Please wait while we load the requested 10-Q report or click the link below:
1411 Broadway, 34th Floor
New York, NY 10018
ALLEGHANY CORPORATION REPORTS 2018 FIRST QUARTER RESULTS
NEW YORK, NY, May 3, 2018 Alleghany Corporation (NYSE-Y) announced today its financial results for the first quarter of 2018. Highlights are below.
|●||Book value per common share1 was $545.07 as of March 31, 2018, a decrease of 1.5% from book value per common share as of December 31, 2017. Including the $10 per share ($154.0 million in total) special dividend paid on March 15, 2018, book value per common share as of March 31, 2018 increased 0.3%.|
|●||Total revenues were $1,585.0 million in the first quarter of 2018, an increase of 3.4% from the first quarter of 2017. Total revenues excluding the change in the fair value of equity securities increased 6.2% in the first quarter of 2018.|
|●||Net earnings2 were $171.6 million for the first quarter of 2018, compared with $149.2 million for the first quarter of 2017, an increase of 15.0%. Operating earnings were $174.6 million in the first quarter of 2018, compared with $115.0 million in first quarter of 2017, an increase of 51.8%.|
|●||Earnings per diluted share were $11.04 per share in the first quarter of 2018, compared with $9.67 per share in the first quarter of 2017. Operating earnings per diluted share were $11.24 in the first quarter of 2018, compared with $7.45 per diluted share in first quarter of 2017.|
Weston Hicks, President and chief executive officer of Alleghany, stated, Our first quarter results reflect solid underwriting performance at TransRe, lower underwriting profits at RSUI due to higher non-catastrophe property losses, a non-recurring gain related to the conversion of our Ares partnership interest to publicly-traded partnership units, significantly lower corporate administration expenses due to a reduction in long-term incentive accruals, and a lower effective tax rate.
Mr. Hicks continued, Our growth in book value per common share, including the $10 per share special dividend, was 0.3% in the first quarter of 2018. Book value per common share was primarily impacted by a decline in the carrying value of our fixed income investment portfolio due to rising interest rates. Investment results also include the impact of the conversion of the majority of our investment in Ares from a private limited partnership interest to publicly-traded partnership units, which resulted in a $46 million pre-tax gain and a $13 million increase in net investment income.
Mr. Hicks concluded, We are pleased with Alleghany Capitals overall performance in the first quarter. Operating earnings before tax were up 22% to $3.3 million in the first quarter of 2018, compared with the 2017 first quarter. Improved results at Kentucky Trailer and Bourn & Koch and the addition of W&W|AFCO Steel and Wilbert Funeral Services more than offset reductions in operating earnings at Jazwares and IPS, and increased
|1||Stockholders equity attributable to Alleghany stockholders divided by common stock outstanding.|
Net earnings attributable to Alleghany stockholders.
The following information was filed by Alleghany Corp De (Y) on Thursday, May 3, 2018 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.
View differences made from one quarter to another to evaluate Alleghany Corp De's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Alleghany Corp De.