Atlas Financial Holdings, Inc. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2018; Reiterates Earnings Guidance for the Year 2018
August 07, 2018 at 02:03 am IST
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Atlas Financial Holdings, Inc. reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2018. Net premiums earned was $55,359,000 against $54,049,000 for the same period of last year. Total revenue was $56,729,000 against $55,702,000 for the same period of last year. Income from operations before income tax expense was $7,079,000 against $8,479,000 for the same period of last year. Net income attributable to common shareholders was $5,576,000 against $5,510,000 for the same period of last year. Earnings per diluted share was $0.47 against $0.45 for the same period of last year. Adjusted operating income, before income taxes was $7,337,000 or $0.61 per share against $8,736,000 or $0.72 per share for the same period of last year. Return on equity was 23.8% compared to 16.2% a year ago. Return on average common equity was 23.8% compared to 16.3% a year ago.
Net premiums earned was $111,251,000 against $102,475,000 for the same period of last year. Total revenue was $113,914,000 against $105,519,000 for the same period of last year. Income from operations before income tax expense was $13,891,000 against $15,944,000 for the same period of last year. Net income attributable to common shareholders was $11,105,000 against $10,362,000 for the same period of last year. Earnings per diluted share was $0.92 against $0.85 for the same period of last year. Adjusted operating income, before income taxes was $13,755,000 or $1.14 per share against $16,221,000 or $1.33 per share for the same period of last year. Return on equity was 23.8% compared to 15.6% a year ago. Return on average common equity was 23.8% compared to 15.6% a year ago. Book value per common share was $8.06 as of June 30, 2018, compared to $7.42 as of December 31, 2017.
For the year 2018, the company reiterates that it expects to earn net earnings per share exceeding $2.00 and achieve return-on-equity of at least 20%.
Atlas Financial Holdings, Inc. is a financial service holding company. The Companyâs primary business is generating, underwriting and servicing commercial automobile insurance policies in the United States. The Company focuses on a managing general agency (MGA) strategy, primarily through its wholly owned subsidiary, Anchor Group Management, Inc. (AGMI). AGMI focuses on a niche market orientation for the light commercial automobile sector. This sector includes taxi cabs, limousines, livery, full-time transportation network companies (TNC) drivers/operators, and other specialty commercial auto operators. Automobile insurance products provide insurance coverage in three major areas: liability, accident benefits and physical damage. The Company operates in one business segment: the Managing General Agency segment. The Companyâs subsidiaries include UBI Holdings Inc. (UBI Holdings), optOn Digital IP Inc. (OOIP) and optOn Insurance Agency Inc.
Atlas Financial Holdings, Inc. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2018; Reiterates Earnings Guidance for the Year 2018