AmTrust
Financial Services (AFSI), the parent company of Warrantech, announced strong
earnings results for the third quarter of 2014.
For the third quarter 2014, operating earnings were $135.4 million, or $1.70 per diluted share, an increase of 107.8%, compared to $65.1 million, or $0.83 per diluted share, in the third quarter of 2013. Third quarter 2014 net income attributable to common stockholders grew to $156.6 million, or $1.97 per diluted share, an increase of 168.9% from $58.2 million, or $0.74 per diluted share, in the third quarter 2013. Third quarter 2014 annualized operating return on common equity increased to 34.2% from 21.1% in the third quarter 2013. Annualized return on common equity was 39.5% for the third quarter of 2014 and 18.9% for the third quarter of 2013.
During the first nine months of 2014, operating earnings were $339.9 million, or $4.28 per diluted share, an increase of 89.2% compared to $179.7 million, or $2.31 per diluted share, in the first nine months of 2013. During the first nine months of 2014, net income attributable to common stockholders grew to $362.7 million, or $4.57 per diluted share, an increase of 69.9% from $213.5 million, or $2.75 per diluted share, in the first nine months of 2013. Year to date 2014 annualized operating return on common equity increased to 30.1% from 19.8% year to date 2013. Year to date 2014 annualized return on common equity was 32.1% compared to 23.6% year to date 2013.
Third Quarter 2014 Financial Highlights
For the third quarter 2014, operating earnings were $135.4 million, or $1.70 per diluted share, an increase of 107.8%, compared to $65.1 million, or $0.83 per diluted share, in the third quarter of 2013. Third quarter 2014 net income attributable to common stockholders grew to $156.6 million, or $1.97 per diluted share, an increase of 168.9% from $58.2 million, or $0.74 per diluted share, in the third quarter 2013. Third quarter 2014 annualized operating return on common equity increased to 34.2% from 21.1% in the third quarter 2013. Annualized return on common equity was 39.5% for the third quarter of 2014 and 18.9% for the third quarter of 2013.
During the first nine months of 2014, operating earnings were $339.9 million, or $4.28 per diluted share, an increase of 89.2% compared to $179.7 million, or $2.31 per diluted share, in the first nine months of 2013. During the first nine months of 2014, net income attributable to common stockholders grew to $362.7 million, or $4.57 per diluted share, an increase of 69.9% from $213.5 million, or $2.75 per diluted share, in the first nine months of 2013. Year to date 2014 annualized operating return on common equity increased to 30.1% from 19.8% year to date 2013. Year to date 2014 annualized return on common equity was 32.1% compared to 23.6% year to date 2013.
Third Quarter 2014 Financial Highlights
• Gross
written premium of $1.52 billion, up 41.1%, and net earned premium of $914.4
million, up 49.0% from the third quarter 2013
• Operating diluted EPS of $1.70 compared to $0.83 in the third quarter 2013
• Annualized operating return on common equity of 34.2% and annualized return on common equity of 39.5%
• Service and fee income of $117.6 million, up 30.7% from the third quarter 2013
• Operating earnings of $135.4 million compared to $65.1 million from the third quarter 2013
• Net income attributable to common stockholders of $156.6 million compared to $58.2 million in the third quarter 2013
• Diluted EPS of $1.97 compared with $0.74 in the third quarter 2013
• Combined ratio of 91.3% compared to 0.74% in the third quarter 2013
• Service and fee income of $308.1 million, up 29.1% from YTD 2013
• AmTrust’s stockholders’ equity was $2.0 billion as of September 30, 2014
• Operating diluted EPS of $1.70 compared to $0.83 in the third quarter 2013
• Annualized operating return on common equity of 34.2% and annualized return on common equity of 39.5%
• Service and fee income of $117.6 million, up 30.7% from the third quarter 2013
• Operating earnings of $135.4 million compared to $65.1 million from the third quarter 2013
• Net income attributable to common stockholders of $156.6 million compared to $58.2 million in the third quarter 2013
• Diluted EPS of $1.97 compared with $0.74 in the third quarter 2013
• Combined ratio of 91.3% compared to 0.74% in the third quarter 2013
• Service and fee income of $308.1 million, up 29.1% from YTD 2013
• AmTrust’s stockholders’ equity was $2.0 billion as of September 30, 2014
YTD 2014 Highlights
• Gross written premium of $4.63 billion, up 51.3%, and net earned premium of $2.62 billion, up 68.0% over YTD 2013
• Operating diluted EPS(1) of $4.28 compared to $2.31 in YTD 2013
• Annualized operating return on common equity(1) of 30.1% and annualized return on common equity of 32.1%
• Service and fee income of $308.1 million, up 29.1% from YTD 2013
• Operating earnings(1) of $339.9 million compared to $179.7 million from YTD 2013
• Net income attributable to common stockholders of $362.7 million compared to $213.5 million in YTD 2013
• Diluted EPS of $4.57 compared with $2.75 in YTD 2013
• Combined ratio of 90.7% compared to 90.8% in YTD 2013
• Book value per common share of $22.56, up from $17.74 at December 31, 2013
• AmTrust's stockholders' equity was $2.0 billion as of September 30, 2014
• Gross written premium of $4.63 billion, up 51.3%, and net earned premium of $2.62 billion, up 68.0% over YTD 2013
• Operating diluted EPS(1) of $4.28 compared to $2.31 in YTD 2013
• Annualized operating return on common equity(1) of 30.1% and annualized return on common equity of 32.1%
• Service and fee income of $308.1 million, up 29.1% from YTD 2013
• Operating earnings(1) of $339.9 million compared to $179.7 million from YTD 2013
• Net income attributable to common stockholders of $362.7 million compared to $213.5 million in YTD 2013
• Diluted EPS of $4.57 compared with $2.75 in YTD 2013
• Combined ratio of 90.7% compared to 90.8% in YTD 2013
• Book value per common share of $22.56, up from $17.74 at December 31, 2013
• AmTrust's stockholders' equity was $2.0 billion as of September 30, 2014
To
view AmTrust Financial Services’ full third quarter earnings release, visit the
Investor Relations section at http://ir.amtrustgroup.com/ or click on the following link:http://ir.amtrustgroup.com/releasedetail.cfm?ReleaseID=880060
Filed Under: Earnings, income, quarter, third
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