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Financial Highlights

Financial Highlights
2016 FY
12/31/2016
2015 FY
12/31/2015
2014 FY
12/31/2014
2013 FY
12/31/2013
2012 FY
12/31/2012
Balance Sheet ($000)
Cash and Cash Equivalents 92,800 62,483 84,541 134,211 165,182
Investments 1,483,714 1,476,053 1,527,054 1,448,027 1,394,934
Total Assets 2,402,601 2,385,135 2,382,998 2,315,263 2,301,413
Total Policy Reserves 1,299,802 1,286,614 1,257,437 1,212,581 1,111,036
Total Liabilities 1,703,414 1,697,540 1,685,339 1,658,505 1,645,170
Equity Attributable to Parent Company 699,187 687,595 697,659 656,758 656,242
Total Equity 699,187 687,595 697,659 656,758 656,242
Equity before Unrealized Gains 691,951 680,398 674,277 640,093 625,762
Total Equity/ Total Assets(%) 29.10 28.83 29.28 28.37 28.51
Reserves/ Equity(x) 1.86 1.87 1.80 1.85 1.69
Income Statement ($000)
Total Policy Income 1,391,664 1,346,564 1,325,935 1,302,525 1,184,090
Net Investment Income 35,537 36,800 35,629 35,546 37,571
Realized Gain on Securities 3,145 2,809 4,284 6,026 24,055
Total Revenue 1,538,707 1,484,032 1,461,709 1,443,232 1,349,586
Total Policy Expense 1,096,755 1,036,001 1,001,628 1,017,247 942,253
Underwriting & Other Expense 365,783 359,170 362,955 366,995 358,742
Total Expense 1,476,575 1,409,200 1,378,572 1,398,154 1,327,498
Net Income 43,085 51,481 57,201 32,633 24,319
Net Income Attributable to Parent 43,085 51,481 57,201 32,633 24,319
Operating Income after Taxes 41,041 49,655 54,417 28,511 9,310
EBITDA 111,212 123,571 130,070 86,956 52,683
Per Share Information ($)
Basic Book Value per Share 63.31 61.66 60.75 57.09 56.55
Book Value per Share before Unrealized Gains 62.66 61.01 58.72 55.64 53.92
Diluted EPS after Extraordinary 3.88 4.51 4.95 2.80 2.04
EBITDA/ Share 10.02 10.83 11.26 7.46 4.42
Operating EPS 3.70 4.35 4.71 2.45 0.78
Price/ LTM Operating Earnings(x) 23.80 18.90 16.40 29.30 NM
Common Dividends Declared per Share 2.08 1.72 1.44 1.20 0.90
Dividend Payout Ratio(%) 53.61 38.14 29.09 42.86 44.12
EPS after Extra Growth(%) (14) (8.90) 76.80 37.30 (39.50)
Profitability (%)
ROAA 1.78 2.11 2.40 1.43 1.14
Operating ROAA 1.69 2.04 2.29 1.25 0.44
ROAE 6.18 7.36 8.46 5.02 3.65
ROATCE 6.92 8.24 9.51 5.67 4.11
Operating ROAE 5.88 7.09 8.04 4.38 1.40
Investment Yield 2.48 2.48 2.49 2.70 4.29
Combined Ratio 96.69 95.61 95.10 97.95 100.68
P&C Stat Combined Ratio after Dividends 95.27 94.04 93.56 96.04 98.29
Net Premiums Written/ Avg Equity(x) 2 1.96 1.99 2.04 1.87
Growth Rates and Trends (%)
Asset Growth 0.73 0.09 2.93 0.60 19.22
Equity Growth 1.69 (1.44) 6.23 0.08 (0.84)
Net Written Premium Growth 1.40 1.91 1.33 6.63 15.91
Recurring Revenue Growth 3.68 1.53 1.28 7.17 26.04
Net Income Growth (16.31) (10) 75.29 34.19 (41.87)
Assets Five-year CAGR 4.47 5.25 5.69 5.88 3.34
Equity Five-year CAGR 1.10 0.97 2.45 4.56 1.76
Revenue Five-year CAGR 7.48 9.07 10.59 9.16 4.20
Net Income Five-year CAGR 0.59 (10.77) (4.12) 11.12 (19.48)
Miscellaneous ($000)
Net Premiums Written 1,392,459 1,373,287 1,347,604 1,329,892 1,247,198
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