AmTrust Proclaims Net Income For The 3rd Quarter 20
Warrantech’s parent corporation, AMT Service Corp, Inc. (AFSI) today proclaimed 3rd quarter 2016 net income as a result of common stockholders had been $103.6 million, or $0.60 per diluted share, when compared to $182.7 million, or $1.09 per diluted share, inside the third quarter 2015.
For the 3rd quarter 2016, operating earnings had been $126.3 million, or $0.73 per diluted share, when compared to $150.9 million, or $0.89 per diluted share, in the 3rd quarter 2015. Annualized return on typical equity had been 15.9% for the third quarter 2016 when compared to 35.4% for the 3rd quarter 2015. Third quarter 2016 annualized operating return upon common equity was 19.4% when compared with 29.2% in the third quarter 2015.
"We delivered an excellent performance inside the 3rd quarter, having strong investment outcomes, increased service plus fee income, and also boost in gross written rates, in comparison with exactly the same period last year," said Barry Zyskind, Chairman, President in addition to Chief Executive Officer, AmTrust. "Our performance mirrors a full quarter's contribution from Republic Companies, along with ongoing robust policy retention and also self-disciplined underwriting of new business within our tiny commercial business portion, as revealed by our stable loss ratio. The top-line results of our specialty risk as well as extended warranty segment reveal the impact of the diminish in the British pound compared to the 3rd quarter during the past year, and we are happy with the actual performance of this section."
Mr. Zyskind also said, "We are positive regarding our organic growth prospects, given our differentiated model in workers' reimbursement as well as commercial lines products within the U.S., along with prospects within our warranty insurance providing around the globe. We remain aimed at constructing a portfolio of commercial which leverages our proprietary technologies together with our effective operating structure to reinforce shareholder comes back."
Third Quarter 2016 Results
Total income was $1.41 billion, a boost of $181.3 million, or 15%, from $1.23 billion from the 3rd quarter 2015. Gross written premium was $2.03 billion, a growth of $253.3 million, or 14%, from $1.78 billion within the third quarter 2015. Net written premium had been $1.22 billion, a boost of $73.1 million, or 6%, compared to $1.14 billion in the 3rd quarter 2015. Net earned premium was $1.20 billion, an expansion of $150.8 million, or 14%, from $1.05 billion inside the 3rd quarter 2015. The combined ratio was 91.5% in comparison with 92.6% in 3rd quarter 2015.
A summary of Q3 final results shows up beneath in addition to a hyperlink to the income release.
3rd Quarter 2016
• Gross written premium of $2.03 billion, up 14.2% in comparison to $1.78 billion in the 3 rd quarter 2015
• Net earned premium of $1.20 billion, up 14.4% from $1.05 billion inside the third quarter 2015
• Net income as a result of widespread stockholders of $103.6 million in comparison with $182.7 million within the third quarter 2015
• Operating earnings of $126.3 million as compared with $150.9 million inside the third quarter 2015
• Diluted EPS of $0.60 in comparison to $1.09 within the third quarter 2015
• Operating diluted EPS of $0.73 as compared to $0.89 in the 3rd quarter 2015
• Service in addition to fee income of $146.6 million, up 16% from $126.1 million within the 3rd quarter 2015
• Combined ratio of 91.5% in comparison to 92.6% inside the 3 rd quarter 2015
• Weighted average diluted shares outstanding of 173.1 million, up 3% when compared to 168.3 million in the 3 rd quarter 2015
Posted February 2, 2017 05:29