PR Newswire: news distribution, targeting and monitoring
2014
See more news releases in Banking & Financial Services  | Insurance  | Earnings

Allied World Reports Strong Full Year 2012 Results With 15.6% Growth in Diluted Book Value per Share

Gross Premiums Written up 20.1% for Full Year 2012

Share with Twitter Share with LinkedIn

ZUG, Switzerland, Feb. 13, 2013 /PRNewswire/ -- Allied World Assurance Company Holdings, AG (NYSE: AWH) today reported a net loss of $41.1 million, or $1.17 per diluted share, for the fourth quarter of 2012 compared to net income of $183.1 million, or $4.63 per diluted share, for the fourth quarter of 2011.  Net income for the year ended December 31, 2012 was $493.0 million, or $13.30 per diluted share, compared to net income of $274.5 million, or $6.92 per diluted share, for the year ended December 31, 2011.

The company reported an operating loss of $55.4 million, or $1.58 per diluted share, for the fourth quarter of 2012 compared to operating income of $94.7 million, or $2.40 per diluted share, for the fourth quarter of 2011.  Operating income for the year ended December 31, 2012 was $202.7 million, or $5.47 per diluted share, compared to operating income of $183.7 million, or $4.63 per diluted share, for the year ended December 31, 2011.

President and Chief Executive Officer Scott Carmilani commented, "Allied World had a strong year in 2012. While Superstorm Sandy tempered our fourth quarter underwriting results, we still generated $493 million of net income for the full year, continuing to build value for our shareholders.  Our diluted book value per share grew by over 15% in 2012, to $92.59.  The company's top line production grew by 20% to $2.3 billion in gross premiums written for the year, and we were able to achieve targeted growth in all three of our business segments."

Mr. Carmilani added, "Our company continues to capitalize on our various book value drivers including our expanded breadth and diversity of underwriting platforms, strong investment acumen, responsible reserving and capital management flexibility.  I believe these strengths have Allied World well positioned as we move into 2013 and beyond."

Underwriting Results

Gross premiums written were $497.1 million in the fourth quarter of 2012, a 19.3% increase compared to $416.5 million in the fourth quarter of 2011.  For the year ended December 31, 2012, gross premiums written totaled $2,329.3 million, a 20.1% increase compared to $1,939.5 million for the year ended December 31, 2011.  Net premiums written were $362.6 million in the fourth quarter of 2012, an 18.2% increase compared to $306.8 million in the fourth quarter of 2011.  For the year ended December 31, 2012, net premiums written totaled $1,837.8 million, a 19.8% increase compared to $1,533.8 million for the year ended December 31, 2011.  

Net premiums earned in the fourth quarter of 2012 were $476.2 million, a 20.4% increase compared to $395.5 million in the fourth quarter of 2011.  For the year ended December 31, 2012, net premiums earned totaled $1,748.9 million, a 20.0% increase compared to $1,457.0 million for the year ended December 31, 2011.  

The combined ratio was 116.5% in the fourth quarter of 2012 compared to 83.5% in the fourth quarter of 2011.  The loss and loss expense ratio was 87.1% in the fourth quarter of 2012 compared to 53.9% in the fourth quarter of 2011.  During the fourth quarter of 2012, the company recorded net favorable reserve development on prior loss years of $32.8 million.  This favorable reserve development resulted in a benefit of 6.9 percentage points to the company's loss and loss expense ratio for the quarter.  This compares to the fourth quarter of 2011, when the company recorded net favorable reserve development on prior loss years of $92.4 million, a benefit of 23.4 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 fourth quarter of 2012 was 94.0% compared to 77.3% for the fourth quarter of 2011.  The fourth quarter 2012 loss and loss expense ratio was impacted by $175.7 million, or 36.9 percentage points, from net losses related to Superstorm Sandy (before consideration of estimated reinstatement premiums).  This compares to the fourth quarter of 2011 loss and loss expense ratio, which was impacted by $59.1 million of net losses, or 14.9 percentage points, from 2011 global catastrophe activity. 

For the year ended December 31, 2012, the combined ratio was 94.5% compared to 95.9% for the year ended December 31, 2011.  The loss and loss expense ratio was 65.1% for the year ended December 31, 2012 compared to 65.8% for the year ended December 31, 2011.  For the year ended December 31, 2012, the company recorded net favorable reserve development on prior loss years of $170.3 million, a benefit of 9.7 percentage points to the company's loss and loss expense ratio.  For the year ended December 31, 2011, the company recorded net favorable reserve development on prior loss years of $253.5 million, a benefit of 17.6 percentage points to the company's loss and loss expense ratio.  Absent prior year reserve adjustments, the loss and loss expense ratio for the year ended December 31, 2012 was 74.8% compared to 83.4% for 2011.  The loss and loss expense ratio for the year ended December 31, 2012 was impacted by $179.6 million, or 10.3 percentage points, from Superstorm Sandy and Hurricane Isaac and by $36.0 million, or 2.1 percentage points, of crop reinsurance losses.  The loss and loss expense ratio for the year ended December 31, 2011 was impacted $292.2 million of net losses, or 20.2 percentage points, from 2011 global catastrophe activity. 

The company's expense ratio was 29.4% for the fourth quarter of 2012 compared to 29.6% for the fourth quarter of 2011.   For the year ended December 31, 2012, the company's expense ratio was 29.4% compared to 30.1% for the year ended December 31, 2011. 

Investment Results

The total return on the company's investment portfolio for the fourth quarter of 2012 was 0.6% compared to 0.9% for the fourth quarter of 2011.   For the year ended December 31, 2012, the total return on the company's investment portfolio was 5.5% compared to 2.0% for the year ended December 31, 2011.  See the table below for the components of our investment returns:

  




















Quarter Ended



Year Ended


December 31, 2012


December 31, 2011



December 31, 2012


December 31, 2011


 (Expressed in millions of U.S. Dollars) 



 (Expressed in millions of U.S. Dollars) 

 Net investment income 

$                    38.4


$                    45.5



$                   167.1


$                   195.9

 Net realized investment gains 

14.4


31.6



306.4


10.1

 Change in unrealized gains 

(2.2)


(3.3)



(17.5)


(45.7)

 Net investment income, realized gains and unrealized gains 

$                    50.6


$                    73.8



$                   456.0


$                   160.3










Average invested assets

$               8,518.1


$               8,062.6



$                8,272.6


$                7,902.6










Financial statement portfolio return

0.6%


0.9%



5.5%


2.0%










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

 

In the fourth quarter of 2012, Allied World Financial Services, Inc. entered into four strategic partnerships with Cunningham Lindsey, MatlinPatterson, Aeolus Capital Management and Crescent Capital Group.  The consideration paid for our ownership stakes in these partnerships is included in "other invested assets."

Shareholders' Equity

As of December 30, 2012, shareholders' equity was $3,326.3 million, compared to $3,149.0 million as of December 31, 2011.

As of December 31, 2012, diluted book value per share was $92.59, an increase of 15.6% compared to $80.11 as of December 31, 2011.  

Share Repurchase Program

During the fourth quarter of 2012, the company repurchased 713,874 of its common shares through its share repurchase program in the open market at an average price of $79.70 per share for an aggregate cost of $56.9 million.  For the year ended December 31, 2012, the company repurchased 3,655,959 of its common shares through its share repurchase program in the open market at an average price of $72.20 per share for an aggregate cost of $263.9 million.  

Supplementary Information

Allied World will be providing a Financial Supplement relating to fourth quarter 2012 and an Investment Supplement as of December 31, 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, February 14, 2013 at 9:00 am (Eastern Time) to discuss Allied World's fourth quarter and year end 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 (888) 317-6003 (U.S. and Canada callers) (412) 317-6061 (international callers) and entering the passcode 8250430 approximately ten minutes prior to the call.

Following the conclusion of the presentation, a replay of the call will be available through Thursday, February 28, 2013 by dialing (877) 344-7529 (U.S. and Canada callers) or (412) 317-0088 (international callers) and entering the passcode 10022422.  In addition, the webcast will remain available online through Thursday, February 28, 2013 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 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.  The company has excluded from operating income the termination fee received from Transatlantic Holdings, Inc. in 2011 as this a non-recurring item.  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 December 31,


Year Ended December 31,




2012


2011


2012


2011















Revenues:














Gross premiums written


$

497,052


$

416,537


$

2,329,271


$

1,939,521


Premiums ceded



(134,429)



(109,705)



(491,448)



(405,755)
















Net premiums written



362,623



306,832



1,837,823



1,533,766


Change in unearned premiums



113,621



88,637



(88,925)



(76,774)


Net premiums earned



476,244



395,469



1,748,898



1,456,992
















Net investment income



38,360



45,489



167,141



195,948


Net realized investment gains



14,379



31,632



306,436



10,077


Other income - termination fee





66,744





101,744


Total revenue



528,983



539,334



2,222,475



1,764,761

Expenses:














Net losses and loss expenses



414,734



213,345



1,139,264



959,156


Acquisition costs



55,910



46,562



205,722



167,295


General and administrative expenses



84,404



70,492



307,321



271,656


Amortization of intangible assets



633



678



2,533



2,978


Interest expense



13,826



13,754



55,405



54,989


Foreign exchange loss (gain)



860



(549)



783



3,159


Total expenses



570,367



344,282



1,711,028



1,459,233

(Loss) income before income taxes



(41,384)



195,052



511,447



305,528


Income tax (benefit) expense



(237)



11,952



18,440



30,980

NET (LOSS) INCOME


$

(41,147)


$

183,100


$

493,007


$

274,548















PER SHARE DATA:














Basic (loss) earnings per share


$

(1.17)


$

4.80


$

13.67


$

7.21


Diluted (loss) earnings per share


$

(1.17)


$

4.63


$

13.30


$

6.92
















Weighted average common shares outstanding



35,097,043



38,138,558



36,057,145



38,093,351


Weighted average common shares and common share equivalents outstanding



35,097,043



39,524,273



37,069,885



39,667,905
















Dividends paid per share


$

0.375


$

0.375


$

1.875


$

0.750

 


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



December 31,


December 31,

ASSETS:


2012


2011

Fixed maturity investments trading, at fair value


$

6,626,454


$

6,254,686

Fixed maturity investments available for sale, at fair value





244,016

Equity securities trading, at fair value



523,949



367,483

Other invested assets



783,534



540,409








Total investments



7,933,937



7,406,594

Cash and cash equivalents



865,364



716,604

Insurance balances receivable



846,900



652,158

Prepaid reinsurance



277,406



226,721

Reinsurance recoverable



1,141,110



1,002,919

Accrued investment income



29,135



38,263

Net deferred acquisition costs



108,010



100,334

Goodwill



268,376



268,376

Intangible assets



51,365



53,898

Balances receivable on sale of investments



418,879



580,443

Net deferred tax assets



25,580



22,646

Other assets



63,884



53,202








Total assets


$

12,029,946


$

11,122,158








LIABILITIES:







Reserve for losses and loss expenses


$

5,645,549


$

5,225,143

Unearned premiums



1,218,021



1,078,412

Reinsurance balances payable



136,264



124,539

Balances due on purchases of investments



759,934



616,728

Senior notes



798,215



797,949

Dividends payable





14,302

Accounts payable and accrued liabilities



145,628



116,063

Total liabilities



8,703,611



7,973,136








SHAREHOLDERS' EQUITY:







Common shares: 2012: par value CHF 12.64 per share and 2011: par value CHF 14.03 per share (2012: 36,369,868; 2011: 40,003,642 shares issued and 2012: 34,797,781; 2011: 37,742,131 shares outstanding)



454,980



557,153

Additional paid-in capital





78,225

Treasury shares, at cost (2012: 1,572,087; 2011: 2,261,511)



(113,818)



(136,590)

Retained earnings



2,985,173



2,635,750

Accumulated other comprehensive income





14,484

Total shareholders' equity



3,326,335



3,149,022








Total liabilities and shareholders' equity


$

12,029,946


$

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 December 31, 2012


Insurance


Insurance


Reinsurance


Total















Gross premiums written


$

260,604


$

156,605


$

79,843


$

497,052

Net premiums written



192,142



91,198



79,283



362,623

Net premiums earned



181,503



88,982



205,759



476,244

Net losses and loss expenses



(155,279)



(87,698)



(171,757)



(414,734)

Acquisition costs



(22,752)



(890)



(32,268)



(55,910)

General and administrative expenses



(38,567)



(24,898)



(20,939)



(84,404)

Underwriting loss



(35,095)



(24,504)



(19,205)



(78,804)

Net investment income












38,360

Net realized investment gains












14,379

Amortization of intangible assets












(633)

Interest expense












(13,826)

Foreign exchange loss












(860)

Loss before income taxes











$

(41,384)















GAAP Ratios:













Loss and loss expense ratio



85.6%



98.6%



83.5%



87.1%

Acquisition cost ratio



12.5%



1.0%



15.7%



11.7%

General and administrative expense ratio



21.2%



28.0%



10.2%



17.7%

Combined ratio



119.3%



127.6%



109.4%



116.5%


















U.S.


International







Quarter Ended December 31, 2011


Insurance


Insurance


Reinsurance


Total















Gross premiums written


$

227,005


$

130,920


$

58,612


$

416,537

Net premiums written



169,097



79,813



57,922



306,832

Net premiums earned



152,491



80,585



162,393



395,469

Net losses and loss expenses



(92,953)



(19,661)



(100,731)



(213,345)

Acquisition costs



(18,449)



(165)



(27,948)



(46,562)

General and administrative expenses



(33,437)



(21,351)



(15,704)



(70,492)

Underwriting income



7,652



39,408



18,010



65,070

Net investment income












45,489

Net realized investment gains












31,632

Other income - termination fee












66,744

Amortization of intangible assets












(678)

Interest expense












(13,754)

Foreign exchange gain












549

Income before income taxes











$

195,052















GAAP Ratios:













Loss and loss expense ratio



61.0%



24.4%



62.0%



53.9%

Acquisition cost ratio



12.1%



0.2%



17.2%



11.8%

General and administrative expense ratio



21.9%



26.5%



9.7%



17.8%

Combined ratio



95.0%



51.1%



88.9%



83.5%

 


ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

UNAUDITED CONSOLIDATED SEGMENT DATA

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


















U.S.


International







Year Ended December 31, 2012


Insurance


Insurance


Reinsurance


Total















Gross premiums written


$

993,918


$

575,103


$

760,250


$

2,329,271

Net premiums written



743,428



346,348



748,047



1,837,823

Net premiums earned



671,594



336,787



740,517



1,748,898

Net losses and loss expenses



(465,168)



(163,130)



(510,966)



(1,139,264)

Acquisition costs



(86,670)



486



(119,538)



(205,722)

General and administrative expenses



(141,729)



(91,867)



(73,725)



(307,321)

Underwriting (loss) income



(21,973)



82,276



36,288



96,591

Net investment income












167,141

Net realized investment gains












306,436

Amortization of intangible assets












(2,533)

Interest expense












(55,405)

Foreign exchange loss












(783)

Income before income taxes











$

511,447















GAAP Ratios:













Loss and loss expense ratio



69.3%



48.4%



69.0%



65.1%

Acquisition cost ratio



12.9%



(0.1%)



16.1%



11.8%

General and administrative expense ratio



21.1%



27.3%



10.0%



17.6%

Combined ratio



103.3%



75.6%



95.1%



94.5%


















U.S.


International







Year Ended December 31, 2011


Insurance


Insurance


Reinsurance


Total















Gross premiums written


$

838,567


$

530,450


$

570,504


$

1,939,521

Net premiums written



639,196



325,094



569,476



1,533,766

Net premiums earned



584,303



317,006



555,683



1,456,992

Net losses and loss expenses



(387,099)



(206,593)



(365,464)



(959,156)

Acquisition costs



(74,976)



2,781



(95,100)



(167,295)

General and administrative expenses



(124,434)



(84,290)



(62,932)



(271,656)

Underwriting (loss) income



(2,206)



28,904



32,187



58,885

Net investment income












195,948

Net realized investment gains












10,077

Other income - termination fee












101,744

Amortization of intangible assets












(2,978)

Interest expense












(54,989)

Foreign exchange loss












(3,159)

Income before income taxes











$

305,528















GAAP Ratios:













Loss and loss expense ratio



66.2%



65.2%



65.8%



65.8%

Acquisition cost ratio



12.8%



(0.9%)



17.1%



11.5%

General and administrative expense ratio



21.3%



26.6%



11.3%



18.6%

Combined ratio



100.3%



90.9%



94.2%



95.9%

 


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 December 31,


Year Ended December 31,




2012


2011


2012


2011
















Net (loss) income

$

(41,147)


$

183,100


$

493,007


$

274,548


Add after tax effect of:














Net realized investment gains


(15,104)



(26,332)



(291,139)



(213)



Other Income - termination fee


-



(61,538)



-



(93,808)



Foreign exchange loss (gain)


860



(549)



783



3,159


Operating (loss) income

$

(55,391)


$

94,681


$

202,651


$

183,686
















Weighted average common shares outstanding:













Basic


35,097,043



38,138,558



36,057,145



38,093,351


Diluted


35,097,043



39,524,273



37,069,885



39,667,905
















Basic per share data:













Net (loss) income

$

(1.17)


$

4.80


$

13.67


$

7.21


Add after tax effect of:














Net realized investment gains


(0.43)



(0.69)



(8.07)



(0.01)



Other Income - termination fee


-



(1.62)



-



(2.46)



Foreign exchange loss (gain)


0.02



(0.01)



0.02



0.08


Operating (loss) income

$

(1.58)


$

2.48


$

5.62


$

4.82
















Diluted per share data:













Net (loss) income

$

(1.17)


$

4.63


$

13.30


$

6.92


Add after tax effect of:














Net realized investment gains


(0.43)



(0.67)



(7.85)



(0.01)



Other Income - termination fee


-



(1.56)



-



(2.36)



Foreign exchange loss (gain)


0.02



-



0.02



0.08


Operating (loss) income

$

(1.58)


$

2.40


$

5.47


$

4.63
















 


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


December 31,


December 31,


2012


2011

Price per share at period end

$

78.80


$

62.93







Total shareholders' equity

$

3,326,335


$

3,149,022







Basic common shares outstanding


34,797,781



37,742,131







Add: unvested restricted share units


135,123



249,251







Add: performance based equity awards


485,973



889,939







Add: employee share purchase plan


10,750



11,053







Add: dilutive options outstanding


1,224,607



1,525,853

  Weighted average exercise price per share

$

47.02


$

45.72

Deduct: options bought back via treasury method


(730,652)



(1,108,615)







Common shares and common share






equivalents outstanding


35,923,582



39,309,612







Basic book value per common share

$

95.59


$

83.44

Diluted book value per common share

$

92.59


$

80.11







 

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 December 31,


Year Ended December 31,



2012


2011


2012


2011















Opening shareholders' equity

$

3,435,786


$

3,003,074


$

3,149,022


$

3,075,820


Deduct: accumulated other comprehensive income


(1,385)



(17,796)



(14,484)



(57,135)


Adjusted opening shareholders' equity


3,434,401



2,985,278



3,134,538



3,018,685















Closing shareholders' equity

$

3,326,335


$

3,149,022


$

3,326,335


$

3,149,022


Deduct: accumulated other comprehensive income


-



(14,484)



-



(14,484)


Adjusted closing shareholders' equity


3,326,335



3,134,538



3,326,335



3,134,538















Average shareholders' equity

$

3,380,368


$

3,059,908


$

3,230,437


$

3,076,612















Net (loss) income available to shareholders

$

(41,147)


$

183,100


$

493,007


$

274,548


Annualized net (loss) income available to shareholders


(164,588)



732,400



493,007



274,548















Annualized return on average shareholders' equity -













net (loss) income available to shareholders


(4.9%)



23.9%



15.3%



8.9%















Operating (loss) income available to shareholders

$

(55,391)


$

94,681


$

202,651


$

183,686


Annualized operating (loss) income available to shareholders


(221,564)



378,724



202,651



183,686















Annualized return on average shareholders' equity -













operating (loss) income available to shareholders


(6.6%)



12.4%



6.3%



6.0%


 


 

SOURCE Allied World Assurance Company Holdings, AG



RELATED LINKS
http://www.awac.com

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release