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Arch Capital Group - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Arch Capital Group (ISIN: BMG0450A1053, WKN: 590336) Kursdatum: 21.07.2017 Kurs: 98,500 USD
Beschreibung Daten
Symbol ACGL
Marktkapitalisierung 12.284.624.896,00 USD
Land Bermuda
Indizes NASDAQ Comp.
Sektor Versicherungen
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2011-05-12 - 3:1 |
Internet
Letztes Bilanz Update 01.03.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
8,89 8,80 0,00% 2,26 28,10 18,48 2,75 1,49

Firmenbeschreibung

Unaudited Condensed Quarterly Financial InformationThe following table summarizes the 2015 and 2014 unaudited condensed quarterly financial information: FourthQuarter ThirdQuarter SecondQuarter FirstQuarterYear Ended December 31, 2015       Net premiums written$834,984 $971,972 $943,580 $1,066,995Net premiums earned943,520 936,683 943,438 910,264Net investment income95,900 86,233 86,963 78,994Net realized gains (losses)(143,767) (89,698) (35,725) 83,348Net impairment losses recognized in earnings(7,336) (5,868) (1,113) (5,799)Underwriting income113,143 94,779 105,114 116,471Net income58,579 80,033 115,790 283,336Preferred dividends(5,485) (5,484) (5,485) (5,484)Net income available to Arch common shareholders53,094 74,549 110,305 277,852Net income per common share -- basic$0.44 $0.62 $0.91 $2.24Net income per common share -- diluted$0.42 $0.60 $0.88 $2.16        Year Ended December 31, 2014       Net premiums written$895,481 $959,539 $971,928 $1,064,990Net premiums earned923,165 903,651 907,152 859,780Net investment income82,496 80,105 72,990 66,994Net realized gains (losses)10,561 18,515 54,144 19,697Net impairment losses recognized in earnings(3,837) (8,593) (14,749) (2,971)Underwriting income113,464 101,087 124,091 132,456Net income215,164 228,675 208,016

Firmenstrategie

RevenueRecognitionPolicyTextBlock

SegmentReportingDisclosureTextBlock

Segment Information

The Company classifies its businesses into three underwriting segments — insurance, reinsurance and mortgage — and two other operating segments — ‘other’ and corporate (non-underwriting). The Company determined its reportable segments using the management approach described in accounting guidance regarding disclosures about segments of an enterprise and related information. The accounting policies of the segments are the same as those used for the preparation of the Company’s consolidated financial statements. Intersegment business is allocated to the segment accountable for the underwriting results.

The Company’s insurance, reinsurance and mortgage segments each have managers who are responsible for the overall profitability of their respective segments and who are directly accountable to the Company’s chief operating decision makers, the Chairman and Chief Executive Officer of ACGL, the President and Chief Operating Officer of ACGL and the Chief Financial Officer of ACGL. The chief operating decision makers do not assess performance, measure return on equity or make resource allocation decisions on a line of business basis. Management measures segment performance for its three underwriting segments based on underwriting income or loss. The Company does not manage its assets by underwriting segment, with the exception of goodwill and intangible assets, and, accordingly, investment income is not allocated to each underwriting segment.

The insurance segment consists of the Company’s insurance underwriting units which offer specialty product lines on a worldwide basis. Product lines include: construction and national accounts; excess and surplus casualty; lenders products; professional lines; programs; property, energy, marine and aviation; travel, accident and health; and other (consisting of alternative markets, excess workers' compensation and surety business).

The reinsurance segment consists of the Company’s reinsurance underwriting units which offer specialty product lines on a worldwide basis. Product lines include: casualty; marine and aviation; other specialty; property catastrophe; property excluding property catastrophe (losses on a single risk, both excess of loss and pro rata); and other (consisting of life reinsurance, casualty clash and other).

The mortgage segment includes the results of Arch MI U.S. and Arch MI Europe, leading providers of mortgage insurance products and services to the U.S. and European markets, respectively. Arch MI U.S. is approved as an eligible mortgage insurer by Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), each a government sponsored enterprise, or “GSE.” The mortgage segment also includes GSE credit risk-sharing transactions and mortgage reinsurance for the U.S. and Australian markets.

The corporate (non-underwriting) segment results include net investment income, other income (loss), other expenses incurred by the Company, interest expense, net realized gains or losses, net impairment losses included in earnings, equity in net income or loss of investment funds accounted for using the equity method, net foreign exchange gains or losses, income taxes and items related to the Company’s non-cumulative preferred shares. Such amounts exclude the results of the ‘other’ segment.

The ‘other’ segment includes the results of Watford Re (see Note 4). Watford Re has its own management and board of directors that is responsible for the overall profitability of the ‘other’ segment. For the ‘other’ segment, performance is measured based on net income or loss.


The following tables summarize the Company’s underwriting income or loss by segment, together with a reconciliation of underwriting income or loss to net income available to Arch common shareholders, summary information regarding net premiums written and earned by major line of business and net premiums written by location:

EarningsPerSharePolicyTextBlock

Earnings Per Common Share

The calculation of basic earnings per common share excludes dilutive securities and is computed by dividing income available to Arch common shareholders by the weighted average number of Common Shares, including vested restricted shares, outstanding for the periods. The following table sets forth the computation of basic and diluted earnings per common share:

 
Year Ended December 31, 2015
 
Insurance
 
Reinsurance
 
Mortgage
 
Sub-Total
 
Other
 
Total
Gross premiums written (1)
$
2,944,018

 
$
1,419,022

 
$
295,557

 
$
4,656,723

 
$
488,899

 
$
4,797,163

Premiums ceded
(898,347
)
 
(380,614
)
 
(28,064
)
 
(1,305,151
)
 
(22,940
)
 
(979,632
)
Net premiums written
2,045,671

 
1,038,408

 
267,493

 
3,351,572

 
465,959

 
3,817,531

Change in unearned premiums
(863
)
 
38,727

 
(53,383
)
 
(15,519
)
 
(68,107
)
 
(83,626
)
Net premiums earned
2,044,808

 
1,077,135

 
214,110

 
3,336,053

 
397,852

 
3,733,905

Other underwriting income
1,993

 
10,606

 
18,430

 
31,029

 
4,468

 
35,497

Losses and loss adjustment expenses
(1,292,647
)
 
(440,350
)
 
(40,247
)
 
(1,773,244
)
 
(277,659
)
 
(2,050,903
)
Acquisition expenses, net
(299,317
)
 
(223,632
)
 
(45,076
)
 
(568,025
)
 
(113,451
)
 
(681,476
)
Other operating expenses
(354,416
)
 
(155,811
)
 
(82,370
)
 
(592,597
)
 
(14,919
)
 
(607,516
)
Underwriting income (loss)
$
100,421

 
$
267,948

 
$
64,847

 
433,216

 
(3,709
)
 
429,507

 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
271,680

 
Year Ended December 31,
 
2015
 
2014
 
2013
Numerator:
 
 
 
 
 
Net income
$
526,582

 
$
821,260

 
$
709,731

Amounts attributable to noncontrolling interests
11,156

 
13,095

 

Net income available to Arch
537,738

 
834,355

 
709,731

Preferred dividends
(21,938
)
 
(21,938
)
 
(21,938
)
Net income available to Arch common shareholders
$
515,800

 
$
812,417

 
$
687,793

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Weighted average common shares outstanding – basic
121,786,127

 
130,817,610

 
131,355,392

Effect of dilutive common share equivalents:
 
 
 
 
 
Nonvested restricted shares
1,253,938

 
1,128,540

 
1,090,100

Stock options (1)
2,998,678

 
2,976,172

 
3,331,691

Weighted average common shares and common share
equivalents outstanding – diluted
126,038,743

 
134,922,322

 
135,777,183

 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
Basic
$
4.24

 
$
6.21

 
$
5.24

Diluted
$
4.09

 
$
6.02

 
$
5.07

(1)
Certain stock options were not included in the computation of diluted earnings per share where the exercise price of the stock options exceeded the average market price and would have been anti-dilutive or where, when applying the treasury stock method to in-the-money options, the sum of the proceeds, including unrecognized compensation, exceeded the average market price and would have been anti-dilutive. For 2015, 2014 and 2013, the number of stock options excluded were 799,535, 1,435,955 and 892,439, respectively.