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Book Value Per Common Share of $19.48, Up 9.1% Since December 31, 2013
Financial HighlightsFirst Quarter 2014
Gross written premium of $1.67 billion, up 76.5%, and net earned premium of $829.1 million, up 103.2% from the first quarter 2013
Operating diluted EPS (1) of $1.24 ($0.02 attributable to gain on life settlements) compared to $0.74 ($0.01 attributable to loss on life settlements) in the first quarter 2013
Annualized operating return on common equity (1) of 27.8% and annualized return on common equity of 28.5%
Service and fee income of $91.0 million, up 50.3% from the first quarter 2013
Operating earnings (1) of $97.4 million compared to $57.2 million from the first quarter 2013
Net income attributable to common stockholders of $99.9 million compared to $83.9 million in the first quarter 2013
Diluted EPS of $1.27 compared with $1.08 in the first quarter 2013
Combined ratio of 89.9% compared to 91.3% in the first quarter 2013
Book value per common share of $19.48, up from $17.85 at December 31, 2013
AmTrust's stockholders' equity was $1.58 billion as of March 31, 2014
NEW YORK, May 1, 2014 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company") today announced significant business momentum for the first quarter ended March 31, 2014. The Company's performance continues the strong results AmTrust achieved for the 2013 fourth quarter and full year.
For the first quarter 2014, operating earnings
(1) were $97.4 million, or $1.24 per diluted share, an increase of 70.4%, compared to $57.2 million, or $0.74 per diluted share, in the first quarter of 2013. First quarter 2014 net income attributable to common stockholders grew to $99.9 million, or $1.27 per diluted share, an increase of 19.0% from $83.9 million, or $1.08 per diluted share, in the first quarter 2013. First quarter 2014 annualized operating return on common equity
(1) increased to 27.8% from 19.6% in the first quarter 2013. First quarter 2014 annualized return on common equity was 28.5% compared to 28.7% in the first quarter 2013.
"Our significant return on shareholders' equity and profit growth in the first quarter is the result of a long term strategy of leveraging the Company's unique capabilities and disciplined growth of the business," commented Barry Zyskind, President and CEO. "Improving market conditions will create even more opportunities to build shareholders' value."