Endurance Specialty Holdings Ltd. (ENH) has reported a 76.10 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $23.80 million, or $0.30 a share in the quarter, compared with $99.59 million, or $1.36 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $59.40 million, or $0.82 a share compared with $121.89 million or $1.69 a share, a year ago.
Revenue during the quarter grew 8.62 percent to $614.89 million from $566.08 million in the previous year period. Net premium earned for the quarter increased 4.75 percent or $27.25 million to $600.70 million. During the quarter, the company has written premium worth $364.34 million on net basis, up 25.75 percent or $74.60 million.
Total expenses increase substantially
Benefits, losses and expenses for the quarter were at $583.03 million, or 97.06 percent of premium earned from $461.53 million or 80.48 percent of premium earned in the last year period. Operating income for the quarter was $31.86 million, compared with $104.55 million in the previous year period.
Net investment income was at $59.20 million for the quarter, up 155.38 percent or $36.02 million from year-ago period. The company has booked a loss on investments of $45.96 million in the quarter compared with a loss of $20.24 million for the previous year period.
Liabilities outpace assets growth
Total assets increased 6.66 percent or $881.34 million to $14,122.86 million on Dec. 31, 2016. On the other hand, total liabilities were at $8,980.73 million as on Dec. 31, 2016, up 10.63 percent or $863.27 million from year-ago.
Return on assets stood at 0.29 percent in the quarter, down 0.61 from 0.90 percent in the last year period. At the same time, return on equity was at 0.39 percent in the quarter, down 1.39 from 1.78 percent in the last year period.
Investments move up marginally
Investments stood at $7,810.97 million as on Dec. 31, 2016, up 0.56 percent or $43.57 million from year-ago. Meanwhile, yield on investments went up 46 basis points to 0.76 percent in the quarter.
Meanwhile, reinsurance recoverables moved up 24.33 percent or $290.95 million over the year to $1,486.92 million on Dec. 31, 2016.
Total debt was at $705.29 million as on Dec. 31, 2016, down 1.72 percent or $12.36 million from year-ago. Shareholders equity was almost stable over the past one year at $5,142.13 million on Dec. 31, 2016. As a result, debt to equity ratio was almost stable at 0.14 percent in the quarter, when compared with the last year period.
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