4th May 2022
Highlights are:
-Net income was $313m versus $312m in the prior year quarter, core income was up 20% to $316m versus $263m.
-The P&C combined ratio was 91.9, the lowest in over five years, compared with 98.1 in the prior year quarter, including 1.0 point of catastrophe loss impact compared with 6.8 points in the prior year quarter.
-The underlying combined ratio was 91.4 compared with 91.9. The underlying loss ratio was 60.1 and the expense ratio was 31.0.
-P&C segments, excluding third party captives, generated gross written premium growth of 8%. Net written premium growth was 4%
-P&C written rate of +7% and earned rate of +9% for the quarter.
-Net investment income of $448m pre-tax includes $8m of income from limited partnerships and common stock compared with $504m of pretax net investment income which included $61m income from limited partnerships and common stock in the prior year quarter.
-Book value per share excluding AOCI of $44.67, a 2% increase from year-end 2021 adjusting for $2.40 of
dividends per share; book value per share of $39.87 was also impacted by a decrease in AOCI reflecting the effect of higher interest rates on fixed income net unrealised gains and losses.
-Board of Directors declares regular quarterly cash dividend of $0.40 per share.
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