Kingsway Financial Services Inc. (KFS) saw its loss widen to $1.59 million, or $0.08 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.46 million, or $0.08 a share.
Revenue during the quarter grew 26.74 percent to $46.74 million from $36.88 million in the previous year period. Net premium earned for the quarter increased 11.88 percent or $3.49 million to $32.92 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $47.38 million, or 143.91 percent of premium earned from $39.71 million or 134.96 percent of premium earned in the last year period. Operating loss for the quarter was $0.64 million, compared with an operating loss of $2.83 million in the previous year period. Net investment income was at $4.04 million for the quarter, up 5,716.67 percent or $4.12 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 23.30 percent or $1.24 million to $6.56 million. The company has recorded a gain on investments of $0.40 million in the quarter compared with a loss of $0.17 million for the previous year period.
Larry G. Swets, Jr., chief executive officer, stated, "Adjusted operating income of $4.1 million during the first quarter reflected progress in a number of our segments and investments. We recorded $2.4 million from our equity pickup in the results of Itasca Capital Ltd. (“ICL”), reflecting the increase in value of ICL’s indirect investment in Limbach Holdings, Inc. The improved results in our Leased Real Estate segment are based in part on a $25 million lease amendment negotiated between CMC and its tenant, BNSF, under which we will record increases in rental income each period for the remainder of the lease, beginning with the first quarter of 2017. Our Insurance Services segment recorded positive operating earnings for the third consecutive quarter. And, our Insurance Underwriting segment has made progress on the implementation of several initiatives under its new management team. Its first quarter results reflect $0.4 million of non-recurring severance expense related to its restructuring."
Total assets stood at $497.71million as on Mar. 31, 2017. On the other hand, total liabilities were at $436.52 million as on Mar. 31, 2017.
Return on assets was at 0.02 percent in the quarter. Return on equity was negative at 3.12 percent in the quarter.
Investments stood at $126.44 million as on Mar. 31, 2017. Meanwhile, yield on investments was at 3.20 percent in the quarter.
Meanwhile, reinsurance recoverables stood at $0.68 million on Mar. 31, 2017.
Liability for future policy benefits, unpaid claims and claims adjustment expense was at $50.97 million as on Mar. 31, 2017.
Total debt was at $234.72 million as on Mar. 31, 2017. Shareholders equity was at $54.75 million as on Mar. 31, 2017. As a result, debt to equity ratio was at 4.29 percent in the quarter.
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