|Earnings Per Diluted Share||2014||2013|
|Operating earnings (1)||$0.66||$0.63|
|(1) See discussion below of non-GAAP financial measures.|
- Combined ratio of 84.2, resulting in underwriting income of $26.6 million.
- 3% growth in gross premiums written and 4% growth in net premiums written.
- $22.3 million net increase in underwriting income resulting from favorable development in prior years’ loss reserves.
- $6.8 million net decrease in underwriting income resulting from 2014 spring storms.
- Investment income of $14.0 million, up 9% from the same period last year.
- Book value per share of $21.37, an increase of 11% from year end 2013.