Validus Reports Net Income Of $101.1 Million
Bermuda-based Validus Holdings, Ltd. reported net income available to Validus common shareholders of $101.1 million, or $1.25 per diluted common share, for the three months ended June 30, 2017, compared to $95.0 million, or $1.14 per diluted common share, for the three months ended June 30, 2016.
Net operating income available to Validus common shareholders was $88.5 million, or $1.09 per diluted common share, for the three months ended June 30, 2017, compared to $57.9 million, or $0.69 per diluted common share, for the three months ended June 30, 2016.
The annualized return on average equity was 10.7% for the three months ended June 30, 2017, compared to 10.2% for the three months ended June 30, 2016. The annualized net operating return on average equity was 9.3% for the three months ended June 30, 2017, compared to 6.2% for the three months ended June 30, 2016.
Book value per common share at June 30, 2017 was $47.93, compared to $47.54 at March 31, 2017. Book value per diluted common share at June 30, 2017 was $46.45, compared to $45.88 at March 31, 2017, reflecting quarterly growth of 2.1%, inclusive of common dividends.
Commenting on the results for the three months ended June 30, 2017, Validus’ Chairman and CEO Ed Noonan stated:
“I’m very pleased to report another very solid quarter for Validus. Despite soft trading conditions across the global market and elevated industry event frequency we were able to deliver an 82.5% combined ratio in the quarter and grew our book value per diluted share including dividends by 2.1%. We continue to position the Company well to weather the soft market while building the foundation to benefit from better market conditions down the road.”
