- Net written premium grew $285.3 million or 59.2% to $767.3 million, driven by added premiums from the acquisition of Century-National which closed on June 1, 2016, the National General Lender Services (formerly QBE Lender-Placed Insurance) and Assurant Health transactions which both closed on October 1, 2015, the addition of Assigned Risk Solutions (ARS) premium volume which is now written on National General paper, underlying organic growth within our P&C business, and continued expansion of our A&H segment.
- The overall combined ratio (10, 14) was 94.6% compared to 90.2% in the prior year's quarter, excluding non-cash amortization of intangible assets. The P&C segment reported an increase in combined ratio to 94.5% from 89.4% in the prior year's quarter, which was elevated by significant storm losses as described below, while the A&H segment reported a combined ratio of 95.4% compared to 97.6% in the prior year's quarter, driven by increased scale and strong results from our Assurant Health book.
- Total revenues grew by $308.6 million or 56.2% to $857.4 million, primarily driven by the aforementioned premium growth, service and fee income growth of $34.8 million or 49.1%, and net investment income growth of $10.2 million or 63.4%.
- Shareholders' equity was $1.91 billion and fully diluted book value per share was $13.76 at September 30, 2016, growth of 25.7% and 14.1%, respectively, from September 30, 2015. Our trailing twelve month operating return on average equity (ROE) (15) was 12.6% as of September 30, 2016.
- Third quarter 2016 operating earnings exclude the following items, net of tax: $7.2 million or $0.07 per share of realized investment gains, $14.4 million or $0.13 per share of other-than-temporary impairment losses, less than $0.01 per share of foreign exchange loss, less than $0.01 per share of equity in earnings of unconsolidated subsidiaries (other than our Life Settlement Contracts Entities and Real Estate investments), and $6.5 million or $0.06 per share of non-cash amortization of intangible assets.
- Third quarter 2016 operating earnings include approximately $15.0 million or $0.09 per share of losses related to floods that occurred in Louisiana in August 2016.
NEW YORK, Nov. 02, 2016 (GLOBE NEWSWIRE) -- National General Holdings Corp. (NASDAQ:NGHC) today reported third quarter 2016 net income of $19.9 million or $0.18 per diluted share, compared to $39.0 million or $0.38 per diluted share in the third quarter of 2015. Third quarter 2016 operating earnings (1) was $33.6 million or $0.31 per diluted share, compared to $44.1 million or $0.43 per diluted share in the third quarter of 2015. Third Quarter 2016 Highlights Versus Third Quarter 2015*