OneBeacon Reports $10.93 Book Value 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 96.2% and 98.0% for the third quarter and first nine months of 2016, compared to 98.8% and 96.3% for the third quarter and the first nine months of last year. The company had no net loss reserve development in the third quarter of 2016 and 1.9 points of net unfavorable loss reserve development in the first nine months of 2016, while loss reserve development was not significant in the third quarter and first nine months of last year. The expense ratio was 37.6% for the third quarter and 37.5% for the first nine months of 2016, compared to 39.3% and 36.8% for the third quarter and first nine months of last year. The expense ratio for the third quarter of 2016 benefited from the favorable impact of the $3.2 million reduction from the final settlement of the company's qualified pension plan obligations, while the expense ratio for the third quarter of 2015 was adversely impacted by the company's exit from the crop business. The increase in the expense ratio for the first nine months of 2016 compared to the first nine months of last year was primarily due to lower premium volume and changing business mix.

Net written premiums were $324.1 million and $865.2 million in the third quarter and first nine months of 2016, an increase of 10.7% and decrease of 4.0% from the comparable periods of last year. In the third quarter of 2015, the company exited its crop business, which reduced net written premiums by $35.8 million and $9.2 million in the third quarter and the first nine months of 2015. Excluding the exited crop business, net written premiums decreased 1.4% and 5.0% in the third quarter and first nine months of 2016 versus the comparable periods of last year. 

Investment Results:  OneBeacon's third quarter 2016 total return on invested assets was 1.1% compared to (0.6%) for the third quarter of 2015. These pre-tax results included net realized and unrealized investment gains of $15.5 million and net investment income of $11.8 million for the third quarter of 2016, compared to net realized and unrealized investment losses of $29.9 million and net investment income of $12.4 million for the third quarter of 2015.

Through the first nine months of 2016, the total return on invested assets was 3.8% compared to 0.3% through September 30, 2015. These results included net realized and unrealized investment gains of $56.8 million and net investment income of $38.3 million, compared to net realized and unrealized investment losses of $29.7 million and net investment income of $33.0 million for the first nine months of 2015. The return on the surplus notes issued as part of the runoff sale transaction that closed in December 2014 contributed 0.3 points and 0.8 points to the company's current quarter and nine-month investment returns in 2016 versus negative 0.3 points for both comparable periods in the prior year.

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-Q today with the Securities and Exchange Commission 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)
		September 30,				December 31,
		2016				2015
Assets
Investment securities:
Fixed maturity investments		$	2,170.9			$	2,080.5
Short-term investments		75.5				69.2
Common equity securities		188.9				298.7
Other investments		149.6				143.0
Total investment securities		2,584.9				2,591.4
Cash		133.5				95.2
Reinsurance recoverables		185.8				193.5
Premiums receivable		263.0				219.0
Deferred acquisition costs		99.9				100.7
Ceded unearned premiums		35.1				29.5
Net deferred tax asset		119.5				140.2
Investment income accrued		9.7				10.1
Accounts receivable on unsettled investment sales		43.7				30.5
Other assets		173.5				192.5
Total assets		$	3,648.6			$	3,602.6
Liabilities
Unpaid loss and loss adjustment expense reserves		$	1,362.0			$	1,389.8
Unearned premiums		603.2				560.3
Funds held under insurance contracts		156.2				137.7
Ceded reinsurance payable		28.2				29.8
Debt		273.1				272.9
Accounts payable on unsettled investment purchases		19.8				—
Other liabilities		170.7				207.6
Total liabilities		2,613.2 Werbung Mehr Nachrichten zur OneBeacon Insurance Group Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 23.04.24 - PR Newswire Fidelity Asian Values Plc - Transaction in Own Shares 23.04.24 - PR Newswire Mid Wynd International Investment Trust Plc - Transaction in Own Shares 23.04.24 - PR Newswire Capital Gearing Trust Plc - Transaction in Own Shares Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59