Arch Capital Group Ltd. (NASDAQ: ACGL) reports that net income available to common shareholders for the 2012 fourth quarter was $13.7 million, or $0.10 per share, compared to $138.9 million, or $1.01 per share, for the 2011 fourth quarter. For 2012, net income available to common shareholders was $568.3 million, or $4.11 per share, compared to $410.3 million, or $2.97 per share, for 2011. The Company also reported an after-tax operating loss to common shareholders of $24.7 million, or $0.18 per share, for the 2012 fourth quarter, compared to after-tax operating income available to common shareholders of $128.9 million, or $0.94 per share, for the 2011 fourth quarter. For 2012, after-tax operating income available to common shareholders was $350.6 million, or $2.54 per share, compared to $303.4 million, or $2.19 per share, for 2011. All earnings per share amounts discussed in this release are on a diluted basis.
The Company’s book value per common share was $36.19 at December 31, 2012, a 1.6% decrease from $36.79 per share at September 30, 2012 and a 13.9% increase from $31.76 per share at December 31, 2011. The Company’s after-tax operating income or loss available to common shareholders represented an annualized return on average common equity of (2.0%) for the 2012 fourth quarter, compared to 12.3% for 2011 fourth quarter. For 2012, the Company’s return on common equity was 7.7%, compared to 7.2% for 2011. After-tax operating income or loss available to common shareholders, a non-GAAP measure, is defined as net income available to common shareholders, excluding net realized gains or losses, net impairment losses recognized in earnings, equity in net income or loss of investment funds accounted for using the equity method and net foreign exchange gains or losses, net of income taxes. See page 6 for a further discussion of after-tax operating income or loss available to common shareholders and Regulation G.
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