[October 25, 2016] |
|
W. R. Berkley Corporation Reports Third Quarter Results
W. R. Berkley Corporation (NYSE:WRB) today reported net income
for the third quarter of 2016 of $221 million, or $1.72 per share.
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Summary Financial Data
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(Amounts in thousands, except per share data)
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Third Quarter
|
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Nine Months
|
|
|
|
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2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
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|
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|
|
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|
Gross premiums written
|
|
|
|
$
|
1,868,849
|
|
|
$
|
1,822,581
|
|
|
$
|
5,763,911
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|
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$
|
5,485,784
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Net premiums written
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1,607,365
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1,571,037
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4,913,656
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4,690,364
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Net income to common stockholders
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220,650
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152,607
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449,127
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393,949
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Net income per diluted share
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1.72
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1.18
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3.50
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3.02
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Operating income (1)
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113,641
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118,568
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333,522
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331,124
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Operating income per diluted share
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0.88
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0.92
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2.60
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2.54
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Return on equity (2)
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19.2
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%
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13.3
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%
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13.0
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%
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11.4
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%
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(1)
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Operating income is a non-GAAP financial measure defined by the
Company as net income excluding after-tax net investment gains and
related expenses.
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(2)
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Return on equity represents net income expressed on an annualized
basis as a percentage of beginning of year stockholders' equity.
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Third quarter highlights included:
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The combined ratio was 93.9%.
-
Investment income increased 9.3%.
-
Realized pre-tax gains of $176 million, including $135 million from
the sale of Aero Precision Industries.
-
Total capital returned to shareholders of $139 million, including $62
million of share repurchases and $77 million of special and ordinary
dividends.
-
Book value per share grew 8.5% for the first nine months of 2016.
The Company commented:
We were pleased with our third-quarter profitability. We reported sound
underwriting results, with a 93.9% combined ratio. Both the loss ratio
and the expense ratio were in line with our expectations. The insurance
market continues to become incrementally more competitive and growth is
more difficult to attain, yet good opportunities remain in many parts of
our business.
In today's volatile business environment, even the most careful risk
assessment and pricing decisions are likely to result in less
predictable outcomes, especially in a business as inherently uncertain
as property casualty insurance. Thus we continue to work diligently to
manage our exposures and believe we will continue to be rewarded with
strong risk-adjusted returns due to our low volatility.
Our results in the third quarter were greatly augmented by realized
gains of $176 million, before taxes. In the current low-yield
environment, we have pursued investment opportunities that offer more
attractive total returns, with modest incremental risk. This strategy
has been successful, enabling us to deliver double-digit returns on
equity to our shareholders over the long term.
We expect variable quarterly returns on equity and continue to have an
annual goal of 15% after tax. We anticipate that the future will offer
great opportunities.
Webcast Conference Call
The Company will hold its quarterly conference call with analysts and
investors to discuss its earnings and other information on October 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.
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Consolidated Financial Summary
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(Amounts in thousands, except per share data)
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Third Quarter
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Nine Months
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2016
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2015
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2016
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2015
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Revenues:
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Net premiums written
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$
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1,607,365
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$
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1,571,037
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$
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4,913,656
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$
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4,690,364
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Change in unearned premiums
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(21,421
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)
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(39,479
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)
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(240,584
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)
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(193,752
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)
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Net premiums earned
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1,585,944
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1,531,558
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4,673,072
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4,496,612
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Investment income
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145,668
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133,214
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404,850
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385,036
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Insurance service fees
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32,135
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35,192
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109,437
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107,652
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Net realized investment gains
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175,738
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66,419
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207,508
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113,020
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Other than temporary impairments
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-
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(12,515
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)
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(18,114
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)
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(12,515
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)
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Revenues from non-insurance businesses
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80,242
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107,059
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305,787
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305,261
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Other income
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|
-
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|
30
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|
-
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|
335
|
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Total revenues
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2,019,727
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1,860,957
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5,682,540
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5,395,401
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Expenses:
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Losses and loss expenses
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965,856
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926,355
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2,852,339
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2,733,298
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Other operating costs and expenses
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606,348
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573,541
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1,770,450
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1,698,169
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Expenses from non-insurance businesses
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78,865
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100,500
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291,127
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288,900
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Interest expense
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37,043
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31,641
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104,019
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99,210
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Total expenses
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1,688,112
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1,632,037
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5,017,935
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4,819,577
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Income before income taxes
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331,615
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228,920
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664,605
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575,824
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Income tax expense
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(110,952
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)
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(76,184
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)
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(214,789
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)
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|
(181,595
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)
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Net income before noncontrolling interests
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220,663
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152,736
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449,816
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394,229
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Noncontrolling interests
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(13
|
)
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(129
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)
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(689
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)
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|
(280
|
)
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Net income to common stockholders
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$
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220,650
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$
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152,607
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$
|
449,127
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$
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393,949
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Net income per share:
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Basic
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$
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1.80
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$
|
1.24
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$
|
3.66
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$
|
3.17
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Diluted
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|
$
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1.72
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$
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1.18
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$
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3.50
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$
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3.02
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Average shares outstanding:
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Basic
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|
122,562
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123,163
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|
122,652
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|
124,294
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Diluted
|
|
|
|
128,556
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|
128,947
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|
128,501
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130,563
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Business Segment Operating Results
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(Amounts in thousands, except ratios) (1) (2)
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Third Quarter
|
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Nine Months
|
|
|
|
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2016
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|
2015
|
|
2016
|
|
2015
|
Insurance:
|
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|
|
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|
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Gross premiums written
|
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|
$
|
1,696,071
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|
|
$
|
1,651,246
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|
$
|
5,212,415
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|
|
$
|
5,002,603
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|
Net premiums written
|
|
|
|
1,449,767
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|
|
1,412,327
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|
4,410,254
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|
|
4,238,544
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|
Premiums earned
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|
|
|
1,431,664
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|
|
1,379,501
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|
|
4,206,887
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|
|
4,042,159
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|
Pre-tax income
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|
|
|
215,648
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|
|
204,109
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|
|
604,825
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|
|
575,748
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|
Loss ratio
|
|
|
|
60.9
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%
|
|
60.6
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%
|
|
61.1
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%
|
|
61.0
|
%
|
Expense ratio
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|
|
|
32.4
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%
|
|
32.6
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%
|
|
32.4
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%
|
|
32.6
|
%
|
GAAP combined ratio
|
|
|
|
93.3
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%
|
|
93.2
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%
|
|
93.5
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%
|
|
93.6
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%
|
|
|
|
|
|
|
|
|
|
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|
Reinsurance:
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|
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|
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Gross premiums written
|
|
|
|
$
|
172,778
|
|
|
$
|
171,335
|
|
|
$
|
551,496
|
|
|
$
|
483,181
|
|
Net premiums written
|
|
|
|
157,598
|
|
|
158,710
|
|
|
503,402
|
|
|
451,820
|
|
Premiums earned
|
|
|
|
154,280
|
|
|
152,057
|
|
|
466,185
|
|
|
454,453
|
|
Pre-tax income
|
|
|
|
22,171
|
|
|
22,413
|
|
|
61,041
|
|
|
69,797
|
|
Loss ratio
|
|
|
|
61.1
|
%
|
|
59.1
|
%
|
|
60.7
|
%
|
|
58.9
|
%
|
Expense ratio
|
|
|
|
38.5
|
%
|
|
39.0
|
%
|
|
39.0
|
%
|
|
37.8
|
%
|
GAAP combined ratio
|
|
|
|
99.6
|
%
|
|
98.1
|
%
|
|
99.7
|
%
|
|
96.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Eliminations:
|
|
|
|
|
|
|
|
|
|
|
Net realized investment gains
|
|
|
|
$
|
175,738
|
|
|
$
|
53,904
|
|
|
$
|
189,394
|
|
|
$
|
100,505
|
|
Interest expense
|
|
|
|
(37,043
|
)
|
|
(31,641
|
)
|
|
(104,019
|
)
|
|
(99,210
|
)
|
Other revenues and expenses
|
|
|
|
(44,899
|
)
|
|
(19,865
|
)
|
|
(86,636
|
)
|
|
(71,016
|
)
|
Pre-tax income (loss)
|
|
|
|
93,796
|
|
|
2,398
|
|
|
(1,261
|
)
|
|
(69,721
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written
|
|
|
|
$
|
1,868,849
|
|
|
$
|
1,822,581
|
|
|
$
|
5,763,911
|
|
|
$
|
5,485,784
|
|
Net premiums written
|
|
|
|
1,607,365
|
|
|
1,571,037
|
|
|
4,913,656
|
|
|
4,690,364
|
|
Premiums earned
|
|
|
|
1,585,944
|
|
|
1,531,558
|
|
|
4,673,072
|
|
|
4,496,612
|
|
Pre-tax income
|
|
|
|
331,615
|
|
|
228,920
|
|
|
664,605
|
|
|
575,824
|
|
Loss ratio
|
|
|
|
60.9
|
%
|
|
60.5
|
%
|
|
61.0
|
%
|
|
60.8
|
%
|
Expense ratio
|
|
|
|
33.0
|
%
|
|
33.2
|
%
|
|
33.1
|
%
|
|
33.2
|
%
|
GAAP combined ratio
|
|
|
|
93.9
|
%
|
|
93.7
|
%
|
|
94.1
|
%
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
|
Nine Months
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net premiums written:
|
|
|
|
|
|
|
|
|
|
|
Other liability
|
|
|
|
$
|
493,097
|
|
|
$
|
438,183
|
|
|
$
|
1,449,861
|
|
|
$
|
1,292,678
|
|
Workers' compensation
|
|
|
|
352,629
|
|
|
356,879
|
|
|
1,101,579
|
|
|
1,083,720
|
|
Short-tail lines (1)
|
|
|
|
295,941
|
|
|
315,781
|
|
|
975,246
|
|
|
991,221
|
|
Commercial automobile
|
|
|
|
168,819
|
|
|
174,062
|
|
|
495,097
|
|
|
512,982
|
|
Professional liability
|
|
|
|
139,281
|
|
|
127,422
|
|
|
388,471
|
|
|
357,943
|
|
Total Insurance
|
|
|
|
1,449,767
|
|
|
1,412,327
|
|
|
4,410,254
|
|
|
4,238,544
|
|
Casualty reinsurance
|
|
|
|
91,344
|
|
|
109,014
|
|
|
296,037
|
|
|
313,455
|
|
Property reinsurance
|
|
|
|
66,254
|
|
|
49,696
|
|
|
207,365
|
|
|
138,365
|
|
Total Reinsurance
|
|
|
|
157,598
|
|
|
158,710
|
|
|
503,402
|
|
|
451,820
|
|
Total
|
|
|
|
$
|
1,607,365
|
|
|
$
|
1,571,037
|
|
|
$
|
4,913,656
|
|
|
$
|
4,690,364
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses from catastrophes:
|
|
|
|
|
|
|
|
|
|
|
Insurance
|
|
|
|
$
|
8,742
|
|
|
$
|
6,547
|
|
|
$
|
58,054
|
|
|
$
|
43,699
|
|
Reinsurance
|
|
|
|
3,425
|
|
|
959
|
|
|
10,258
|
|
|
2,756
|
|
Total
|
|
|
|
$
|
12,167
|
|
|
$
|
7,506
|
|
|
$
|
68,312
|
|
|
$
|
46,455
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income:
|
|
|
|
|
|
|
|
|
|
|
Core portfolio (2)
|
|
|
|
$
|
113,934
|
|
|
$
|
107,680
|
|
|
$
|
331,580
|
|
|
$
|
322,728
|
|
Investment funds
|
|
|
|
25,293
|
|
|
22,926
|
|
|
60,387
|
|
|
50,838
|
|
Arbitrage trading account
|
|
|
|
6,441
|
|
|
2,608
|
|
|
12,883
|
|
|
11,470
|
|
Total
|
|
|
|
$
|
145,668
|
|
|
$
|
133,214
|
|
|
$
|
404,850
|
|
|
$
|
385,036
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses
|
|
|
|
$
|
523,254
|
|
|
$
|
508,815
|
|
|
$
|
1,544,792
|
|
|
$
|
1,491,109
|
|
Service expenses
|
|
|
|
32,441
|
|
|
29,856
|
|
|
103,868
|
|
|
93,314
|
|
Net foreign currency gains
|
|
|
|
(2,193
|
)
|
|
(5,743
|
)
|
|
(11,547
|
)
|
|
(3,234
|
)
|
Other costs and expenses
|
|
|
|
52,846
|
|
|
40,613
|
|
|
133,337
|
|
|
116,980
|
|
Total
|
|
|
|
$
|
606,348
|
|
|
$
|
573,541
|
|
|
$
|
1,770,450
|
|
|
$
|
1,698,169
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operations
|
|
|
|
$
|
394,192
|
|
|
$
|
287,452
|
|
|
$
|
726,510
|
|
|
$
|
620,335
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income to operating income:
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
$
|
220,650
|
|
|
$
|
152,607
|
|
|
$
|
449,127
|
|
|
$
|
393,949
|
|
Pre-tax investment gains, net of related expenses
|
|
|
|
(168,779
|
)
|
|
(52,367
|
)
|
|
(182,004
|
)
|
|
(96,654
|
)
|
Income tax expense
|
|
|
|
61,770
|
|
|
18,328
|
|
|
66,399
|
|
|
33,829
|
|
Operating income after tax
|
|
|
|
$
|
113,641
|
|
|
$
|
118,568
|
|
|
$
|
333,522
|
|
|
$
|
331,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
Beginning with the third quarter of 2016, investment gains are
computed net of related expenses, including performance-based
compensatory costs associated with such investment gains. Prior
periods have been adjusted to reflect this presentation. Management
believes this measurement provides a useful indicator of trends in
the Company's underlying operations.
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Information
|
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2016
|
|
December 31,
2015
|
|
|
|
|
|
|
|
Net invested assets (1)
|
|
|
|
$
|
17,726,972
|
|
$
|
16,460,690
|
Total assets
|
|
|
|
23,345,656
|
|
21,724,156
|
Reserves for losses and loss expenses
|
|
|
|
11,097,830
|
|
10,669,150
|
Senior notes and other debt
|
|
|
|
1,762,487
|
|
1,844,621
|
Subordinated debentures
|
|
|
|
727,390
|
|
340,320
|
Common stockholders' equity (2)
|
|
|
|
4,925,765
|
|
4,600,246
|
Common stock outstanding (3)
|
|
|
|
121,685
|
|
123,308
|
Book value per share (4)
|
|
|
|
40.48
|
|
37.31
|
Tangible book value per share (4)
|
|
|
|
38.98
|
|
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 $315 million and $181
million as of September 30, 2016 and December 31, 2015,
respectively. Unrealized currency translation losses were $325
million and $247 million as of September 30, 2016 and December 31,
2015, respectively.
|
|
|
|
|
|
(3)
|
|
During the three months ended September 30, 2016, the Company
repurchased 1,087,285 shares of its common stock for $62.4 million.
During the first nine months of 2016, the Company repurchased
1,821,340 shares of its common stock for $99.9 million.
|
|
|
|
|
|
(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
|
September 30, 2016
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Carrying
Value
|
|
Percent
of Total
|
|
|
|
|
|
|
|
Fixed maturity securities:
|
|
|
|
|
|
|
United States government and government agencies
|
|
|
|
$
|
554,993
|
|
3.1
|
%
|
State and municipal:
|
|
|
|
|
|
|
Special revenue
|
|
|
|
2,853,455
|
|
16.1
|
%
|
State general obligation
|
|
|
|
595,227
|
|
3.4
|
%
|
Pre-refunded
|
|
|
|
399,021
|
|
2.2
|
%
|
Local general obligation
|
|
|
|
396,076
|
|
2.2
|
%
|
Corporate backed
|
|
|
|
389,544
|
|
2.2
|
%
|
Total state and municipal
|
|
|
|
4,633,323
|
|
26.1
|
%
|
Mortgage-backed securities:
|
|
|
|
|
|
|
Agency
|
|
|
|
905,958
|
|
5.1
|
%
|
Residential - Prime
|
|
|
|
225,754
|
|
1.3
|
%
|
Commercial
|
|
|
|
109,044
|
|
0.6
|
%
|
Residential - Alt A
|
|
|
|
38,818
|
|
0.2
|
%
|
Total mortgage-backed securities
|
|
|
|
1,279,574
|
|
7.2
|
%
|
Asset-backed securities
|
|
|
|
2,268,861
|
|
12.8
|
%
|
Corporate:
|
|
|
|
|
|
|
Industrial
|
|
|
|
2,275,880
|
|
12.9
|
%
|
Financial
|
|
|
|
1,335,507
|
|
7.5
|
%
|
Utilities
|
|
|
|
210,749
|
|
1.2
|
%
|
Other
|
|
|
|
92,032
|
|
0.5
|
%
|
Total corporate
|
|
|
|
3,914,168
|
|
22.1
|
%
|
Foreign government
|
|
|
|
965,752
|
|
5.5
|
%
|
Total fixed maturity securities (1)
|
|
|
|
13,616,671
|
|
76.8
|
%
|
Equity securities available for sale:
|
|
|
|
|
|
|
Preferred stocks
|
|
|
|
123,303
|
|
0.7
|
%
|
Common stocks
|
|
|
|
35,671
|
|
0.2
|
%
|
Total equity securities available for sale
|
|
|
|
158,974
|
|
0.9
|
%
|
Investment funds (2)
|
|
|
|
1,229,634
|
|
6.9
|
%
|
Real estate
|
|
|
|
1,108,482
|
|
6.3
|
%
|
Cash and cash equivalents (3)
|
|
|
|
896,249
|
|
5.1
|
%
|
Arbitrage trading account
|
|
|
|
602,965
|
|
3.4
|
%
|
Loans receivable
|
|
|
|
113,997
|
|
0.6
|
%
|
Net invested assets
|
|
|
|
$
|
17,726,972
|
|
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 September 30, 2016, the investment in HQY
had a carrying value of $53.1 million and a fair value of $453.0
million. Investment funds are net of related liabilities of $2.1
million. In October 2016, the Company sold approximately 2.2 million
shares in HQY and realized a pre-tax gain of approximately $65
million. Following the completion of the sale, the Company expects
to begin reporting its investment in HQY at fair value.
|
|
(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
|
September 30, 2016
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
Carrying Value
|
|
|
|
|
|
Argentina
|
|
|
|
$
|
257,991
|
Australia
|
|
|
|
244,658
|
Canada
|
|
|
|
167,794
|
United Kingdom
|
|
|
|
129,265
|
Germany
|
|
|
|
43,069
|
Brazil
|
|
|
|
39,459
|
Norway
|
|
|
|
34,369
|
Supranational (1)
|
|
|
|
33,061
|
Colombia
|
|
|
|
6,040
|
Uruguay
|
|
|
|
5,158
|
Singapore
|
|
|
|
4,888
|
Total
|
|
|
|
$
|
965,752
|
|
|
|
|
|
|
(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/20161025006697/en/
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|