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Allied World Reports 36% Growth In Underwriting Income For The Second Quarter 2013

Stocks in this article: AWH

Allied World Assurance Company Holdings, AG (NYSE: AWH) today reported a net loss of $1.9 million, or $0.05 per diluted share, for the second quarter of 2013 compared to net income of $96.4 million, or $2.59 per diluted share, for the second quarter of 2012. The quarterly net loss was due to $115 million of net realized investment losses driven by the mark to market adjustments on the portfolio. Net income for the six months ended June 30, 2013 was $157.1 million, or $4.45 per diluted share, compared to net income of $314.5 million, or $8.41 per diluted share, for the first six months of 2012.

The company reported operating income of $103.5 million, or $2.95 per diluted share, for the second quarter of 2013, compared to operating income of $87.3 million, or $2.35 per diluted share, for the second quarter of 2012. Operating income for the six months ended June 30, 2013 was $187.7 million, or $5.31 per diluted share, compared to operating income of $178.8 million, or $4.78 per diluted share, for the first six months of 2012.

President and Chief Executive Officer Scott Carmilani commented, "Allied World produced excellent underwriting results. We benefitted from growth across all three segments, in part from newer product initiatives, and delivered a combined ratio of 82.8% for the second quarter of 2013."

"Despite the challenging investment environment, we continue to be well positioned to grow book value, and have done so at a rate of almost 4% during the first half of 2013."

Underwriting Results

Gross premiums written were $765.2 million in the second quarter of 2013, an 18.3% increase compared to $646.9 million in the second quarter of 2012. For the six months ended June 30, 2013, gross premiums written totaled $1,602.3 million, a 20.7% increase compared to $1,327.8 million in the first six months of 2012. Net premiums written were $581.2 million in the second quarter of 2013, a 17.5% increase compared to $494.7 million in the second quarter of 2012. For the six months ended June 30, 2013, net premiums written totaled $1,276.3 million, a 17.8% increase compared to $1,083.7 million in the first six months of 2012.

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