Greenlight Capital Re, Ltd. (GLRE) has reported a 70.79 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $8.37 million, or $0.22 a share in the quarter, compared with $28.67 million, or $0.77 a share for the same period last year.
Revenue during the quarter went down marginally by 1.66 percent to $163.51 million from $166.28 million in the previous year period. Net premium earned for the quarter increased 9.98 percent or $13.79 million to $151.90 million. During the quarter, the company has written premium worth $193.79 million on net basis, up 17.67 percent or $29.10 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $154.77 million, or 101.89 percent of premium earned from $136.63 million or 98.93 percent of premium earned in the last year period. Operating income for the quarter was $8.75 million, compared with $29.65 million in the previous year period.
Net investment income was at $11.62 million for the quarter, down 59.14 percent or $16.82 million from year-ago period.
"We were pleased with our January 1 renewals. Our underwriting portfolio grew during the quarter, as we continue to identify attractive opportunities and retain relationships with partners who are growing their businesses," said Leonard Goldberg, Interim chief executive officer of Greenlight Re. "The reinsurance market remains very competitive and we remain diligent in our underwriting and conservative in our growth expectations."
Liabilities outpace assets growth
Total assets increased 2.70 percent or $79.01 million to $3,008.84 million on Mar. 31, 2017. On the other hand, total liabilities were at $2,107.67 million as on Mar. 31, 2017, up 2.77 percent or $56.82 million from year-ago.
Return on assets stood at 0.29 percent in the quarter, down 0.72 from 1 percent in the last year period. At the same time, return on equity was at 0.93 percent in the quarter, down 2.33 from 3.26 percent in the last year period.
Investments were almost stable over the past one year at $1,201.95 million on Mar. 31, 2017. Meanwhile, yield on investments went down 141 basis points to 0.97 percent in the quarter.
Net premiums and other receivables increased 7.54 percent or $21.28 million over the year to $303.68 million on Mar. 31, 2017.
Shareholders equity stood at $901.16 million as on Mar. 31, 2017, up 2.52 percent or $22.19 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
