Arch Capital Group Ltd. (NASDAQ:ACGL) reports that net income available to common shareholders for the 2013 fourth quarter was $156.0 million, or $1.14 per share, compared to $13.7 million, or $0.10 per share, for the 2012 fourth quarter, while after-tax operating income available to common shareholders was $152.7 million, or $1.12 per share, for the 2013 fourth quarter, compared to an after-tax operating loss available to common shareholders of $24.7 million, or $0.18 per share, for the 2012 fourth quarter. For 2013, net income available to common shareholders was $687.8 million, or $5.07 per share, compared to $557.7 million, or $4.03 per share, for 2012, while after-tax operating income available to common shareholders was $595.7 million, or $4.39 per share for 2013, compared to $350.6 million, or $2.54 per share, for 2012.
The Company's book value per common share was $39.82 at December 31, 2013, a 3.9% increase from $38.34 per share at September 30, 2013 and a 10.0% increase from $36.19 per share at December 31, 2012. The Company's after-tax operating income available to common shareholders represented an annualized return on average common equity of 11.7% for the 2013 fourth quarter, compared to (2.0)% for the 2012 fourth quarter, and 11.7% for 2013, compared to 7.7% for 2012. The Company's net income available to common shareholders represented a return on average common equity of 13.5% for 2013, compared to 12.2% for 2012.
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, net foreign exchange gains or losses and loss on repurchase of preferred shares, net of income taxes. See 'Comments on Regulation G' for a further discussion of after-tax operating income or loss available to common shareholders. All earnings per share amounts discussed in this release are on a diluted basis.
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