AmTrust Financial
Services (AFSI), the parent company of Warrantech, issued strong earnings today
for the first quarter ended March 31, 2015.
Operating earnings
were $121.4 million, or $1.45 per diluted share, an increase of 24.6%, compared
to $97.4 million, or $1.24 per diluted share, in the first quarter of 2014.
First quarter 2015 net income attributable to common stockholders grew to $154.7
million, or $1.85 per diluted share, an increase of 54.9% from $99.9 million,
or $1.27 per diluted share, in the first quarter 2014. First quarter 2015
annualized operating return on common equity was 26.1% compared to 27.8% in the
first quarter 2014. Annualized return on common equity was 33.3% for the first
quarter of 2015 compared to 28.5% for the first quarter of 2014.
First Quarter 2015
Results
Total revenue was
$1.11 billion, an increase of $0.16 billion, or 16.6%, from $0.95 billion in
the first quarter 2014. Gross written premium was $1.73 billion, an increase of
$0.24 billion, or 16.0%, from $1.49 billion in the same period a year ago after
excluding from the first quarter 2014 $174 million in non-recurring gross
written premium from the Cut Through Reinsurance Agreement with Tower Group
International, Ltd. in first quarter 2014.
A summary of Q1
results is listed below, and the earnings release is linked below as well.
Thanks to all of our employees and agents who contributed to these results. We
look forward to having another strong year and appreciate everyone’s hard work
in making it happen.
Financial Highlights
First Quarter 2015
• Gross written
premium of $1.73 billion, up 16.0% after excluding from first quarter 2014 the
impact of $174 million of non-recurring gross written premium related to the
Cut Through Reinsurance Agreement with Tower Group International, Ltd.
• Net earned premium
of $949.4 million, up 14.5% from first quarter 2014
• Operating diluted
EPS of $1.45 ($0.07 attributable to gain on life settlements) compared to $1.24
($0.02 attributable to gain on life settlements) in the first quarter 2014
• Diluted EPS of $1.85
compared with $1.27 in the first quarter 2014
• Annualized operating
return on common equity of 26.1% and annualized return on common equity of
33.3%
• Service and fee
income of $112.9 million, up 24.1% from the first quarter 2014
• Operating earnings
of $121.4 million compared to $97.4 million from the first quarter 2014
• Net income
attributable to common stockholders of $154.7 million compared to $99.9 million
in the first quarter 2014
• Combined ratio of
89.0% compared to 89.9% in the first quarter 2014
• Book value per
common share of $24.00, up from $22.34 at December 31, 2014
• AmTrust's
stockholders' equity was $2.46 billion as of March 31, 2015
To view AmTrust Financial
Services’ Q1 earnings release, visit the Investor Relations section at http://ir.amtrustgroup.com/ or click
on the following link:http://ir.amtrustgroup.com/releasedetail.cfm?ReleaseID=910785
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