NEW YORK (AP) — Specialty insurance company Argo Group International Holdings Ltd. said Thursday that its net income fell in the second quarter as catastrophe losses rose.
For the three months ended June 30, the company earned $22.8 million, or 82 cents per share. That's compared with $26.1 million, or 86 cents per share, in the year-ago period.
Excluding one-time items such as investment gains, operating income for the quarter was 14 cents per share. By that measure, analysts on average expected a profit of 3 cents per share, according to FactSet.
Total revenue for the quarter was $336 million, down from $362.4 million a year ago. Earned premiums were $271.3 million, down from $314.5 million a year ago. Net realized gain on sales of investments was $31.5 million, up from $5 million a year ago.
Pre-tax catastrophe losses were $31.9 million, up from $15.1 million a year ago.
The combined ratio for the quarter worsened to 108.6 percent, from 102.7 percent a year ago. A ratio above 100 means that for every premium dollar taken in, more than a dollar was spent covering claims, expenses and commissions; a ratio under 100 indicates an underwriting profit.
Shares of Bermuda-based Argo Group were flat in after-hours trading, after closing down 38 cents at $28.93.
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