Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 19th of June 2018
October 28, 2011

Validus reports falling profits in Q3

by Richard Kilner

Story link: Validus reports falling profits in Q3

Validus Holdings, Ltd. has reported net income of $56.5m, equating to $0.54 per diluted common share, in the third quarter of 2011.

This is less than a quarter of the $238.5m ($2.08 per diluted common share) the firm made in the corresponding period last year, and around half the $109.9m ($1.05 per diluted common share) it made in the preceding quarter (Q2 2011).

In the first nine months of the year Validus incurred a net loss of $6m, equating to a loss per diluted common share of $0.12.

In the corresponding period last year the firm made net income of $299.9m, $2.42 per diluted common share.

Quarterly net operating income was $112.6m ($1.09 per diluted common share,), up from $81.8m in Q2 2011 but significantly less than the $173m in Q3 2010.

Net operating income in the first nine months of the year was $29m, compared to $166.4m in 9M 2010.

Chairman and Chief Executive Officer Ed Noonan said that the firm continued to deliver strong results, citing the annualized net operating return on average equity in Q3 of 13.1%.

 

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