Infinity Property and Casualty Corporation (IPCC) has reported a 94.59 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $21.60 million, or $1.95 a share in the quarter, compared with $11.10 million, or $0.99 a share for the same period last year.
Revenue during the quarter grew 12.27 percent to $415.30 million from $369.90 million in the previous year period. Net premium earned for the quarter increased 11.09 percent or $37.20 million to $372.60 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $383.20 million, or 102.84 percent of premium earned from $353.80 million or 105.49 percent of premium earned in the last year period. Operating income for the quarter was $32.10 million, compared with $16.10 million in the previous year period.
Net investment income was at $10.40 million for the quarter, up 16.85 percent or $1.50 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 27.97 percent or $6.60 million to $30.20 million. The company has recorded a gain on investments of $1.90 million in the quarter compared with a gain of $1.80 million for the previous year period.
James Gober, chief executive officer and chairman of Infinity, commented, "Our first priority during 2017 will remain improving our combined ratio. We believe the steps we have already taken and the actions we will continue to take throughout the year will help us achieve that goal."
Operating cash flow improves significantly
Infinity Property and Casualty Corporation has generated cash of $105.20 million from operating activities during the year, up 45.10 percent or $32.70 million, when compared with the last year.
The company has spent $39.90 million cash to meet investing activities during the year as against cash outgo of $45.60 million in the last year.
The company has spent $35.10 million cash to carry out financing activities during the year as against cash outgo of $48.90 million in the last year period.
Cash and cash equivalents stood at $92.80 million as on Dec. 31, 2016, up 48.48 percent or $30.30 million from $62.50 million on Dec. 31, 2015.
Assets outpace liabilities growth
Total assets increased 0.66 percent or $15.85 million to $2,402.60 million on Dec. 31, 2016.
Return on assets stood at 1.04 percent in the quarter, up 0.43 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 1.47 from 1.61 percent in the last year period.
Investments move up marginally
Investments stood at $1,483.70 million as on Dec. 31, 2016, up 0.51 percent or $7.60 million from year-ago. Meanwhile, yield on investments went up 10 basis points to 0.70 percent in the quarter.
Total debt was almost stable over the past one year at $273.60 million on Dec. 31, 2016. Shareholders equity stood at $699.20 million as on Dec. 31, 2016, up 1.69 percent or $11.61 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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