Allied World Reports 36% Growth In Underwriting Income For The Second Quarter 2013

Allied World Assurance Company Holdings, AG (NYSE: AWH) today reported a net loss of $1.9 million, or $0.05 per diluted share, for the second quarter of 2013 compared to net income of $96.4 million, or $2.59 per diluted share, for the second quarter of 2012. The quarterly net loss was due to $115 million of net realized investment losses driven by the mark to market adjustments on the portfolio. Net income for the six months ended June 30, 2013 was $157.1 million, or $4.45 per diluted share, compared to net income of $314.5 million, or $8.41 per diluted share, for the first six months of 2012.

The company reported operating income of $103.5 million, or $2.95 per diluted share, for the second quarter of 2013, compared to operating income of $87.3 million, or $2.35 per diluted share, for the second quarter of 2012. Operating income for the six months ended June 30, 2013 was $187.7 million, or $5.31 per diluted share, compared to operating income of $178.8 million, or $4.78 per diluted share, for the first six months of 2012.

President and Chief Executive Officer Scott Carmilani commented, "Allied World produced excellent underwriting results. We benefitted from growth across all three segments, in part from newer product initiatives, and delivered a combined ratio of 82.8% for the second quarter of 2013."

"Despite the challenging investment environment, we continue to be well positioned to grow book value, and have done so at a rate of almost 4% during the first half of 2013."

Underwriting Results

Gross premiums written were $765.2 million in the second quarter of 2013, an 18.3% increase compared to $646.9 million in the second quarter of 2012. For the six months ended June 30, 2013, gross premiums written totaled $1,602.3 million, a 20.7% increase compared to $1,327.8 million in the first six months of 2012. Net premiums written were $581.2 million in the second quarter of 2013, a 17.5% increase compared to $494.7 million in the second quarter of 2012. For the six months ended June 30, 2013, net premiums written totaled $1,276.3 million, a 17.8% increase compared to $1,083.7 million in the first six months of 2012.

Net premiums earned in the second quarter of 2013 were $507.3 million, an 18.0% increase compared to $429.7 million in the second quarter of 2012. For the six months ended June 30, 2013, net premiums earned totaled $970.5 million, a 16.7% increase compared to $831.6 million in the first six months of 2012.

The combined ratio was 82.8% in the second quarter of 2013 compared to 85.1% in the second quarter of 2012. The loss and loss expense ratio was 54.2% in the second quarter of 2013 compared to 55.9% in the second quarter of 2012. During the second quarter of 2013, the company recorded net favorable reserve development on prior loss years of $48.4 million. This favorable reserve development resulted in a benefit of 9.5 percentage points to the company's loss and loss expense ratio for the quarter. This compares to the second quarter of 2012, when the company recorded net favorable reserve development on prior loss years of $41.9 million, a benefit of 9.8 percentage points to the company's loss and loss expense ratio for that quarter. Absent these adjustments, the loss and loss expense ratio for the second quarter of 2013 was 63.7% compared to 65.7% for the second quarter of 2012. The company experienced no significant catastrophe losses for the current accident year or quarter ended June 30, 2013.

For the six months ended June 30, 2013, the combined ratio was 83.9% compared to 85.2% for the first six months of 2012. The loss and loss expense ratio was 54.6% in the first half of 2013 compared to 56.0% in the first half of 2012. For the six months ended June 30, 2013, the company recorded net favorable reserve development on prior loss years of $92.5 million, a benefit of 9.5 percentage points to the company's loss and loss expense ratio. For the six months ended June 30, 2012, the company recorded net favorable reserve development on prior loss years of $81.4 million, a benefit of 9.8 percentage points to the company's loss and loss expense ratio. Absent prior year reserve adjustments, the loss and loss expense ratio for the six months ended June 30, 2013 was 64.1% compared to 65.8% for 2012.

The company's expense ratio was 28.6% for the second quarter of 2013 compared to 29.2% for the second quarter of 2012. The expense ratio was 29.3% the first six months of June 30, 2013 compared to 29.2% for the first six months of 2012.

Investment Results

The total return on the company's investment portfolio for the three months ended June 30, 2013 was a loss of 90 basis points compared to a gain of 60 basis points for the three months ended June 30, 2012. This was largely driven by losses in the U.S. bond market, which, as measured by the Barclays Aggregate Bond Index, posted its third largest loss since 1981. For the six months ended June 30, 2013, the total return on the company’s investment portfolio was 40 basis points compared to 260 basis points for the six months ended June 30, 2012. See the table below for the components of our investment returns:
(Expressed in millions of U.S. Dollars)     Quarter Ended     Six Months Ended
June 30, 2013   June 30, 2012 June 30, 2013   June 30, 2012
 
Net investment income $ 37.6 $ 42.5 $ 71.0 $ 89.7
Net realized investment (losses) gains (115.2 ) 8.6 (35.5 ) 142.2
Change in unrealized gains  

-  
      (1.4 )  

-  
      (15.4 )
Net investment income, realized gains and unrealized gains $ (77.6 )   $ 49.7   $ 35.5     $ 216.5  
 
Average invested assets $ 8,459.5 $ 8,276.1 $ 8,446.1 $ 8,203.8
 
Financial statement portfolio return (0.9 %) 0.6 % 0.4 % 2.6 %
 
Note: investment income, net realized gains / losses and change in unrealized gains / losses are disclosed on a pre-tax basis.
 

Shareholders' Equity

As of June 30, 2013, the company’s total shareholders' equity was $3,373.2 million, compared to $3,326.3 million as of December 31, 2012.

As of June 30, 2013, diluted book value per share was $96.18, an increase of 3.9% compared to $92.59 as of December 31, 2012.

Capital Management

During the second quarter of 2013, the company repurchased 508,328 of its common shares through its share repurchase program in the open market at an average price of $91.13 per share and at an aggregate cost of $46.3 million. This compares to the open market repurchase of 432,117 common shares at an average price of $83.88 per share and at an aggregate cost of $36.2 million during the first quarter of 2013.

In May 2013 the company’s shareholders approved a quarterly dividend equal to $0.50 per share. The first installment of that dividend was paid on July 3, 2013 to shareholders of record on June 25, 2013. The three remaining installments are anticipated to be paid in October 2013, January 2014 and April 2014.

Supplementary Information

Allied World will be providing a Financial Supplement relating to second quarter 2013 and an Investment Supplement as of June 30, 2013. This information will be available in the "Investor Relations" section of the company's website at www.awac.com.

Conference Call

Allied World will host a conference call on Friday, July 26, 2013 at 9:00 a.m. (Eastern Time) to discuss the results for the second quarter ended June 30, 2013. The public may access a live webcast of the conference call at the "Investor Relations" section of the company's website at www.awac.com. In addition, the conference call can be accessed by dialing (888) 317-6003 (U.S. and Canada callers) or (412) 317-6061 (international callers) and entering the passcode 5166966 approximately ten minutes prior to the call.

Following the conclusion of the presentation, a replay of the call will be available through Friday, August 9, 2013 by dialing (877) 344-7529 (U.S. and Canada callers) or (412) 317-0088 (international callers) and entering the passcode 10030260. In addition, the webcast will remain available online through Friday, August 9, 2013 at  www.awac.com.

Non-GAAP Financial Measures

In presenting the company's results, management has included and discussed in this press release certain non-generally accepted accounting principles ("non-GAAP") financial measures within the meaning of Regulation G as promulgated by the U.S. Securities and Exchange Commission. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain the company's results of operations in a manner that allows for a more complete understanding of the underlying trends in the company's business. However, these measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles ("U.S. GAAP").

"Operating income" is an internal performance measure used in the management of the company's operations and represents after-tax operational results excluding, as applicable, net realized investment gains or losses, net impairment charges recognized in earnings, net foreign exchange gain or loss, and other non-recurring items. The company excludes net realized investment gains or losses, net impairment charges recognized in earnings, net foreign exchange gain or loss, and other non-recurring items from the calculation of operating income because these amounts are heavily influenced by and fluctuate in part according to the availability of market opportunities and other factors. In addition to presenting net income determined in accordance with U.S. GAAP, the company believes that showing operating income enables investors, analysts, rating agencies and other users of the company's financial information to more easily analyze our results of operations and underlying business performance. Operating income should not be viewed as a substitute for U.S. GAAP net income.

The company has included "diluted book value per share" because it takes into account the effect of dilutive securities; therefore, the company believes it is an important measure of calculating shareholder returns.

"Annualized net income return on average shareholders' equity" ("ROAE") is calculated using average shareholders' equity, excluding the average after tax unrealized gains (or losses) on investments. Unrealized gains (losses) on investments are primarily the result of interest rate and credit spread movements and the resultant impact on fixed income securities. Such gains (losses) are not related to management actions or operational performance, nor are they likely to be realized. Therefore, the company believes that excluding these unrealized gains (losses) provides a more consistent and useful measurement of operating performance, which supplements U.S. GAAP information. In calculating ROAE, the net income (loss) available to shareholders for the period is multiplied by the number of such periods in a calendar year in order to arrive at annualized net income (loss) available to shareholders. The company presents ROAE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

"Annualized operating return on average shareholders' equity" is calculated using operating income (as defined above and annualized in the manner described for net income (loss) available to shareholders under ROAE above) and average shareholders' equity, excluding the average after tax unrealized gains (losses) on investments. Unrealized gains (losses) are excluded from equity for the reasons outlined in the annualized net income return on average shareholders' equity explanation above.

Reconciliations of these financial measures to their most directly comparable U.S. GAAP measures are included in the attached tables.

About Allied World Assurance Company

Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World offers superior client service through a global network of offices and branches. All of Allied World's rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor's, and A2 by Moody's, and our Lloyd's Syndicate 2232 is rated A+ by Standard & Poor's and Fitch.

Please visit the following for further information on Allied World: Web: www.awac.com | Facebook: www.facebook.com/alliedworld | LinkedIn: http://www.linkedin.com/company/Allied-World.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this press release reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, our forward-looking statements could be affected by pricing and policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency or severity of unpredictable catastrophic events; negative rating agency actions; the adequacy of our loss reserves; the company or its subsidiaries becoming subject to significant income taxes in the United States or elsewhere; changes in regulations or tax laws; changes in the availability, cost or quality of reinsurance or retrocessional coverage; adverse general economic conditions; and judicial, legislative, political and other governmental developments, as well as management's response to these factors, and other factors identified in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We are under no obligation (and expressly disclaim any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise.
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of United States dollars, except share and per share amounts)
               
Quarter Ended June 30, Six Months Ended June 30,
2013     2012 2013     2012
 
Revenues:
Gross premiums written $ 765,200 $ 646,870 $ 1,602,281 $ 1,327,799
Premiums ceded   (183,978)       (152,160)   (326,007)       (244,136)
 
Net premiums written 581,222 494,710 1,276,274 1,083,663
Change in unearned premiums   (73,951)       (64,963)   (305,775)       (252,026)
Net premiums earned 507,271 429,747 970,499 831,637
 
Net investment income 37,635 42,451 71,023 89,660
Net realized investment (losses) gains   (115,198)       8,663   (35,561)       142,244
Total revenues   429,708       480,861   1,005,961       1,063,541
Expenses:
Net losses and loss expenses 275,128 240,380 530,306 465,582
Acquisition costs 64,617 51,588 121,302 98,726
General and administrative expenses 80,585 73,979 163,265 144,345
Amortization of intangible assets 634 634 1,267 1,267
Interest expense 14,188 14,001 28,322 27,757
Foreign exchange loss (gain)   490       (1,019)   3,008       (1,100)
Total expenses   435,642       379,563   847,470       736,577
Loss (income) before income taxes (5,934) 101,298 158,491 326,964
Income tax (benefit) expense   (4,072)       4,947   1,361       12,457
 
NET (LOSS) INCOME $ (1,862)     $ 96,351 $ 157,130     $ 314,507
 
PER SHARE DATA:
 
Basic (loss) earnings per share $ (0.05) $ 2.66 $ 4.55 $ 8.56
 
Diluted (loss) earnings per share $ (0.05) $ 2.59 $ 4.45 $ 8.41
 
Weighted average common shares outstanding 34,422,553 36,288,596 34,517,552 36,746,881
 
Weighted average common shares and common share equivalents outstanding 34,422,553 37,189,722 35,316,595 37,395,559
 
Dividends paid per share $

* $ 0.375 $ 0.375 $ 0.750
 
* Dividend of $0.50 per share was paid on July 3, 2013 to shareholders of record on June 25, 2013.
 
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States dollars, except share and per share amounts)
       
As of As of

   June 30,   
December 31,
ASSETS: 2013 2012
 
Fixed maturity investments trading, at fair value $ 6,285,778 $ 6,626,454
Equity securities trading, at fair value 640,925 523,949
Other invested assets   849,100   783,534
 
Total investments 7,775,803 7,933,937
Cash and cash equivalents 868,149 865,364
Insurance balances receivable 814,620 510,532
Funds held 387,599 336,368
Prepaid reinsurance 339,936 277,406
Reinsurance recoverable 1,179,525 1,141,110
Accrued investment income 24,112 29,135
Net deferred acquisition costs 153,812 108,010
Goodwill 268,376 268,376
Intangible assets 50,098 51,365
Balances receivable on sale of investments 277,025 418,879
Net deferred tax assets 40,550 25,580
Other assets   85,272   63,884
 
Total assets $ 12,264,877 $ 12,029,946
 
LIABILITIES:
 
Reserve for losses and loss expenses $ 5,696,865 $ 5,645,549
Unearned premiums 1,586,327 1,218,021
Reinsurance balances payable 205,884 136,264
Balances due on purchases of investments 487,063 759,934
Senior notes 798,355 798,215
Dividends payable 17,127

Accounts payable and accrued liabilities   100,027   145,628
Total liabilities   8,891,648   8,703,611
 
SHAREHOLDERS' EQUITY:
 
Common shares, 2013: par value CHF 12.30 per share and 2012: par value CHF 12.64 per
share (2013: 35,429,423; 2012: 36,369,868 shares issued and 2013: 34,175,831; 2012:
34,797,781 shares outstanding) 430,397 454,980
Treasury shares, at cost (2013: 1,253,592; 2012: 1,572,087) (91,661) (113,818)
Retained earnings   3,034,493   2,985,173
Total shareholders' equity   3,373,229   3,326,335
 
Total liabilities and shareholders' equity $ 12,264,877 $ 12,029,946
 
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT DATA
(Expressed in thousands of United States dollars, except for ratio information)
         
U.S. International
Quarter Ended June 30, 2013

  Insurance  
Insurance Reinsurance

   Total   
 
Gross premiums written $ 307,297 $ 192,593 $ 265,310 $ 765,200
Net premiums written 221,419 106,394 253,409 581,222
Net premiums earned 197,436 87,041 222,794 507,271
Net losses and loss expenses (124,364) (30,968) (119,796) (275,128)
Acquisition costs (27,270) 358 (37,705) (64,617)
General and administrative expenses   (38,302)   (24,135)   (18,148)   (80,585)
Underwriting income 7,500 32,296 47,145 86,941
Net investment income 37,635
Net realized investment losses (115,198)
Amortization of intangible assets (634)
Interest expense (14,188)
Foreign exchange loss   (490)
Loss before income taxes $ (5,934)
 
GAAP Ratios:
Loss and loss expense ratio 63.0% 35.6% 53.8% 54.2%
Acquisition cost ratio 13.8% (0.4%) 16.9% 12.7%
General and administrative expense ratio   19.4%   27.7%   8.1%   15.9%
Combined ratio   96.2%   62.9%   78.8%   82.8%
 
U.S. International
Quarter Ended June 30, 2012 Insurance Insurance Reinsurance Total
 
Gross premiums written $ 265,974 $ 183,593 $ 197,303 $ 646,870
Net premiums written 196,661 111,342 186,707 494,710
Net premiums earned 162,785 82,605 184,357 429,747
Net losses and loss expenses (103,074) (22,233) (115,073) (240,380)
Acquisition costs (21,250) 582 (30,920) (51,588)
General and administrative expenses   (34,730)   (21,648)   (17,601)   (73,979)
Underwriting income 3,731 39,306 20,763 63,800
Net investment income 42,451
Net realized investment gains 8,663
Amortization of intangible assets (634)
Interest expense (14,001)
Foreign exchange gain   1,019
Income before income taxes $ 101,298
 
GAAP Ratios:
Loss and loss expense ratio 63.3% 26.9% 62.4% 55.9%
Acquisition cost ratio 13.1% (0.7%) 16.8% 12.0%
General and administrative expense ratio   21.3%   26.2%   9.5%   17.2%
Combined ratio   97.7%   52.4%   88.7%   85.1%
 
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED CONSOLIDATED SEGMENT DATA
(Expressed in thousands of United States dollars, except for ratio information)
         
U.S. International
Six Months Ended June 30, 2013

 Insurance 
Insurance Reinsurance

  Total  
 
Gross premiums written $ 563,315 $ 321,109 $ 717,857 $ 1,602,281
Net premiums written 413,672 184,139 678,463 1,276,274
Net premiums earned 385,875 171,255 413,369 970,499
Net losses and loss expenses (257,688) (59,903) (212,715) (530,306)
Acquisition costs (50,398) 1,207 (72,111) (121,302)
General and administrative expenses   (77,898)   (48,924)   (36,443)   (163,265)
Underwriting (loss) income (109) 63,635 92,100 155,626
Net investment income 71,023
Net realized investment losses (35,561)
Amortization of intangible assets (1,267)
Interest expense (28,322)
Foreign exchange loss   (3,008)
Income before income taxes $ 158,491
 
GAAP Ratios:
Loss and loss expense ratio 66.8% 35.0% 51.5% 54.6%
Acquisition cost ratio 13.1% (0.7%) 17.4% 12.5%
General and administrative expense ratio   20.2%   28.6%   8.8%   16.8%
Combined ratio   100.1%   62.9%   77.7%   83.9%
 
U.S. International
Six Months Ended June 30, 2012 Insurance Insurance Reinsurance Total
 
Gross premiums written $ 470,185 $ 297,183 $ 560,431 $ 1,327,799
Net premiums written 350,507 183,951 549,205 1,083,663
Net premiums earned 316,143 162,476 353,018 831,637
Net losses and loss expenses (200,778) (60,333) (204,471) (465,582)
Acquisition costs (41,222) 1,110 (58,614) (98,726)
General and administrative expenses   (65,774)   (44,049)   (34,522)   (144,345)
Underwriting income 8,369 59,204 55,411 122,984
Net investment income 89,660
Net realized investment gains 142,244
Amortization of intangible assets (1,267)
Interest expense (27,757)
Foreign exchange gain   1,100
Income before income taxes $ 326,964
 
GAAP Ratios:
Loss and loss expense ratio 63.5% 37.1% 57.9% 56.0%
Acquisition cost ratio 13.0% (0.7%) 16.6% 11.9%
General and administrative expense ratio   20.8%   27.1%   9.8%   17.3%
Combined ratio   97.3%   63.5%   84.3%   85.2%
 
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED OPERATING INCOME RECONCILIATION
(Expressed in thousands of United States dollars, except share and per share amounts)
               
 
Quarter Ended June 30, Six Months Ended June 30,
2013     2012 2013     2012
 
Net (loss) income $ (1,862) $ 96,351 $ 157,130 $ 314,507
Add after tax effect of:
Net realized investment losses (gains) 104,897 (8,014) 27,555 (134,584)
Foreign exchange loss (gain)   490       (1,019)   3,008       (1,100)
Operating income $ 103,525     $ 87,318 $ 187,693     $ 178,823
 
Weighted average common shares outstanding:
Basic 34,422,553 36,288,596 34,517,552 36,746,881
Diluted 35,136,296 * 37,189,722 35,316,595 37,395,559
 
Basic per share data:
Net (loss) income $ (0.05) $ 2.66 $ 4.55 $ 8.56
Add after tax effect of:
Net realized investment losses (gains) 3.05 (0.22) 0.80 (3.66)
Foreign exchange loss (gain)   0.01       (0.03)   0.09       (0.03)
Operating income $ 3.01     $ 2.41 $ 5.44     $ 4.87
 
Diluted per share data:
Net (loss) income $ (0.05) * $ 2.59 $ 4.45 $ 8.41
Add after tax effect of:
Net realized investment losses (gains) 2.99 (0.22) 0.78 (3.60)
Foreign exchange loss (gain)   0.01       (0.02)   0.08       (0.03)
Operating income $ 2.95     $ 2.35 $ 5.31     $ 4.78
 

* Diluted weighted average common shares outstanding were only used in the calculation of diluted operating income per share. There were no common share equivalents included in calculating diluted earnings per share as there was a net loss and any additional shares would be anti-dilutive.
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED DILUTED BOOK VALUE PER SHARE RECONCILIATION
(Expressed in thousands of United States dollars, except share and per share amounts)
           
As of As of As of

   June 30,   
December 31,

   June 30,   
2013 2012 2012
Price per share at period end $ 91.51 $ 78.80 $ 79.47
 
Total shareholders' equity $ 3,373,229 $ 3,326,335 $ 3,283,901
 
Basic common shares outstanding 34,175,831 34,797,781 35,942,964
 
Add: unvested restricted share units 83,730 135,123 185,809
 
Add: performance based equity awards 270,853 485,973 510,530
 
Add: employee share purchase plan 10,622 10,750

 
Add: dilutive options/warrants outstanding 1,111,266 1,224,607 1,365,245
Weighted average exercise price per share $ 47.65 $ 47.02 $ 46.04
Deduct: options bought back via treasury method   (578,610)   (730,652)   (790,888)
 
Common shares and common share
equivalents outstanding 35,073,692 35,923,582 37,213,660
 
Basic book value per common share $ 98.70 $ 95.59 $ 91.36
Diluted book value per common share $ 96.18 $ 92.59 $ 88.24
 
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED ANNUALIZED RETURN ON SHAREHOLDERS' EQUITY RECONCILIATION
(Expressed in thousands of United States dollars, except for percentage information)
               
Quarter Ended June 30, Six Months Ended June 30,
2013     2012 2013     2012
 
Opening shareholders' equity $ 3,431,963 $ 3,245,821 $ 3,326,335 $ 3,149,022
Deduct: accumulated other comprehensive income  

      (2,325)  

      (14,484)
Adjusted opening shareholders' equity 3,431,963 3,243,496 3,326,335 3,134,538
 
Closing shareholders' equity $ 3,373,229 $ 3,283,901 $ 3,373,229 $ 3,283,901
Deduct: accumulated other comprehensive income  

      (1,414)  

      (1,414)
Adjusted closing shareholders' equity 3,373,229 3,282,487 3,373,229 3,282,487
 
Average shareholders' equity $ 3,402,596     $ 3,262,992 $ 3,349,782     $ 3,208,513
 
Net (loss) income available to shareholders $ (1,862) $ 96,351 $ 157,130 $ 314,507
Annualized net (loss) income available to shareholders (7,448) 385,404 314,260 629,014
 
Annualized return on average shareholders' equity -
net (loss) income available to shareholders   (0.2%)       11.8%   9.4%       19.6%
 
Operating income available to shareholders $ 103,525 $ 87,318 $ 187,693 $ 178,823
Annualized operating income available to shareholders 414,100 349,272 375,386 357,646
 
Annualized return on average shareholders' equity -
operating income available to shareholders   12.2%       10.7%   11.2%       11.1%
 

Copyright Business Wire 2010

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