Exhibit 99.1

ALLIED WORLD REPORTS 10.8% GROWTH IN DILUTED BOOK VALUE PER SHARE

FOR THE FULL-YEAR 2013

 

   

Full-year combined ratio of 86.2%, compared with 94.5% in the prior year

 

   

Full-year gross premiums written increased 17.6% compared to a year ago

 

   

The company repurchased $52 million of its common shares during the fourth quarter of 2013, and $175 million for the full-year

ZUG, Switzerland — (BUSINESS WIRE) — Allied World Assurance Company Holdings, AG (NYSE: AWH) today reported net income of $137.9 million, or $4.01 per diluted share, for the fourth quarter of 2013 compared to a net loss of $41.1 million, or $1.17 per diluted share, for the fourth quarter of 2012. Net income for the year ended December 31, 2013 was $417.9 million, or $11.95 per diluted share, compared to net income of $493.0 million, or $13.30 per diluted share, for the year ended December 31, 2012.

The company reported operating income of $74.5 million, or $2.17 per diluted share, for the fourth quarter of 2013, compared to an operating loss of $55.4 million, or $1.58 per diluted share, for the fourth quarter of 2012. Operating income for the year ended December 31, 2013 was $364.0 million, or $10.41 per diluted share, compared to operating income of $202.7 million, or $5.47 per diluted share, for the year ended December 31, 2012.

President and Chief Executive Officer Scott Carmilani commented, “Allied World had a very strong year in 2013. Consistent underwriting performance, highlighted by an 86% combined ratio, and a solid contribution from the investment portfolio, drove an 11% growth in diluted book value per share. Our platform is strongly positioned to gain additional scale over the coming year and our investment portfolio is well-aligned with the current investment environment. We are excited by the opportunities we see across the businesses.”

Fourth Quarter and Full-Year Summary (Unaudited)

 

(Expressed in millions of U.S. Dollars, except
per share amounts)
   Three Months Ended
December 31,
    Diluted per share     Year Ended
December 31,
    Diluted per share  
     2013     2012     2013     2012     2013     2012     2013     2012  

Net income (loss)

   $ 137.9      $ (41.1   $ 4.01      $ (1.17   $ 417.9      $ 493.0      $ 11.95      $ 13.30   

Adjusted for after tax effect of:

                

Net realized investment (gains)

     (64.1     (15.2     (1.86     (0.43     (61.9     (291.1     (1.77     (7.85

Foreign exchange loss

     0.7        0.9        0.02        0.02        8.0        0.8        0.23        0.02   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

   $ 74.5      $ (55.4   $ 2.17      $ (1.58   $ 364.0      $ 202.7      $ 10.41      $ 5.47   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fourth Quarter Operating Results

 

   

Gross premiums written were $555.5 million, an 11.8% increase compared to $497.1 million in the fourth quarter of 2012. This was driven by growth in the international insurance segment and the U.S insurance segment, offset by a slight decrease in the reinsurance segment. The international segment’s gross premiums written grew by 19.9% attributable to growth across all lines, led by double-digit growth in trade credit, general casualty and the new aviation business; the U.S. insurance segment’s gross premiums written grew by 11.7% helped by growth across existing lines including general casualty and programs, and contributions from newer lines including construction and surety.

 

1


The following information was filed by Allied World Assurance Co Holdings, Ag on Wednesday, February 5, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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