James River Group Holdings, Ltd. (JRVR) has reported an 102.62 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $25.67 million, or $0.85 a share in the quarter, compared with $12.67 million, or $0.43 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $23.22 million, or $0.77 a share compared with $17.86 million or $0.60 a share, a year ago.
Revenue during the quarter surged 35.11 percent to $169.02 million from $125.10 million in the previous year period. Net premium earned for the quarter increased 27.20 percent or $31.40 million to $146.83 million. During the quarter, the company has written premium worth $112.61 million on net basis, up 39.66 percent or $31.98 million.
Total expenses increase substantially
Operating income for the quarter was $27.14 million, compared with $14.73 million in the previous year period.
Net investment income was at $14.02 million for the quarter, up 35.56 percent or $3.68 million from year-ago period. The company has recorded a gain on investments of $5.19 million in the quarter compared with a loss of $2.07 million for the previous year period.
J. Adam Abram, chairman and chief executive officer of James River Group Holdings, Ltd. commented, "We are very pleased to report record results this quarter and for all of 2016. Our team continues to drive strong risk adjusted returns for our shareholders. Our full year 14.6% adjusted operating return on tangible equity and 94.3% combined ratio demonstrate the strength of our franchise. We believe we are well positioned for continued success in 2017."
Liabilities outpace assets growth
Total assets increased 14.16 percent or $291.04 million to $2,346.53 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,653.31 million as on Dec. 31, 2016, up 20.29 percent or $278.85 million from year-ago.
Return on assets stood at 1.19 percent in the quarter, up 0.48 from 0.70 percent in the last year period. At the same time, return on equity was at 3.70 percent in the quarter, up 1.84 from 1.86 percent in the last year period.
Investments move up
Investments stood at $1,332.33 million as on Dec. 31, 2016, up 7.08 percent or $88.04 million from year-ago. Meanwhile, yield on investments went up 22 basis points to 1.05 percent in the quarter.
Total debt was stable over the past one year at $192.36 million on Dec. 31, 2016. Shareholders equity stood at $693.22 million as on Dec. 31, 2016, up 1.79 percent or $12.18 million from year-ago. As a result, debt to equity ratio was almost stable at 0.28 percent in the quarter, when compared with the last year period.
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