Allied World Reports Net Income Of $219.6M
Allied World Assurance Company Holdings, AG reported net income of $219.6 million [$6 per diluted share] for the third quarter of 2012 compared to a net loss of $11.0 million [$0.29 per diluted share] for the third quarter of 2011.
Net income for the nine months ended September 30, 2012 was $534.2 million [$14.28 per diluted share] compared to net income of $91.4 million [$2.30 per diluted share] for the first nine months of 2011.
The company reported operating income of $79.2 million [$2.16 per diluted share] for the third quarter of 2012, compared to operating income of $86.2 million [$2.19 per diluted share] for the third quarter of 2011.
Operating income for the nine months ended September 30, 2012 was $258.0 million [$6.90 per diluted share] compared to operating income of $89.0 million [$2.24 per diluted share] for the first nine months of 2011.
President and Chief Executive Officer Scott Carmilani commented, “The aftermath of Hurricane Sandy is in our minds, both personally and professionally, as we issue our third quarter results. While it’s too early to estimate the losses to Allied World, it is not too early to understand the significant impact this storm has had on the families and communities throughout the Atlantic states. Our hearts and minds go out to everyone affected.
With regard to our third quarter results, we believe we have demonstrated how Allied World’s size and diversity allows it to withstand a major industry loss event while still producing strong returns and significant book value growth for our shareholders. Despite having recorded $40 million of crop-related losses, the company is reporting net income of $220 million, or $6 per diluted share, for the quarter driven by gains in our investment portfolio and by strong overall underwriting results. Diluted book value per share grew by 6.3% for the quarter, to $93.82 at September 30th, and is up 17% for the first nine months of the year.”
