NYMagic 1Q Profit Increases 20 Percent
Monday May 9, 1:44 pm ET
NYMagic 1Q Earnings Rise 20 Percent on Growth in Premiums Written, Top Analysts' Forecast
NEW YORK (AP) -- Insurance holding company NYMagic Inc. on Monday said first-quarter earnings rose 20 percent from last year, boosted by an increase in premiums written as well as growth in net retention.
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Net income grew to $3.3 million, or 37 cents per share, from $2.8 million, or 28 cents per share, a year earlier. Total revenue rose 34 percent to $42.1 million from $31.4 million in 2004.
Analysts surveyed by Thomson Financial expected the company to earn 32 cents per share.
Gross premiums written grew 29 percent year-over-year to $49 million, while net premiums written climbed 21 percent to $35.4 million. Net premiums earned were up 43 percent to $35.5 million, due to growth in premiums written over the year as well as an increase in net retention, the company said.
Net investment income increased by 39 percent to $6.6 million compared with $4.8 million in 2004, due to a larger investment portfolio, strong returns from the hedge fund portfolio and higher yields on short term investments.
NYMagic shares rose 34 cents to $22.25 in afternoon trading on the New York Stock Exchange.
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