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1411 Broadway, 34th Floor
New York, NY 10018
ALLEGHANY CORPORATION REPORTS 2017 FIRST QUARTER RESULTS
NEW YORK, NY, May 4, 2017 Alleghany Corporation (NYSE-Y) announced today its financial results for the first quarter of 2017. Highlights are listed below.
|●||Book value per common share1 was $530.86 as of March 31, 2017, an increase of 3.0% from book value per common share1 as of December 31, 2016.|
|●||Alleghany reported net earnings2 of $149.2 million for the 2017 first quarter, compared with $154.5 million for the 2016 first quarter.|
|●||Alleghany reported $9.67 of earnings per diluted share and $7.29 of operating earnings per diluted share for the 2017 first quarter, compared with $9.96 and $9.32, respectively, for the 2016 first quarter.|
Weston Hicks, President and chief executive officer of Alleghany, stated, Our first quarter results reflect strong investment performance, particularly by Alleghanys equity portfolio, and solid underwriting discipline at each of our (re)insurance businesses. Financial statement total return2 before tax was 1.7%, and net investment income increased 10.1% in the first quarter, primarily due to higher returns from our equity investment in Ares and investment returns in Ares-managed funds. The consolidated combined ratio for our (re)insurance businesses was 91.6 % in the 2017 first quarter, compared with 87.7% in the prior year first quarter. The 2017 first quarter underwriting results reflect favorable prior accident year reserve development of $47.7 million, primarily at TransRe and RSUI, compared with $85.3 million of favorable prior accident year reserve development in the first quarter of 2016. The 2017 first quarter favorable prior accident year reserve development is net of an unfavorable adjustment of $24.4 million arising from the U.K. Ministry of Justices decision to significantly reduce the discount rate, referred to as the Ogden rate, used to calculate lump-sum bodily injury payouts in personal injury insurance claims in the U.K. RSUI, CapSpecialty and PacificComp all performed well in the quarter and selectively expanded their net premiums written despite competitive pressures.
The following table summarizes results for the three months ended March 31, 2017 and 2016:
|Three Months Ended March 31,||Percent|
Net premiums written
Earnings before income taxes
Net investment income
Net earnings attributable to Alleghany stockholders
|1||Stockholders equity attributable to Alleghany stockholders divided by common stock outstanding.|
|2||As calculated in Alleghanys financial supplement.|
The following information was filed by Alleghany Corp De (Y) on Thursday, May 4, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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