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07.02.2017 13:05
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OneBeacon Reports $10.82 Book Value Per Share
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PR Newswire
HAMILTON, Bermuda, Feb. 7, 2017
HAMILTON, Bermuda, Feb. 7, 2017 /PRNewswire/ -- OneBeacon Insurance Group, Ltd. (NYSE: OB) today reported book value per share of $10.82, reflecting an increase of 0.9% for the fourth quarter and 11.1% for the year ended December 31, 2016, including dividends.
Mike Miller, CEO of OneBeacon, said, "We are pleased to have delivered solid 11% growth in book value per share in 2016. Investment results reflect the benefits of our short-duration fixed-maturity portfolio in a rising interest rate environment and a decent lift from our allocation to risk assets. Underwriting results reflect the strong performance of our portfolio of specialty businesses. Going into 2017, we are positioned to continue delivering good underwriting results across our diverse portfolio of businesses."
OneBeacon reported comprehensive income of $8.7 million for the fourth quarter of 2016, compared to $22.1 million of comprehensive income for the fourth quarter of last year. Operating income was $20.6 million or $0.22 per share for the fourth quarter of 2016, compared to operating income of $26.3 million or $0.28 per share for the fourth quarter of 2015.
For the twelve months ended December 31, 2016, the company reported $108.4 million of comprehensive income, compared to $36.8 million for the full year 2015. Operating income was $82.9 million or $0.88 per share for the full year of 2016, compared to $59.8 million or $0.63 per share through December 31, 2015.
The results for the year ended December 31, 2016 included a $16.3 million tax benefit related to the settlement of IRS examinations for tax years 2007-2012.
There were no common shares repurchased under the company's 2007 share repurchase authorization during the fourth quarter. Year-to-date repurchases total 850,349 common shares for a total of $10.6 million, reflecting an average price of $12.42 per share.
Operating income is a non-GAAP financial measure, which is explained later in this release.
Insurance Operations: OneBeacon's GAAP combined ratio was 95.0% and 97.3% for the quarter and year ended December 31, 2016, compared to 96.3% for both the quarter and year ended December 31, 2015. The current accident year loss ratio was 56.7% and 58.2% for the quarter and year ended December 31, 2016, compared to 59.8% for both the quarter and year ended December 31, 2015. The decrease in the loss ratios reflects improved relative performance across most business units. The company had no net loss reserve development in the quarter and 1.4 points of net unfavorable loss reserve development in the year ended December 31, 2016. Net loss reserve development was insignificant in the quarter and year ended December 31, 2015. The expense ratio was 38.3% for quarter and 37.7% for the year ended December 31, 2016, compared to 36.5% and 36.7% for the quarter and year ended December 31, 2015. The increase in the expense ratios was primarily due to lower premium volume and changing business mix.
Net written premiums were $235.5 million in the quarter and $1,100.7 million in the year ended December 31, 2016, flat and down 3.2%, respectively, compared to the quarter and year ended December 31, 2015.
Investment Results: OneBeacon's fourth quarter 2016 total return on invested assets was negative 0.2% compared to positive 0.3% for the fourth quarter of 2015. These pre-tax results included net realized and unrealized investment losses of $19.1 million and net investment income of $12.3 million for the fourth quarter of 2016, compared to net realized and unrealized investment losses of $5.4 million and net investment income of $12.9 million for the fourth quarter of 2015.
Through the twelve months ended December 31, 2016, the total return on invested assets was 3.6% compared to 0.6% through December 31, 2015. These results included net realized and unrealized investment gains of $37.7 million and net investment income of $50.6 million, compared to net realized and unrealized investment losses of $35.1 million and net investment income of $45.9 million for the full year of 2015. The return on the surplus notes, issued as part of the runoff sale transaction that closed in December 2014, had no impact to the current quarter and contributed 0.8 points to the company's full year investment returns in 2016, versus contributing negative 0.3 points for the fourth quarter and negative 0.6 points for the full year 2015.
About OneBeacon: OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that is publicly traded on the New York Stock Exchange under the symbol "OB." OneBeacon's underwriting companies offer a range of specialty insurance products sold through independent agencies, regional and national brokers, wholesalers and managing general agencies. Each business is managed by an experienced team of specialty insurance professionals focused on a specific customer group or industry segment, and providing distinct products and tailored coverages and services. OneBeacon's solutions target group accident; architects and engineers; commercial surety; entertainment; environmental; excess property; financial institutions; financial services; healthcare; management liability; ocean and inland marine; programs; public entities; technology; and tuition refund. For further information about our products and services visit: www.onebeacon.com and to remain up to date on OneBeacon's news, follow us on Twitter @OneBeaconIns or visit our online newsroom: www.onebeacon.com/newsroom.
OneBeacon expects to file its Form 10-K with the Securities and Exchange Commission on or before March 1, 2017 and urges shareholders to refer to that document for more complete information concerning its financial results.
| ONEBEACON INSURANCE GROUP, LTD. CONSOLIDATED BALANCE SHEETS ($ in millions) (Unaudited) | ||||||||
| | | | | | ||||
| | | December 31, | | December 31, | ||||
| | | 2016 | | 2015(1) | ||||
| Assets | | | | | ||||
| Investment securities: | | | | | ||||
| Fixed maturity investments | | $ | 2,169.1 | | | $ | 2,080.5 | |
| Short-term investments | | 112.1 | | | 69.2 | | ||
| Common equity securities | | 188.7 | | | 298.7 | | ||
| Other investments | | 150.5 | | | 143.0 | | ||
| Total investment securities | | 2,620.4 | | | 2,591.4 | | ||
| Cash | | 69.6 | | | 95.2 | | ||
| Reinsurance recoverables | | 179.5 | | | 193.5 | | ||
| Premiums receivable | | 228.3 | | | 219.0 | | ||
| Deferred acquisition costs | | 96.3 | | | 100.7 | | ||
| Ceded unearned premiums | | 44.2 | | | 29.5 | | ||
| Net deferred tax asset | | 126.7 | | | 140.2 | | ||
| Investment income accrued | | 11.3 | | | 10.1 | | ||
| Accounts receivable on unsettled investment sales | | 1.4 | | | 30.5 | | ||
| Other assets | | 212.2 | | | 192.5 | | ||
| Total assets | | $ | 3,589.9 | | | $ | 3,602.6 | |
| | | | | | ||||
| Liabilities | | | | | ||||
| Unpaid loss and loss adjustment expense reserves | | $ | 1,365.6 | | | $ | 1,389.8 | |
| Unearned premiums | | 575.1 | | | 560.3 | | ||
| Funds held under insurance contracts | | 153.0 | | | 137.7 | | ||
| Debt | | 273.2 | | | 272.9 | | ||
| Other liabilities | | 197.8 | | | 237.4 | | ||
| Total liabilities | | 2,564.7 | | | 2,598.1 | | ||
| | | | | | ||||
| OneBeacon's common shareholders' equity and noncontrolling interests | | | | | ||||
| OneBeacon's common shareholders' equity: | | | | | ||||
| Common shares and paid-in surplus | | 1,013.2 Werbung Mehr Nachrichten zur OneBeacon Insurance Group Aktie kostenlos abonnieren
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