Highlights for the quarter ended March 31, 2014
- Annualized operating return on common equity (1) of 12.6% compared to 9.8% in the first quarter of 2013;
- Record net operating earnings (1) of $25.6 million, or $0.34 per diluted common share compared with net operating earnings of $21.1 million, or $0.29 per diluted common share in the first quarter of 2013;
- Net premiums written increased 3.0% to $709.9 million for the first quarter of 2014 compared to the same period last year; excluding the cancelled National General Holdings Quota Share, the underlying growth rate was 16.0%;
- Combined ratio (11) of 97.7% compared to 97.5% in the first quarter of 2013;
- Net investment income was $27.8 million, an increase of 26.7% compared to the first quarter of 2013;
- Book value per common share (4) of $11.47, increased 3.0% versus December 31, 2013 reflecting the impact of lower interest rates on Maiden's fixed income investment portfolio at the end of the quarter; and
- On January 15, 2014, Maiden redeemed all outstanding 14% coupon junior subordinated debt ("TRUPs"); the redemption reduced net income by a one-time non-cash charge of $28.2 million.