N@N

EGI Financial Reports 2010 Second Quarter Results

_{//business-finance.news-articles.net/content/201 .. nancial-reports-2010-second-quarter-results.html}
^{Published in Business and Finance on Monday, August 9th 2010 at 5:22 GMT by Market Wire}  

 Q2 Financial Highlights ----------------------- - Net income of $1.9 million, compared to $4.8 million in the second quarter of 2009 - Net income per fully diluted share of $0.15, compared to $0.38 in the second quarter of 2009 - Direct written premiums increased by 15% over the second quarter of 2009 - Net earned premium of $40.4 million, compared to $35.5 million in the second quarter of 2009 - Investment income increased to $6.1 million from $6.0 million in the second quarter of 2009 - Book value per share increased to $11.01 from $10.98 at the end of the second quarter 2009 - Total fair value of investment portfolio and premium finance receivables increased to $329.6 million from $276.2 million as at June 30, 2009. 

 Financial Summary ----------------- 3-months 3-months 6-months 6-months ended ended ended ended $000s (except per June 30, June 30, % June 30, June 30, % share amounts) 2010 2009 Change 2010 2009 Change ------------------------------------------------------------------------- Direct written premiums 55,991 48,487 15.5 99,981 80,103 24.8 Net written premiums 51,207 44,121 16.1 89,423 73,179 22.2 Net earned premiums 40,379 35,486 13.8 78,603 77,059 2.0 Underwriting loss (3,178) 1,703 (286.6) (8,988) (169) - Interest expense 269 305 (11.8) 568 604 (6.0) Investment income 6,135 6,017 2.0 9,819 7,891 24.4 Net income 1,902 4,831 (60.6) 131 4,601 (97.2) Net income per diluted share 0.15 0.38 (60.5) 0.01 0.36 (97.2) Book value per share 11.01 10.98 0.3 11.01 10.98 0.3 Second Quarter Highlights ------------------------- 

 Operating Results ----------------- Underwriting 3-months 3-months 6-months 6-months Income (loss) ended June ended June ended June ended June $millions 30, 2010 30, 2009 30, 2010 30, 2009 ------------------------------------------------------------------------- Personal Lines $(1.4) $2.6 $(5.4) $3.0 Niche $(0.8) $1.0 $(2.1) $(0.3) International and Corporate $(1.0) $(1.9) $(1.5) $(2.9) Total $(3.2) $1.7 $(9.0) $(0.2) 

 3-months 3-months 6-months 6-months ended June ended June ended June ended June Loss Ratio 30, 2010 30, 2009 30, 2010 30, 2009 ------------------------------------------------------------------------- Personal Lines 74.1% 61.4% 80.5% 65.7% Niche 70.2% 47.2% 72.1% 61.7% International - 145.0% - 111.1% 

 Six Month Review ---------------- 

 About EGI Financial ------------------- 

 Non-GAAP Financial Measures --------------------------- 

 Forward-looking Information --------------------------- 

 Conference Call ---------------