[October 22, 2014] |
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Allied World Reports Strong Growth Across U.S. Insurance Platform for the Third Quarter 2014
ZUG, Switzerland --(Business Wire)--
Allied World Assurance Company Holdings, AG (NYSE:AWH) today reported
net income of $30.9 million, or $0.31 per diluted
share, for the third quarter of 2014 compared to net income of $122.8
million, or $1.18 per diluted share, for the third quarter of 2013.
The company reported operating income of $60.6 million, or $0.61 per
diluted share, for the third quarter of 2014, compared to operating
income of $101.8 million, or $0.98 per diluted share, for the third
quarter of 2013.
"We continue to see attractive opportunities for selective organic
growth," said President and Chief Executive Officer Scott Carmilani.
"The strategic changes to our management team, and reorganization of our
segments, will better align us with our clients and position us well for
continued opportunities. Given the footprint of our business outside of
North America, and the announced RSA transaction, these regions
represent the next phase of our development."
Effective December 31, 2014, the company will realign its two insurance
business segments from the current U.S. Insurance (U.S. and Canada) and
International Insurance (all other regions). The company will report
across North American Insurance (all North America business, including
U.S., Canada, Bermuda) and Global Markets Insurance (all business
outside of North America). The Reinsurance segment will remain
unchanged. In conjunction with these changes, several strategic
positions will be realigned in order to best serve clients and trading
partners:
-
Frank D'Orazio, currently President, Bermuda and International
Insurance, Allied World Assurance Company, Ltd, will be appointed
President, Underwriting and Global Risk, and will be responsible for
the company's global underwriting (management, controls and processes)
as well as coordination of our risk management tools across the
organization.
-
Louis Iglesias, as President, Allied World North America, will
continue to oversee production and profitability for Canada and all
U.S. branch offices, and will assume responsibility for all insurance
lines of business of the Bermuda operation.
-
Julian James, currently President, Allied World Assurance Company
(Europe) Limited, will be appointed President, Global Markets. In this
new role, he will continue to oversee all insurance lines of business
for Allied World Europe and Syndicate 2232, as well as assume
responsibility for Allied World's operations in Asia Pacific and any
other initiatives outside of North America.
All three executives will report directly to Scott Carmilani, President
and Chief Executive Officer.
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Third Quarter Summary (Unaudited)
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(Expressed in millions of U.S. dollars, except per share amounts)
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Three Months Ended September 30,
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Diluted per share
|
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2014
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2013
|
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2014
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2013
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Net income
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$
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30.9
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$
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122.8
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$
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0.31
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$
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1.18
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Add after tax effect of:
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Net realized investment losses (gains)
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29.4
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(25.4
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)
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0.30
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(0.24
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)
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Foreign exchange loss
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0.3
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4.4
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|
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0.00
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0.04
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Operating income
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$
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60.6
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$
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101.8
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$
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0.61
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$
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0.98
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Note: On May 1, 2014, our shareholders approved a 3-for-1 stock
split of the Company's common shares. All historical share and per
share amounts reflect the effect of the stock split.
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Third Quarter Operating Results
-
Gross premiums written were $707.9 million, a 21.9% increase compared
to $580.9 million in the third quarter of 2013. This was driven by
growth across all three segments.
-
The U.S. insurance segment grew by 25.3% led by 42.7% growth in
general casualty and offset by a continued decrease in healthcare
of 10.2%.
-
The international insurance segment grew by 8.5% driven by more
recently added lines of business, including marine cargo, as well
as growth across existing lines.
-
The reinsurance segment grew by 27.0%, driven by a large, new
professional liability treaty and a treaty that had previously
renewed in the second quarter, which, because it included a
significant fronting arrangement, had an outsized impact on gross
premiums written that did not carry through to net premiums
written.
-
Net premiums written were $568.7 million, a 25.5% increase compared
to $453.1 million in the third quarter of 2013.
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Net premiums earned were $541.7 million, a 6.1% increase compared
to $510.8 million in the third quarter of 2013.
-
The company experienced $29.8 million of catastrophe losses for the
third quarter of 2014 related to Hurricane Odile ($18.5 million) in
Mexico, which largely impacted the international insurance segment,
and Windstorm Ela ($8.0 million) in Western Europe, and PCS 45 in the
Midwestern U.S. ($3.3 million), which both impacted the reinsurance
segment. There were no reportable catastrophe losses for the
comparable quarter last year. Including losses recorded in the second
quarter of 2014, year to date, the company has experienced $43.0
million of catastrophe losses.
-
Underwriting income was $45.0 million, compared to underwriting income
of $80.1 million in the third quarter of 2013.
-
The combined ratio was 91.7% compared to 84.2% in the third quarter of
2013.
-
The loss and loss expense ratio was 62.0% in the third quarter of 2014
compared to 54.2% in the prior year quarter. During the third quarter
of 2014, the company recorded net favorable reserve development on
prior loss years of $46.9 million, a benefit of 8.7 percentage points
to the loss and loss expense ratio, compared to $61.5 million a year
ago, a benefit of 12.0 percentage points.
-
The company's expense ratio was 29.7% for the third quarter of 2014
compared to 30.0% for the third quarter of 2013.
Investment Results
-
The total financial statement return on the company's investment
portfolio for the three months ended September 30, 2014 was 0.1%
compared to 0.8% for the three months ended September 30, 2013, and
2.7% for the nine months ended September 30, 2014 compared to 1.2% for
the nine months ended September 30, 2013.
-
For the quarter, the decrease in total return was primarily due to
both higher interest rates and wider spreads.
-
For the quarter, net investment income was $43.4 million, a 10.5%
increase compared to $39.3 million for the third quarter of 2013. For
the first nine months of 2014, net investment income was $127.8
million, a 15.9% increase compared to $110.3 million for the
comparable period last year.
-
As previously announced, through AWFS, the company completed a
strategic minority investment in Blue Vista, a Chicago-based real
estate private equity firm. AWFS is a subsidiary of Allied World that
invests in businesses intended to complement and diversify Allied
World's revenue streams. Results for AWFS are included within other
invested assets: other private securities.
-
See the table below for the components of our investment returns:
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(Expressed in millions of U.S. dollars, except percentages)
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Three Months Ended September 30,
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2014
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2013
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Net investment income
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$
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43.4
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$
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39.3
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Net realized investment (losses) gains
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(35.1
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)
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27.5
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Total financial statement portfolio return
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$
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8.3
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$
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66.8
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Average invested assets
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$
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8,841.0
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$
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8,522.7
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Financial statement portfolio return
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0.1%
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0.8%
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Note: net investment income, realized gains and unrealized gains are
disclosed on a pre-tax basis.
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Shareholders' Equity
-
As of September 30, 2014, the company's total shareholders' equity
grew to $3,673.6 million, compared to $3,519.8 million as of December
31, 2013.
-
As of September 30, 2014, diluted book value per share was $37.12, an
increase of 0.4% compared to $36.98 as of June 30, 2014, and an
increase of 8.5% compared to $34.20 as of December 31, 2013.
Capital Management
-
During the third quarter of 2014, the company repurchased 654,851 of
its common shares through its share repurchase program in the open
market at an average price of $38.17 per share and an aggregate cost
of $25.0 million.
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In May 2014, the company's shareholders approved four quarterly
dividends equal to $0.225 per share. The first and second dividends
were paid on July 2, 2014 and October 2, 2014, respectively.
Supplementary Information
Allied World will be providing both a Financial Supplement and an
Investment Supplement as of September 30, 2014. This information will be
available in the "Investor Relations" section of the company's website
at www.awac.com.
Conference Call
Allied World will host a conference call on Thursday, October 23,
2014 at 9:00 a.m. (Eastern Time) to discuss the results for the third
quarter ended September 30, 2014. The public may access a live webcast
of the conference call at the "Investor Relations" section of the
company's website at www.awac.com.
In addition, the conference call can be accessed by dialing (888)
317-6003 (U.S. callers) or (412) 317-6061 (international callers) and
entering the passcode 7750105 approximately ten minutes prior to the
call.
Following the conclusion of the presentation, a replay of the call will
be available through Friday, November 7, 2014 by dialing (877) 344-7529
(U.S. callers) or (412) 317-0088 (international callers) and entering
the passcode 10052466. In addition, the webcast will remain available
online through Friday, November 7, 2014 at www.awac.com.
Non-GAAP Financial Measures
In presenting the company's results, management has included and
discussed in this press release certain non-generally accepted
accounting principles ("non-GAAP") financial measures within the meaning
of Regulation G as promulgated by the U.S. Securities and Exchange
Commission. Management believes that these non-GAAP measures, which may
be defined differently by other companies, better explain the company's
results of operations in a manner that allows for a more complete
understanding of the underlying trends in the company's business.
However, these measures should not be viewed as a substitute for those
determined in accordance with generally accepted accounting principles
("U.S. GAAP").
"Operating income" is an internal performance measure used in the
management of the company's operations and represents after-tax
operational results excluding, as applicable, net realized investment
gains or losses, net foreign exchange gain or loss, and other
non-recurring items. The company excludes net realized investment gains
or losses, net foreign exchange gain or loss, and other non-recurring
items from the calculation of operating income because these amounts are
heavily influenced by and fluctuate in part according to the
availability of market opportunities and other factors. In addition to
presenting net income determined in accordance with U.S. GAAP, the
company believes that showing operating income enables investors,
analysts, rating agencies and other users of the company's financial
information to more easily analyze our results of operations and
underlying business performance. Operating income should not be viewed
as a substitute for U.S. GAAP net income.
The company has included "diluted book value per share" because it takes
into account the effect of dilutive securities; therefore, the company
believes it is an important measure of calculating shareholder returns.
"Annualized net income return on average shareholders' equity" ("ROAE")
is calculated using average shareholders' equity, excluding the average
after tax unrealized gains (or losses) on investments. Unrealized gains
(losses) on investments are primarily the result of interest rate and
credit spread movements and the resultant impact on fixed income
securities. Such gains (losses) are not related to management actions or
operational performance, nor are they likely to be realized. Therefore,
the company believes that excluding these unrealized gains (losses)
provides a more consistent and useful measurement of operating
performance, which supplements U.S. GAAP information. In calculating
ROAE, the net income (loss) available to shareholders for the period is
multiplied by the number of such periods in a calendar year in order to
arrive at annualized net income (loss) available to shareholders. The
company presents ROAE as a measure that is commonly recognized as a
standard of performance by investors, analysts, rating agencies and
other users of its financial information.
"Annualized operating return on average shareholders' equity" is
calculated using operating income (as defined above and annualized in
the manner described for net income (loss) available to shareholders
under ROAE above) and average shareholders' equity, excluding the
average after tax unrealized gains (losses) on investments. Unrealized
gains (losses) are excluded from equity for the reasons outlined in the
annualized net income return on average shareholders' equity explanation
above.
Reconciliations of these financial measures to their most directly
comparable U.S. GAAP measures are included in the attached tables.
About Allied World
Allied World Assurance Company Holdings, AG, through its subsidiaries
and brand known as Allied World, is a global provider of innovative
property, casualty and specialty insurance and reinsurance solutions.
Allied World offers superior client service through a global network of
offices and branches. All of Allied World's rated insurance and
reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard
& Poor's, and A2 by Moody's, and our Lloyd's Syndicate 2232 is rated A+
by Standard & Poor's and Fitch.
Please visit the following for further information on Allied World: Web: www.awac.com
| Facebook: www.facebook.com/alliedworld
| LinkedIn: http://www.linkedin.com/company/Allied-World.
Cautionary Statement Regarding Forward-Looking
Statements
Any forward-looking statements made in this press release reflect our
current views with respect to future events and financial performance
and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements involve risks
and uncertainties, which may cause actual results to differ materially
from those set forth in these statements. For example, our
forward-looking statements could be affected by the occurrence of any
event, change or other circumstance that could give rise to the
termination of the definitive agreements with RSA; the inability to
receive the required regulatory approvals to complete the acquisitions;
risks that the proposed acquisitions disrupt each company's current
plans and operations; the ability to retain key personnel; the ability
to recognize the benefits of the acquisitions; the amount of costs,
fees, expenses and charges related to the acquisitions; pricing and
policy term trends; increased competition; the adequacy of our loss
reserves; negative rating agency actions; greater frequency or severity
of unpredictable catastrophic events; the impact of acts of terrorism
and acts of war; the company or its subsidiaries becoming subject to
significant income taxes in the United States or elsewhere; changes in
regulations or tax laws; changes in the availability, cost or quality of
reinsurance or retrocessional coverage; adverse general economic
conditions; and judicial, legislative, political and other governmental
developments, as well as management's response to these factors, and
other factors identified in our filings with the U.S. Securities and
Exchange Commission. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date on
which they are made. We are under no obligation (and expressly disclaim
any such obligation) to update or revise any forward-looking statement
that may be made from time to time, whether as a result of new
information, future developments or otherwise.
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ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(Expressed in thousands of United States dollars, except share and
per share amounts)
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2014
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2013
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2014
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2013
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Revenues:
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Gross premiums written
|
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|
$
|
707,884
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|
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$
|
580,893
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|
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$
|
2,369,682
|
|
|
$
|
2,183,174
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|
Premiums ceded
|
|
|
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(139,142
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)
|
|
|
(127,816
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)
|
|
|
(475,402
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)
|
|
|
(453,823
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums written
|
|
|
|
|
568,742
|
|
|
|
453,077
|
|
|
|
1,894,280
|
|
|
|
1,729,351
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Change in unearned premiums
|
|
|
|
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(27,005
|
)
|
|
|
57,696
|
|
|
|
(285,011
|
)
|
|
|
(248,079
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)
|
Net premiums earned
|
|
|
|
|
541,737
|
|
|
|
510,773
|
|
|
|
1,609,269
|
|
|
|
1,481,272
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
|
43,412
|
|
|
|
39,271
|
|
|
|
127,824
|
|
|
|
110,294
|
|
Net realized investment (losses) gains
|
|
|
|
|
(35,136
|
)
|
|
|
27,487
|
|
|
|
104,286
|
|
|
|
(8,074
|
)
|
Other income
|
|
|
|
|
1,032
|
|
|
|
-
|
|
|
|
1,032
|
|
|
|
-
|
|
Total revenues
|
|
|
|
|
551,045
|
|
|
|
577,531
|
|
|
|
1,842,411
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|
|
|
1,583,492
|
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Expenses:
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|
|
|
|
|
|
|
|
|
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Net losses and loss expenses
|
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|
|
|
336,090
|
|
|
|
276,970
|
|
|
|
926,231
|
|
|
|
807,276
|
|
Acquisition costs
|
|
|
|
|
72,403
|
|
|
|
65,114
|
|
|
|
214,404
|
|
|
|
186,416
|
|
General and administrative expenses
|
|
|
|
|
88,294
|
|
|
|
88,553
|
|
|
|
264,822
|
|
|
|
251,818
|
|
Other expense
|
|
|
|
|
6,575
|
|
|
|
-
|
|
|
|
6,575
|
|
|
|
-
|
|
Amortization of intangible assets
|
|
|
|
|
633
|
|
|
|
633
|
|
|
|
1,900
|
|
|
|
1,900
|
|
Interest expense
|
|
|
|
|
14,325
|
|
|
|
14,094
|
|
|
|
43,451
|
|
|
|
42,416
|
|
Foreign exchange loss
|
|
|
|
|
278
|
|
|
|
4,353
|
|
|
|
978
|
|
|
|
7,361
|
|
Total expenses
|
|
|
|
|
518,598
|
|
|
|
449,717
|
|
|
|
1,458,361
|
|
|
|
1,297,187
|
|
Income before income taxes
|
|
|
|
|
32,447
|
|
|
|
127,814
|
|
|
|
384,050
|
|
|
|
286,305
|
|
Income tax expense
|
|
|
|
|
1,532
|
|
|
|
4,971
|
|
|
|
24,300
|
|
|
|
6,332
|
|
NET INCOME
|
|
|
|
$
|
30,915
|
|
|
$
|
122,843
|
|
|
$
|
359,750
|
|
|
$
|
279,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA:
|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
Basic earnings per share
|
|
|
|
$
|
0.32
|
|
|
$
|
1.20
|
|
|
$
|
3.67
|
|
|
$
|
2.72
|
|
Diluted earnings per share
|
|
|
|
$
|
0.31
|
|
|
$
|
1.18
|
|
|
$
|
3.60
|
|
|
$
|
2.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
|
|
96,458,231
|
|
|
|
101,974,077
|
|
|
|
97,926,378
|
|
|
|
103,020,681
|
|
Weighted average common shares and common share equivalents
outstanding
|
|
|
|
|
98,444,238
|
|
|
|
104,184,579
|
|
|
|
99,965,296
|
|
|
|
105,393,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid per share (1)
|
|
|
|
$
|
0.225
|
|
|
$
|
0.167
|
|
|
$
|
0.559
|
|
|
$
|
0.292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
A dividend of $0.225 was also paid on October 2, 2014 to
shareholders of record on September 23, 2014.
|
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|
|
|
|
|
|
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|
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
(Expressed in thousands of United States dollars, except share and
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
As of
|
|
|
|
|
September 30,
|
|
December 31,
|
ASSETS:
|
|
|
|
2014
|
|
|
2013
|
|
Fixed maturity investments trading, at fair value
|
|
|
|
$
|
6,128,237
|
|
|
$
|
6,100,798
|
|
Equity securities trading, at fair value
|
|
|
|
|
945,076
|
|
|
|
699,846
|
|
Other invested assets
|
|
|
|
|
929,201
|
|
|
|
911,392
|
|
|
|
|
|
|
|
|
|
|
Total investments
|
|
|
|
|
8,002,514
|
|
|
|
7,712,036
|
|
Cash and cash equivalents
|
|
|
|
|
1,010,228
|
|
|
|
681,329
|
|
Insurance balances receivable
|
|
|
|
|
926,183
|
|
|
|
664,731
|
|
Funds held
|
|
|
|
|
405,703
|
|
|
|
632,430
|
|
Prepaid reinsurance
|
|
|
|
|
376,651
|
|
|
|
340,992
|
|
Reinsurance recoverable
|
|
|
|
|
1,349,009
|
|
|
|
1,234,504
|
|
Accrued investment income
|
|
|
|
|
30,554
|
|
|
|
32,236
|
|
Net deferred acquisition costs
|
|
|
|
|
171,827
|
|
|
|
126,661
|
|
Goodwill
|
|
|
|
|
278,085
|
|
|
|
268,376
|
|
Intangible assets
|
|
|
|
|
46,931
|
|
|
|
48,831
|
|
Balances receivable on sale of investments
|
|
|
|
|
60,122
|
|
|
|
76,544
|
|
Net deferred tax assets
|
|
|
|
|
41,312
|
|
|
|
37,469
|
|
Other assets
|
|
|
|
|
110,449
|
|
|
|
89,691
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
12,809,568
|
|
|
$
|
11,945,830
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
Reserve for losses and loss expenses
|
|
|
|
$
|
6,052,263
|
|
|
$
|
5,766,529
|
|
Unearned premiums
|
|
|
|
|
1,716,927
|
|
|
|
1,396,256
|
|
Reinsurance balances payable
|
|
|
|
|
203,428
|
|
|
|
173,023
|
|
Balances due on purchases of investments
|
|
|
|
|
166,026
|
|
|
|
104,740
|
|
Senior notes
|
|
|
|
|
798,725
|
|
|
|
798,499
|
|
Dividends payable
|
|
|
|
|
21,686
|
|
|
|
16,732
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
176,914
|
|
|
|
170,225
|
|
Total liabilities
|
|
|
|
|
9,135,969
|
|
|
|
8,426,004
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
Common shares: 2014: par value CHF 4.10 per share and 2013: par
|
|
|
|
|
|
|
|
|
value CHF 4.10 per share (2014: 100,775,256; 2013: 103,477,452
|
|
|
|
|
|
|
|
|
shares issued and 2014: 96,382,238; 2013:
|
|
|
|
|
|
|
|
|
100,253,646 shares outstanding)
|
|
|
|
|
407,990
|
|
|
|
418,988
|
|
Treasury shares, at cost (2014: 4,393,018; 2013: 3,223,806)
|
|
|
|
|
(134,633
|
)
|
|
|
(79,992
|
)
|
Retained earnings
|
|
|
|
|
3,400,242
|
|
|
|
3,180,830
|
|
Total shareholders' equity
|
|
|
|
|
3,673,599
|
|
|
|
3,519,826
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
|
$
|
12,809,568
|
|
|
$
|
11,945,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
|
UNAUDITED CONSOLIDATED SEGMENT DATA
|
(Expressed in thousands of United States dollars, except for ratio
information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
International
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2014
|
|
|
|
Insurance
|
|
Insurance
|
|
Reinsurance
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written
|
|
|
|
$
|
386,681
|
|
|
$
|
144,236
|
|
|
$
|
176,967
|
|
|
$
|
707,884
|
|
Net premiums written
|
|
|
|
|
321,713
|
|
|
|
87,820
|
|
|
|
159,209
|
|
|
|
568,742
|
|
Net premiums earned
|
|
|
|
|
224,764
|
|
|
|
94,013
|
|
|
|
222,960
|
|
|
|
541,737
|
|
Net losses and loss expenses
|
|
|
|
|
(153,010
|
)
|
|
|
(55,814
|
)
|
|
|
(127,266
|
)
|
|
|
(336,090
|
)
|
Acquisition costs
|
|
|
|
|
(31,131
|
)
|
|
|
(1,209
|
)
|
|
|
(40,063
|
)
|
|
|
(72,403
|
)
|
General and administrative expenses
|
|
|
|
|
(41,730
|
)
|
|
|
(27,993
|
)
|
|
|
(18,571
|
)
|
|
|
(88,294
|
)
|
Underwriting (loss) income
|
|
|
|
|
(1,107
|
)
|
|
|
8,997
|
|
|
|
37,060
|
|
|
|
44,950
|
|
Other insurance-related revenues
|
|
|
|
|
1,032
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,032
|
|
Other insurance-related expenses
|
|
|
|
|
(1,270
|
)
|
|
|
(5,305
|
)
|
|
|
-
|
|
|
|
(6,575
|
)
|
Segment (loss) income
|
|
|
|
|
(1,345
|
)
|
|
|
3,692
|
|
|
|
37,060
|
|
|
|
39,407
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,412
|
|
Net realized investment losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(35,136
|
)
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(633
|
)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,325
|
)
|
Foreign exchange loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(278
|
)
|
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
32,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and loss expense ratio
|
|
|
|
|
68.1
|
%
|
|
|
59.4
|
%
|
|
|
57.1
|
%
|
|
|
62.0
|
%
|
Acquisition cost ratio
|
|
|
|
|
13.9
|
%
|
|
|
1.3
|
%
|
|
|
18.0
|
%
|
|
|
13.4
|
%
|
General and administrative expense ratio
|
|
|
|
|
18.6
|
%
|
|
|
29.8
|
%
|
|
|
8.3
|
%
|
|
|
16.3
|
%
|
Expense ratio
|
|
|
|
|
32.5
|
%
|
|
|
31.1
|
%
|
|
|
26.3
|
%
|
|
|
29.7
|
%
|
Combined ratio
|
|
|
|
|
100.6
|
%
|
|
|
90.5
|
%
|
|
|
83.4
|
%
|
|
|
91.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
International
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2013
|
|
|
|
Insurance
|
|
Insurance
|
|
Reinsurance
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written
|
|
|
|
$
|
308,709
|
|
|
$
|
132,881
|
|
|
$
|
139,303
|
|
|
$
|
580,893
|
|
Net premiums written
|
|
|
|
|
238,792
|
|
|
|
75,632
|
|
|
|
138,653
|
|
|
|
453,077
|
|
Net premiums earned
|
|
|
|
|
207,602
|
|
|
|
87,554
|
|
|
|
215,617
|
|
|
|
510,773
|
|
Net losses and loss expenses
|
|
|
|
|
(141,222
|
)
|
|
|
(31,094
|
)
|
|
|
(104,654
|
)
|
|
|
(276,970
|
)
|
Acquisition costs
|
|
|
|
|
(28,426
|
)
|
|
|
282
|
|
|
|
(36,970
|
)
|
|
|
(65,114
|
)
|
General and administrative expenses
|
|
|
|
|
(41,616
|
)
|
|
|
(26,450
|
)
|
|
|
(20,487
|
)
|
|
|
(88,553
|
)
|
Underwriting (loss) income
|
|
|
|
|
(3,662
|
)
|
|
|
30,292
|
|
|
|
53,506
|
|
|
|
80,136
|
|
Other insurance-related revenues
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other insurance-related expenses
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Segment (loss) income
|
|
|
|
|
(3,662
|
)
|
|
|
30,292
|
|
|
|
53,506
|
|
|
|
80,136
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,271
|
|
Net realized investment gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,487
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(633
|
)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,094
|
)
|
Foreign exchange loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,353
|
)
|
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
127,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and loss expense ratio
|
|
|
|
|
68.0
|
%
|
|
|
35.5
|
%
|
|
|
48.5
|
%
|
|
|
54.2
|
%
|
Acquisition cost ratio
|
|
|
|
|
13.7
|
%
|
|
|
(0.3
|
)%
|
|
|
17.1
|
%
|
|
|
12.7
|
%
|
General and administrative expense ratio
|
|
|
|
|
20.0
|
%
|
|
|
30.2
|
%
|
|
|
9.5
|
%
|
|
|
17.3
|
%
|
Expense ratio
|
|
|
|
|
33.7
|
%
|
|
|
29.9
|
%
|
|
|
26.6
|
%
|
|
|
30.0
|
%
|
Combined ratio
|
|
|
|
|
101.7
|
%
|
|
|
65.4
|
%
|
|
|
75.1
|
%
|
|
|
84.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
|
UNAUDITED CONSOLIDATED SEGMENT DATA
|
(Expressed in thousands of United States dollars, except for ratio
information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
International
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2014
|
|
|
|
Insurance
|
|
Insurance
|
|
Reinsurance
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written
|
|
|
|
$
|
998,051
|
|
|
$
|
483,079
|
|
|
$
|
888,552
|
|
|
$
|
2,369,682
|
|
Net premiums written
|
|
|
|
|
746,403
|
|
|
|
285,450
|
|
|
|
862,427
|
|
|
|
1,894,280
|
|
Net premiums earned
|
|
|
|
|
651,480
|
|
|
|
271,557
|
|
|
|
686,232
|
|
|
|
1,609,269
|
|
Net losses and loss expenses
|
|
|
|
|
(440,491
|
)
|
|
|
(115,299
|
)
|
|
|
(370,441
|
)
|
|
|
(926,231
|
)
|
Acquisition costs
|
|
|
|
|
(88,311
|
)
|
|
|
(835
|
)
|
|
|
(125,258
|
)
|
|
|
(214,404
|
)
|
General and administrative expenses
|
|
|
|
|
(125,760
|
)
|
|
|
(82,164
|
)
|
|
|
(56,898
|
)
|
|
|
(264,822
|
)
|
Underwriting (loss) income
|
|
|
|
|
(3,082
|
)
|
|
|
73,259
|
|
|
|
133,635
|
|
|
|
203,812
|
|
Other insurance-related revenues
|
|
|
|
|
1,032
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,032
|
|
Other insurance-related expenses
|
|
|
|
|
(1,270
|
)
|
|
|
(5,305
|
)
|
|
|
-
|
|
|
|
(6,575
|
)
|
Segment (loss) income
|
|
|
|
|
(3,320
|
)
|
|
|
67,954
|
|
|
|
133,635
|
|
|
|
198,269
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
127,824
|
|
Net realized investment gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104,286
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,900
|
)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(43,451
|
)
|
Foreign exchange loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(978
|
)
|
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
384,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and loss expense ratio
|
|
|
|
|
67.6
|
%
|
|
|
42.5
|
%
|
|
|
54.0
|
%
|
|
|
57.6
|
%
|
Acquisition cost ratio
|
|
|
|
|
13.6
|
%
|
|
|
0.3
|
%
|
|
|
18.3
|
%
|
|
|
13.3
|
%
|
General and administrative expense ratio
|
|
|
|
|
19.3
|
%
|
|
|
30.3
|
%
|
|
|
8.3
|
%
|
|
|
16.5
|
%
|
Expense ratio
|
|
|
|
|
32.9
|
%
|
|
|
30.6
|
%
|
|
|
26.6
|
%
|
|
|
29.8
|
%
|
Combined ratio
|
|
|
|
|
100.5
|
%
|
|
|
73.1
|
%
|
|
|
80.6
|
%
|
|
|
87.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
International
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2013
|
|
|
|
Insurance
|
|
Insurance
|
|
Reinsurance
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written
|
|
|
|
$
|
872,024
|
|
|
$
|
453,990
|
|
|
$
|
857,160
|
|
|
$
|
2,183,174
|
|
Net premiums written
|
|
|
|
|
652,464
|
|
|
|
259,771
|
|
|
|
817,116
|
|
|
|
1,729,351
|
|
Net premiums earned
|
|
|
|
|
593,477
|
|
|
|
258,809
|
|
|
|
628,986
|
|
|
|
1,481,272
|
|
Net losses and loss expenses
|
|
|
|
|
(398,910
|
)
|
|
|
(90,997
|
)
|
|
|
(317,369
|
)
|
|
|
(807,276
|
)
|
Acquisition costs
|
|
|
|
|
(78,824
|
)
|
|
|
1,489
|
|
|
|
(109,081
|
)
|
|
|
(186,416
|
)
|
General and administrative expenses
|
|
|
|
|
(119,514
|
)
|
|
|
(75,374
|
)
|
|
|
(56,930
|
)
|
|
|
(251,818
|
)
|
Underwriting (loss) income
|
|
|
|
|
(3,771
|
)
|
|
|
93,927
|
|
|
|
145,606
|
|
|
|
235,762
|
|
Other insurance-related revenues
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other insurance-related expenses
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Segment (loss) income
|
|
|
|
|
(3,771
|
)
|
|
|
93,927
|
|
|
|
145,606
|
|
|
|
235,762
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,294
|
|
Net realized investment losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,074
|
)
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,900
|
)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(42,416
|
)
|
Foreign exchange loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,361
|
)
|
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
286,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and loss expense ratio
|
|
|
|
|
67.2
|
%
|
|
|
35.2
|
%
|
|
|
50.5
|
%
|
|
|
54.5
|
%
|
Acquisition cost ratio
|
|
|
|
|
13.3
|
%
|
|
|
(0.6
|
)%
|
|
|
17.3
|
%
|
|
|
12.6
|
%
|
General and administrative expense ratio
|
|
|
|
|
20.1
|
%
|
|
|
29.1
|
%
|
|
|
9.1
|
%
|
|
|
17.0
|
%
|
Expense ratio
|
|
|
|
|
33.4
|
%
|
|
|
28.5
|
%
|
|
|
26.4
|
%
|
|
|
29.6
|
%
|
Combined ratio
|
|
|
|
|
100.6
|
%
|
|
|
63.7
|
%
|
|
|
76.9
|
%
|
|
|
84.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
|
UNAUDITED OPERATING INCOME RECONCILIATION
|
(Expressed in thousands of United States dollars, except share and
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
30,915
|
|
$
|
122,843
|
|
|
|
$
|
359,750
|
|
|
$
|
279,973
|
Add after tax effect of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized investment losses (gains)
|
|
|
|
|
29,413
|
|
|
(25,395
|
)
|
|
|
|
(94,192
|
)
|
|
|
2,160
|
Foreign exchange loss
|
|
|
|
|
278
|
|
|
4,353
|
|
|
|
|
978
|
|
|
|
7,361
|
Operating income
|
|
|
|
$
|
60,606
|
|
$
|
101,801
|
|
|
|
$
|
266,536
|
|
|
$
|
289,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
96,458,231
|
|
|
101,974,077
|
|
|
|
|
97,926,378
|
|
|
|
103,020,681
|
Diluted
|
|
|
|
|
98,444,238
|
|
|
104,184,579
|
|
|
|
|
99,965,296
|
|
|
|
105,393,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
0.32
|
|
$
|
1.20
|
|
|
|
$
|
3.67
|
|
|
$
|
2.72
|
Add after tax effect of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized investment losses (gains)
|
|
|
|
|
0.30
|
|
|
(0.25
|
)
|
|
|
|
(0.96
|
)
|
|
|
0.02
|
Foreign exchange loss
|
|
|
|
|
0.00
|
|
|
0.04
|
|
|
|
|
0.01
|
|
|
|
0.07
|
Operating income
|
|
|
|
$
|
0.62
|
|
$
|
0.99
|
|
|
|
$
|
2.72
|
|
|
$
|
2.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
0.31
|
|
$
|
1.18
|
|
|
|
$
|
3.60
|
|
|
$
|
2.66
|
Add after tax effect of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized investment losses (gains)
|
|
|
|
|
0.30
|
|
|
(0.24
|
)
|
|
|
|
(0.94
|
)
|
|
|
0.02
|
Foreign exchange loss
|
|
|
|
|
0.00
|
|
|
0.04
|
|
|
|
|
0.01
|
|
|
|
0.07
|
Operating income
|
|
|
|
$
|
0.61
|
|
$
|
0.98
|
|
|
|
$
|
2.67
|
|
|
$
|
2.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
|
UNAUDITED DILUTED BOOK VALUE PER SHARE RECONCILIATION
|
(Expressed in thousands of United States dollars, except share and
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
As of
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
|
2014
|
|
2013
|
Price per share at period end
|
|
|
|
$
|
36.84
|
|
|
$
|
37.60
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
$
|
3,673,599
|
|
|
$
|
3,519,826
|
|
|
|
|
|
|
|
|
|
|
Basic common shares outstanding
|
|
|
|
|
96,382,238
|
|
|
|
100,253,646
|
|
|
|
|
|
|
|
|
|
|
Add: unvested restricted share units
|
|
|
|
|
512,112
|
|
|
|
143,697
|
|
|
|
|
|
|
|
|
|
|
Add: performance based equity awards
|
|
|
|
|
619,428
|
|
|
|
804,519
|
|
|
|
|
|
|
|
|
|
|
Add: employee share purchase plan
|
|
|
|
|
28,381
|
|
|
|
55,596
|
|
|
|
|
|
|
|
|
|
|
Add: dilutive options outstanding
|
|
|
|
|
2,532,918
|
|
|
|
2,928,312
|
|
Weighted average exercise price per share
|
|
|
|
$
|
16.30
|
|
|
$
|
16.07
|
|
Deduct: options bought back via treasury method
|
|
|
|
|
(1,120,699
|
)
|
|
|
(1,251,687
|
)
|
|
|
|
|
|
|
|
|
|
Common shares and common share
|
|
|
|
|
|
|
|
|
equivalents outstanding
|
|
|
|
|
98,954,378
|
|
|
|
102,934,083
|
|
|
|
|
|
|
|
|
|
|
Basic book value per common share
|
|
|
|
$
|
38.11
|
|
|
$
|
35.11
|
|
Diluted book value per common share
|
|
|
|
$
|
37.12
|
|
|
$
|
34.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
|
UNAUDITED ANNUALIZED RETURN ON SHAREHOLDERS' EQUITY RECONCILIATION
|
(Expressed in thousands of United States dollars, except for
percentage information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening shareholders' equity
|
|
|
|
$
|
3,682,762
|
|
|
$
|
3,373,229
|
|
|
$
|
3,616,678
|
|
|
$
|
3,326,335
|
|
Deduct: accumulated other comprehensive income
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted opening shareholders' equity
|
|
|
|
|
3,682,762
|
|
|
|
3,373,229
|
|
|
|
3,616,678
|
|
|
|
3,326,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing shareholders' equity
|
|
|
|
$
|
3,673,599
|
|
|
$
|
3,443,928
|
|
|
$
|
3,673,599
|
|
|
$
|
3,443,928
|
|
Deduct: accumulated other comprehensive income
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted closing shareholders' equity
|
|
|
|
|
3,673,599
|
|
|
|
3,443,928
|
|
|
|
3,673,599
|
|
|
|
3,443,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity
|
|
|
|
$
|
3,678,181
|
|
|
$
|
3,408,579
|
|
|
$
|
3,645,139
|
|
|
$
|
3,385,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to shareholders
|
|
|
|
$
|
30,915
|
|
|
$
|
122,843
|
|
|
$
|
359,750
|
|
|
$
|
279,973
|
|
Annualized net income available to shareholders
|
|
|
|
|
123,660
|
|
|
|
491,372
|
|
|
|
479,667
|
|
|
|
373,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average shareholders' equity -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income available to shareholders
|
|
|
|
|
3.4
|
%
|
|
|
14.4
|
%
|
|
|
13.2
|
%
|
|
|
11.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income available to shareholders
|
|
|
|
$
|
60,606
|
|
|
$
|
101,801
|
|
|
$
|
266,536
|
|
|
$
|
289,494
|
|
Annualized operating income available to shareholders
|
|
|
|
|
242,424
|
|
|
|
407,204
|
|
|
|
355,381
|
|
|
|
385,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average shareholders' equity -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operating income available to shareholders
|
|
|
|
|
6.6
|
%
|
|
|
11.9
|
%
|
|
|
9.7
|
%
|
|
|
11.4
|
%
|
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|