James River Group (JRVR) has reported 12.68 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $21.37 million, or $0.71 a share in the quarter, compared with $18.96 million, or $0.64 a share for the same period last year. Revenue during the quarter grew 13.70 percent to $151.36 million from $133.12 million in the previous year period. Net premium earned for the quarter increased 8.51 percent or $10.44 million to $133.15 million. During the quarter, the company has written premium worth $205.14 million on net basis, up 66.88 percent or $82.21 million.
Total expenses move up
Operating income for the quarter was $22.28 million, compared with $21.03 million in the previous year period. Net investment income was at $15.80 million for the quarter, up 66.11 percent or $6.29 million from year-ago period. The company has recorded a gain on investments of $0.21 million in the quarter compared with a loss of $0.02 million for the previous year period.
J. Adam Abram, chairman and chief executive officer of James River Group Holdings, Ltd. commented, "The combination of underwriting focus, expense discipline and new product development is continuing to produce strong returns for our Company. As a result, we delivered a 93.7% combined ratio for the quarter with a 3.1% increase in tangible equity per share. Our low volatility model continues to generate consistent returns."
Liabilities outpace assets growth
Total assets increased 12.01 percent or $251.80 million to $2,347.91 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,602.15 million as on Sep. 30, 2016, up 15.37 percent or $213.45 million from year-ago. Return on assets stood at 1 percent in the quarter, up 0.01 from 0.99 percent in the last year period. At the same time, return on equity was at 2.86 percent in the quarter, up 0.18 from 2.68 percent in the last year period.
Investments move up marginally
Investments stood at $1,359.85 million as on Sep. 30, 2016, up 4.42 percent or $57.52 million from year-ago. Meanwhile, yield on investments went up 43 basis points to 1.16 percent in the quarter. Total debt was stable over the past one year at $192.36 million on Sep. 30, 2016. Shareholders equity stood at $745.76 million as on Sep. 30, 2016, up 5.42 percent or $38.35 million from year-ago. As a result, debt to equity ratio went down 1 basis points to 0.26 percent in the quarter from 0.27 percent in the last year period.
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