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1411 Broadway, 34th Floor
New York, NY 10018
ALLEGHANY CORPORATION REPORTS 2017 SECOND QUARTER RESULTS
NEW YORK, NY, August 3, 2017 Alleghany Corporation (NYSE-Y) announced today its financial results for the three and six months ended June 30, 2017. Highlights are listed below.
|●||Book value per common share1 was $547.06 as of June 30, 2017, an increase of 6.2% from book value per common share1 as of December 31, 2016.|
|●||Book value per common share1 increased 3.1% from book value per common share1 as of March 31, 2017.|
|●||Alleghany reported net earnings2 of $101.8 million for the 2017 second quarter, compared with $77.1 million for the 2016 second quarter.|
|●||Alleghany reported net earnings2 of $251.0 million for the first six months of 2017, compared with $231.6 million for the first six months of 2016.|
|●||Alleghany reported $6.60 of earnings per diluted share and $6.37 of operating earnings per diluted share for the 2017 second quarter, compared with $4.99 and $2.96, respectively, for the 2016 second quarter.|
|●||Alleghany reported $16.27 of earnings per diluted share and $13.65 of operating earnings per diluted share for the first six months of 2017, compared with $14.99 and $12.32, respectively, for the first six months of 2016.|
Weston Hicks, President and chief executive officer of Alleghany, stated, Our second quarter results reflect strong underwriting performance despite continuing price competition. The consolidated (re)insurance combined ratio was 92.4% in the second quarter of 2017, compared with 97.0% in the second quarter of last year. Each of our (re)insurance subsidiaries delivered profitable underwriting results in the second quarter and demonstrated excellent underwriting discipline in a challenging environment. The 2017 second quarter underwriting results reflect favorable prior accident year reserve development of $63.6 million, primarily at TransRe and RSUI, compared with $90.0 million of favorable prior accident year reserve development in the second quarter of 2016. The 2017 second quarter was impacted by $11.4 million of catastrophe losses, primarily at RSUI, compared with $124.8 million in catastrophe losses, primarily at TransRe, in the second quarter of 2016.
Strong equity and bond market performance contributed to our book value growth in the quarter.
Net investment income was impacted in the quarter by a $12.6 million charge related to our equity investment in Ares Management, L.P. (Ares), reflecting our share of a one-time transaction support payment made by Ares in connection with an acquisition made by an unconsolidated investment fund affiliated with Ares. Ares expects to receive future management fees from the acquired entity.
|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, August 3, 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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