CARMEL, Ind., May 10, 2017 (GLOBE NEWSWIRE) -- Baldwin & Lyons, Inc. (NASDAQ:BWINA) (NASDAQ:BWINB) today announced first quarter net income of $6.8 million, or $0.45 per share, which compares to net income of $14.1 million, or $0.94 per share, for the prior year’s first quarter. 

Gross premiums written for the current quarter was a record $110.0 million, 14.4% higher than the $96.2 million written during the first quarter of 2016.  The increase was primarily driven by the continued strong performance of the Company’s commercial automobile and workers’ compensation products.

Net premiums earned for the first quarter of 2017 was $74.0 million, 10.6% higher than last year’s first quarter total, primarily driven by increases in premiums earned from the commercial automobile and workers’ compensation products.

Net investment income of $3.7 million, reflected an increase of 7.3% compared to the first quarter of 2016 due to higher bond yields. 

Underwriting operations produced a combined ratio of 99.7% during the first quarter of 2017, which compares to a combined ratio of 86.5% for the 2016 first quarter. The combined ratio difference was mainly the result of unusually favorable loss experience during the first quarter of 2016 and unfavorable loss experience during the first quarter of 2017 due in part to a severe charter bus loss.      

Book value per share on March 31, 2017 was $27.34, an increase of $0.53 per share during the first quarter, after the payment of cash dividends to shareholders totaling $0.27 per share.  The combination of the increase in book value and dividends represents an 11.9% total return on beginning book value for the three months ended March 31, 2017.

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.

  • Categorized in:
  • Investor News