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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