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Book Value Per Common Share of $17.85, Up 15.3% Since December 31, 2012 Adjusted for 10% Stock Dividend
Fourth Quarter 2013
Gross written premium of $1.06 billion, up 36.8%, and net earned premium of $707.6 million, up 84.6% from the fourth quarter 2012
Operating diluted EPS (1) of $1.03 compared to $0.70 in the fourth quarter 2012
Operating return on common equity (1) of 25.1% and return on common equity of 19.9%
Service and fee income of $93.0 million, up 71.9% from the fourth quarter 2012
Operating earnings (1) of $81.9 million compared to $53.4 million from the fourth quarter 2012
Net income attributable to common stockholders of $64.7 million compared to $55.3 million in the fourth quarter 2012
Diluted EPS of $0.82 compared with $0.72 in the fourth quarter 2012
Combined ratio of 89.9% compared to 90.5% in the fourth quarter 2012
Full Year 2013
Gross written premium of $4.12 billion, up 49.7%, and net earned premium of $2.27 billion, up 59.7% over 2012
Operating diluted EPS (1) of $3.39 compared to $2.52 in 2012
Operating return on common equity (1) of 21.3% and return on common equity of 23.1%
Service and fee income of $331.6 million, up 92.6% from 2012
Operating earnings (1) of $264.6 million compared to $191.6 million in 2012
Net income attributable to common stockholders of $286.9 million compared to $178.0 million in 2012
Diluted EPS of $3.67 compared with $2.34 in 2012
Combined ratio of 90.5% compared to 90.1% in 2012
Book value per common share of $17.85, up from $15.48 at December 31, 2012
AmTrust's stockholders' equity was $1.45 billion as of December 31, 2013
NEW YORK, Feb. 13, 2014 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company") today announced it continued to achieve strong business momentum reporting fourth quarter 2013 operating earnings
(1) of $81.9 million, or $1.03 per diluted share, an increase of 53.3%, compared to $53.4 million, or $0.70 per diluted share, in the fourth quarter of 2012. Fourth quarter 2013 net income available to common stockholders totaled $64.7 million, or $0.82 per diluted share, an increase of 17.0% from $55.3 million, or $0.72 per diluted share, in the fourth quarter 2012. Fourth quarter 2013 annualized operating return on common equity
(1) was 25.1% compared to 19.3% in the fourth quarter 2012. Fourth quarter 2013 annualized return on common equity was 19.9% compared to 19.9% in the fourth quarter 2012.
For 2013, operating earnings
(1) totaled $264.6 million, or $3.39 per diluted share, an increase of 38.1%, compared to $191.6 million, or $2.52 per diluted share, in 2012. During 2013, net income attributable to common stockholders totaled $286.9 million, or $3.67 per diluted share, an increase of 61.2% from $178.0 million, or $2.34 per diluted share, in 2012. Operating return on equity
(1) for 2013 was 21.3% compared to 18.8% in 2012. Return on equity was 23.1% compared to 17.5% in 2012. December 31, 2013 book value per share rose 15.3% to $17.85 from $15.48 as of December 31, 2012. Per share results for the fourth quarter and year reflect a 10% stock dividend declared by the Board of Directors on August 6, 2013.
Barry Zyskind, AmTrust Financial's Chief Executive Officer and President, stated, "Our strong fourth quarter and year end results underscore the excellent momentum that AmTrust continues to experience across all our business lines. This performance reflects several important factors that are advancing AmTrust's competitive edge. First, we focus on lines of business where we have sound expertise and that represent the potential for enhanced value. Second, we have been able to capitalize on AmTrust's strong financial position to grow our businesses both organically and to take advantage of attractive external opportunities where we can use our strengths to build value. Third, our business is supported by a strong balance sheet. Going forward, we will continue to build AmTrust consistent with our priority to grow the value of the enterprise for the long term benefits of all our stakeholders."
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