Lancashire Holdings Limited (“LHL”) Q1 2017 Earnings Release
LANCASHIRE HOLDINGS LIMITED
- GROWTH IN FULLY CONVERTED BOOK VALUE PER SHARE, ADJUSTED FOR DIVIDENDS, OF 2.7% IN Q1 2017
- COMBINED RATIO OF 85.6% IN Q1 2017
- FULLY CONVERTED BOOK VALUE PER SHARE OF $6.04 AS AT 31 MARCH 2017
- 4 May 2017
London, UK
Lancashire Holdings Limited (“Lancashire” or “the Group”) today announces its results for the three months ended 31 March 2017.
Financial highlights
| 31 March 2017 | 31 March 2016 | |||
| Fully converted book value per share | $6.04 | $6.20 | ||
| Return on equity1 – Q1 | 2.7 | % | 3.8 | % |
| Return on tangible equity 2 – Q1 | 3.1 | % | 4.5 | % |
| Operating return on average equity – Q1 | 2.1 | % | 2.6 | % |
| Final dividend per common share3 | $0.10 | $0.10 | ||
1 Return on equity is defined as growth in fully converted book value per share, adjusted for dividends.
2 Return on tangible equity excludes goodwill and other intangible assets.
3 See “Dividends” section below for Record Date and Dividend Payment Date.
Financial highlights:
| Three months ended | ||||
| 31 March 2017 | 31 March 2016 | |||
| Highlights ($m) | ||||
| Gross premiums written | 196.5 | 230.8 | ||
| Net premiums written | 76.3 | 121.6 | ||
| Profit before tax | 28.7 | 26.5 | ||
| Profit after tax1 | 30.3 | 28.3 | ||
| Comprehensive income1 | 34.1 | 43.1 | ||
| Net operating profit1 | 25.2 | 32.4 | ||
| Per share data | ||||
| Diluted earnings per share | $0.15 | $0.14 | ||
| Diluted earnings per share – operating | $0.13 | $0.16 | ||
| Financial ratios | ||||
| Total investment return including internal currency hedging | 0.7 | % | 0.7 | % |
| Total investment return excluding internal currency hedging | 0.7 | % | 0.8 | % |
| Net loss ratio | 37.7 | % | 29.6 | % |
| Combined ratio | 85.6 | % | 72.7 | % |
| Accident year loss ratio | 46.5 | % | 42.5 | % |
1 These amounts are attributable to Lancashire and exclude non-controlling interests.
Analyst and Investor Earnings Conference Call
There will be an analyst and investor conference call on the results at 1:00pm UK time / 8:00am EDT on Thursday 4th May 2017. The conference call will be hosted by Lancashire management.
Participant Access:
Dial in 5-10 minutes prior to the start time using the number / confirmation code below:
| US | +1646 254 3366 |
| US toll free | 1877 280 1254 |
| UK | +44(0)20 3427 1902 |
| UK toll free | 0800 279 5004 |
| Toronto, Canada | +1416 216 4141 |
| Confirmation Code: | 6725170 |