Arch Capital Q2 Drops To $92 Million
Bermuda based Arch Capital Group Ltd. reports their net income for the 2011 second quarter was $91.9 million, a drop from the $237 million for the 2010 second quarter.
A statement released by the Company said, “Net income available to common shareholders for the 2011 second quarter was $91.9 million, or $0.67 per share, compared to $237.0 million, or $1.48 per share, for the 2010 second quarter.”
“The Company also reported after-tax operating income available to common shareholders of $61.5 million, or $0.45 per share, for the 2011 second quarter, compared to $132.2 million, or $0.83 per share, for the 2010 second quarter.”
All earnings per share amounts discussed in this release are on a diluted basis. All information in this release has been adjusted to reflect the three-for-one share split effected in May 2011.”
“The Company’s book value per common share was $31.00 at June 30, 2011, a 2.2% increase from $30.34 per share at March 31, 2011 and a 3.4% increase from $29.99 per share at December 31, 2010. The Company’s after-tax operating income available to common shareholders represented a 6.1% annualized return on average common equity for the 2011 second quarter, compared to 13.0% for the 2010 second quarter.”
“After-tax operating income available to common shareholders, a non-GAAP measure, is defined as net income available to common shareholders, excluding net realized gains or losses, net impairment losses recognized in earnings, equity in net income or loss of investment funds accounted for using the equity method and net foreign exchange gains or losses, net of income taxes.”
