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AmTrust Financial Services, Inc. Reports Second Quarter 2013 Operating Earnings(1) Of $60.4 Million And Net Income Of $80.1 Million

Stocks in this article: AFSI

Financial Highlights

Second Quarter 2013

  • Gross written premium of $1.04 billion, up 63.2%, and net earned premium of $536.5 million, up 60.6% from the second quarter 2012
  • Operating diluted EPS (1)(2) of $0.86 compared to $0.66 in the second quarter 2012
  • Annualized operating return on equity (1) of 19.2% and annualized return on equity of 25.5%
  • Service and fee income of $88.1 million, up 166.9% from the second quarter 2012
  • Operating earnings (1) of $60.4 million compared to $45.4 million from the second quarter 2012
  • Net income of $80.1 million compared to $40.4 million from the second quarter 2012
  • Diluted EPS of $1.14 compared with $0.59 in the second quarter 2012
  • Combined ratio of 91.3% compared to 88.9% in the second quarter 2012

YTD 2013

  • Gross written premium of $1.98 billion, up 60.2%, and net earned premium of $944.5 million, up 45.8% over YTD 2012
  • Operating diluted EPS (1)(2) of $1.68 compared to $1.31 in YTD 2012
  • Annualized operating return on equity (1) of 19.1% and annualized return on equity of 26.7%
  • Service and fee income of $148.6 million, up 102.1% from YTD 2012
  • Operating earnings (1) of $117.6 million compared to $89.4 million in YTD 2012
  • Net income of $164.2 million compared to $79.4 million from YTD 2012
  • Diluted EPS of $2.34 compared with $1.16 in YTD 2012
  • Combined ratio of 90.5% compared to 88.7% in YTD 2012
  • Book value per share of $17.78, up from $17.03 at December 31, 2012
  • Shareholders' equity was $1.32 billion as of June 30, 2013

NEW YORK, Aug. 6, 2013 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company") today reported second quarter 2013 operating earnings (1) of $60.4 million, or $0.86 per diluted share, an increase of 33.0%, compared to $45.4 million, or $0.66 per diluted share, in the second quarter of 2012. Second quarter 2013 net income totaled $80.1 million, or $1.14 per diluted share, an increase of 98.5% from $40.4 million, or $0.59 per diluted share, in the second quarter 2012. Second quarter 2013 annualized operating return on equity was 19.2% compared to 18.5% in the second quarter 2012. Second quarter 2013 annualized return on equity was 25.5% compared to 16.5% in the second quarter 2012.

During the first six months of 2013, operating earnings (1) totaled $117.6 million, or $1.68 per diluted share, an increase of 31.5%, compared to $89.4 million, or $1.31 per diluted share, in the first six months of 2012. During the first six months of 2013, net income totaled $164.2 million or $2.34 per diluted share, an increase of 106.6% from $79.4 million, or $1.16 per diluted share, in the first six months of 2012. Year to date 2013 annualized operating return on equity was 19.1% compared to 18.9% year to date 2012. Year to date annualized return on equity was 26.7% compared to 16.8% year to date 2012. June 30, 2013 book value per share rose 4.4% to $17.78 from $17.03 as of December 31, 2012.

Second Quarter 2013 Results

Total revenue was $716.5 million, an increase of $285.9 million, or 66.4%, from $430.6 million in the second quarter 2012. Gross written premium was $1.04 billion, an increase of $403.2 million, or 63.2%, from $637.4 million in the same period a year ago. Net written premium of $640.0 million, rose $248.4 million, or 63.4%, from $391.6 million in the second quarter 2012. Net earned premium of $536.5 million increased $202.5 million, or 60.6%, from $334.0 million in the second quarter 2012.

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