OneBeacon Reports $11.86 Book Value Per Share
Bermuda-based OneBeacon Insurance Group, Ltd. reported on Friday [July 27] book value per share of $11.86, an increase of 1.2% for the second quarter and 6.3% through six months, including dividends.
Mike Miller, CEO of OneBeacon said, “Our results for the first half of 2012 show good book value growth, which includes strong underwriting results and positive investment returns. Our combined ratios reflect the consistent profitability of our Specialty businesses.
“We are pleased with our premium growth, which is driven by positive renewal price increases, strong renewal retention and good new business levels.”
For the second quarter, comprehensive income and net income were both $12 million, and operating income was $20 million, or $0.21 per share. For the six months ended June 30, 2012, comprehensive income was $57 million, net income was $56 million and operating income was $45 million, or $0.47 per share. Operating income is a non-GAAP financial measure which is explained later in this release.
