Third Point Reinsurance Ltd. (TPRE) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $72.08 million, or $ 0.68 a share in the quarter, against a net loss of $195.72 million, or $1.88 a share in the last year period.
Revenue during the quarter surged 1,283.72 percent to $216.54 million from $15.65 million in the previous year period. Net premium earned for the quarter dropped 38.61 percent or $80.62 million to $128.18 million. During the quarter, the company has written premium worth $141.65 million on net basis, down 30.97 percent or $63.56 million.
Net investment income was at $88.36 million for the quarter, up 145.74 percent or $281.51 million from year-ago period.
"During the third quarter, we generated premiums written of $142.6 million, a decrease of 30.6% compared to the prior year’s third quarter, primarily due to one large reserve cover that was written in the prior year period. Our combined ratio for the quarter was 106.5%, which was in line with expectations given current market conditions and lines of business on which we focus," commented John Berger, Chairman and Chief Executive Officer. "Our investments continued to perform well through the third quarter resulting in a 5.2% increase in diluted book value per share for the quarter."
Liabilities outpace assets growth
Total assets increased 17.40 percent or $619.25 million to $4,177.59 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,701.82 million as on Sep. 30, 2016, up 22.41 percent or $494.67 million from year-ago.
Return on assets was at 1.80 percent in the quarter against a negative 5.49 percent in the last year period. Return on equity was at 4.88 percent in the quarter against a negative 14.48 percent in the last year period.
Investments increase substantially
Investments stood at $2,774.30 million as on Sep. 30, 2016, up 31.66 percent or $667.20 million from year-ago.
Net premiums and other receivables increased 42.50 percent or $133.76 million over the year to $448.45 million on Sep. 30, 2016.
Shareholders equity stood at $1,475.77 million as on Sep. 30, 2016, up 9.22 percent or $124.58 million from year-ago.
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