year. Revenue during the quarter grew 9.60 percent to $416.70 million from $380.20 million in the previous year period. Net premium earned for the quarter increased 3.67 percent or $12.70 million to $358.70 million.
Total expenses move up marginally
Operating income for the quarter was $60.70 million, compared with $34.40 million in the previous year period. Meanwhile, income from fees and commission for the quarter declined 17.39 percent or $1.60 million to $7.60 million. The company has recorded a gain on investments of $17.70 million in the quarter compared with a gain of $6.60 million for the previous year period.
“Continued improvement in our underwriting results combined with strong alternative investment returns contributed to growth in book value per share, delivering real value to our shareholders,” said Chief executive officer Mark E. Watson III. “By almost all measures, our business continues to show year over year improvement.”
Assets outpace liabilities growth
Total assets increased 8.35 percent or $553.60 million to $7,181.10 million on Sep. 30, 2016. On the other hand, total liabilities were at $5,392.70 million as on Sep. 30, 2016, up 8.16 percent or $406.70 million from year-ago. Return on assets stood at 0.84 percent in the quarter, up 0.23 from 0.61 percent in the last year period. At the same time, return on equity was at 3.09 percent in the quarter, up 0.94 from 2.15 percent in the last year period.
Investments move up marginally
Investments stood at $4,313.60 million as on Sep. 30, 2016, up 4.37 percent or $180.60 million from year-ago. Meanwhile, reinsurance recoverables moved down 76.57 percent or $1,018.20 million over the year to $311.60 million on Sep. 30, 2016.
Total debt was at $369.40 million as on Sep. 30, 2016, down 1.20 percent or $4.50 million from year-ago. Shareholders equity stood at $1,788.40 million as on Sep. 30, 2016, up 8.95 percent or $146.90 million from year-ago. As a result, debt to equity ratio went down 2 basis points to 0.21 percent in the quarter from 0.23 percent in the last year period.
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