Philadelphia Consolidated Holding Corp. Fourth Quarter and Year End Results December 31, 2006
biz.yahoo.com
Friday February 16, 11:39 am ET
BALA CYNWYD, Pa., Feb. 16 /PRNewswire-FirstCall/ -- Philadelphia Consolidated Holding Corp. (Nasdaq: PHLY) today reported net income for the quarter ended December 31, 2006 increased 155.4% to $73.8 million ($1.00 diluted earnings per share and $1.05 basic earnings per share) from $28.9 million ($0.39 diluted and $0.42 basic earnings per share) for the quarter ended December 31, 2005. After-tax net realized investment losses for the quarter ended December 31, 2006 were $0.1 million ($0.00 diluted loss per share) versus $1.7 million ($0.02 diluted loss per share) for the quarter ended December 31, 2005. Gross written premiums for the quarter ended December 31, 2006 increased 19.7% to $367.3 million from $306.9 million for the same quarter in 2005, and the combined ratio for the quarter ended December 31, 2006 was 70.9% compared to 74.2% for the quarter ended December 31, 2005. The Company's book value per share at December 31, 2006 increased 39.8% to $16.48 from $11.79 at December 31, 2005.
Financial results for the fourth quarter of 2006 included a $13.2 million pre-tax ($8.6 million after-tax, or $0.12 diluted earnings per share) benefit from a decrease in net unpaid loss and loss adjustment expenses due to favorable trends in prior years' claims emergence.
Net income for the year ended December 31, 2006 increased 84.3% to $288.8 million ($3.93 diluted earnings per share and $4.14 basic earnings per share), compared to $156.7 million ($2.14 diluted earnings per share and $2.29 basic earnings per share) for the year ended December 31, 2005. After-tax net realized investment losses for the year ended December 31, 2006 were $6.4 million ($0.09 diluted loss per share) versus $6.2 million of after-tax realized gains ($0.08 diluted earnings per share) for the year ended December 31, 2005. Gross written premiums for the year ended December 31, 2006 increased 18.0% to $1,493.2 million from $1,264.9 million for the year ended December 31, 2005, and the combined ratio for the year ended December 31, 2006 was 69.0%, compared to 78.6% for the year ended December 31, 2005.
Financial results for the year ended December 31, 2006 included a $91.4 million pre-tax ($59.4 million after-tax, or $0.81 diluted earnings per share) benefit from a decrease in net unpaid loss and loss adjustment expenses due to favorable trends in prior years' claims emergence.
James J. Maguire, Jr., CEO, said, "I am extremely pleased with our quarterly results. Once again we have validated our differentiated business model by producing superior growth and underwriting profit as compared to our peer companies. Pricing levels have stabilized, although there has been increased competition for larger accounts and certain non-coastal property business. During the quarter we continued to renew in excess of 90% of our commercial business, and new business opportunities remain plentiful. I thank our more than 1,200 employees for executing at a high level throughout the year, and I anticipate that we will have continued success in 2007." |
