Thursday, February 7, 2013

AS winsten boven $500 m in 2012

AS capital companies boosted its risk-adjusted return on capital after profit nearly $ 500 million in 2012 because of natural disaster losses significantly reduce.

The Bermuda-based insurer Posted net income of $ 495 m, or $ 4 per share last year (2011: $ 9 m or seven cents per share).

AS more than halved its catastrophe and weather-related losses 398 m $ in 2012 (2011: $ 910 m).

But the insurer risk-adjusted return on capital after profit for the fourth quarter dropped to $ 19 m or 16 cents per share (Q4 2011: $ 80 m or 63 cents per share).

Combined ratio improved 96.2% in 2012 (2011: 112.3%), including 12.7 points of disaster losses.

Gross written premium increased 1% to $ 4 1.1, with a growth of 188 m $ or 9% in the insurance segment offset with a reduction of 144 million or 7% in the segment reinsurance.

Net investment income increased by 5% to $ 381 million last year (2011: $ 362.4 m).

AXIS capital president and chief executive Albert Benchimol said: "We experienced strong results in most parts of our company in the fourth quarter, but clearly our performance were offset by the effect of the Storm Sandy, which led to a small loss for the period.

"In view of 2012 included one of the greatest American storm events in history, we believe that our operating income of $ 422 million for the year, that an operational ROE (return on equity) of 8.2% was an acceptable result.

"We almost all of our profits to shareholders given back, our dividend increased for the ninth year in a row, and finished 2012 with diluted book value per share of $ 42.97, representing a 13 percent increase in the previous year."

To look beyond the financial impact of Super storm Sandy, Benchimol said that as capital still "considerable progress" booked in many facets of the company.

"We grew makes sense in lines and markets that some of the strongest price adjustments in insurance market experienced a steadily improving," he said. "In addition, we advanced a number of key business initiatives, including renewable energy and global accidents and illness, while at the same time, lay the Foundation for further profitable growth."

Benchimol said the company was entering 2013 "on a positive note", refers to the company's new agricultural and marine reinsurance intermediaries and re-entry initiatives in Select markets as markers on the road accident to a larger and more diversified portfolio of risks.

"We are entering from 2013 on a positive note, based on our expectations for continued improvement in prices, our positioning for diversified growth and our excellent financial strength," he said.

Book value per share increased by $ 4.89 or 13% in 2012, driven by operating income, appreciation for improvements as of the investment portfolio.

18 December 2012

20 September 2012 | Update: 21 September 2012 17: 52 UTC

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Title Post: AS winsten boven $500 m in 2012
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Author: Mohammad Zulfi Satriawan

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