Arch Capital Group announces Q2 financial results
Arch Capital Group announces Q2 financial results | Insurance Business Canada
Insurance News
Arch Capital Group announces Q2 financial results
Performance by operations broken down
Insurance News
By
Terry Gangcuangco
Arch Capital Group has released its earnings report for the second quarter of 2023.
According to the company’s announcement, the net income available to Arch common shareholders for the period amounted to US$661 million. The corresponding sum in Q2 2022 was US$394 million. Gross written premium (GWP), meanwhile, saw a 25% growth.
Broken down by operations, GWP from the group’s insurance segment rose by nearly 15% while underwriting income went up 11% to US$108 million. As for the reinsurance segment, the increase in GWP stood at almost 42% while the unit’s underwriting income enjoyed a 75% boost to US$245 million.
Arch noted: “Gross premiums written by the insurance segment in the 2023 second quarter were 14.7% higher than in the 2022 second quarter, while net premiums written were 18.4% higher than in the 2022 second quarter. Growth in net premiums written reflected increases in most lines of business, due in part to new business opportunities, increases in existing accounts, and rate changes.
“Gross premiums written by the reinsurance segment in the 2023 second quarter were 41.9% higher than in the 2022 second quarter, while net premiums written were 46.9% higher than in the 2022 second quarter.
“Growth in net premiums written primarily reflected increases in property catastrophe, property excluding property catastrophe, and other specialty lines, due in part to rate increases, new business opportunities, and growth in existing accounts.”
Meanwhile after-tax operating income available to Arch common shareholders grew to US$726 million from US$506 million previously.
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