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AmTrust Financial Services, Inc. Reports Third Quarter 2013 Operating Earnings(1) Of $65.1 Million And Net Income Available To Common Stockholders Of $58.2 Million

Financial Highlights

Third Quarter 2013
  • Gross written premium of $1.07 billion, up 45.8%, and net earned premium of $613.9 million, up 58.4% from the third quarter 2012
  • Operating diluted EPS (1) of $0.83 compared to $0.64 in the third quarter 2012
  • Annualized operating return on common equity (1) of 21.0% and annualized return on common equity of 18.8%
  • Service and fee income of $90.0 million, up 101.9% from the third quarter 2012
  • Operating earnings (1) of $65.1 million compared to $48.8 million from the third quarter 2012
  • Net income available to common stockholders of $58.2 million compared to $43.2 million in the third quarter 2012
  • Diluted EPS of $0.74 compared with $0.56 in the third quarter 2012
  • Combined ratio of 89.6% compared to 90.2% in the third quarter 2012

YTD 2013
  • Gross written premium of $3.06 billion, up 54.8%, and net earned premium of $1.56 billion, up 50.5% over YTD 2012
  • Operating diluted EPS (1) of $2.35 compared to $1.82 in YTD 2012
  • Annualized operating return on common equity (1) of 20.2% and annualized return on common equity of 24.4%
  • Service and fee income of $238.6 million, up 102.0% from YTD 2012
  • Operating earnings (1) of $182.7 million compared to $138.2 million in YTD 2012
  • Net income available to common stockholders of $220.9 million compared to $122.7 million in YTD 2012
  • Diluted EPS of $2.84 compared with $1.61 in YTD 2012
  • Combined ratio of 90.2% compared to 89.2% in YTD 2012
  • Book value per common share of $17.08, up from $15.48 at December 31, 2012
  • Shareholders' equity was $1.39 billion as of September 30, 2013

NEW YORK, Nov. 5, 2013 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company") today reported third quarter 2013 operating earnings (1) of $65.1 million, or $0.83 per diluted share, an increase of 33.5%, compared to $48.8 million, or $0.64 per diluted share, in the third quarter of 2012. Third quarter 2013 net income available to common stockholders totaled $58.2 million, or $0.74 per diluted share, an increase of 39.5% from $43.2 million, or $0.56 per diluted share, in the third quarter 2012. Third quarter 2013 annualized operating return on common equity (1) was 21.0% compared to 18.8% in the third quarter 2012. Third quarter 2013 annualized return on common equity was 18.8% compared to 16.7% in the third quarter 2012.

During the first nine months of 2013, operating earnings (1) totaled $182.7 million, or $2.35 per diluted share, an increase of 32.2%, compared to $138.2 million, or $1.82 per diluted share, in the first nine months of 2012. During the first nine months of 2013, net income available to common stockholders totaled $220.9 million, or $2.84 per diluted share, an increase of 81.8% from $122.7 million, or $1.61 per diluted share, in the first nine months of 2012. Year to date 2013 annualized operating return on equity (1) was 20.2% compared to 18.8% year to date 2012. Year to date annualized return on equity was 24.4% compared to 16.6% year to date 2012. September 30, 2013 book value per share rose 10.3% to $17.08 from $15.48 as of December 31, 2012. Per share results for the third quarter and nine months reflect a 10% stock dividend declared by the Board of Directors on August 6, 2013.

Third Quarter 2013 Results

Total revenue was $796.5 million, an increase of $294.0 million, or 58.5%, from $502.5 million in the third quarter 2012. Gross written premium was $1.07 billion, an increase of $337.6 million, or 45.8%, from $736.6 million in the same period a year ago. Net written premium of $728.8 million rose $245.1 million, or 50.7%, from $483.7 million in the third quarter 2012. Net earned premium of $613.9 million increased $226.4 million, or 58.4%, from $387.4 million in the second quarter 2012.

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