Infinity Property & Casualty Corporation (IPCC) has reported a 37.66 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $10.60 million, or $0.96 a share in the quarter, compared with $7.70 million, or $0.69 a share for the same period last year.
Revenue during the quarter went up marginally by 2.05 percent to $377.80 million from $370.20 million in the previous year period. Net premium earned for the quarter went up marginally by 1.55 percent or $5.20 million to $341.40 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $362.70 million, or 106.24 percent of premium earned from $359.40 million or 106.90 percent of premium earned in the last year period. Operating income for the quarter was $15.10 million, compared with $10.80 million in the previous year period. Net investment income was at $8.70 million for the quarter, up 7.41 percent or $0.60 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 5.49 percent or $1.40 million to $26.90 million. The company has recorded a gain on investments of $0.50 million in the quarter compared with a gain of $0.10 million for the previous year period.
James Gober, chairman, president and chief executive officer of Infinity, commented, "Our growth during the first quarter was focused in Texas and our Commercial Vehicle product where our profitability remains strong. We remain committed to improving our profitability in our other states and continue to implement rate increases, modify class plans and make other underwriting changes."
Operating cash flow improves significantly
Infinity Property & Casualty Corporation has generated cash of $23.50 million from operating activities during the quarter, up 113.64 percent or $12.50 million, when compared with the last year period. The company has spent $38.20 million cash to meet investing activities during the quarter as against cash outgo of $15 million in the last year period.
The company has spent $8.80 million cash to carry out financing activities during the quarter as against cash outgo of $14.80 million in the last year period.
Cash and cash equivalents stood at $69.40 million as on Mar. 31, 2017, up 59.09 percent or $25.78 million from $43.60 million on Mar. 31, 2016.
Investments move up marginally
Investments stood at $1,523.10 million as on Mar. 31, 2017, up 1.71 percent or $25.60 million from year-ago. Meanwhile, yield on investments went up 3 basis points to 0.57 percent in the quarter.
Total debt was almost stable over the past one year at $273.60 million on Mar. 31, 2017. Shareholders equity stood at $709.20 million as on Mar. 31, 2017, up 2.56 percent or $17.70 million from year-ago. As a result, debt to equity ratio went down 1 basis points to 0.39 percent in the quarter from 0.40 percent in the last year period.
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