CARMEL, Ind, Feb. 16, 2017 (GLOBE NEWSWIRE) -- Baldwin & Lyons, Inc. (NASDAQ:BWINA) (NASDAQ:BWINB) today announced fourth quarter net income of $4.9 million, or $.32 per share, which compares to net income of $3.5 million, or $.24 per share, for the prior year’s fourth quarter. Net income for the full year of 2016 totaled $28.9 million, or $1.92 per share, compared to $23.3 million, or $1.55 per share, for the prior year period.

Gross premiums written for the current quarter was a record $104.9 million, 7.2% higher than the $97.8 million written during the fourth quarter of 2015. The increase was driven by the continued strong performance of the Company’s core Fleet Transportation products. Gross premiums written for the twelve months ended December 31, 2016 totaled a record $403.0 million, 5.1% higher than the previous record $383.6 million written during 2015.

Net premiums earned for the fourth quarter of 2016 was $69.1 million, 4.8% higher than last year’s fourth quarter total, driven by a 10.1% increase in premiums earned from Fleet Transportation products, partially offset by planned declines in reinsurance products. For the twelve months ended December 31, 2016, earned premiums increased 4.8% to a record twelve month total of $276.0 million.

Net investment income of $4.0 million, reflected an increase of 5.6% compared to the fourth quarter of 2015 due to higher bond yields. For the twelve months ended December 31, 2016, net investment income was $14.5 million, reflecting an increase of 15.9% compared to the prior year period.   

Book value per share on December 31, 2016 of $26.81 decreased $.17 per share during the fourth quarter, after the payment of cash dividends to shareholders totaling $.26 per share. For the twelve months ended December 31, 2016, book value per share increased $.56 after the payment of cash dividends to shareholders totaling $1.04 per share. The combination of the increase in book value and dividends represents a 6.1% total return on beginning book value for the twelve months ended December 31, 2016.

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.

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