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04.05.2017 14:05
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Infinity Property and Casualty Corporation Reports Results for the First Quarter of 2017 and Announces Chairman, President and Chief Executive Officer Retirement and Appointment
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PR Newswire
BIRMINGHAM, Ala., May 4, 2017
BIRMINGHAM, Ala., May 4, 2017 /PRNewswire/ -- Infinity Property and Casualty Corporation (NASDAQ: IPCC) today reported results for the three months ended March 31, 2017:
| | Three months ended March 31, | |||||||
| (in millions, except per share amounts and ratios) | 2017 | | 2016 | | Change | |||
| | | | | | | |||
| Gross written premium (1) | $370.7 | | $376.0 | | (1.4%) | | ||
| Revenues | $377.8 | | $370.2 | | 2.1 | % | ||
| | | | | | | |||
| Net earnings | $10.6 | | $7.7 | | 38.1 | % | ||
| Net earnings per diluted share | $0.96 | | $0.69 | | 39.1 | % | ||
| | | | | | | |||
| Operating earnings (1) | $10.3 | | $7.6 | | 35.4 | % | ||
| Operating earnings per diluted share (1) | $0.93 | | $0.68 | | 36.8 | % | ||
| | | | | | | |||
| Underwriting income (1) | $11.7 | | $7.8 | | 49.8 | % | ||
| Calendar year combined ratio (2) | 96.6 | % | | 97.7 | % | | (1.1) | pts |
| | | | | | | |||
| Return on equity (3) | 6.0 | % | | 4.5 | % | | 1.5 | pts |
| Operating earnings return on equity (1) (3) | 5.9 | % | | 4.4 | % | | 1.5 | pts |
| | | | | | | |||
| Book value per share | $64.16 | | $62.60 | | 2.5 | % | ||
| Debt to total capital | 27.9 | % | | 28.5 | % | | (0.6) | pt |
| Debt to tangible capital (1) | 30.3 | % | | 30.9 | % | | (0.6) | pt |
| Notes: | |
| (1) | Measures used in this release that are not based on generally accepted accounting principles ("non-GAAP") are defined at the end of this release and reconciled to the most comparable GAAP measure. |
| (2) | During the first quarter of 2017, a $3.8 million adjustment was made to written and earned premium for premium to be refunded to policyholders in California. Excluding the adjustment, the GAAP combined ratio for the first quarter of 2017 would have been 95.5%. |
| (3) | Annualized |
| | |
| | Columns throughout may not foot due to rounding. |
Net earnings per diluted share increased 39.1% in the first three months of 2017 compared with the first three months of 2016, primarily due to a decrease in the accident year combined ratio from 99.4% at March 31, 2016, to 98.4% at March 31, 2017.
Gross written premiums were down 1.4% compared with the same period of 2016. New business growth, higher average premium and an increase in retention in Texas as well as renewal policy growth in our Commercial Vehicle product were offset by a decline in new application counts in California and Florida, where we continue to work to improve the combined ratio.
James Gober, Chairman, President and CEO of Infinity, commented, "Our growth during the first quarter was focused in Texas and our Commercial Vehicle product where our profitability remains strong. We remain committed to improving our profitability in our other states and continue to implement rate increases, modify class plans and make other underwriting changes."
The Company also announced that Mr. Gober plans to retire during the first quarter of 2018. He has served as Infinity's President and CEO since the Company's initial public offering in 2003. The Board of Directors has named Glen Godwin, Senior Vice President, Business Development and Marketing, to succeed Mr. Gober as the Company's CEO effective August 1, 2017. Mr. Gober will continue to serve as the Company's Chairman until his retirement. Upon assuming the position of CEO, Mr. Godwin will also be appointed to the Company's Board of Directors.
Mr. Godwin joined Infinity in 1987. He has served in various executive capacities with the Company, most recently as Senior Vice President, Business Development and Marketing since 2009. Mr. Godwin also oversees the Company's direct sales operations, customer service and technology.
"I could not be more proud of what Infinity has accomplished in our 14 years, but that is secondary to how well we have positioned ourselves for success going forward," said Mr. Gober. "Our bright prospects make my decision to retire even more difficult, but the time is right for me on a personal level. In the meantime, we have much work ahead this year to improve our results over 2016, and that is what is first and foremost on my mind."
Mr. Gober continued "with Glen's extensive experience, his understanding of every facet of our business and our strategy, coupled with his proven leadership abilities, the transition will be seamless. The Company has an exciting and promising future given his innovative thinking and appreciation of the future challenges and opportunities the Company will face. Infinity is blessed with tremendous talent and leadership at all levels, which bodes so well for our near and long-term prospects."
Samuel Weinhoff, Infinity's lead director, expressed that "Mr. Gober has shepherded the Company, since its initial public offering, through tremendous growth and overseen the refinement of its strategy from an insurer lacking a well-defined geographical or demographic niche to its current status as a dominant provider of automobile insurance in historically underserved urban and Hispanic markets. The company's shareholders have benefited handsomely from Jim's leadership as the total shareholder return over the course of his tenure exceeds 650% and is more than double that of the SNL Mid-Cap US Insurance index over the same period of time. While we will certainly miss his leadership, Jim has been equally committed to developing a solid executive and senior management team. The Board is confident that Mr. Godwin is fully prepared to take the helm and lead Infinity forward."
Forward-Looking Statements
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