Validus reports improved quarterly results
by Richard Kilner
Story link: Validus reports improved quarterly results
Validus Holdings, Ltd. has reported its financial results for the second quarter of 2012, including net income of $167.6m, equating to $1.62 per diluted common share.
This is a substantial improvement on the $109.9m net income ($1.05 per diluted common share) that the firm made in the corresponding period last year.
The second quarter was also better than the first of this year, when Validus made $124.2m, or $1.18 per diluted common share.
Quarterly gross written premiums rose, year-on-year, from $605.4m to $627.1m, with net premiums earned rising from $425.6m to $447.6m.
Biannual net income was $291.9m ($2.80 per diluted common share), a return to the black after the firm incurred a net loss of $62.5m ($0.68 per diluted common share) in H1 2011.
Chairman and Chief Executive Officer Ed Noonan expressed his pleasure with the firm’s Q2 net operating income of $171.2m.