Allied World Beats Estimates (AWH)
Allied World Assurance Company Holdings Ltd. (NYSE: AWH) reports Q2 EPS of $3.47 versus estimates of $1.95. Allied World Assurance Company Holdings Ltd. reports Q2 revenues of $493.8 million versus estimates of $339.97 million.
It is unclear if the EPS and Rev estimates are comparable.
The combined ratio was 87.0% in the second quarter of 2010 compared to 82.8% in the second quarter of 2009. The loss and loss expense ratio was 55.7% in the second quarter of 2010 compared to 53.3% in the second quarter of 2009.
As of June 30, 2010, diluted book value per share was $65.18, an increase of 9.4% compared to $59.56 as of December 31, 2009. During the second quarter of 2010, the company announced a $500 million share repurchase program and, for the quarter, repurchased 1,081,041 of its common shares in the open market at an average repurchase price of $45.41 per share for an aggregate cost of $49.1 million.
President and Chief Executive Officer Scott Carmilani commented, "We are very pleased with the company's profitable results for the first half of the year despite the impact of unprecedented industry loss activity and the increasingly competitive pricing environment. Our profitable results continue to be driven by our strong investment portfolio and our historically prudent and responsible underwriting philosophy. Our ability to generate $318 million in net income through the first half of the year, combined with our share repurchase initiative, has resulted in the company's diluted book value increasing to over $65 per share, up over 9% from the beginning of the year."
Shares of AWH are flat in the after-hours.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.