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Allied World Reports 6.3% Quarterly Growth in Diluted Book Value Per Share With Strong Third Quarter 2012 Results

Gross Premiums Written up 20% through September 2012

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ZUG, Switzerland, Oct. 31, 2012 /PRNewswire/ -- Allied World Assurance Company Holdings, AG (NYSE: AWH) today reported net income of $219.6 million, or $6.00 per diluted share, for the third quarter of 2012 compared to a net loss of $11.0 million, or $0.29 per diluted share, for the third quarter of 2011.  Net income for the nine months ended September 30, 2012 was $534.2 million, or $14.28 per diluted share, compared to net income of $91.4 million, or $2.30 per diluted share, for the first nine months of 2011.

The company reported operating income of $79.2 million, or $2.16 per diluted share, for the third quarter of 2012, compared to operating income of $86.2 million, or $2.19 per diluted share, for the third quarter of 2011.  Operating income for the nine months ended September 30, 2012 was $258.0 million, or $6.90 per diluted share, compared to operating income of $89.0 million, or $2.24 per diluted share, for the first nine months of 2011.

President and Chief Executive Officer Scott Carmilani commented, "The aftermath of Hurricane Sandy is in our minds, both personally and professionally, as we issue our third quarter results.  While it's too early to estimate the losses to Allied World, it is not too early to understand the significant impact this storm has had on the families and communities throughout the Atlantic states.  Our hearts and minds go out to everyone affected.

With regard to our third quarter results, we believe we have demonstrated how Allied World's size and diversity allows it to withstand a major industry loss event while still producing strong returns and significant book value growth for our shareholders.  Despite having recorded $40 million of crop-related losses, the company is reporting net income of $220 million, or $6 per diluted share, for the quarter driven by gains in our investment portfolio and by strong overall underwriting results.  Diluted book value per share grew by 6.3% for the quarter, to $93.82 at September 30th, and is up 17% for the first nine months of the year."

Underwriting Results

Gross premiums written were $504.4 million in the third quarter of 2012, a 13.9% increase compared to $442.7 million in the third quarter of 2011.  For the nine months ended September 30, 2012, gross premiums written totaled $1,832.2 million, a 20.3% increase compared to $1,523.0 million in the first nine months of 2011.  Net premiums written were $391.5 million in the third quarter of 2012, an 11.8% increase compared to $350.3 million in the third quarter of 2011.  For the nine months ended September 30, 2012, net premiums written totaled $1,475.2 million, a 20.2% increase compared to $1,226.9 million in the first nine months of 2011.  

Net premiums earned in the third quarter of 2012 were $441.0 million, an 18.8% increase compared to $371.3 million in the third quarter of 2011.  For the nine months ended September 30, 2012, net premiums earned totaled $1,272.7 million, a 19.9% increase compared to $1,061.5 million in the first nine months of 2011.  

The combined ratio was 88.1% in the third quarter of 2012 compared to 83.9% in the third quarter of 2011.  The loss and loss expense ratio was 58.7% in the third quarter of 2012 compared to 55.4% in the third quarter of 2011.  During the third quarter of 2012, the company recorded net favorable reserve development on prior loss years of $56.2 million.  This favorable reserve development resulted in a benefit of 12.7 percentage points to the company's loss and loss expense ratio for the quarter.  This compares to the third quarter of 2011, when the company recorded net favorable reserve development on prior loss years of $61.5 million, a benefit of 16.6 percentage points to the company's loss and loss expense ratio for that quarter.  Absent these adjustments, the loss and loss expense ratio for the third quarter of 2012 was 71.4% compared to 72.0% for the third quarter of 2011.  The third quarter 2012 loss and loss expense ratio was impacted by $45.0 million, or 10.2 percentage points, from $40.0 million of crop reinsurance losses and $5.0 million of losses related to Hurricane Isaac.  This compares to the third quarter of 2011 loss and loss expense ratio, which was impacted by $33.5 million of net losses, or 9.0 percentage points, from global catastrophes.

For the nine months ended September 30, 2012, the combined ratio was 86.2% compared to 100.7% for the first nine months of 2011.  For the nine months ended September 30, 2012, the company recorded net favorable reserve development on prior loss years of $137.6 million, a benefit of 10.8 percentage points to the company's loss and loss expense ratio.  For the nine months ended September 30, 2011, the company recorded net favorable reserve development on prior loss years of $161.1 million, a benefit of 15.4 percentage points to the company's loss and loss expense ratio.  Absent prior year reserve adjustments, the loss and loss expense ratio for the nine months ended September 30, 2012 was 67.7% compared to 85.7% for 2011.  The loss and loss expense ratio for the first nine months of 2012 was impacted by $45.0 million, or 3.5 percentage points, from $40.0 million of crop reinsurance losses and $5.0 million of losses related to Hurricane Isaac.  The loss and loss expense ratio for the first nine months of 2011 was impacted by $233.1 million of net losses, or 22.2 percentage points, from global catastrophes.  

The company's expense ratio was 29.4% for the third quarter of 2012 compared to 28.5% for the third quarter of 2011.   The expense ratio was 29.3% for the nine months ended September 30, 2012 compared to 30.4% for the first nine months of 2011.  

Investment Results

The total return on the company's investment portfolio for the three months ended September 30, 2012 was 2.2% compared to negative 1.1% for the three months ended September 30, 2011.  The total return on the company's investment portfolio for the nine months ended September 30, 2012 was 4.9% compared to 1.1% for the nine months ended September 30, 2011.  See the table below for the components of our investment returns:


THREE MONTHS ENDED


THREE MONTHS ENDED



NINE MONTHS ENDED


NINE MONTHS ENDED


September 30, 2012


September 30, 2011



September 30, 2012


September 30, 2011


(Expressed in millions of U.S. Dollars)



(Expressed in millions of U.S. Dollars)

Net investment income

$                      39.1


$                       47.9



$                  128.8


$                  150.5

Net realized investment gains

149.8


(130.8)



292.1


(21.6)

Change in unrealized gains

-


(5.9)



(15.5)


(42.4)

Net investment income, realized gains and unrealized gains

188.9


(88.9)



405.4


86.5










Average invested assets

$                 8,449.4


$                  8,048.1



$               8,332.5


$               7,878.3










Financial statement portfolio return

2.2%


(1.1%)



4.9%


1.1%










Note: investment income, net realized gains / losses and change in unrealized gains / losses are disclosed on a pre-tax basis.



Shareholders' Equity

As of September 30, 2012, our total shareholders' equity was $3,435.8 million, compared to $3,149.0 million as of December 31, 2011.

As of September 30, 2012, diluted book value per share was $93.82, an increase of 17.1% compared to $80.11 as of December 31, 2011.  

Share Repurchase Program

During the third quarter of 2012, the company repurchased 605,898 of its common shares through its share repurchase program in the open market at an average price of $78.54 per share for an aggregate cost of $47.6 million.  

Allied World Financial Services, Inc.

During the quarter we launched Allied World Financial Services, Inc.  Our goal is to expand our asset management expertise, invest in strategic business opportunities and diversify our earnings stream with business relationships that complement our core property and casualty business.

Supplementary Information

Allied World will be providing a Financial Supplement relating to third quarter 2012 and an Investment Supplement as of September 30, 2012.  This information will be available at the "Investor Relations" section of the company's website at www.awac.com.

Conference Call

Scott Carmilani, President and Chief Executive Officer, and other members of the company's management will host a conference call on Thursday, November 1, 2012 at 9:00 am (Eastern Time) to discuss Allied World's third quarter 2012 financial results.   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 (866) 843-0890 (U.S. and Canada callers) or (412) 317-9250 (international callers) and entering the passcode 4579664 approximately ten minutes prior to the call.

Following the conclusion of the presentation, a replay of the call will be available through Thursday, November 15, 2012 by dialing (877) 344-7529 (U.S. and Canada callers) or (412) 317-0088 (international callers) and entering the passcode 10018518. In addition, the webcast will remain available online through Thursday, November 15, 2012 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 impairment charges recognized in earnings, net foreign exchange gain or loss and impairment of intangible assets, and other non-recurring items. The company excludes net realized investment gains or losses, net impairment charges recognized in earnings, 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 Assurance Company
Allied World Assurance Company Holdings, AG, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering 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 www.awac.com for further information on 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 pricing and policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency or severity of unpredictable catastrophic events; negative rating agency actions; the adequacy of our loss reserves; 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.


ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG







UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS







(Expressed in thousands of United States dollars, except share and per share amounts)
























Quarter Ended September 30,


Nine Months Ended September 30,




2012 


2011 


2012 


2011 















Revenues:














Gross premiums written


$

504,420


$

442,698


$

1,832,219


$

1,522,984


Premiums ceded



(112,883)



(92,438)



(357,019)



(296,050)
















Net premiums written



391,537



350,260



1,475,200



1,226,934


Change in unearned premiums



49,480



21,080



(202,546)



(165,411)


Net premiums earned



441,017



371,340



1,272,654



1,061,523
















Net investment income



39,121



47,883



128,781



150,459


Net realized investment gains (losses)



149,813



(130,809)



292,057



(21,555)


Other income - termination fee





35,000





35,000


Total revenue



629,951



323,414



1,693,492



1,225,427

Expenses:














Net losses and loss expenses



258,948



205,546



724,530



745,811


Acquisition costs



51,086



39,680



149,812



120,733


General and administrative expenses



78,572



66,007



222,917



201,164


Amortization of intangible assets



633



767



1,900



2,300


Interest expense



13,822



13,748



41,579



41,235


Foreign exchange loss (gain)



1,023



2,966



(77)



3,708


Total expenses



404,084



328,714



1,140,661



1,114,951

Income (loss) before income taxes



225,867



(5,300)



552,831



110,476


Income tax expense



6,220



5,672



18,677



19,028

NET INCOME (LOSS)


$

219,647


$

(10,972)


$

534,154


$

91,448















PER SHARE DATA:














Basic earnings (loss) per share


$

6.16


$

(0.29)


$

14.68


$

2.40


Diluted earnings (loss) per share


$

6.00


$

(0.29)


$

14.28


$

2.30
















Weighted average common shares outstanding



35,652,768



38,110,368



36,379,514



38,078,116


Weighted average common shares and common share equivalents outstanding



36,616,734



38,110,368



37,393,093



39,759,780
















Dividends paid per share


$

0.750


$

0.375


$

1.500


$

0.375





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:


2012 


2011 

Fixed maturity investments available for sale, at fair value


$

29,085


$

244,016

Fixed maturity investments trading, at fair value



7,125,860



6,254,686

Equity securities trading, at fair value



490,418



367,483

Other invested assets trading, at fair value



564,702



540,409








Total investments



8,210,065



7,406,594

Cash and cash equivalents



686,440



716,604

Insurance balances receivable



754,978



652,158

Prepaid reinsurance



262,163



226,721

Reinsurance recoverable



1,077,522



1,002,919

Accrued investment income



32,348



38,263

Net deferred acquisition costs



127,527



100,334

Goodwill



268,376



268,376

Intangible assets



51,998



53,898

Balances receivable on sale of investments



756,570



580,443

Net deferred tax assets



23,185



22,646

Other assets



60,817



53,202








Total assets


$

12,311,989


$

11,122,158








LIABILITIES:







Reserve for losses and loss expenses


$

5,450,787


$

5,225,143

Unearned premiums



1,316,399



1,078,412

Reinsurance balances payable



120,432



124,539

Balances due on purchases of investments



1,075,069



616,728

Senior notes



798,147



797,949

Dividends payable





14,302

Accounts payable and accrued liabilities



115,369



116,063

Total liabilities



8,876,203



7,973,136








SHAREHOLDERS' EQUITY:







Common shares, 2012: par value CHF 12.98 per share and 2011: par value CHF 14.03 per share (2012: 37,083,742; 2011: 40,003,642 shares issued and 2012: 35,402,558; 2011: 37,742,131 shares outstanding)



477,246



557,153

Additional paid-in capital





78,225

Treasury shares, at cost (2012: 1,681,184; 2011: 2,261,511)



(120,944)



(136,590)

Retained earnings



3,078,099



2,635,750

Accumulated other comprehensive income



1,385



14,484

Total shareholders' equity



3,435,786



3,149,022








Total liabilities and shareholders' equity


$

12,311,989


$

11,122,158





ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG













UNAUDITED CONSOLIDATED SEGMENT DATA













(Expressed in thousands of United States dollars, except for ratio information)



























U.S.


International







Quarter Ended September 30, 2012


Insurance


Insurance


Reinsurance


Total















Gross premiums written


$

263,129


$

121,315


$

119,976


$

504,420

Net premiums written



200,779



71,199



119,559



391,537

Net premiums earned



173,948



85,329



181,740



441,017

Net losses and loss expenses



(109,111)



(15,099)



(134,738)



(258,948)

Acquisition costs



(22,696)



266



(28,656)



(51,086)

General and administrative expenses



(37,388)



(22,920)



(18,264)



(78,572)

Underwriting income



4,753



47,576



82



52,411

Net investment income












39,121

Net realized investment gains












149,813

Amortization of intangible assets












(633)

Interest expense












(13,822)

Foreign exchange loss












(1,023)

Income before income taxes











$

225,867















GAAP Ratios:













Loss and loss expense ratio



62.7%



17.7%



74.1%



58.7%

Acquisition cost ratio



13.0%



(0.3%)



15.8%



11.6%

General and administrative expense ratio



21.5%



26.9%



10.0%



17.8%

Combined ratio



97.2%



44.3%



99.9%



88.1%


















U.S.


International







Quarter Ended September 30, 2011


Insurance


Insurance


Reinsurance


Total















Gross premiums written


$

201,522


$

109,612


$

131,564


$

442,698

Net premiums written



157,310



61,386



131,564



350,260

Net premiums earned



150,474



80,175



140,691



371,340

Net losses and loss expenses



(85,720)



(43,666)



(76,160)



(205,546)

Acquisition costs



(19,549)



343



(20,474)



(39,680)

General and administrative expenses



(28,945)



(21,558)



(15,504)



(66,007)

Underwriting income



16,260



15,294



28,553



60,107

Net investment income












47,883

Net realized investment losses












(130,809)

Other income - termination fee












35,000

Amortization of intangible assets












(767)

Interest expense












(13,748)

Foreign exchange loss












(2,966)

Loss before income taxes











$

(5,300)















GAAP Ratios:













Loss and loss expense ratio



57.0%



54.5%



54.1%



55.4%

Acquisition cost ratio



13.0%



(0.4%)



14.6%



10.7%

General and administrative expense ratio



19.2%



26.9%



11.0%



17.8%

Combined ratio



89.2%



81.0%



79.7%



83.9%





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, 2012


Insurance


Insurance


Reinsurance


Total















Gross premiums written


$

733,314


$

418,498


$

680,407


$

1,832,219

Net premiums written



551,286



255,150



668,764



1,475,200

Net premiums earned



490,091



247,805



534,758



1,272,654

Net losses and loss expenses



(309,889)



(75,432)



(339,209)



(724,530)

Acquisition costs



(63,918)



1,376



(87,270)



(149,812)

General and administrative expenses



(103,162)



(66,969)



(52,786)



(222,917)

Underwriting income



13,122



106,780



55,493



175,395

Net investment income












128,781

Net realized investment gains












292,057

Amortization of intangible assets












(1,900)

Interest expense












(41,579)

Foreign exchange gain












77

Income before income taxes











$

552,831















GAAP Ratios:













Loss and loss expense ratio



63.2%



30.4%



63.4%



56.9%

Acquisition cost ratio



13.0%



(0.6%)



16.3%



11.8%

General and administrative expense ratio



21.0%



27.0%



9.9%



17.5%

Combined ratio



97.2%



56.8%



89.6%



86.2%


















U.S.


International







Nine Months Ended September 30, 2011


Insurance


Insurance


Reinsurance


Total















Gross premiums written


$

611,562


$

399,530


$

511,892


$

1,522,984

Net premiums written



470,099



245,281



511,554



1,226,934

Net premiums earned



431,812



236,421



393,290



1,061,523

Net losses and loss expenses



(294,146)



(186,932)



(264,733)



(745,811)

Acquisition costs



(56,527)



2,946



(67,152)



(120,733)

General and administrative expenses



(90,997)



(62,939)



(47,228)



(201,164)

Underwriting (loss) income



(9,858)



(10,504)



14,177



(6,185)

Net investment income












150,459

Net realized investment losses












(21,555)

Other income - termination fee












35,000

Amortization of intangible assets












(2,300)

Interest expense












(41,235)

Foreign exchange loss












(3,708)

Income before income taxes











$

110,476















GAAP Ratios:













Loss and loss expense ratio



68.1%



79.1%



67.3%



70.3%

Acquisition cost ratio



13.1%



(1.2%)



17.1%



11.4%

General and administrative expense ratio



21.1%



26.6%



12.0%



19.0%

Combined ratio



102.3%



104.5%



96.4%



100.7%





ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

UNAUDITED OPERATING INCOME RECONCILIATION

(Expressed in thousands of United States dollars, except share and per share amounts)





























Quarter Ended September 30,


Nine Months Ended September 30,



2012 


2011 


2012 


2011 














Net income (loss)

$

219,647


$

(10,972)


$

534,154


$

91,448

Add after tax effect of:













Net realized investment (gains) losses


(141,451)



126,440



(276,035)



26,119


Other Income - termination fee




(32,270)





(32,270)


Foreign exchange loss (gain)


1,023



2,966



(77)



3,708

Operating income

$

79,219


$

86,164


$

258,042


$

89,005














Weighted average common shares outstanding:












Basic


35,652,768



38,110,368



36,379,514



38,078,116

Diluted


36,616,734



39,340,710

*


37,393,093



39,759,780














Basic per share data:












Net income (loss)

$

6.16


$

(0.29)


$

14.68


$

2.40

Add after tax effect of:













Net realized investment (gains) losses


(3.97)



3.32



(7.59)



0.69


Other Income - termination fee




(0.85)





(0.85)


Foreign exchange loss (gain)


0.03



0.08





0.10

Operating income

$

2.22


$

2.26


$

7.09


$

2.34














Diluted per share data:












Net income (loss)

$

6.00


$

(0.29)

*

$

14.28


$

2.30

Add after tax effect of:













Net realized investment (gains) losses


(3.86)



3.21



(7.38)



0.66


Other Income - termination fee




(0.82)





(0.81)


Foreign exchange loss (gain)


0.02



0.09





0.09

Operating income

$

2.16


$

2.19


$

6.90


$

2.24














*

Diluted weighted average common shares outstanding were only used in the calculation of diluted operating income per share. There were no common share equivalents included in calculating diluted earnings per share as there was a net loss and any additional shares would prove to be anti-dilutive.


















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


As of


September 30,


December 31,


September 30,


2012 


2011 


2011 

Price per share at period end

$

77.25


$

62.93


$

53.71










Total shareholders' equity

$

3,435,786


$

3,149,022


$

3,003,074










Basic common shares outstanding


35,402,558



37,742,131



38,145,557










Add: unvested restricted share units


179,986



249,251



256,672










Add: performance based equity awards


508,130



889,939



898,014










Add: employee share purchase plan


5,925



11,053



1,215










Add: dilutive options/warrants outstanding


1,306,837



1,525,853



1,107,305

 Weighted average exercise price per share

$

46.14


$

45.72


$

38.80

Deduct: options bought back via treasury method


(780,502)



(1,108,615)



(799,914)










Common shares and common share









equivalents outstanding


36,622,934



39,309,612



39,608,849










Basic book value per common share

$

97.05


$

83.44


$

78.73

Diluted book value per common share

$

93.82


$

80.11


$

75.82














ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

UNAUDITED ANNUALIZED RETURN ON SHAREHOLDERS' EQUITY RECONCILIATION

(Expressed in thousands of United States dollars, except for percentage information)














Quarter Ended September 30,


Nine Months Ended September 30,


2012 

2011 


2012 

2011 













Opening shareholders' equity

$

3,283,901


$

3,044,417


$

3,149,022


$

3,075,820

Deduct: accumulated other comprehensive income


(1,414)



(23,095)



(14,484)



(57,135)

Adjusted opening shareholders' equity


3,282,487



3,021,322



3,134,538



3,018,685













Closing shareholders' equity

$

3,435,786


$

3,003,074


$

3,435,786


$

3,003,074

Deduct: accumulated other comprehensive income


(1,385)



(17,796)



(1,385)



(17,796)

Adjusted closing shareholders' equity


3,434,401



2,985,278



3,434,401



2,985,278













Average shareholders' equity

$

3,358,444


$

3,003,300


$

3,284,470


$

3,001,982













Net income (loss) available to shareholders

$

219,647


$

(10,972)


$

534,154


$

91,448

Annualized net income (loss) available to shareholders


878,588



(43,888)



712,205



121,931













Annualized return on average shareholders' equity -












net income (loss) available to shareholders


26.2%



(1.5%)



21.7%



4.1%













Operating income available to shareholders

$

79,219


$

86,163


$

258,042


$

89,005

Annualized operating income available to shareholders


316,876



344,652



344,056



118,673













Annualized return on average shareholders' equity -












operating income available to shareholders


9.4%



11.5%



10.5%



4.0%




SOURCE Allied World Assurance Company Holdings, AG



RELATED LINKS
http://www.awac.com

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