Protective Insurance Corporation (NASDAQ: PTVCA, PTVCB) today
reported results for the second quarter and first six months of
2019. The Company produced second quarter net income of $1.5
million, or $0.11 per share, which compares to net income of $2.5
million, or $0.17 per share, for the prior year’s second
quarter. For the first six months of 2019, net income totaled
$4.3 million, or $0.28 per share, which compares to net income of
$2.8 million, or $0.19 per share, for the prior year period.
Loss from core business operations, before
federal income tax expense, was $0.9 million for the second quarter
of 2019 compared to income from core business operations, before
federal income tax expense, of $6.5 million during the second
quarter of 2018. For the first six months of 2019, loss from
core business operations, before federal income tax expense,
totaled $3.5 million compared to income from core business
operations, before federal income tax expense, of $11.3 million
during the 2018 period.
- Book value per share increased by $0.63 per share to $25.26
during the second quarter of 2019, an increase of 2.6% in the
quarter and total value creation of 3.0% including the $0.10 per
share dividend paid to shareholders during the second quarter of
2019. Shareholders’ equity increased by $1.3m during the
second quarter of 2019, an increase of 0.4%.
- Repurchased $9.1 million (526,832 shares) since January 1,
2019. These purchases are immediately accretive to book value
per share, given an average repurchase price of 68% of June 30,
2019 book value ($2.6 million of the $9.1 million in repurchases
occurred after June 30, 2019).
- Net investment income increased 12.1% for the second quarter of
2019 compared to the prior year and 22.0% during the first six
months of 2019 compared to prior year.
- Combined ratio of 106.4% for the second quarter of 2019 and
107.2% for the first six months of 2019.
Net premiums earned for the second quarter of
2019 increased to $115.6 million, up 3.3% compared to the prior
year period. Gross premiums written for the second quarter of
2019 increased 3.4% to $147.2 million compared to $142.3 million
written during the prior year period. The slightly higher net
premiums earned were the result of growth in the Company’s workers’
compensation business.
Underwriting operations produced a combined
ratio of 106.4% during the second quarter of 2019 compared to a
combined ratio of 99.4% for the prior year period. The second
quarter 2019 increase in the combined ratio reflects a higher
current accident-year loss ratio related to severe commercial
automobile claims, including continued emergence of severity.
For the second quarter of 2019, prior accident year loss
development was favorable at $0.6 million. For the first six
months of 2019, the combined ratio was 107.2%, which compares to a
combined ratio of 99.6% for the 2018 period, with the increase
reflecting similar current accident-year development related to
commercial automobile claims. The Company continues to
maintain current accident-year loss ratios at a level consistent
with rising severity expectations in commercial automobile.
In our agency placed commercial automobile excess and medium fleet
product lines the Company attained rate increases of 19% on $28.5
million of premiums available for renewal during the first six
months of 2019. As a result, the premium retention rate
achieved in these product lines was less than in recent years at
81% during the second quarter and 74% for the first half of 2019,
resulting from our commitment to remain disciplined in our
underwriting and create long-term value for our stakeholders.
Jeremy Johnson, Protective’s Chief Executive
Officer, said: “My first seventy-seven days as CEO have been an
exciting opportunity to meet with our insureds and our broker
partners – many of whom I’ve had the pleasure of working with in
the past, and I’m gratified by the value that they place on
Protective. My new colleagues and I have made progress in our
operational initiatives: in addition to driving significant rate
increases in commercial auto, we remain equally focused on risk
selection and volatility; have reduced net limits and cancelled
certain books of business that were falling short of our
underwriting expectations. While we have hard work ahead of
us to continue to get rate, manage volatility and exercise expense
discipline, I’m encouraged by the tailwinds we have supporting our
book value per share, including: a hardening market in commercial
auto, favorable investment leverage, the potential for further
accretive share repurchases, and our historical reinsurance
treaties, which effectively provide a 75% adverse development cover
for subject commercial auto policies written from July-2013 through
June-2019.”
Commercial automobile products covered by our
reinsurance treaties from July-2013 through June-2019 are subject
to an aggregate stop-loss provision. Once this aggregate
stop-loss level is reached, for every $100 of additional loss, the
Company is responsible only for its $25 retention. The
following table illustrates the benefit of these reinsurance
treaties, as the net financial loss to the Company of a further
increase in ultimate losses for each of the six most recent
reinsurance treaty years (2013-2018) covering these commercial
automobile products, is only about 25% of the gross loss:
|
5% Increase in Ultimate Loss Ratio |
|
10%Increase in Ultimate Loss Ratio |
Gross loss expense from further strengthening current reserve
position |
$ |
42.6 |
|
$ |
85.2 |
Net financial loss |
|
10.7 |
|
|
21.3 |
$/share (after tax) |
$ |
0.57 |
|
$ |
1.14 |
|
|
|
|
Commercial automobile products covered by the Company’s
reinsurance treaty from July-2019 through June-2020 are also
subject to an 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 both: (1) the Company choosing to buy less reinsurance,
due to a higher cost of reinsurance for the 2019 treaty-year, and
(2) the Company’s confidence in profitability improvements given
rate increases it’s receiving on its commercial automobile
products.
Net investment income for the second quarter of
2019 increased 12.1% to $6.5 million compared to $5.8 million in
the prior year period. The increase reflects: higher
average funds invested resulting from positive cash flow, as well
as a reallocation from equity investments held in limited
partnerships into short duration, high quality bonds. Our
fixed income investment portfolio continues to emphasize
shorter-duration instruments. If there was a hypothetical increase
in interest rates of 100 basis points, the price of our fixed
income portfolio, including cash, at June 30, 2019 would be
expected to fall by approximately 2.2%. Credit quality
remains high with a weighted average rating of AA-, including
cash. For the first six months of 2019, net investment income
increased 22.0% to $12.7 million, compared to $10.4 million in
2018, reflecting investment impacts similar to those experienced
during the second quarter.
During the second quarter of 2019, the Company
reallocated approximately $3.7 million of equity securities,
including distributions from limited partnerships, into
short-duration, high quality bonds. For the first six months
of 2019, the Company has reallocated approximately $34.8 million of
equity securities into short-duration, high quality bonds.
This reallocation was consistent with investment activity
throughout 2018 where approximately $122.0 million of equity
securities were reallocated to short-duration treasuries.
These equity sales further solidified the conservative nature of
our high quality, short-duration investment portfolio;
opportunistically utilized the lower corporate tax rate of 21%,
which was beneficial given the low tax basis of many of these
equity positions; and were accretive to income.
The Company continues to focus on our operating
initiative of expense discipline, reflected in the 2.2 percentage
points decline in the expense ratio during the first six months of
2019 when compared to 2018. We will continue to manage our
expense base, particularly as we gain greater clarity on the impact
of continuing to attain increasing premium rates, and the influence
of increased rates upon the retention of renewing policies.
Book value per share as of June 30, 2019 was
$25.26, an increase of $1.31 per share during the first six months
of 2019, after the payment of cash dividends to shareholders
totaling $0.20 per share.
The Company's net income, 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 before federal
income tax expense to underwriting income (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 |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
Income before federal income tax expense |
$ |
1,950 |
|
|
$ |
3,057 |
|
|
$ |
5,464 |
|
|
$ |
3,371 |
|
Less: Net realized gains on investments |
|
627 |
|
|
|
915 |
|
|
|
327 |
|
|
|
1,290 |
|
Less: Net unrealized gains (losses) - equity securities and limited
partnerships |
|
2,262 |
|
|
|
(4,350 |
) |
|
|
8,589 |
|
|
|
(9,258 |
) |
Income (loss) from core business operations |
$ |
(939 |
) |
|
$ |
6,492 |
|
|
$ |
(3,452 |
) |
|
$ |
11,339 |
|
Less: Net investment income |
|
6,500 |
|
|
|
5,796 |
|
|
|
12,732 |
|
|
|
10,432 |
|
Underwriting income
(loss) |
$ |
(7,439 |
) |
|
$ |
696 |
|
|
$ |
(16,184 |
) |
|
$ |
907 |
|
|
|
|
|
|
|
|
|
The Company’s management uses the term income
(loss) from core business operations, a non-GAAP financial measure,
which is defined as income before federal income tax expense
excluding pre-tax realized and unrealized investment gains and
losses. This financial measure is used to evaluate the
Company’s operating performance because the recognition of realized
investment gains and losses, and occurrence of unrealized gains,
could distort analysis of trends in the core underwriting
business.
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 7, 2019, at
11:00 AM EST to discuss results for the second quarter ended June
30, 2019.
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
14, 2019 by calling 1-844-512-2921 or 1-412-317-6671 and
referencing passcode 13691818. 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 7, 2020. The webcast may be accessed directly at:
http://public.viavid.com/index.php?id=134964.
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 |
|
|
|
|
2019 |
|
|
2018 |
|
|
Assets |
|
|
|
|
|
Investments
1: |
|
|
|
|
Fixed income securities (2019: $726,053; 2018:
$600,504) |
$ |
737,148 |
|
$ |
592,645 |
|
|
Equity securities |
|
74,555 |
|
|
66,422 |
|
|
Limited partnerships, at equity |
|
35,535 |
|
|
55,044 |
|
|
Commercial mortgage loans |
|
8,884 |
|
|
6,672 |
|
|
Short-term 2 |
|
1,000 |
|
|
1,000 |
|
|
|
|
|
857,122 |
|
|
721,783 |
|
|
Cash and cash equivalents |
|
80,772 |
|
|
163,996 |
|
|
Restricted cash and cash equivalents |
|
16,333 |
|
|
6,815 |
|
|
Accounts receivable |
|
111,573 |
|
|
102,972 |
|
|
Reinsurance recoverable |
|
410,445 |
|
|
392,436 |
|
|
Other assets |
|
87,425 |
|
|
88,426 |
|
|
Current federal income taxes |
|
4,599 |
|
|
7,441 |
|
|
Deferred federal income taxes |
|
2,757 |
|
|
6,262 |
|
|
|
|
$ |
1,571,026 |
|
$ |
1,490,131 |
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
Reserves for losses and loss expenses |
$ |
933,463 |
|
$ |
865,339 |
|
|
Reserves for unearned premiums |
|
79,429 |
|
|
71,625 |
|
|
Borrowings under line of credit |
|
20,000 |
|
|
20,000 |
|
|
Accounts payable and other liabilities |
|
170,718 |
|
|
177,085 |
|
|
|
|
|
1,203,610 |
|
|
1,134,049 |
|
|
Shareholders' equity: |
|
|
|
|
Common stock-no par value |
|
621 |
|
|
634 |
|
|
Additional paid-in capital |
|
54,065 |
|
|
54,720 |
|
|
Accumulated other comprehensive income ( loss) |
|
8,217 |
|
|
(7,347 |
) |
|
Retained
earnings |
|
304,513 |
|
|
308,075 |
|
|
|
|
|
367,416 |
|
|
356,082 |
|
|
|
|
$ |
1,571,026 |
|
$ |
1,490,131 |
|
|
|
|
|
|
|
|
Number of common and common |
|
|
|
|
equivalent shares outstanding |
|
14,545 |
|
|
14,869 |
|
|
Book value per outstanding share |
$ |
25.26 |
|
$ |
23.95 |
|
|
|
|
|
|
|
|
1 2019 & 2018 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 |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
Revenues |
|
|
|
|
|
|
|
|
|
Net premiums earned |
|
$ |
115,631 |
|
|
$ |
111,940 |
|
|
$ |
225,644 |
|
|
$ |
217,402 |
|
|
Net investment income |
|
|
6,500 |
|
|
|
5,796 |
|
|
|
12,732 |
|
|
|
10,432 |
|
|
Commissions and other income |
|
|
1,978 |
|
|
|
2,263 |
|
|
|
4,043 |
|
|
|
4,076 |
|
|
Net realized gains on investments, excluding impairment losses |
|
713 |
|
|
|
915 |
|
|
|
673 |
|
|
|
1,290 |
|
|
Other-than-temporary impairment losses on investments |
|
|
(86 |
) |
|
|
- |
|
|
|
(346 |
) |
|
|
- |
|
|
Net unrealized gains (losses) on equity securities and limited
partnership investments |
|
|
2,262 |
|
|
|
(4,350 |
) |
|
|
8,589 |
|
|
|
(9,258 |
) |
|
Net realized and unrealized gains (losses) on investments |
|
|
2,889 |
|
|
|
(3,435 |
) |
|
|
8,916 |
|
|
|
(7,968 |
) |
|
|
|
|
126,998 |
|
|
|
116,564 |
|
|
|
251,335 |
|
|
|
223,942 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Losses and loss expenses incurred |
|
|
90,433 |
|
|
|
77,488 |
|
|
|
177,555 |
|
|
|
149,787 |
|
|
Other operating expenses |
|
|
34,615 |
|
|
|
36,019 |
|
|
|
68,316 |
|
|
|
70,784 |
|
|
|
|
|
125,048 |
|
|
|
113,507 |
|
|
|
245,871 |
|
|
|
220,571 |
|
|
Income before federal income tax expense |
|
|
1,950 |
|
|
|
3,057 |
|
|
|
5,464 |
|
|
|
3,371 |
|
|
Federal income tax
expense |
|
|
415 |
|
|
|
570 |
|
|
|
1,181 |
|
|
|
554 |
|
|
Net income |
|
$ |
1,535 |
|
|
$ |
2,487 |
|
|
$ |
4,283 |
|
|
$ |
2,817 |
|
|
|
|
|
|
|
|
|
|
|
|
Per share data - diluted: |
|
|
|
|
|
|
|
|
|
Income (loss) before net gains (losses) on investments |
|
$ |
(.05) |
|
|
$ |
.35 |
|
|
$ |
(.19) |
|
|
$ |
.61 |
|
|
Net gains (losses) on investments |
|
|
.16 |
|
|
|
(.18) |
|
|
|
.47 |
|
|
|
(.42) |
|
|
Net income |
|
$ |
.11 |
|
|
$ |
.17 |
|
|
$ |
.28 |
|
|
$ |
.19 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
$ |
.10 |
|
|
$ |
.28 |
|
|
$ |
.20 |
|
|
$ |
.56 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of shares outstanding: |
|
|
|
|
|
|
|
|
|
Average
shares outstanding - basic |
|
|
14,616 |
|
|
|
15,014 |
|
|
|
14,731 |
|
|
|
15,012 |
|
|
Dilutive effect of share
equivalents |
|
|
63 |
|
|
|
9 |
|
|
|
60 |
|
|
|
9 |
|
|
Average shares outstanding -
diluted |
|
|
14,679 |
|
|
|
15,023 |
|
|
|
14,791 |
|
|
|
15,021 |
|
|
|
|
|
|
|
|
|
|
|
|
Protective Insurance
Corporation and Subsidiaries |
|
|
|
|
|
Unaudited Condensed
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30 |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
38,396 |
|
|
$ |
24,674 |
|
|
Investing
activities: |
|
|
|
|
|
Purchases of available-for-sale investments |
|
|
(245,099 |
) |
|
|
(215,226 |
) |
|
Purchases of limited partnership interests |
|
|
- |
|
|
|
(450 |
) |
|
Proceeds from sales or
maturities |
|
|
|
|
|
of available-for-sale investments |
|
|
110,756 |
|
|
|
139,998 |
|
|
Net purchases of short-term investments |
|
|
- |
|
|
|
- |
|
|
Purchase of insurance company-owned life insurance |
|
|
- |
|
|
|
(10,000 |
) |
|
Purchase of commercial mortgage loans |
|
|
(2,213 |
) |
|
|
- |
|
|
Distributions from limited partnerships |
|
|
20,231 |
|
|
|
369 |
|
|
Other investing
activities |
|
|
(1,343 |
) |
|
|
(2,683 |
) |
|
Net cash used in investing activities |
|
|
(103,219 |
) |
|
|
(435 |
) |
|
Financing
activities: |
|
|
|
|
|
Dividends paid to shareholders |
|
|
(2,987 |
) |
|
|
(8,456 |
) |
|
Repurchase of common
shares |
|
|
(6,487 |
) |
|
|
(1,280 |
) |
|
Net cash used in financing activities |
|
|
(9,474 |
) |
|
|
(9,736 |
) |
|
|
|
|
|
|
|
Effect of foreign exchange rates on cash and cash equivalents |
|
|
591 |
|
|
|
(411 |
) |
|
|
|
|
|
|
|
Increase (decrease) in cash, cash equivalents and restricted cash
and cash equivalents |
|
|
(73,706 |
) |
|
|
14,092 |
|
|
Cash, cash equivalents and
restricted cash and cash equivalents at beginning of period |
|
|
170,811 |
|
|
|
68,713 |
|
|
Cash, cash equivalents and
restricted cash and cash equivalents at end of period |
|
$ |
97,105 |
|
|
$ |
82,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
(unaudited) |
|
|
|
|
|
|
|
Protective Insurance
Corporation and Subsidiaries |
|
|
|
|
|
|
|
(In thousands, except per
share data) |
Three Months Ended |
|
Six Months Ended |
|
June 30 |
|
June 30 |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
Annualized |
|
|
|
|
|
|
|
Book
value per share beginning of period |
$ |
24.63 |
|
|
$ |
27.38 |
|
|
$ |
23.95 |
|
|
$ |
27.83 |
|
Book value per share end of
period |
|
25.26 |
|
|
|
27.14 |
|
|
|
25.26 |
|
|
|
27.14 |
|
Change in book value per share |
$ |
0.63 |
|
|
$ |
(0.24 |
) |
|
$ |
1.31 |
|
|
$ |
(0.69 |
) |
Dividends paid |
|
0.10 |
|
|
|
0.28 |
|
|
|
0.20 |
|
|
|
0.56 |
|
Change in book value per share plus dividends paid |
$ |
0.73 |
|
|
$ |
0.04 |
|
|
$ |
1.51 |
|
|
$ |
(0.13 |
) |
Total value creation 1 |
|
11.9 |
% |
|
|
0.6 |
% |
|
|
12.6 |
% |
|
|
(0.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity: |
|
|
|
|
|
|
|
Average shareholders' equity |
|
366,743 |
|
|
|
409,523 |
|
|
|
361,749 |
|
|
|
413,023 |
|
|
|
|
|
|
|
|
|
Net income |
|
1,535 |
|
|
|
2,487 |
|
|
|
4,283 |
|
|
|
2,817 |
|
Less: Net realized gains (losses) on investments, net of tax |
|
2,282 |
|
|
|
(2,714 |
) |
|
|
7,044 |
|
|
|
(6,295 |
) |
Less: Goodwill impairment charge, net of tax |
|
0 |
|
|
|
- |
|
|
|
0 |
|
|
|
- |
|
Net operating income (loss) |
|
(747 |
) |
|
|
5,201 |
|
|
|
(2,761 |
) |
|
|
9,112 |
|
|
|
|
|
|
|
|
|
Return on net income 2 |
|
1.7 |
% |
|
|
2.4 |
% |
|
|
2.4 |
% |
|
|
1.4 |
% |
Return on net operating income (loss) 2 |
|
(0.8 |
%) |
|
|
5.1 |
% |
|
|
(1.5 |
%) |
|
|
4.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
and LAE expenses incurred |
$ |
90,433 |
|
|
$ |
77,488 |
|
|
$ |
177,555 |
|
|
$ |
149,787 |
|
Net premiums earned |
|
115,631 |
|
|
|
111,940 |
|
|
|
225,644 |
|
|
|
217,402 |
|
Loss and LAE ratio |
|
78.2 |
% |
|
|
69.2 |
% |
|
|
78.7 |
% |
|
|
68.9 |
% |
|
|
|
|
|
|
|
|
Other
operating expenses |
$ |
34,615 |
|
|
$ |
36,019 |
|
|
$ |
68,316 |
|
|
$ |
70,784 |
|
Less: Commissions and other
income |
|
1,978 |
|
|
|
2,263 |
|
|
|
4,043 |
|
|
|
4,076 |
|
Other operating expenses, less commissions and other income |
$ |
32,637 |
|
|
$ |
33,756 |
|
|
$ |
64,273 |
|
|
$ |
66,708 |
|
Net premiums earned |
|
115,631 |
|
|
|
111,940 |
|
|
|
225,644 |
|
|
|
217,402 |
|
Expense ratio |
|
28.2 |
% |
|
|
30.2 |
% |
|
|
28.5 |
% |
|
|
30.7 |
% |
|
|
|
|
|
|
|
|
Combined ratio
3 |
|
106.4 |
% |
|
|
99.4 |
% |
|
|
107.2 |
% |
|
|
99.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written |
$ |
147,152 |
|
|
$ |
142,270 |
|
|
$ |
296,045 |
|
|
$ |
291,093 |
|
Net premiums written |
|
115,695 |
|
|
|
114,254 |
|
|
|
231,017 |
|
|
|
227,688 |
|
|
|
|
|
|
|
|
|
1 Total Value Creation equals change in book value plus dividends
paid, divided by beginning book value. Quarterly amounts have been
annualized. |
2 Quarterly and year-to-date amounts have been annualized |
3 The combined ratio is calculated as ratio of losses and loss
expenses incurred, plus other operating expenses, less commission
and other income to net premiums earned. |
|
|
|
|
|
|
|
|
Investor Contact: William
Vensinvestors@protectiveinsurance.com(317) 429-2554
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