Allied World Assurance Company Holdings, AG reported net income of $137.9 million, or $4.01 per diluted share, for the fourth quarter of 2013 compared to a net loss of $41.1 million, or $1.17 per diluted share, for the fourth quarter of 2012.
Net income for the year ended December 31, 2013 was $417.9 million, or $11.95 per diluted share, compared to net income of $493.0 million, or $13.30 per diluted share, for the year ended December 31, 2012.
The company reported operating income of $74.5 million, or $2.17 per diluted share, for the fourth quarter of 2013, compared to an operating loss of $55.4 million, or $1.58 per diluted share, for the fourth quarter of 2012.
Operating income for the year ended December 31, 2013 was $364.0 million, or $10.41 per diluted share, compared to operating income of $202.7 million, or $5.47 per diluted share, for the year ended December 31, 2012.
The announcement also noted that Allied World achieved 10.8 percent growth in diluted book value per share for the full-year 2013. Its Full-year combined ratio of 86.2 percent, compared favorably with the 94.5 percent figure in 2012. Full-year gross premiums written increased 17.6 percent to $2.738 billion, compared to $2,329,271 a year ago. The company also repurchased $52 million of its common shares during the fourth quarter of 2013, and $175 million for the full-year
President and CEO Scott Carmilani commented: “Allied World had a very strong year in 2013. Consistent underwriting performance, highlighted by an 86 percent combined ratio, and a solid contribution from the investment portfolio, drove an 11 percent growth in diluted book value per share. Our platform is strongly positioned to gain additional scale over the coming year and our investment portfolio is well-aligned with the current investment environment. We are excited by the opportunities we see across the businesses.”
Source: Allied World Assurance
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