Validus Holdings Report Net Income Of $95M
Bermuda-based Validus Holdings, Ltd. reported net income available to Validus common shareholders of $95.0 million, or $1.14 per diluted common share, for the three months ended June 30, 2016, compared to $65.8 million, or $0.75 per diluted common share, for the three months ended June 30, 2015.
Net income available to Validus common shareholders was $261.8 million, or $3.12 per diluted common share, for the six months ended June 30, 2016, compared to $239.2 million, or $2.74 per diluted common share, for the six months ended June 30, 2015.
Net operating income available to Validus common shareholders was $54.9 million, or $0.66 per diluted common share, for the three months ended June 30, 2016, compared to $101.7 million, or $1.16 per diluted common share, for the three months ended June 30, 2015.
Net operating income available to Validus common shareholders was $172.3 million, or $2.06 per diluted common share, for the six months ended June 30, 2016, compared to $238.6 million, or $2.73 per diluted common share, for the six months ended June 30, 2015.
The annualized return on average equity was 10.2% for the three months ended June 30, 2016, compared to 7.2% for the three months ended June 30, 2015. The annualized return on average equity was 14.2% for the six months ended June 30, 2016, compared to 13.1% for the six months ended June 30, 2015.
The annualized net operating return on average equity was 5.9% for the three months ended June 30, 2016, compared to 11.1% for the three months ended June 30, 2015. The annualized net operating return on average equity was 9.3% for the six months ended June 30, 2016, compared to 13.1% for the six months ended June 30, 2015.
Book value per diluted common share at June 30, 2016 was $44.41, reflecting quarterly growth of 1.7% inclusive of dividends.
Commenting on the financial results for the three months ended June 30, 2016, Validus’ Chairman and CEO Ed Noonan stated: “Validus’ financial performance was excellent in light of meaningful loss activity during the quarter in classes of business squarely in the Validus wheelhouse.
“Validus generated an 89.9% combined ratio and a 10.2% annualized return on average equity despite natural catastrophes in North America, Europe and Asia and international marine and energy losses.
“These results speak to our disciplined underwriting, leading edge analytics and robust risk management, all well-honed skills that are critical to our success in the current market environment.”
