Protective Insurance Corporation (NASDAQ: PTVCA, PTVCB) today
reported second quarter net income of $11.4 million, or $0.80
per share, which compares to net income of $1.5 million, or $0.11
per share, for the prior year’s second quarter. For the first
six months of 2020, net loss totaled $10.8 million, or $0.76 per
share, which compares to net income of $4.3 million, or $0.28 per
share, for the prior year period.
Highlights for the second quarter and first half
of 2020 include:
- Accident Year combined ratios were 101.4% for the second
quarter of 2020 and 102.9% for the first six months of 2020, an
improvement of 5.6 points and 5.0 points over the comparative 2019
periods.
- Net investment income increased to $13.6 million for the first
six months of 2020 driven by a continued asset allocation shift to
fixed income and higher investment balances.
- As a result of actions to improve underwriting profitability
and the impact of the COVID-19 pandemic, gross premiums written
declined from $147.2 million in the second quarter of 2019 to
$115.4 million in the second quarter of 2020. For the first
six months of 2020, gross premiums written were $249.6 million
compared to $296.0 million for the 2019 period.
- Prior period loss development was $0.3 million favorable for
the quarter compared to $0.6 million favorable for the prior year
quarter.
- Realized and unrealized investment gains recognized through the
statement of operations were $10.6 million (pre-tax) for the second
quarter of 2020. For the first six months of 2020, realized
and unrealized investment losses totaled $17.1 million (pre-tax).
- Book value per share increased $2.19 in value during the second
quarter due to valuation gains on our investment holdings,
including gains recognized through comprehensive income, and
positive income from core business operations. Book value per
share was $23.64 at June 30, 2020.
Jeremy Johnson, Protective’s Chief Executive
Officer, said: “Our quarterly results demonstrate the strength of
our franchise, the commitment of our colleagues and our ongoing
progress towards sustained underwriting profitability. Excluding
discontinued lines of business, premiums written in our core
trucking books increased during the quarter and our focus on
pricing improvements and risk selection has materially improved our
loss ratios. Our customers continue to make essential deliveries,
large and small, across the USA, and we are proud to support
them.”
Income from core business operations, before
federal income tax, was $5.3 million for the second quarter of 2020
compared to a loss from core business operations, before federal
income tax, of $0.9 million during the second quarter of
2019. Income from core business operations, before federal
income tax, was $7.9 million for the first six months of 2020
compared to a loss from core business operations, before federal
income tax expense, of $3.5 million for the 2019 period.
Gross premiums written for the second quarter of
2020 decreased 21.5% to $115.4 million compared to $147.2 million
written during the prior year period. Net premiums earned for
the second quarter of 2020 decreased to $97.7 million, down 15.5%
compared to the prior year period. Gross premiums written for
the first six months of 2020 decreased 15.7% to $249.5 million
compared to $296.0 million for the 2019 period. Net premiums
earned for the first six months of 2020 decreased to $207.4
million, down 8.1% compared to the prior year period. For
both periods, the lower premiums are primarily the result of
underwriting actions to improve profitability, including rate
increases and non-renewal of certain risks. Additionally, net
premiums earned within our commercial automobile products,
specifically public transportation, were lower as a result of
COVID-19 due to a reduction in miles driven.
Underwriting operations produced an accident
year combined ratio of 101.4% during the second quarter of 2020; an
improvement when compared to an accident year combined ratio of
107.0% for the prior year period. Excluding prior period
development, the second quarter of 2020 accident year loss ratio
was 70.1% which was an 8.6 point reduction from the second quarter
2019 loss ratio. The reduction in the loss ratio and combined
ratio reflects actions taken by the Company to improve underwriting
results, including non-renewal of unprofitable business as well as
significant rate increases in commercial automobile. Given
ongoing profitability challenges, the company has discontinued
writing public transportation business effective the fourth quarter
of 2020.
Prior period loss development was $0.3 million
favorable for the quarter compared to $0.6 million favorable for
the prior year quarter. For the second quarter of 2020, we
experienced favorable development in our occupational accident line
of business for accident years 2018 and 2019, partially offset by
unfavorable development in excess automobile liability and public
transportation primarily for accident year 2018.
In our commercial automobile portfolio, the
Company attained weighted average rate increases of 21% on premiums
available for renewal during the second quarter of 2020. Including
other lines of business, rate change for the quarter totaled 9.5%,
which is well above our view of loss cost trend and is contributing
to our underwriting results improvement.
Commercial automobile products covered by our
reinsurance treaties from July 3, 2013 through July 2, 2019 are
subject to an unlimited aggregate stop-loss provision.
Currently each of these treaty years is reserved at or above
the attachment level of these treaties. For every $100 of
additional loss, the Company is responsible only for its $25
retention. Commercial automobile products covered by the
Company’s reinsurance treaty from July 3, 2019 through July 2, 2020
are also subject to an unlimited aggregate stop-loss
provision. Once the aggregate stop-loss level is reached, for
every $100 of additional loss, the Company is responsible for its
$65 retention. This increase in the Company’s retention
compared to recent years reflects the combination of (1) a
decreased need for stop-loss reinsurance protection resulting from
a significant decrease in the company’s commercial automobile
subject limits profile, (2) a higher cost for this coverage and (3)
the Company’s confidence in profitability improvements given the
limit reductions and rate increases on its commercial automobile
products. Due to continued rate achievement in commercial
automobile, significant improvements in mix of business and
reductions to our limits profile the Company has decided to
non-renew this treaty for policies written after July 3, 2020.
Net investment income for the second quarter of
2020 decreased 1.9% to $6.4 million compared to $6.5 million in the
prior year period. The decrease reflected lower interest
rates on cash and cash equivalent balances in the current period
partially offset by an increase in average funds invested compared
to the second quarter of 2019. Credit quality remains high
with a weighted average rating of AA-, including cash. For
the first six months of 2020, net investment income increased 6.9%
to $13.6 million, compared to $12.7 million during the 2019 period,
reflecting an increase in average funds invested resulting from
positive cash flow, as well as the continued reallocation from
equity investments in limited partnerships and cash and cash
equivalent investments into short-duration, high-quality bonds,
partially offset by lower interest rates on cash and equivalent
balances in the current period.
Book value per share as of June 30, 2020 was
$23.64, a decrease of $1.87 per share during the first six months
of 2020, after the payment of cash dividends to shareholders
totaling $0.20 per share. Book value per share was adversely
impacted by total investment losses of $18.2 million ($14.4 million
after tax, or $1.01/share), the adoption of the new current
expected credit loss (CECL) model of $15.5 million ($12.2 million
after tax, or $0.86/share) and a deferred tax asset valuation
allowance of $2.4 million ($0.17/share).
During the second quarter of 2020, total
realized and unrealized investment gains (pre-tax) were $32.7
million. The following table provides details related to our
unrealized and realized investment gains (losses) during the three
and six months ended June 30, 2020:
|
Three months ended |
|
|
Six months ended |
|
|
June 30, 2020 |
|
|
June 30, 2020 |
|
Net realized losses on
investment, including impairments, within statements of
operations |
(4,517 |
) |
|
(9,344 |
) |
Net unrealized gains (losses)
on equity securities and limited partnership investments within
statements of operations |
15,132 |
|
|
(7,797 |
) |
Net unrealized gains (losses)
on fixed income securities recorded within other comprehensive
income (loss) |
22,077 |
|
|
(1,010 |
) |
Total realized and unrealized investment gains (losses)
(pre-tax) |
32,692 |
|
|
(18,151 |
) |
|
|
|
|
|
|
The Company recorded a $2.4 million valuation
allowance on net deferred tax assets as of June 30, 2020, a
reduction from an allowance of $4.9 million at March 31,
2020. This reduction is a result of improvements in our
investment portfolio during the quarter. The Company considered
several factors in assessing the realizability of our net deferred
tax assets. The allowance was primarily driven by the decline
in investment values and corresponding tax impacts resulting in the
reversal of deferred tax liabilities to deferred tax assets during
the first six months of 2020. We have concluded that a
valuation allowance is appropriate for our deferred tax assets not
supported by either carryback availability or future reversals of
existing taxable temporary differences. Because the Company has
recorded a three-year cumulative net loss, we were not able to
include future projected income in our analysis. This
valuation allowance does not change our positive outlook on future
company results. As we return to profitability or realize
appreciation in our equity and fixed income portfolios, our
valuation allowance will be reduced or eliminated. The
valuation allowance does not limit our ability to use deferred tax
assets in the future.
The Company's net income (loss), determined in
accordance with U.S. generally accepted accounting principles
(GAAP), includes items that may not be indicative of ongoing
operations. The following table reconciles income (loss)
before federal income tax expense (benefit) to underwriting loss, a
non-GAAP financial measure that is a useful tool for investors and
analysts in analyzing ongoing operating trends.
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30 |
|
|
June 30 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before federal income tax expense (benefit) |
$ |
14,207 |
|
|
$ |
1,950 |
|
|
$ |
(10,932 |
) |
|
$ |
5,464 |
|
Less: Net realized gains (losses) on investments |
(4,517 |
) |
|
627 |
|
|
(9,344 |
) |
|
327 |
|
Less: Net unrealized gains (losses) - equity securities and limited
partnerships |
15,132 |
|
|
2,262 |
|
|
(7,797 |
) |
|
8,589 |
|
Less: Corporate charges included in Other operating expense |
(1,700 |
) |
|
- |
|
|
(1,700 |
) |
|
- |
|
Income (loss) from core business operations |
$ |
5,292 |
|
|
$ |
(939 |
) |
|
$ |
7,909 |
|
|
$ |
(3,452 |
) |
Less: Net investment income |
6,379 |
|
|
6,500 |
|
|
13,616 |
|
|
12,732 |
|
Underwriting loss |
$ |
(1,087 |
) |
|
$ |
(7,439 |
) |
|
$ |
(5,707 |
) |
|
$ |
(16,184 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
The Company uses the term income (loss) from core
business operations, a non-GAAP financial measure, which is defined
as income (loss) before federal income tax expense (benefit)
excluding pre-tax realized and unrealized investment gains and
losses. This financial measure is used to evaluate the
Company’s operating performance. It separates out the
recognition of realized investment gains and losses, and occurrence
of unrealized gains and losses, that are often driven by market
changes in security valuations versus operating decisions.
The combined ratios and the components, as
presented herein, are commonly used in the property/casualty
insurance industry and are applied to the Company’s GAAP
underwriting results.
Conference Call
Information:
Protective Insurance Corporation has scheduled
its quarterly conference call for Wednesday, August 5, 2020, at
11:00 AM EST to discuss results for the second quarter ended June
30, 2020.
To participate via teleconference, investors may
dial 1-877-705-6003 (U.S./Canada) or 1-201-493-6725 (International
or local) at least five minutes prior to the beginning of the
call. A replay of the call will be available through August
12, 2020 by calling 1-844-512-2921 or 1-412-317-6671 and
referencing passcode 13706248. Investors and interested
parties may also listen to the call via a live webcast, accessible
on the company’s web site via a link at the top of the main
Investor Relations page. To participate in the webcast,
please register at least fifteen minutes prior to the start of the
call. The webcast will be archived on this site until
February 5, 2021. The webcast may be accessed directly at:
http://public.viavid.com/index.php?id=140535.
Also available on the investor relations section
of our web site is an investor presentation providing additional
information to be reviewed in conjunction with our earnings
call. We have also made available complete interim financial
statements and copies of our filings with the Securities and
Exchange Commission.
The accompanying unaudited condensed financial
statements have been prepared in accordance with the instructions
to Form 10-Q but do not include all of the information and
footnotes as disclosed in the Company’s annual audited financial
statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for
fair presentation have been included.
Forward-looking statements in this report are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements involve inherent
risks and uncertainties. Readers are encouraged to review the
Company's annual report for its full statement regarding
forward-looking information.
Protective Insurance Corporation and Subsidiaries |
|
|
Unaudited
Condensed Consolidated Balance Sheets |
|
|
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30 |
|
December 31 |
|
|
2020 |
|
2019 |
Assets |
|
|
|
|
Investments 1: |
|
|
|
|
Fixed income securities (2020: $800,519; 2019:
$783,047) |
$ |
812,001 |
|
$ |
795,538 |
Equity securities |
|
46,009 |
|
76,812 |
Limited partnerships, at equity |
|
7,393 |
|
23,292 |
Commercial mortgage loans |
|
11,875 |
|
11,782 |
Short-term 2 |
|
1,000 |
|
1,000 |
|
|
878,278 |
|
908,424 |
Cash and cash equivalents |
|
107,925 |
|
67,851 |
Restricted cash and cash equivalents |
|
9,780 |
|
21,037 |
Accounts receivable |
|
85,225 |
|
111,762 |
Reinsurance recoverable |
|
421,757 |
|
432,067 |
Other assets |
|
86,984 |
|
86,306 |
Current federal income taxes |
|
4,611 |
|
4,878 |
Deferred federal income taxes |
|
5,708 |
|
2,035 |
|
|
$ |
1,600,268 |
|
$ |
1,634,360 |
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
Reserves for losses and loss
expenses |
|
$ |
1,015,360 |
|
$ |
988,305 |
Reserves for unearned premiums |
|
60,191 |
|
74,810 |
Borrowings under line of credit |
|
20,000 |
|
20,000 |
Accounts payable and other liabilities |
|
168,679 |
|
186,929 |
|
|
1,264,230 |
|
1,270,044 |
Shareholders' equity: |
|
|
|
|
Common stock-no par value |
|
607 |
|
610 |
Additional paid-in
capital |
|
53,692 |
|
53,349 |
Accumulated other comprehensive income |
|
7,893 |
|
9,369 |
Retained earnings |
|
273,846 |
|
300,988 |
|
|
336,038 |
|
364,316 |
|
|
$ |
1,600,268 |
|
$ |
1,634,360 |
|
|
|
|
|
Number of common and common |
|
|
|
|
equivalent shares outstanding |
|
14,213 |
|
14,279 |
Book value per outstanding share |
|
$ |
23.64 |
|
$ |
25.51 |
|
|
|
|
|
1 2020 & 2019 cost in parentheses |
|
|
|
|
2 Approximates cost |
|
|
|
|
|
Protective
Insurance Corporation and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Statements of Operations |
(in thousands, except per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30 |
|
June 30 |
|
|
2020 |
|
|
2019 |
|
2020 |
|
|
2019 |
Revenues |
|
|
|
|
|
|
|
|
|
|
Net premiums earned |
|
$ |
97,730 |
|
|
$ |
115,631 |
|
$ |
207,389 |
|
|
$ |
225,644 |
Net investment income |
|
6,379 |
|
|
6,500 |
|
13,616 |
|
|
12,732 |
Commissions and other income |
|
1,889 |
|
|
1,978 |
|
3,551 |
|
|
4,043 |
Net realized gains (losses) on investments, excluding impairment
losses |
(4,099 |
) |
|
713 |
|
(8,886 |
) |
|
673 |
Impairment losses on investments |
|
(418 |
) |
|
(86 |
) |
(458 |
) |
|
(346) |
Net unrealized gains (losses) on equity securities and limited
partnership investments |
|
15,132 |
|
|
2,262 |
|
(7,797 |
) |
|
8,589 |
Net realized and unrealized gains (losses) on investments |
|
10,615 |
|
|
2,889 |
|
(17,141 |
) |
|
8,916 |
|
|
116,613 |
|
|
126,998 |
|
207,415 |
|
|
251,335 |
Expenses |
|
|
|
|
|
|
|
|
|
|
Losses and loss expenses incurred |
|
68,208 |
|
|
90,433 |
|
150,040 |
|
|
177,555 |
Other operating expenses |
|
34,198 |
|
|
34,615 |
|
68,307 |
|
|
68,316 |
|
|
102,406 |
|
|
125,048 |
|
218,347 |
|
|
245,871 |
Income (loss) before federal income tax expense
(benefit) |
|
14,207 |
|
|
1,950 |
|
(10,932 |
) |
|
5,464 |
Federal income tax expense
(benefit) |
|
2,840 |
|
|
415 |
|
(143 |
) |
|
1,181 |
Net income (loss) |
|
$ |
11,367 |
|
|
$ |
1,535 |
|
$ |
(10,789 |
) |
|
$ |
4,283 |
|
|
|
|
|
|
|
|
|
|
|
Per share data - diluted: |
|
|
|
|
|
|
|
|
|
|
Income (loss) before net gains (losses) on investments |
|
$ |
.21 |
|
|
$ |
(.05 |
) |
$ |
.19 |
|
|
$ |
(.19) |
Net gains (losses) on investments |
|
.59 |
|
|
.16 |
|
(.95 |
) |
|
.47 |
Net income (loss) |
|
$ |
.80 |
|
|
$ |
.11 |
|
$ |
(.76 |
) |
|
$ |
.28 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
14,117 |
|
|
14,616 |
|
14,143 |
|
|
14,731 |
Dilutive effect of share
equivalents |
|
62 |
|
|
63 |
|
- |
|
|
60 |
Diluted |
|
14,179 |
|
|
14,679 |
|
14,143 |
|
|
14,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protective
Insurance Corporation and Subsidiaries |
|
|
|
|
|
|
Unaudited
Condensed Consolidated Statements of Cash Flows |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30 |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
11,678 |
|
|
$ |
38,396 |
|
Investing
activities: |
|
|
|
|
|
|
Purchases of
available-for-sale investments |
|
(164,518 |
) |
|
(245,099 |
) |
Proceeds from sales or
maturities |
|
|
|
|
|
|
of available-for-sale
investments |
|
128,733 |
|
|
110,756 |
|
Proceeds from sales of
equity securities |
|
44,395 |
|
|
14,449 |
|
Purchase of commercial
mortgage loans |
|
(410 |
) |
|
(2,213 |
) |
Proceeds from
commercial mortgage loans |
|
121 |
|
|
- |
|
Distributions from
limited partnerships |
|
14,636 |
|
|
20,231 |
|
Other investing
activities |
|
(712 |
) |
|
(1,343 |
) |
Net cash provided by (used in) investing activities |
|
22,245 |
|
|
(103,219 |
) |
Financing
activities: |
|
|
|
|
|
|
Dividends paid to
shareholders |
|
(2,858 |
) |
|
(2,987 |
) |
Repurchase of common
shares |
|
(1,782 |
) |
|
(6,487 |
) |
Net cash used in financing activities |
|
(4,640 |
) |
|
(9,474 |
) |
|
|
|
|
|
|
|
Effect of foreign exchange rates on cash and cash equivalents |
|
(466 |
) |
|
591 |
|
|
|
|
|
|
|
|
Increase (decrease) in cash, cash equivalents and restricted cash
and cash equivalents |
|
28,817 |
|
|
(73,706 |
) |
Cash, cash
equivalents and restricted cash and cash equivalents at beginning
of period |
88,888 |
|
|
170,811 |
|
Cash, cash
equivalents and restricted cash and cash equivalents at end of
period |
$ |
117,705 |
|
|
$ |
97,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Highlights (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Protective
Insurance Corporation and Subsidiaries |
|
|
|
|
(In thousands, except share
and per share data) |
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30 |
|
|
June 30 |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share beginning
of period |
|
$ |
21.53 |
|
|
$ |
24.63 |
|
|
$ |
25.51 |
|
|
$ |
23.95 |
|
Book value per share end of
period |
|
23.64 |
|
|
25.26 |
|
|
23.64 |
|
|
25.26 |
|
Change in book value per share |
|
$ |
2.11 |
|
|
$ |
0.63 |
|
|
$ |
(1.87 |
) |
|
$ |
1.31 |
|
Dividends paid |
|
0.10 |
|
|
0.10 |
|
|
0.20 |
|
|
0.20 |
|
Change in book value per share plus dividends paid |
|
$ |
2.21 |
|
|
$ |
0.73 |
|
|
$ |
(1.67 |
) |
|
$ |
1.51 |
|
Total value creation 1 |
|
10.3 |
% |
|
3.0 |
% |
|
(6.5 |
%) |
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
|
320,711 |
|
|
366,743 |
|
|
350,177 |
|
|
361,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
11,367 |
|
|
1,535 |
|
|
(10,789 |
) |
|
4,283 |
|
Less: Tax valuation allowance recognized in net income (loss) |
|
130 |
|
|
- |
|
|
(2,176 |
) |
|
- |
|
Less: Net realized and unrealized gains (losses) on investments,
net of tax |
|
8,386 |
|
|
2,282 |
|
|
(13,541 |
) |
|
7,044 |
|
Less: Corporate charges included in Other operating expenses, net
of tax 3 |
|
(1,343 |
) |
|
- |
|
|
(1,343 |
) |
|
- |
|
Income (loss) from core business operations, net of tax |
|
4,194 |
|
|
(747 |
) |
|
6,271 |
|
|
(2,761 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on net income (loss) |
|
3.5 |
% |
|
0.4 |
% |
|
(3.1 |
%) |
|
1.2 |
% |
Return on income (loss) from core business operations, net of
tax |
|
1.3 |
% |
|
(0.2 |
%) |
|
1.8% |
|
|
(0.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and LAE expenses
incurred |
|
$ |
68,208 |
|
|
$ |
90,433 |
|
|
$ |
150,040 |
|
|
$ |
177,555 |
|
Less: Prior period loss development |
|
(318 |
) |
|
(598 |
) |
|
(326 |
) |
|
(1,656 |
) |
Loss and LAE expenses incurred, less prior period loss
development |
|
$ |
68,526 |
|
|
$ |
91,031 |
|
|
$ |
150,366 |
|
|
$ |
179,211 |
|
Net premiums earned |
|
97,730 |
|
|
115,631 |
|
|
207,389 |
|
|
225,644 |
|
Accident year loss and LAE ratio |
|
70.1 |
% |
|
78.7 |
% |
|
72.5 |
% |
|
79.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses |
|
$ |
34,198 |
|
|
$ |
34,615 |
|
|
$ |
68,307 |
|
|
$ |
68,316 |
|
Less: Commissions and other income |
|
1,889 |
|
|
1,978 |
|
|
3,551 |
|
|
4,043 |
|
Less: Corporate charges 2 |
|
1,700 |
|
|
- |
|
|
1,700 |
|
|
- |
|
Other operating expenses, excluding corporate charges, less
commissions and other income |
|
$ |
30,609 |
|
|
$ |
32,637 |
|
|
$ |
63,056 |
|
|
$ |
64,273 |
|
Net premiums earned |
|
97,730 |
|
|
115,631 |
|
|
207,389 |
|
|
225,644 |
|
Expense ratio |
|
31.3 |
% |
|
28.2 |
% |
|
30.4 |
% |
|
28.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio 3 |
|
101.4 |
% |
|
107.0 |
% |
|
102.9 |
% |
|
107.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
115,449 |
|
|
$ |
147,152 |
|
|
$ |
249,455 |
|
|
$ |
296,045 |
|
Net premiums written |
|
89,279 |
|
|
115,695 |
|
|
198,513 |
|
|
231,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Total Value Creation equals change in book value plus dividends
paid, divided by beginning book value. |
|
2 Represents the corporate charges incurred in conjunction with the
Board's review of a third party contingent sale agreement and
activities of the special committee of the Board of Directors. |
|
3 The accident year combined ratio is calculated as ratio of losses
and loss expenses incurred, excluding prior period development,
plus other operating expenses excluding corporate charges, less
commission and other income to net premiums earned. |
|
Investor Contact: John R.
Barnettinvestors@protectiveinsurance.com(317) 429-2554
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