Validus Reports Net Income Of $94.6 Million
Bermuda-based Validus Holdings, Ltd. reported net income available to Validus common shareholders of $94.6 million, or $1.17 per diluted common share, for the three months ended March 31, 2017, compared to $166.8 million, or $1.98 per diluted common share, for the three months ended March 31, 2016.
Net operating income available to Validus common shareholders was $76.8 million, or $0.95 per diluted common share, for the three months ended March 31, 2017, compared to $121.5 million, or $1.44 per diluted common share, for the three months ended March 31, 2016.
The annualized return on average equity was 10.2% for the three months ended March 31, 2017, compared to 18.1% for the three months ended March 31, 2016. The annualized net operating return on average equity was 8.3% for the three months ended March 31, 2017, compared to 13.2% for the three months ended March 31, 2016.
Book value per common share at March 31, 2017 was $47.54, compared to $46.61 at December 31, 2016. Book value per diluted common share at March 31, 2017 was $45.88, compared to $44.97 at December 31, 2016, reflecting quarterly growth of 2.9%, inclusive of common dividends.
Commenting on the results for the three months ended March 31, 2017, Validus’ Chairman and CEO Ed Noonan stated: “This was another good quarter for the Validus Group. We had $94.6 million in net income, and an annualized return on average equity of 10.2% in the quarter.
“Our combined ratio of 83.2% reflects our continued commitment to underwriting profits, and most importantly we grew our book value per diluted common share [including dividends] by 2.9% during the quarter.”
