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EGI Financial Reports Profitable Q3 2009 Results


Published on 2009-11-09 05:31:57 - Market Wire
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EGI FINANCIAL HOLDINGS INC.
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EGI Financial Reports Profitable Q3 2009 Results

TORONTO, Nov. 9 /CNW/ - EGI Financial Holdings Inc. ("EGI") (TSX: EFH) today announced its results for the third quarter ended September 30, 2009.

 2009 Third Quarter Highlights: - Net operating income decreased 67.5% to $1.3 million from $4.0 million in Q3 2008 - Book value per share increased 14.1% to $11.62 from $10.18 in Q3 2008 - Investment income increased 6.2% to $3.4 million from $3.2 million in Q3 2008 - Other comprehensive income increased to $5.7 million from a loss of $7.6 million in Q3 2008 
 Financial Summary ------------------------------------------------------------------------- 3-months 3-months ended 9-months 9-months $000s ended September ended ended (except September 30, September September per share 30, 2008 % 30, 30, % amounts) 2009 (Restated) Change 2009 2008 Change ------------------------------------------------------------------------- Direct written and assumed premiums 44,455 46,062 (3.5) 124,558 130,783 (4.8) ------------------------------------------------------------------------- Net written and assumed premiums 40,753 43,062 (5.4) 113,932 121,464 (6.2) ------------------------------------------------------------------------- Net earned premiums 35,881 36,150 (0.7) 112,940 117,708 (4.1) ------------------------------------------------------------------------- Underwriting income (loss) 284 2,894 (90.2) 115 651 (82.3) ------------------------------------------------------------------------- Investment income 3,403 3,186 6.8 11,294 12,491 (9.6) ------------------------------------------------------------------------- Net income 2,261 3,958 (42.9) 6,862 8,302 (17.3) ------------------------------------------------------------------------- Net income per diluted share 0.18 0.33 (45.5) 0.54 0.76 (28.9) ------------------------------------------------------------------------- Book value per share 11.62 10.18 14.1 11.62 10.18 14.1 ------------------------------------------------------------------------- Net operating income 1,328 3,990 (66.7) 4,805 6,181 (22.3) ------------------------------------------------------------------------- Net operating income per diluted share 0.10 0.34 (70.6) 0.38 0.55 (30.9) ------------------------------------------------------------------------- Third Quarter Highlights ------------------------ 
 Nine Month Highlights ---------------------- 
 About EGI Financial ------------------- 
 Non-GAAP Financial Measures --------------------------- 
 Forward-looking Information --------------------------- 
 Conference Call ---------------