Press Release: Arch Capital Group Ltd. Reports 2021 Third Quarter Results
Press Release: Arch Capital Group Ltd. Reports 2021 Third Quarter Results
Arch Capital Group Ltd. Reports 2021 Third Quarter Results
ARCH資本集團有限公司公佈2021年第三季度業績
PEMBROKE, Bermuda--(BUSINESS WIRE)--October 27, 2021--
彭布羅克，百慕大--(美國商業通訊社)--2021年10月27日--
Arch Capital Group Ltd. (NASDAQ: ACGL) announces its 2021 third quarter results. The results included:
ARCH資本集團有限公司(納斯達克市場代碼：ACGL)公佈了2021年第三季度業績。結果包括：
-- Net income available to Arch common shareholders of $388.8 million, or
$0.98 per share, a 12.3% annualized net income return on average common
equity, compared to $408.6 million, or $1.00 per share, for the 2020
third quarter;
-- After-tax operating income available to Arch common shareholders(1) of
$294.7 million, or $0.74 per share, a 9.3% annualized operating return on
average common equity, compared to $120.3 million, or $0.29 per share,
for the 2020 third quarter;
-- Pre-tax current accident year catastrophic losses for the Company's
insurance and reinsurance segments, net of reinsurance and reinstatement
premiums(1) of $335.9 million, primarily related to Hurricane Ida,
European floods and other global events;
-- Favorable development in prior year loss reserves, net of related
adjustments(1) of $118.3 million;
-- Combined ratio excluding catastrophic activity and prior year
development(1) of 80.1%, compared to 84.3% for the 2020 third quarter;
-- The percentage of loans in default on U.S. primary mortgage business was
2.67% at September 30, 2021, compared to 3.11% at June 30, 2021;
-- Closing of the Watford transaction resulted in a one-time net income gain
of $62.5 million, or $0.16 per share, as well as an additional $161.2
million in ceded premiums written in the quarter for the reinsurance
segment due to retrocessions to Watford, with no corresponding impact to
underwriting income;
-- 9.7 million shares repurchased at an aggregate cost of $386.9 million;
-- Book value per common share of $32.43 at September 30, 2021, a 1.3%
increase from June 30, 2021 and a 12.8% increase from September 30, 2020.
-Arch普通股股東可獲得的淨收入為3.888億美元，或每股0.98美元，平均普通股年化淨收益回報率為12.3%股本，而2020年為4.086億美元，或每股1.00美元第三季度；--Arch普通股股東可獲得的税後營業收入(1)2.947億美元，或每股0.74美元，年化運營回報率為9.3%平均普通股權益，相比之下，1.203億美元，或每股0.29美元，2020年第三季度；--公司本事故年度税前災難性虧損保險和再保險部分，扣除再保險和恢復保費(1)3.359億美元，主要與颶風艾達有關，歐洲洪水和其他全球性事件；-上年虧損準備金有利發展，扣除相關因素調整數(1)1.183億美元；-不包括災難性活動和上年的綜合比率發展(1)80.1%，而2020年第三季度為84.3%；-美國一級抵押貸款業務的違約率為2021年9月30日為2.67%，2021年6月30日為3.11%；-沃特福德交易的完成帶來了一次性淨收入收益6250萬美元，或每股0.16美元，以及額外的161.2美元本季度再保險的讓渡保費為百萬美元由於退讓給沃特福德而導致的部門，沒有相應的影響承保收入；-970萬股回購，總成本為3.869億美元；-截至2021年9月30日，每股普通股賬面價值為32.43美元，增長1.3%比2021年6月30日增加，比2020年9月30日增加12.8%。
All earnings per share amounts discussed in this release are on a diluted basis. The following table summarizes the Company's underwriting results, both (i) on a consolidated basis and (ii) on a consolidated basis excluding the 'other' segment (i.e., results of Watford). Effective July 1, 2021, the Company no longer consolidates the results of Watford in its consolidated financial statements.
本新聞稿中討論的所有每股收益都是在攤薄的基礎上計算的。下表概述了本公司的承保業績，包括(I)綜合承保業績和(Ii)不包括“其他”部門的綜合承保業績(即沃特福德的業績)。自2021年7月1日起，該公司不再在其合併財務報表中合併沃特福德公司的業績。
(U.S. dollars
in
thousands) Consolidated Consolidated Excluding 'Other' Segment (1)
----------------------------------------- -------------------------------------------
Three Months Ended September 30, Three Months Ended September 30,
----------------------------------------- -------------------------------------------
2021 2020 % Change 2021 2020 % Change
--------------- -------------- -------- --------------- -------------- ----------
Gross
premiums
written $3,207,415 $2,681,032 19.6 $3,207,415 $2,556,914 25.4
Net premiums
written 2,075,929 1,874,144 10.8 2,075,929 1,726,828 20.2
Net premiums
earned 1,929,337 1,771,092 8.9 1,929,337 1,625,061 18.7
Underwriting
income 173,745 96,604 79.9 173,745 104,877 65.7
Underwriting % Point % Point
Ratios Change Change
-------- ----------
Loss ratio 63.5% 68.7% (5.2) 63.5% 67.7% (4.2)
Underwriting
expense
ratio 27.9% 26.2% 1.7 27.9% 26.2% 1.7
---------- ---------- -------- ---------- ---------- --------
Combined
ratio 91.4% 94.9% (3.5) 91.4% 93.9% (2.5)
---------- ---------- -------- ---------- ---------- --------
Combined
ratio
excluding
catastrophic
activity and
prior year
development
(1) 80.1% 84.3% (4.2)
(美元)在……裏面千)合併合併，不包括“其他”部門(1) ----------------------------------------- ------------------------------------------- 截至9月30日的三個月，截至9月30日的三個月， ----------------------------------------- ------------------------------------------- 2021年2020%變化2021年2020%變化 --------------- -------------- -------- --------------- -------------- ---------- 毛收入保費書面$3,207,415$2,681,032 19.6$3,207,415$2,556,914 25.4淨保費書面2,075,929 1,874,144 10.8 2,075,929 1,726,828 20.2淨保費收入1,929,337 1,771,092 8.9 1,929,337 1,625,061 18.7包銷收入173,745 96,604 79.9 173,745 104,877 65.7承保%Point%點比率更改更改 -------- ---------- 損失率63.5%68.7%(5.2)63.5%67.7%(4.2)包銷費用比率27.9%26.2%1.7 27.9%26.2%1.7 ---------- ---------- -------- ---------- ---------- -------- 組合在一起比率91.4%94.9%(3.5)91.4%93.9%(2.5) ---------- ---------- -------- ---------- ---------- -------- 組合在一起比率不包括災難性活動和上一年發展 (1) 80.1% 84.3% (4.2)
(1) Presentation represents a "non-GAAP" financial measure as defined in Regulation G. Such presentation excludes the results of Watford Holdings Ltd. ("Watford"). Pursuant to GAAP, the Company consolidated the results of Watford in its financial statements through June 30, 2021. See 'Comments on Regulation G' for further details.
(1)列報屬規例G所界定的“非GAAP”財務措施。該列報不包括沃特福德控股有限公司(“沃特福德”)的業績。根據公認會計原則，該公司在截至2021年6月30日的財務報表中綜合了沃特福德公司的業績。有關更多細節，請參閲“關於規則G的評論”。
The following table summarizes the Company's consolidated financial data, including a reconciliation of net income or loss available to Arch common shareholders to after-tax operating income or loss available to Arch common shareholders and related diluted per share results:
下表彙總了該公司的綜合財務數據，包括對Arch普通股股東可獲得的淨收益或虧損與Arch普通股股東可獲得的税後營業收入或虧損以及相關稀釋後每股收益結果的核對：
(U.S. dollars in
thousands, except
share data) Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------------- --------------------------------
2021 2020 2021 2020
--------------- --------------- --------------- ---------------
Net income
available to
Arch common
shareholders $ 388,751 $ 408,636 $ 1,480,324 $ 830,768
Net realized
(gains) losses 25,040 (219,726) (247,949) (517,007)
Equity in net
(income) loss of
investment funds
accounted for
using the equity
method (105,398) (126,735) (299,270) (57,407)
Net foreign
exchange (gains)
losses (36,078) 39,462 (39,522) 17,003
Transaction costs
and other 1,036 1,674 889 5,246
Loss on
redemption of
preferred
shares 15,101 -- 15,101 --
Income tax
expense
(benefit) (1) 6,236 17,010 32,100 48,088
----------- ----------- ----------- -----------
After-tax
operating income
available to
Arch common
shareholders $ 294,688 $ 120,321 $ 941,673 $ 326,691
---------- ---------- ---------- ----------
Diluted per
common share
results:
-----------------
Net income
available to
Arch common
shareholders $ 0.98 $ 1.00 $ 3.66 $ 2.02
Net realized
(gains) losses 0.05 (0.54) (0.61) (1.25)
Equity in net
(income) loss of
investment funds
accounted for
using the equity
method (0.26) (0.31) (0.74) (0.14)
Net foreign
exchange (gains)
losses (0.09) 0.10 (0.10) 0.04
Transaction costs
and other 0.00 0.00 0.00 0.01
Loss on
redemption of
preferred
shares 0.04 -- 0.04 --
Income tax
expense
(benefit) (1) 0.02 0.04 0.08 0.12
----------- ----------- ----------- -----------
After-tax
operating income
available to
Arch common
shareholders $ 0.74 $ 0.29 $ 2.33 $ 0.80
---------- ---------- ---------- ----------
Weighted average
common shares
and common share
equivalents
outstanding --
diluted 397,903,347 409,194,657 404,260,485 410,314,897
Beginning common
shareholders'
equity $12,706,072 $11,211,825 $12,325,886 $10,717,371
Ending common
shareholders'
equity 12,557,526 11,671,997 12,557,526 11,671,997
----------- ----------- ----------- -----------
Average common
shareholders'
equity $12,631,799 $11,441,911 $12,441,706 $11,194,684
---------- ---------- ---------- ----------
Annualized net
income return on
average common
equity 12.3% 14.3% 15.9% 9.9%
Annualized
operating return
on average
common equity 9.3% 4.2% 10.1% 3.9%
(美元)數以千計，除了股票數據)截至三個月截至九個月九月三十號，九月三十號， -------------------------------- -------------------------------- 2021 2020 2021 2020 --------------- --------------- --------------- --------------- 淨收入適用於拱門公用股東$388,751$408,636$1,480,324$830,768已實現淨額(收益)虧損25,040(219,726)(247,949)(517,007)淨資產淨值(收入)損失投資基金已佔到利用股權方法(105,398)(126,735)(299,270)(57,407)淨國外交換(收益)虧損(36,078)39,462(39,522)17,003交易成本以及其他1,036,674,889,246虧損發生在贖回擇優15,101股--15,101股--所得税費用(福利)(1)6,236 17,010 32,100 48,088 ----------- ----------- ----------- ----------- 税後營業收入適用於拱門公用股東$294,688$120,321$941,673$326,691 ---------- ---------- ---------- ---------- 稀釋率普通股結果：----------------- 淨收入適用於拱門公用股東$0.98$1.00$3.66$2.02已實現淨額(收益)虧損0.05(0.54)(0.61)(1.25)淨資產淨值(收入)損失投資基金已佔到利用股權方法(0.26)(0.31)(0.74)(0.14)淨國外交換(收益)損失(0.09)0.10(0.10)0.04交易成本和其他0.00 0.00 0.00 0.01虧損發生在贖回擇優股票0.04--0.04--所得税費用(效益)(1)0.02 0.04 0.08 0.12 ----------- ----------- ----------- ----------- 税後營業收入適用於拱門公用股東$0.74$0.29$2.33$0.80 ---------- ---------- ---------- ---------- 加權平均普通股和普通股等價物傑出的--稀釋397,903,347 409,194,657 404,260,485 410,314,897開始共有股東的股本$12,706,072$11,211,825$12,325,886$10,717,371結尾常見股東的股本12,557,526 11,671,997 12,557,526 11,671,997 ----------- ----------- ----------- ----------- 平均公約數股東的股本$12,631,799$11,441,911$12,441,706$11,194,684 ---------- ---------- ---------- ---------- 年化淨額收入報税表平均公約數股本12.3%14.3%15.9%9.9%年化營業回報平均普通股權益9.3%4.2%10.1%3.9%
(1) Income tax expense (benefit) on net realized gains or losses, equity in net income (loss) of investment funds accounted for using the equity method, net foreign exchange gains or losses, transaction costs and other and loss on redemption of preferred shares reflects the relative mix reported by jurisdiction and the varying tax rates in each jurisdiction.
(1)已實現淨損益的所得税支出(收益)、按權益法核算的投資基金淨收益(虧損)權益、淨匯兑損益、交易成本及其他費用，以及優先股贖回損失反映司法管轄區報告的相對組合和各司法管轄區的變動税率。
Each line item in the table above reflects the impact of the Company's ownership of Watford's outstanding common equity through June 30, 2021. See 'Comments on Regulation G' for a discussion of non-GAAP financial measures.
上表中的每一行項目都反映了截至2021年6月30日公司對沃特福德公司已發行普通股的所有權的影響。有關非公認會計準則財務指標的討論，請參閲“關於G規則的評論”。
Segment Information
段信息
The following section provides analysis on the Company's 2021 third quarter performance by operating segment. For additional details regarding the Company's operating segments, please refer to the Company's Financial Supplement dated September 30, 2021. The Company's segment information includes the use of underwriting income (loss) and a combined ratio excluding catastrophic activity and prior year development. Such items are non-GAAP financial measures (see 'Comments on Regulation G' for further details).
以下部分按運營部門對公司2021年第三季度業績進行了分析。欲瞭解有關公司經營部門的更多詳情，請參閲公司日期為2021年9月30日的財務補充資料。該公司的部門信息包括承保收入(虧損)的使用，以及不包括災難性活動和前一年發展的綜合比率。這類項目是非公認會計準則的財務計量(詳情請參閲“關於規則G的評論”)。
譯文內容由第三人軟體翻譯。