American Physicians Capital, Inc. Reports First Quarter 2010 Results
American Physicians Capital, Inc. (APCapital) (NASDAQ:ACAP) today announced net income of $9.0 million or $.90 per diluted common share for the first quarter of 2010. This compares to net income of $10.1 million, or $.85 per share for the first quarter of 2009. The 2010 first quarter net income represents an annualized return on beginning GAAP equity of 15.1%. At March 31, 2010, APCapital’s book value per share was $24.39 based on 9,600,387 shares outstanding, an increase of 2.8% from $23.74 at December 31, 2009.
“We continue to generate strong operating results despite the challenges of a soft market,” said President and Chief Executive Officer R. Kevin Clinton. “We were able to retain 88% of our business in the first quarter.”
“New premium growth at adequate rates remains difficult. Therefore we continue to focus on effective capital management through our share repurchases and dividend program,” added Clinton.
|Consolidated Income Statement|
|(Dollars in thousands)|
|Three Months Ended|
|Direct Premiums Written||$ 27,296||$ 30,121|
|Net Premiums Written||$ 26,035||$ 28,720|
|Net Premiums Earned||$ 26,695||$ 29,306|
|Incurred Loss and Loss Adjustment Expenses:|
|Current Accident Year Losses||21,913||23,836|
|Prior Year Losses||(8,121||)||(8,224||)|
|Other Income (1)||575||223|
|Federal Income Taxes||3,428||3,916|
|Net Income||$ 8,951||$ 10,087|
|Current Accident Year||82.1||%||81.3||%|
|Prior Year Development||-30.4||%||-28.0||%|
|Underwriting Expense Ratio||24.8||%||24.3||%|
|(1) Includes realized gains and losses|
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