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National Interstate Corporation Reports 2013 Fourth Quarter And Full Year Results

Stocks in this article: NATL

  • Gross premiums written increased 14% for fourth quarter and 10% for the full year
  • Fourth quarter and full year net income per share within previously announced ranges
  • Fourth quarter combined ratio of 98.8% also within expected range

RICHFIELD, Ohio, Feb. 25, 2014 (GLOBE NEWSWIRE) -- National Interstate Corporation (Nasdaq:NATL) today reported results for the 2013 fourth quarter and full year that were within the ranges reported on January 30, 2014. Net income of $0.43 per share, diluted for the 2013 fourth quarter was comparable to the $0.42 reported for the same quarter last year and improved compared to the 2013 third quarter.

As previously reported, gross premiums written increased 14% for the 2013 fourth quarter and 10% for the 2013 full year compared to the same periods in 2012 reflecting growth in the Alternative Risk Transfer (ART) and Transportation components.

Earnings

The Company's net income, determined in accordance with U.S. generally accepted accounting principles (GAAP), includes items that may not be indicative of ongoing operations. The following table reconciles net income to net income from operations, a non-GAAP financial measure that is a useful tool for investors and analysts in analyzing ongoing operating trends. Net income from operations includes underwriting income and net investment income.

  Three Months Ended December 31, Year Ended December 31,
  2013 2012 2013 2012
  (In thousands, except per share data) (In thousands, except per share data)
Net income from operations $ 7,842 $ 6,199 $ 13,325 $ 30,252
After-tax net realized gains from investments 716 2,065 4,248 4,042
  Net income  $ 8,558 $ 8,264 $ 17,573 $ 34,294
         
Net income from operations per share, diluted $ 0.40 $ 0.31 $ 0.67 $ 1.54
After-tax net realized gains from investments per share, diluted  0.03 0.11 0.22 0.21
 Net income per share, diluted $ 0.43 $ 0.42 $ 0.89 $ 1.75

Net income for the fourth quarter of 2013 was relatively consistent as compared to the same period in 2012 attributable to loss and loss adjustment expenses ("LAE") that remained elevated, offset by favorable underwriting expenses and improved net investment income.

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