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AmTrust Financial Services, Inc. Reports First Quarter 2013 Operating Earnings(1) Of $57.2 Million And Net Income Of $64.2 Million

Stocks in this article: AFSI

Financial Highlights

First Quarter 2013

  • Gross written premium of $943.9 million, up 56.9%, and net earned premium of $408.0 million, up 29.9% from the first quarter 2012
  • Operating diluted EPS (1)(2) of $0.81 compared to $0.64 in the first quarter 2012
  • Annualized operating return on equity (1) of 19.7% and annualized return on equity of 22.2%
  • Service and fee income of $60.5 million, up 49.3% from the first quarter 2012
  • Operating earnings (1) of $57.2 million compared to $44.0 million from the first quarter 2012
  • Net income of $64.2 million compared to $39.1 million from the first quarter 2012
  • Diluted EPS of $0.91 compared with $0.57 in the first quarter 2012
  • Combined ratio of 89.5% compared to 88.5% in the first quarter 2012
  • Book value per share of $17.45, up from $17.03 at December 31, 2012
  • Shareholders' equity was $1.17 billion as of March 31, 2013

NEW YORK, May 1, 2013 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company") today reported first quarter 2013 operating earnings (1) of $57.2 million, or $0.81 per diluted share, an increase of 29.9%, compared to $44.0 million, or $0.64 per diluted share, in the first quarter of 2012. During the three months ended March 31, 2013, net income totaled $64.2 million, an increase of 64.3% from $39.1 million in the first quarter 2012. Earnings per diluted share (2) totaled $0.91 for the first quarter 2013, an increase of 59.6% from $0.57 in the first quarter 2012. First quarter 2013 annualized operating return on equity was 19.7% compared to 19.0% in the first quarter 2012.

First Quarter 2013 Results

Total revenue was $567.8 million, an increase of $153.6 million, or 37.1%, from $414.2 million in the first quarter 2012. Gross written premium of $943.9 million rose $342.2 million, or 56.9%, from $601.7 million in the same period a year ago. Net written premium was $532.1 million, an increase of $172.3 million, or 47.9%, from $359.8 million in the first quarter 2012. Net earned premium of $408.0 million increased $94.0 million, or 29.9%, from $314.0 million in the first quarter 2012.

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