Greenlight Capital Re, Ltd (GLRE) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $30.01 million, or $ 0.80 a share in the quarter, against a net loss of $219.68 million, or $5.98 a share in the last year period.
Revenue during the quarter plunged 261.95 percent to $145.54 million from $89.87 million in the previous year period. Net premium earned for the quarter increased 10.59 percent or $10.80 million to $112.79 million. During the quarter, the company has written premium worth $126.09 million on net basis, down 4.68 percent or $6.19 million.
Total expenses come down
Benefits, losses and expenses for the quarter were at $114.25 million, or 101.29 percent of premium earned from $134.95 million or 132.31 percent of premium earned in the last year period. Operating income for the quarter was $31.30 million, compared with an operating loss of $224.82 million in the previous year period. Net investment income was at $32.94 million for the quarter, up 117.22 percent or $224.27 million from year-ago period.
"We are pleased to report positive performance from both our underwriting and investment operations during the third quarter," said Bart Hedges, chief executive officer of Greenlight Re. "While we saw a slight reduction in our reported premiums written, primarily due to our non-renewal of certain Florida home-owners business, we continue to find attractive opportunities to grow profitably."
Liabilities outpace assets growth
Total assets increased 3.16 percent or $79.37 million to $2,593.75 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,755.20 million as on Sep. 30, 2016, up 8.16 percent or $132.44 million from year-ago. Return on assets was at 1.19 percent in the quarter against a negative 8.89 percent in the last year period. Return on equity was at 3.58 percent in the quarter against a negative 24.64 percent in the last year period.
Investments move up marginally
Investments stood at $1,127.30 million as on Sep. 30, 2016, up 0.79 percent or $8.89 million from year-ago. Net premiums and other receivables increased 23.27 percent or $42.93 million over the year to $227.42 million on Sep. 30, 2016.
Shareholders equity stood at $838.55 million as on Sep. 30, 2016, down 5.95 percent or $53.07 million from year-ago.
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