[July 25, 2016] |
|
W. R. Berkley Corporation Reports Second Quarter Results
W. R. Berkley Corporation (NYSE: WRB) today reported net income
for the second quarter of 2016 of $109 million, or 85 cents per share.
|
Summary Financial Data
|
(Amounts in thousands, except per share data)
|
|
|
|
Second Quarter
|
|
Six Months
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Gross premiums written
|
|
$
|
1,939,365
|
|
|
$
|
1,811,398
|
|
|
$
|
3,895,062
|
|
|
$
|
3,663,203
|
|
Net premiums written
|
|
1,642,569
|
|
|
1,543,925
|
|
|
3,306,291
|
|
|
3,119,327
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
108,967
|
|
|
123,035
|
|
|
228,477
|
|
|
241,342
|
|
Net income per diluted share
|
|
0.85
|
|
|
0.95
|
|
|
1.78
|
|
|
1.84
|
|
|
|
|
|
|
|
|
|
|
Operating income (1)
|
|
104,862
|
|
|
105,124
|
|
|
219,599
|
|
|
211,052
|
|
Operating income per diluted share
|
|
0.82
|
|
|
0.81
|
|
|
1.71
|
|
|
1.61
|
|
|
|
|
|
|
|
|
|
|
Return on equity (2)
|
|
9.5
|
%
|
|
10.7
|
%
|
|
9.9
|
%
|
|
10.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Operating income is a non-GAAP financial measure defined by the
Company as net income excluding after-tax net investment gains.
|
|
|
|
(2)
|
|
Return on equity represents net income expressed on an annualized
basis as a percentage of beginning of year stockholders' equity.
|
|
|
|
Second quarter highlights included:
-
Net premiums written increased 6.4%.
-
The combined ratio was 92.3% before catastrophe losses and 94.9% after
catastrophe losses.
-
Book value per share grew 3.2% in the quarter and 7.1% for the first
six months of 2016.
-
Pre-tax return on equity was 13.8%.
The Company commented:
We are pleased with our results for the second quarter, especially in
light of significant industry-wide catastrophe activity as well as
global uncertainty that contributed to volatility in the financial
markets. Although the environment remains competitive, net premiums
written continued to grow as we target areas of the market that offer
attractive margins. We continue to find opportunities to attract
talented individuals with the knowledge and expertise to build new
specialty businesses and strengthen our franchise. During the quarter,
we announced the creation of a high net worth personal lines business
and the formation of Berkley Insurance Asia. We expect to announce other
new ventures during the balance of the year.
As we previously stated, we expect to report a pre-tax gain of
approximately $130 million from the sale of an investment in our
alternative portfolio in the third quarter. Investing for total return
remains an important part of our strategy to build long-term shareholder
value in a low interest rate environment. These gains cause variability
in our quarterly results, but we expect them to enhance our overall
returns.
Our Company is well positioned for the current environment and has the
strength and flexibility to respond to changes as they occur.
Accordingly, we remain optimistic about the second half of 2016.
Webcast Conference Call
The Company will hold its quarterly conference call with analysts and
investors to discuss its earnings and other information on July 25,
2016, at 5:00 p.m. eastern time. The conference call will be webcast
live on the Company's website at http://www.wrberkley.com/investor-relations/events-and-presentations.aspx.
A replay of the webcast will be available on the Company's website
approximately two hours after the end of the conference call.
About W. R. Berkley Corporation
Founded in 1967, W. R. Berkley Corporation is an insurance holding
company that is among the largest commercial lines writers in the United
States and operates worldwide in two segments of the property casualty
business: Insurance and Reinsurance.
Forward Looking Information
This is a "Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995. Any forward-looking statements contained
herein, including statements related to our outlook for the industry and
for our performance for the year 2016 and beyond, are based upon the
Company's historical performance and on current plans, estimates and
expectations. The inclusion of this forward-looking information should
not be regarded as a representation by us or any other person that the
future plans, estimates or expectations contemplated by us will be
achieved. They are subject to various risks and uncertainties, including
but not limited to: the cyclical nature of the property casualty
industry; the impact of significant competition, including new
alternative entrants to the industry; the long-tail and potentially
volatile nature of the insurance and reinsurance business; product
demand and pricing; claims development and the process of estimating
reserves; investment risks, including those of our portfolio of fixed
maturity securities and investments in equity securities, including
investments in financial institutions, municipal bonds, mortgage-backed
securities, loans receivable, investment funds, including real estate,
merger arbitrage, energy related and private equity investments; the
effects of emerging claim and coverage issues; the uncertain nature of
damage theories and loss amounts; natural and man-made catastrophic
losses, including as a result of terrorist activities; general economic
and market activities, including inflation, interest rates, and
volatility in the credit and capital markets; the impact of the
conditions in the financial markets and the global economy, and the
potential effect of legislative, regulatory, accounting or other
initiatives taken in response, on our results and financial condition;
foreign currency and political risks (including those associated with
the United Kingdom's expected withdrawal from the European Union, or
"Brexit") relating to our international operations; our ability to
attract and retain key personnel and qualified employees; continued
availability of capital and financing; the success of our new ventures
or acquisitions and the availability of other opportunities; the
availability of reinsurance; our retention under the Terrorism Risk
Insurance Program Reauthorization Act of 2015; the ability of our
reinsurers to pay reinsurance recoverables owed to us; other legislative
and regulatory developments, including those related to business
practices in the insurance industry; credit risk related to our
policyholders, independent agents and brokers; changes in the ratings
assigned to us or our insurance company subsidiaries by rating agencies;
the availability of dividends from our insurance company subsidiaries;
potential difficulties with technology and/or data security; the
effectiveness of our controls to ensure compliance with guidelines,
policies and legal and regulatory standards; and other risks detailed
from time to time in the Company's filings with the Securities and
Exchange Commission. These risks and uncertainties could cause our
actual results for the year 2016 and beyond to differ materially from
those expressed in any forward-looking statement we make. Any
projections of growth in our revenues would not necessarily result in
commensurate levels of earnings. Forward-looking statements speak only
as of the date on which they are made, and the Company undertakes no
obligation to update publicly or revise any forward-looking statement,
whether as a result of new information, future developments or otherwise.
|
Consolidated Financial Summary
|
(Amounts in thousands, except per share data)
|
|
|
|
Second Quarter
|
|
Six Months
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
|
|
|
|
|
Net premiums written
|
|
$
|
1,642,569
|
|
|
$
|
1,543,925
|
|
|
$
|
3,306,291
|
|
|
$
|
3,119,327
|
|
Change in unearned premiums
|
|
(82,776
|
)
|
|
(50,884
|
)
|
|
(219,163
|
)
|
|
(154,273
|
)
|
Net premiums earned
|
|
1,559,793
|
|
|
1,493,041
|
|
|
3,087,128
|
|
|
2,965,054
|
|
Investment income
|
|
129,049
|
|
|
127,583
|
|
|
259,182
|
|
|
251,822
|
|
Insurance service fees
|
|
36,939
|
|
|
35,942
|
|
|
77,301
|
|
|
72,460
|
|
Net realized investment gains
|
|
6,315
|
|
|
27,557
|
|
|
31,772
|
|
|
46,601
|
|
Other than temporary impairments
|
|
-
|
|
|
-
|
|
|
(18,114
|
)
|
|
-
|
|
Revenues from non-insurance businesses
|
|
123,764
|
|
|
105,596
|
|
|
225,544
|
|
|
198,202
|
|
Other income
|
|
54
|
|
|
46
|
|
|
312
|
|
|
305
|
|
Total revenues
|
|
1,855,914
|
|
|
1,789,765
|
|
|
3,663,125
|
|
|
3,534,444
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Losses and loss expenses
|
|
964,162
|
|
|
906,235
|
|
|
1,886,483
|
|
|
1,806,943
|
|
Other operating costs and expenses
|
|
581,955
|
|
|
573,582
|
|
|
1,164,414
|
|
|
1,124,628
|
|
Expenses from non-insurance businesses
|
|
116,731
|
|
|
98,730
|
|
|
212,262
|
|
|
188,400
|
|
Interest expense
|
|
34,752
|
|
|
33,031
|
|
|
66,976
|
|
|
67,569
|
|
Total expenses
|
|
1,697,600
|
|
|
1,611,578
|
|
|
3,330,135
|
|
|
3,187,540
|
|
Income before income taxes
|
|
158,314
|
|
|
178,187
|
|
|
332,990
|
|
|
346,904
|
|
Income tax expense
|
|
(49,408
|
)
|
|
(55,138
|
)
|
|
(103,837
|
)
|
|
(105,411
|
)
|
Net income before noncontrolling interests
|
|
108,906
|
|
|
123,049
|
|
|
229,153
|
|
|
241,493
|
|
Noncontrolling interests
|
|
61
|
|
|
(14
|
)
|
|
(676
|
)
|
|
(151
|
)
|
Net income to common stockholders
|
|
$
|
108,967
|
|
|
$
|
123,035
|
|
|
$
|
228,477
|
|
|
$
|
241,342
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.89
|
|
|
$
|
0.99
|
|
|
$
|
1.86
|
|
|
$
|
1.93
|
|
Diluted
|
|
$
|
0.85
|
|
|
$
|
0.95
|
|
|
$
|
1.78
|
|
|
$
|
1.84
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
122,616
|
|
123,781
|
|
122,698
|
|
124,869
|
Diluted
|
|
128,575
|
|
129,988
|
|
128,562
|
|
131,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Segment Operating Results
|
(Amounts in thousands, except ratios) (1) (2)
|
|
|
|
|
|
|
|
Second Quarter
|
|
Six Months
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Insurance:
|
|
|
|
|
|
|
|
|
Gross premiums written
|
|
$
|
1,753,273
|
|
|
$
|
1,658,954
|
|
|
$
|
3,516,343
|
|
|
$
|
3,351,357
|
|
Net premiums written
|
|
1,471,749
|
|
|
1,401,078
|
|
|
2,960,486
|
|
|
2,826,217
|
|
Premiums earned
|
|
1,399,865
|
|
|
1,351,382
|
|
|
2,775,223
|
|
|
2,662,658
|
|
Pre-tax income
|
|
183,261
|
|
|
183,470
|
|
|
389,176
|
|
|
371,639
|
|
Loss ratio
|
|
61.9
|
%
|
|
61.3
|
%
|
|
61.2
|
%
|
|
61.2
|
%
|
Expense ratio
|
|
32.3
|
%
|
|
33.0
|
%
|
|
32.4
|
%
|
|
32.7
|
%
|
GAAP combined ratio
|
|
94.2
|
%
|
|
94.3
|
%
|
|
93.6
|
%
|
|
93.9
|
%
|
|
|
|
|
|
|
|
|
|
Reinsurance:
|
|
|
|
|
|
|
|
|
Gross premiums written
|
|
$
|
186,092
|
|
|
$
|
152,444
|
|
|
$
|
378,719
|
|
|
$
|
311,846
|
|
Net premiums written
|
|
170,820
|
|
|
142,847
|
|
|
345,805
|
|
|
293,110
|
|
Premiums earned
|
|
159,928
|
|
|
141,659
|
|
|
311,905
|
|
|
302,396
|
|
Pre-tax income
|
|
17,073
|
|
|
27,122
|
|
|
38,870
|
|
|
47,384
|
|
Loss ratio
|
|
61.3
|
%
|
|
54.9
|
%
|
|
60.5
|
%
|
|
58.8
|
%
|
Expense ratio
|
|
40.1
|
%
|
|
38.7
|
%
|
|
39.2
|
%
|
|
37.1
|
%
|
GAAP combined ratio
|
|
101.4
|
%
|
|
93.6
|
%
|
|
99.7
|
%
|
|
95.9
|
%
|
|
|
|
|
|
|
|
|
|
Corporate and Eliminations:
|
|
|
|
|
|
|
|
|
Net realized investment gains
|
|
$
|
6,315
|
|
|
$
|
27,557
|
|
|
$
|
13,658
|
|
|
$
|
46,601
|
|
Interest expense
|
|
(34,752
|
)
|
|
(33,031
|
)
|
|
(66,976
|
)
|
|
(67,569
|
)
|
Other revenues and expenses
|
|
(13,583
|
)
|
|
(26,931
|
)
|
|
(41,738
|
)
|
|
(51,151
|
)
|
Pre-tax loss
|
|
(42,020
|
)
|
|
(32,405
|
)
|
|
(95,056
|
)
|
|
(72,119
|
)
|
|
|
|
|
|
|
|
|
|
Consolidated:
|
|
|
|
|
|
|
|
|
Gross premiums written
|
|
$
|
1,939,365
|
|
|
$
|
1,811,398
|
|
|
$
|
3,895,062
|
|
|
$
|
3,663,203
|
|
Net premiums written
|
|
1,642,569
|
|
|
1,543,925
|
|
|
3,306,291
|
|
|
3,119,327
|
|
Premiums earned
|
|
1,559,793
|
|
|
1,493,041
|
|
|
3,087,128
|
|
|
2,965,054
|
|
Pre-tax income
|
|
158,314
|
|
|
178,187
|
|
|
332,990
|
|
|
346,904
|
|
Loss ratio
|
|
61.8
|
%
|
|
60.7
|
%
|
|
61.1
|
%
|
|
60.9
|
%
|
Expense ratio
|
|
33.1
|
%
|
|
33.5
|
%
|
|
33.1
|
%
|
|
33.1
|
%
|
GAAP combined ratio
|
|
94.9
|
%
|
|
94.2
|
%
|
|
94.2
|
%
|
|
94.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Loss ratio is losses and loss expenses incurred expressed as a
percentage of premiums earned. Expense ratio is underwriting
expenses expressed as a percentage of premiums earned. GAAP combined
ratio is the sum of the loss ratio and the expense ratio.
|
|
|
|
(2)
|
|
Commencing with the first quarter of 2016, the Company reports its
operating results in two segments - Insurance (formerly,
Insurance-Domestic and Insurance-International) and Reinsurance.
Reclassifications have been made to the Company's 2015 financial
information to conform with this presentation.
|
|
|
|
|
|
|
|
|
Supplemental Information
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
Second Quarter
|
|
Six Months
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net premiums written:
|
|
|
|
|
|
|
|
|
Other liability
|
|
$
|
498,466
|
|
|
$
|
432,462
|
|
|
$
|
956,764
|
|
|
$
|
854,496
|
Workers' compensation
|
|
346,167
|
|
|
348,972
|
|
|
748,949
|
|
|
726,841
|
Short-tail lines (1)
|
|
327,409
|
|
|
328,745
|
|
|
679,305
|
|
|
675,440
|
Commercial automobile
|
|
167,277
|
|
|
167,969
|
|
|
326,279
|
|
|
338,920
|
Professional liability
|
|
132,430
|
|
|
122,930
|
|
|
249,189
|
|
|
230,520
|
Total Insurance
|
|
1,471,749
|
|
|
1,401,078
|
|
|
2,960,486
|
|
|
2,826,217
|
Casualty reinsurance
|
|
105,507
|
|
|
94,842
|
|
|
204,694
|
|
|
204,442
|
Property reinsurance
|
|
65,313
|
|
|
48,005
|
|
|
141,111
|
|
|
88,668
|
Total Reinsurance
|
|
170,820
|
|
|
142,847
|
|
|
345,805
|
|
|
293,110
|
Total
|
|
$
|
1,642,569
|
|
|
$
|
1,543,925
|
|
|
$
|
3,306,291
|
|
|
$
|
3,119,327
|
|
|
|
|
|
|
|
|
|
Losses from catastrophes:
|
|
|
|
|
|
|
|
|
Insurance
|
|
$
|
32,609
|
|
|
$
|
22,690
|
|
|
$
|
47,706
|
|
|
$
|
37,152
|
Reinsurance
|
|
7,901
|
|
|
1,797
|
|
|
8,440
|
|
|
1,797
|
Total
|
|
$
|
40,510
|
|
|
$
|
24,487
|
|
|
$
|
56,146
|
|
|
$
|
38,949
|
|
|
|
|
|
|
|
|
|
Investment income
|
|
|
|
|
|
|
|
|
Core portfolio (2)
|
|
$
|
107,341
|
|
|
$
|
105,849
|
|
|
$
|
217,647
|
|
|
$
|
215,048
|
Investment funds
|
|
18,456
|
|
|
21,851
|
|
|
35,093
|
|
|
27,912
|
Arbitrage trading account
|
|
$
|
3,252
|
|
|
(117
|
)
|
|
$
|
6,442
|
|
|
8,862
|
Total
|
|
$
|
129,049
|
|
|
$
|
127,583
|
|
|
$
|
259,182
|
|
|
$
|
251,822
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses:
|
|
|
|
|
|
|
|
|
Underwriting expenses
|
|
$
|
516,287
|
|
|
$
|
500,234
|
|
|
$
|
1,021,542
|
|
|
$
|
982,294
|
Service expenses
|
|
37,628
|
|
|
32,374
|
|
|
71,426
|
|
|
63,458
|
Net foreign currency (gains) losses
|
|
(13,084
|
)
|
|
3,076
|
|
|
(9,356
|
)
|
|
2,509
|
Other costs and expenses
|
|
41,124
|
|
|
37,898
|
|
|
80,802
|
|
|
76,367
|
Total
|
|
$
|
581,955
|
|
|
$
|
573,582
|
|
|
$
|
1,164,414
|
|
|
$
|
1,124,628
|
|
|
|
|
|
|
|
|
|
Cash flow from operations
|
|
$
|
155,991
|
|
|
$
|
271,871
|
|
|
$
|
296,759
|
|
|
$
|
332,883
|
|
|
|
|
|
|
|
|
|
Reconciliation of operating and net income:
|
|
|
|
|
|
|
|
|
Operating income (3)
|
|
$
|
104,862
|
|
|
$
|
105,124
|
|
|
$
|
219,599
|
|
|
$
|
211,052
|
After-tax investment gains
|
|
4,105
|
|
|
17,911
|
|
|
8,878
|
|
|
30,290
|
Net income
|
|
$
|
108,967
|
|
|
$
|
123,035
|
|
|
$
|
228,477
|
|
|
$
|
241,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Short-tail lines include commercial multi-peril (non-liability),
inland marine, accident and health, fidelity and surety, boiler and
machinery and other lines.
|
|
|
|
(2)
|
|
Core portfolio includes fixed maturity securities, equity
securities, cash and cash equivalents, real estate and loans
receivable.
|
|
|
|
(3)
|
|
Operating income is a non-GAAP financial measure defined by the
Company as net income excluding after-tax net investment gains.
Management believes that excluding net investment gains provides a
useful indicator of trends in the Company's underlying operations.
|
|
|
|
|
Selected Balance Sheet Information
|
(Amounts in thousands, except per share data)
|
|
|
|
June 30, 2016
|
|
December 31, 2015
|
|
|
|
|
|
Net invested assets (1)
|
|
$
|
17,235,050
|
|
|
$
|
16,460,690
|
Total assets
|
|
23,025,863
|
|
|
21,724,156
|
Reserves for losses and loss expenses
|
|
10,897,876
|
|
|
10,669,150
|
Senior notes and other debt
|
|
1,808,522
|
|
|
1,844,621
|
Subordinated debentures
|
|
727,242
|
|
|
340,320
|
Common stockholders' equity (2)
|
|
4,902,501
|
|
|
4,600,246
|
Common stock outstanding (3)
|
|
122,642
|
|
|
123,308
|
Book value per share (4)
|
|
39.97
|
|
|
37.31
|
Tangible book value per share (4)
|
|
38.21
|
|
|
35.78
|
(1)
|
|
Net invested assets include investments, cash and cash equivalents,
trading accounts receivable from brokers and clearing organizations,
trading account securities sold but not yet purchased and unsettled
purchases, net of related liabilities.
|
|
|
|
(2)
|
|
After-tax unrealized investment gains were $363 million and $181
million as of June 30, 2016 and December 31, 2015, respectively.
Unrealized currency translation losses were $305 million and $247
million as of June 30, 2016 and December 31, 2015, respectively.
|
|
|
|
(3)
|
|
During the first six months of 2016, the Company repurchased 734,055
shares of its common stock for $37.4 million, all of which took
place in the first quarter.
|
|
|
|
(4)
|
|
Book value per share is total common stockholders' equity divided by
the number of common shares outstanding. Tangible book value per
share is total common stockholders' equity excluding the after-tax
value of goodwill and other intangible assets divided by the number
of common shares outstanding.
|
|
|
|
|
|
|
|
|
|
Investment Portfolio
|
June 30, 2016
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
Carrying
Value
|
|
|
Percent
of Total
|
|
|
|
|
|
|
Fixed maturity securities:
|
|
|
|
|
|
United States government and government agencies
|
|
$
|
560,490
|
|
|
|
3.3
|
%
|
State and municipal:
|
|
|
|
|
|
Special revenue
|
|
2,759,821
|
|
|
|
16.0
|
%
|
State general obligation
|
|
644,791
|
|
|
|
3.7
|
%
|
Pre-refunded
|
|
485,518
|
|
|
|
2.8
|
%
|
Corporate backed
|
|
404,060
|
|
|
|
2.3
|
%
|
Local general obligation
|
|
392,923
|
|
|
|
2.3
|
%
|
Total state and municipal
|
|
4,687,113
|
|
|
|
27.1
|
%
|
Mortgage-backed securities:
|
|
|
|
|
|
Agency
|
|
770,222
|
|
|
|
4.5
|
%
|
Residential - Prime
|
|
241,798
|
|
|
|
1.4
|
%
|
Commercial
|
|
97,724
|
|
|
|
0.6
|
%
|
Residential - Alt A
|
|
43,418
|
|
|
|
0.3
|
%
|
Total mortgage-backed securities
|
|
1,153,162
|
|
|
|
6.8
|
%
|
Asset-backed securities
|
|
1,916,276
|
|
|
|
11.1
|
%
|
Corporate:
|
|
|
|
|
|
Industrial
|
|
2,214,423
|
|
|
|
12.9
|
%
|
Financial
|
|
1,239,538
|
|
|
|
7.2
|
%
|
Utilities
|
|
214,564
|
|
|
|
1.2
|
%
|
Other
|
|
71,017
|
|
|
|
0.4
|
%
|
Total corporate
|
|
3,739,542
|
|
|
|
21.7
|
%
|
Foreign government
|
|
898,339
|
|
|
|
5.2
|
%
|
Total fixed maturity securities (1)
|
|
12,954,922
|
|
|
|
75.2
|
%
|
Equity securities available for sale:
|
|
|
|
|
|
Preferred stocks
|
|
147,765
|
|
|
|
0.9
|
%
|
Common stocks
|
|
138,887
|
|
|
|
0.8
|
%
|
Total equity securities available for sale
|
|
286,652
|
|
|
|
1.7
|
%
|
Investment funds (2)
|
|
1,203,067
|
|
|
|
7.0
|
%
|
Cash and cash equivalents (3)
|
|
1,126,927
|
|
|
|
6.5
|
%
|
Real estate
|
|
1,024,102
|
|
|
|
5.9
|
%
|
Arbitrage trading account
|
|
496,522
|
|
|
|
2.9
|
%
|
Loans receivable
|
|
142,858
|
|
|
|
0.8
|
%
|
Net invested assets
|
|
$
|
17,235,050
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Total fixed maturity securities had an average rating of AA- and an
average duration of 3.0 years, including cash and cash equivalents.
|
|
|
|
(2)
|
|
Investment funds include an investment in publicly traded common
stock of HealthEquity, Inc. (HQY), which is carried on the equity
method of accounting. At June 30, 2016, the investment in HQY had a
carrying value of $50.1 million and a fair value of $363.7 million.
Investment funds are net of related liabilities of $2.1 million.
|
|
|
|
(3)
|
|
Cash and cash equivalents includes trading accounts receivable from
brokers and clearing organizations, trading account securities sold
but not yet purchased and unsettled purchases.
|
|
|
|
|
|
|
Foreign Government Fixed Maturity Securities
|
June 30, 2016
|
(Amounts in thousands)
|
|
|
|
|
|
Carrying Value
|
|
|
|
Australia
|
|
$
|
238,363
|
Argentina
|
|
189,683
|
Canada
|
|
161,744
|
United Kingdom
|
|
140,600
|
Germany
|
|
46,177
|
Supranational (1)
|
|
35,706
|
Brazil
|
|
35,581
|
Norway
|
|
33,261
|
Singapore
|
|
6,436
|
Colombia
|
|
6,050
|
Uruguay
|
|
4,738
|
Total
|
|
$
|
898,339
|
|
|
|
|
(1)
|
|
Supranational represents investments in the North American
Development Bank, European Investment Bank and International Bank
for Reconstruction & Development.
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160725006263/en/
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