Allied World Reports $254.5 Million Net Income
Bermuda-based Allied World Assurance Company Holdings, Ltd reported net income of $254.5 million, or $5.21 per diluted share, for the third quarter of 2010 compared to net income of $200.6 million, or $3.83 per diluted share, for the third quarter of 2009.
Net income for the nine months ended September 30, 2010 was $572.2 million, or $11.03 per diluted share, compared to net income of $445.6 million, or $8.62 per diluted share, for the first nine months of 2009.
The company reported operating income of $143.6 million, or $2.94 per diluted share, for the third quarter of 2010 compared to operating income of $155.4 million, or $2.97 per diluted share, for the third quarter of 2009. Operating income for the nine months ended September 30, 2010 was $300.5 million, or $5.79 per diluted share, compared to operating income of $405.8 million, or $7.85 per diluted share, for the first nine months of 2009.
President and Chief Executive Officer Scott Carmilani commented, “We are pleased to deliver this growth in shareholder value by reporting record net income for the quarter of $254.5 million. Through good returns on our investment portfolio, recognizing redundancies in our underwriting portfolio from prior underwriting efforts, and solid operating results for this quarter and year, we are reporting a very strong annualized operating return on shareholders’ equity of 17.5% for the quarter. We also accelerated our share repurchases during the quarter which has proven to be very effective given the valuation of our stock. Our diluted book value increased 11% for the quarter to $72.40 per share.”
Mr. Carmilani continued, “We have achieved these impressive results while continuing to broaden the spectrum of our product offerings and expanding our international platform. Our strategy to combat the difficult market environment has been to take steps to manage our business closer to its sources of distribution in areas where we see attractive opportunities. Our recently announced redomestication to Switzerland is another important step consistent with this strategy.”
Good. then maybe they can give there lower level employees a decent wage.!
With profits like that, it now makes sense why they told me and many other qualified Bermudians that they did not have room in their budget for new staff.
*sarcasm*