Validus Reports Net Income Of $89.8 Million
Bermuda-based Validus Holdings reported net income available to Validus common shareholders of $89.8 million, or $1.11 per diluted common share, for the three months ended September 30, 2016, compared to $66.7 million, or $0.78 per diluted common share, for the three months ended September 30, 2015.
Net income available to Validus common shareholders was $351.6 million, or $4.24 per diluted common share, for the nine months ended September 30, 2016, compared to $305.9 million, or $3.52 per diluted common share, for the nine months ended September 30, 2015.
Net operating income available to Validus common shareholders was $82.6 million, or $1.02 per diluted common share, for the three months ended September 30, 2016, compared to $65.8 million, or $0.77 per diluted common share, for the three months ended September 30, 2015.
Net operating income available to Validus common shareholders was $254.9 million, or $3.07 per diluted common share, for the nine months ended September 30, 2016, compared to $304.4 million, or $3.50 per diluted common share, for the nine months ended September 30, 2015.
The annualized return on average equity was 9.7% for the three months ended September 30, 2016, compared to 7.3% for the three months ended September 30, 2015. The annualized return on average equity was 12.7% for the nine months ended September 30, 2016, compared to 11.2% for the nine months ended September 30, 2015.
The annualized net operating return on average equity was 8.9% for the three months ended September 30, 2016, compared to 7.2% for the three months ended September 30, 2015. The annualized net operating return on average equity was 9.2% for the nine months ended September 30, 2016, compared to 11.1% for the nine months ended September 30, 2015.
Book value per diluted common share at September 30, 2016 was $45.16, reflecting quarterly growth of 2.5%, inclusive of common dividends.
Commenting on the financial results for the three months ended September 30, 2016, Validus’ Chairman and CEO Ed Noonan stated, “Validus delivered favorable results for the third quarter of 2016, with a combined ratio of 82.4% and strong investment returns driving book value growth of 2.5% inclusive of common dividends.
“Given current market conditions we continue to reduce exposure in areas under the most competitive pressure – notably marine and energy and certain property classes – while continuing to expand our profile in U.S. insurance and the management of third party capital.”
