Bermuda-based Allied World Assurance Holdings Ltd. has reported net income of $75.3 million for the second quarter 2005, compared to $69.4 million for the second quarter last year, an increase of 8.4%. Net income for the six months ending June 30, 2005, was $139.6 million, compared to $158.8 million for the first half of 2004.
President and Chief Executive Officer Scott Carmilani commented, “We are pleased to report an 8.4% increase in net income in the second quarter 2005, compared to the second quarter last year. Our gross written premium for the quarter was down 8.5% or $41 million, slightly lower than the same period last year, as we still strive for underwriting discipline in this softer market. The growth in net income reflects our strong cash flows and investment performance.”
Gross premiums written were $441.7 million in the second quarter 2005, an 8.5% decrease compared to $482.6 million in the second quarter 2004. For the six months ending June 30, 2005, gross premiums written totaled $947.0 million, a 3.6% decrease from gross premiums written of $982.4 million in the same period last year.
Net premiums earned in the quarter were $332.1 million, and $333.3 million in the quarter ending June 30, 2004; net premiums earned in the six months ending June 30, 2005 were $656.2 million, compared to $671.2 million in 2004.
Net investment income in the quarter ended June 30, 2005, was $39.8 million, and $29.0 million in the second quarter 2004. For the six-month period ended June 30, 2005, net investment income was $80.1 million, compared to $62.5 million in 2004.
Net loss and loss adjustment expenses incurred (including increases in reserves for incurred but not reported losses) were $224.3 million in the quarter ended June 30, 2005, and $217.5 million in the same quarter last year, representing loss ratios of 67.5% and 65.2%, respectively. Net loss and loss adjustment expenses incurred were $462.7 million in the six months ended June 30, 2005, and $441.9 million in the same period in 2004, representing loss ratios of 70.5% and 65.8%, respectively.
Topics Profit Loss
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