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Amtrust Financial Services, Inc. (AFSI) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Amtrust Financial Services, Inc.

CIK: 1365555 Ticker: AFSI



AmTrust Financial Services, Inc. Reports Outstanding Operating Earnings for Fourth Quarter with Operating Earnings(1) Per Diluted Share Rising 17.7% to $1.46 and Net Income of $0.88 Per Diluted Share
Book Value Per Common Share of $22.34, Up 25.9% Since December 31, 2013
Financial Highlights
Fourth Quarter 2014

Gross written premium of $1.46 billion, up 37.9%, and net earned premium of $908.2 million, up 28.4% from the fourth quarter 2013
Operating diluted EPS(1) of $1.46 ($0.12 attributable to gain on life settlements) compared to $1.24 ($0.03 attributable to gain on life settlements) in the fourth quarter 2013
Annualized operating return on common equity(1) of 27.7% and annualized return on common equity of 16.7%
Service and fee income of $101.7 million, up 9.4% from the fourth quarter 2013
Operating earnings(1) of $118.5 million compared to $98.5 million from the fourth quarter 2013
Net income attributable to common stockholders of $71.6 million compared to $64.7 million in the fourth quarter 2013
Diluted EPS of $0.88 compared with $0.82 in the fourth quarter 2013
Combined ratio of 90.8% compared to 89.9% in the fourth quarter 2013

Full Year 2014

Gross written premium of $6.09 billion, up 47.9%, and net earned premium of $3.53 billion, up 55.6% over 2013
Operating diluted EPS(1) of $5.75 ($0.08 attributable to gain on life settlements) compared to $3.56 ($0.03 attributable to gain on life settlements) in 2013
Operating return on common equity(1) of 29.9% and return on common equity of 28.4%
Service and fee income of $409.7 million, up 23.6% from 2013
Operating earnings(1) of $458.4 million compared to $278.2 million in 2013
Net income attributable to common stockholders of $434.3 million compared to $278.2 million in 2013
Diluted EPS of $5.45 compared with $3.56 in 2013
Combined ratio of 90.7% compared to 90.5% in 2013
Book value per common share of $22.34, up from $17.74 at December 31, 2013
AmTrust's stockholders' equity was $2.04 billion as of December 31, 2014

NEW YORK, February 11, 2015 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) ("the Company") today announced strong profit growth for the fourth quarter ended December 31, 2014. For the fourth quarter 2014, operating earnings
(1) were $118.5 million, or $1.46 per diluted share, an increase of 20.3%, compared to $98.5 million, or $1.24 per diluted share, in the fourth quarter of 2013. Fourth quarter 2014 net income attributable to common stockholders grew to $71.6 million, or $0.88 per diluted share, an increase of 10.6% from $64.7 million, or $0.82 per diluted share, in the fourth quarter 2013. Fourth quarter 2014 annualized operating return on common equity(1)was 27.7% compared to 30.4% in the fourth quarter 2013. Annualized return on common equity was 16.7% for the fourth quarter of 2014 and 20.0% for the fourth quarter of 2013.
For 2014, operating earnings(1) totaled $458.4 million, or $5.75 per diluted share, an increase of 64.8% compared to $278.2 million, or $3.56 per diluted share, in 2013. During 2014, net income attributable to common stockholders grew to $434.3 million, or $5.45 per diluted share, an increase of 56.1% from $278.2 million, or $3.56 per diluted share, in 2013. Operating

1

The following information was filed by Amtrust Financial Services, Inc. (AFSI) on Wednesday, February 11, 2015 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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Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statement Of Comprehensive Income
Condensed Consolidated Statements Of Income
Condensed Consolidated Statements Of Income (parenthetical)
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (details)
Accrued Expenses And Other Liabilities (tables)
Acquisition Costs And Other Underwriting Expenses
Acquisition Costs And Other Underwriting Expenses (summary Of Components Of Acquisition Costs And Other Underwriting Expenses) (details)
Acquisition Costs And Other Underwriting Expenses (tables)
Acquisitions
Acquisitions (additional Information) (details)
Acquisitions (ahl) (details)
Acquisitions (mutual Insurance) (details)
Acquisitions - Purchase Price Allocation (details)
Acquisitions Acquisitions (tables)
Commitment And Contingencies
Commitment And Contingencies (employment Agreements) (details)
Commitment And Contingencies (lease Commitments) (details)
Commitment And Contingencies (tables)
Debt
Debt (additional Information) (details)
Debt (aggregate Scheduled Maturities Of Borrowings Footnotes) (details)
Debt (aggregate Scheduled Maturities Of Borrowings) (details)
Debt (amounts Recorded For Notes) (details)
Debt (borrowings) (details)
Debt (convertible Senior Notes) (details)
Debt (junior Subordinate Debt) (details)
Debt (revolving Credit Agreement) (details)
Debt (secured Loan Agreement) (details)
Debt (tables)
Debt (trust Preferred Securities Footnotes) (details)
Debt (trust Preferred Securities) (details)
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs (details)
Deferred Policy Acquisition Costs (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (assumptions Used) (details)
Employee Benefit Plans (change In Benefit Obligation) (details)
Employee Benefit Plans (details)
Employee Benefit Plans (excess Projected Benefit Obligation And Accumulated Benefit Obligation Over Plan Assets (details)
Employee Benefit Plans (expected Future Benefit Payment) (details)
Employee Benefit Plans (net Periodic Benefit Costs) (details)
Employee Benefit Plans (plan Assets) (details)
Employee Benefit Plans Employee Benefit Plans (tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (additional Information) (details)
Fair Value Of Financial Instruments (changes In Fair Value Of Level 3 Financial Assets And Liabilities) (details)
Fair Value Of Financial Instruments (financial Assets And Financial Liabilities On Recurring Basis) (details)
Fair Value Of Financial Instruments (increase Or (decrease) In Carrying Value Of Investment In Life Insurance Policies) (details)
Fair Value Of Financial Instruments (portfolio Of Life Insurance Policies) (details)
Fair Value Of Financial Instruments (reconciliation) (details)
Fair Value Of Financial Instruments (tables)
Geographic Information
Geographic Information (components Of Income Before Equity In Earnings) (details)
Geographic Information (narrative) (details)
Geographic Information (operations By Geographic Segment) (details)
Geographic Information (tables)
Income Taxes
Income Taxes (additional Information) (details)
Income Taxes (components Of Income Taxes) (details)
Income Taxes (open Tax Years) (details)
Income Taxes (tables)
Income Taxes Income Taxes (deferred Tax Assets And Liability) (details)
Income Taxes Income Taxes (reconciliation Of Effective Tax Rate) (details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (amortization Expense) (details)
Intangible Assets And Goodwill (goodwill Rollforward) (details)
Intangible Assets And Goodwill (impairment Charge And Amortization Expense) (details)
Intangible Assets And Goodwill (narrative) (details)
Intangible Assets And Goodwill (schedule Of Finite Lived And Indefinite-lived Intangible Assets, Including Goodwill) (details)
Intangible Assets And Goodwill (tables)
Investment In Life Settlements
Investment In Life Settlements (additional Information) (details)
Investment In Life Settlements (investments In Life Settlements) (details)
Investment In Life Settlements (premiums To Be Paid) (details)
Investment In Life Settlements (tables)
Investments
Investments (amortized Cost, Estimated Market Value And Gross Unrealized Appreciation And Depreciation Of Available-for-sale Securities) (details)
Investments (additional Information) (details)
Investments (fair Values Of Restricted Assets) (details)
Investments (net Investment Income) (details)
Investments (notional Amounts Of Interest Rate Swaps By Remaining Maturity) (details)
Investments (other Than Temporary Investment) (details)
Investments (summary Of Available For Sale Fixed Securities By Contractual Maturity) (details)
Investments (summary Of Gross Unrealized Losses Of Fixed-maturities And Equity Securities) (details)
Investments (summary Of Realized Gain And Loss) (details)
Investments (tables)
Investments (trading Securities) (details)
Investments (unrealized Gain And Losses) (details)
Liability For Unpaid Loss And Lae
Liability For Unpaid Loss And Lae (reconciliation Of The Beginning And Ending Balances For Unpaid Losses And Lae) (details)
Liability For Unpaid Loss And Lae (tables)
Nature Of Operations
Nature Of Operations Nature Of Operations (details)
New Market Tax Credit
New Market Tax Credit (details)
Property And Equipment, Net
Property And Equipment, Net (details)
Property And Equipment, Net (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (narrative) (details)
Quarterly Financial Data (unaudited) (tables)
Reinsurance
Reinsurance (tables)
Reinsurance Reinsurance (details)
Related Party Transactions
Related Party Transactions (significant Transaction With Acp) (details)
Related Party Transactions (tables)
Related Party Transactions - Additional Information (detail)
Results Of Operations Related To Reinsurance Agreements (detail)
Schedule I - Summary Of Investments Other Than Investments In Related Parties
Schedule I - Summary Of Investments Other Than Investments In Related Parties (details)
Schedule Ii -condensed Financial Information Of Registrant
Schedule Ii -condensed Financial Information Of Registrant Balance Sheet (details)
Schedule Ii -condensed Financial Information Of Registrant Cash Flow (details)
Schedule Ii -condensed Financial Information Of Registrant Income Statement (details)
Schedule Iii - Supplementary Insurance Information
Schedule Iii - Supplementary Insurance Information (details)
Schedule Iv - Reinsurance
Schedule Iv - Reinsurance (details)
Schedule V - Consolidated Supplementary Property And Casulty Insurance Information
Schedule V - Consolidated Supplementary Property And Casulty Insurance Information (details)
Segments
Segments (long Lived Assets And Total Assets Of Business Segments) (detail)
Segments (results Of Operations Of Business Segments) (detail)
Segments (tables)
Share Based Compensation
Share Based Compensation (fair Value Assumptions) (details)
Share Based Compensation (schedule Of Option Activity) (details)
Share Based Compensation (summary Of Restricted Stock And Rsu Activity) (details)
Share Based Compensation (tables)
Share Based Compensation (textual) (details)
Significant Accounting Polices
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Statutory Financial Data, Risk Based Capital And Dividend Restrictions
Statutory Financial Data, Risk Based Capital And Dividend Restrictions (details)
Statutory Financial Data, Risk Based Capital And Dividend Restrictions (tables)
Stockholders' Equity
Stockholders' Equity (details)
Stockholders' Equity (preferred Stock Issuance) (details)
Stockholders' Equity (tables)
Subsequent Events
Subsequent Events - Additional Information (detail)
Ticker: AFSI
CIK: 1365555
Form Type: 10-K Annual Report
Accession Number: 0001365555-15-000048
Submitted to the SEC: Mon Mar 02 2015 4:55:31 PM EST
Accepted by the SEC: Mon Mar 02 2015
Period: Wednesday, December 31, 2014
Industry: Fire Marine And Casualty Insurance

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