Onebeacon Insurance Group. (OB) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $28.30 million in the quarter, against a net loss of $13.40 million in the last year period. Revenue during the quarter grew 14.64 percent to $307 million from $267.80 million in the previous year period.
Total expenses come down marginallyOperating income for the quarter was $32.90 million, compared with an operating loss of $16.80 million in the previous year period. Net investment income was at $11.80 million for the quarter, down 4.84 percent or $0.60 million from year-ago period. The company has recorded a gain on investments of $15.50 million in the quarter compared with a loss of $29.90 million for the previous year period.
Assets, liabilities fallTotal assets decreased 1.60 percent or $59.20 million to $3,648.60 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,613.20 million as on Sep. 30, 2016, down 3.35 percent or $90.70 million from year-ago. Return on assets was at 0.87 percent in the quarter against a negative 0.27 percent in the last year period. Return on equity was at 2.73 percent in the quarter against a negative 1.33 percent in the last year period.
Investments come down marginallyInvestments stood at $2,584.90 million as on Sep. 30, 2016, down 0.70 percent or $18.10 million from year-ago. Meanwhile, yield on investments went down 2 basis points to 0.46 percent in the quarter. Meanwhile, reinsurance recoverables moved down 33.19 percent or $92.30 million over the year to $185.80 million on Sep. 30, 2016.
Total debt was at $273.10 million as on Sep. 30, 2016, down 0.62 percent or $1.70 million from year-ago. Shareholders equity stood at $1,035.40 million as on Sep. 30, 2016, up 3.14 percent or $31.50 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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