Arch Capital Group unveils quarterly earnings
Arch Capital Group unveils quarterly earnings | Insurance Business Australia
Insurance News
Arch Capital Group unveils quarterly earnings
CEO points to “hard and smart work”
Insurance News
By
Terry Gangcuangco
Arch Capital Group has released its financial results for the first quarter of 2024.
Metric
Q1 2024
Q1 2023
Gross written premium (GWP)
US$5.9 billion
US$4.8 billion
Underwriting income
US$736 million
US$570 million
Pre-tax net investment income
US$327 million
US$199 million
After-tax operating income available to Arch common shareholders
US$933 million
US$654 million
Net income available to Arch common shareholders
US$1.1 billion
US$705 million
Of the group’s GWP in the first quarter, US$2.1 billion came from the insurance segment while the reinsurance segment contributed US$3.5 billion. Both units posted increases in gross written premium in Q1. The mortgage segment, which saw a slight dip, brought in US$341 million.
Commenting on the figures, Arch chief executive Marc Grandisson said: “We are extremely pleased with the outstanding financial results across our operations in the first quarter.
“I am especially proud of the ongoing commitment of our Arch colleagues to delivering value-added solutions to our clients and partners in this ever-changing risk environment. This level of hard and smart work bodes well for our future success to the benefit of our shareholders.”
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