MAIDEN HOLDINGS, LTD. MHLA Income Statement

Maiden holdings, ltd. (MHLA)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Revenues
Gross premiums written
11,734	-5,415	35,844	2,117	-561,139	388,451	484,493	521,526	623,328	6,465	443,001	705,198	923,427	-170,261	706,854	688,322	864,114	525,890	628,501	674,168	834,266	602,101	622,861	560,008	722,382	462,067	491,915	535,457	714,720	464,037	478,515	445,228	613,212	428,295	451,130	462,395	470,777	289,815	334,784
Net premiums written
10,372	-5,855	35,944	-409	-561,530	388,112	482,806	521,028	622,651	20,080	432,677	684,072	900,548	-166,240	690,653	650,427	792,831	488,362	599,153	629,618	796,983	601,868	605,456	540,920	709,892	445,875	463,418	497,949	689,059	442,645	455,847	411,960	590,833	408,469	428,586	436,966	449,500	273,435	313,050
Change in unearned premiums
20,843	41,631	58,954	134,395	744,632	96,812	37,271	-16,640	-105,838	94,692	24,601	27,053	-191,064	139,977	7,625	-12,863	-176,822	95,448	59,367	-20,198	-219,664	6,307	-13,014	-9,024	-190,662	45,171	44,708	15,324	-200,617	36,550	-6,874	25,156	-152,337	9,364	-8,309	-69,183	-102,965	36,158	-29,266
Premiums Earned, Net
31,215	35,776	94,898	133,986	183,102	484,924	520,077	504,388	516,813	114,772	457,278	711,125	709,484	-26,263	698,278	637,564	616,009	583,810	658,520	609,420	577,319	608,175	592,442	531,896	519,230	491,046	508,126	513,273	488,442	479,195	448,973	437,116	438,496	417,833	420,277	367,783	346,535	309,593	283,784
Other insurance revenue
408	721	554	754	812	2,052	1,870	2,033	3,726	1,986	2,488	1,547	3,781	2,121	2,345	1,525	4,826	2,104	2,177	2,252	4,979	2,983	2,423	2,842	5,162	2,966	3,271	2,780	5,215	3,240	2,622	2,274	4,754	1,276	4,530	2,179	4,655	-	-
Investment Income, Net
17,964	21,470	13,223	31,122	32,022	34,737	34,419	34,260	32,869	10,516	30,950	40,512	42,157	1,398	35,666	35,323	36,302	34,832	32,843	35,157	28,260	31,746	29,520	28,107	27,842	25,375	23,253	20,745	21,979	21,116	21,550	20,085	18,437	17,183	18,749	19,818	19,141	17,500	18,875
Gain (Loss) on Investments
11,038	2,175	12,700	24,086	-11,101	-1,247	-225	-414	357	3,906	5,859	1,572	885	2,263	1,900	334	2,277	171	1,216	242	869	188	310	577	88	-122	477	-53	3,283	1,071	2,410	-2,939	1,365	2,743	-2,900	591	47	1,627	535
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings
1,506	-	165	-	0	-	479	-	-	-	0	-	-	-	-	-	-	-	1,060	-	-	-	1,189	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Portion of loss recognized in other comprehensive income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Net impairment losses recognized in earnings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,060	-	-	-	1,189	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Total revenues
59,119	60,142	121,210	189,948	204,835	515,113	555,662	540,267	553,765	131,180	496,575	754,756	756,307	-20,481	738,189	674,746	659,414	620,917	693,696	647,071	611,427	641,917	623,506	563,422	552,322	519,265	535,127	536,745	518,919	504,622	475,555	456,536	463,052	439,035	440,656	390,371	370,378	328,720	303,194
Expenses
Policyholder Benefits and Claims Incurred, Net
21,086	37,719	140,860	121,561	152,689	556,618	600,296	370,001	353,206	175,397	370,847	528,620	480,569	-7,849	466,751	426,989	403,621	397,065	444,172	414,927	377,406	395,955	399,815	351,157	351,344	329,759	341,629	343,347	334,895	364,850	309,146	300,435	287,917	296,769	274,504	250,599	221,182	200,625	175,354
Deferred Policy Acquisition Costs, Amortization Expense
11,973	17,724	32,763	49,656	69,617	157,714	167,618	162,780	166,628	66,377	145,352	210,039	222,029	28,022	206,706	185,727	195,068	172,519	197,639	175,697	178,342	189,585	166,246	157,402	146,082	136,482	144,194	143,572	132,330	124,187	120,923	114,663	132,258	-	126,777	-	-	-	-
Commission and other acquisition expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	105,824	107,072	88,956	88,447
General and administrative expenses
8,550	9,204	8,546	12,849	16,619	15,202	19,207	14,860	15,671	4,805	15,439	15,346	17,414	516	16,952	17,290	15,496	15,921	16,453	16,301	16,197	16,902	15,430	15,302	14,924	14,190	13,251	16,817	14,095	11,187	13,578	15,208	13,831	16,285	12,475	12,839	12,293	10,840	9,484
Interest Expense, Debt
4,831	4,830	4,831	4,830	4,829	4,831	4,829	4,829	4,829	4,830	4,829	6,745	6,856	6,859	6,856	7,193	7,265	7,267	7,266	7,266	7,264	7,363	7,266	7,266	8,064	11,094	9,571	9,570	9,570	9,569	9,569	9,568	7,678	7,567	8,178	9,292	9,118	9,117	9,116
Accelerated amortization of senior note issuance cost
-	-	-	-	-	-	-	-	-	-	0	2,809	-	-	0	2,345	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accelerated amortization of junior subordinated debt discount and issuance cost
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	28,240	0	0	0	0	-	-	-	-	-	0	20,313	-	-	-
Junior subordinated debt repurchase expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	15,050	-	-	-
Amortization of intangible assets
-	-	-	-	-	-	-	-	-	-	-	533	533	-	616	615	615	710	710	710	710	819	820	819	819	945	945	945	945	1,091	1,090	1,091	1,090	1,258	1,258	1,259	1,258	1,452	1,452
Foreign Currency Transaction and Other Gain (Loss), before Tax
8,197	-11,294	7,827	1,207	4,979	2,599	-552	4,821	-2,407	-2,728	-3,550	-6,722	-1,921	6,938	687	5,520	267	3,691	1,427	-5,191	7,826	-	483	934	-	236	-23	1,049	1,547	-	1,213	-874	-	-	-	-	-	-	-
Foreign exchange gains
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	138	-	-	-	-	-	-	-	979	-	-1,103	939	1,062	1,187	-414
Total expenses
38,243	80,771	179,173	187,689	238,775	731,766	792,502	547,649	542,741	253,071	540,017	770,814	729,322	18,764	697,194	634,639	621,798	589,791	664,813	620,092	572,093	608,029	589,094	531,012	549,335	492,234	509,613	513,202	490,288	510,564	453,093	441,839	441,795	421,593	424,295	414,237	349,861	309,803	284,267
Income (loss) from continuing operations before income taxes
20,876	-20,629	-57,963	2,259	-33,940	-216,653	-236,840	-7,382	11,024	-121,891	-43,442	-16,058	26,985	-39,245	40,995	40,107	37,616	31,126	28,883	26,979	39,334	33,888	34,412	32,410	2,987	27,031	25,514	23,543	28,631	-5,942	22,462	14,697	21,257	-	16,361	-	-	-	-
Income (loss) before income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-23,866	20,517	18,917	18,927
Current tax expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	397	-155	638	-667	203	211	885	100	-
Deferred tax expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	131	246	241	557	156	295	287	291	290
Income Tax Expense (Benefit)
15	66	87	-1,026	-38	39	3,573	-1,847	-1,324	-9,222	1,704	277	484	-793	199	220	787	402	368	468	800	257	486	495	926	646	481	212	524	715	528	91	879	-110	359	506	1,172	391	290
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent
20,861	-	-	-	-33,902	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent
0	-	-	-	-2,734	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
-	-	-58,050	3,285	-	-216,692	-240,413	-5,535	12,348	-	-45,146	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss from discontinued operations, net of income tax
-	-	-277	-18,698	-	-52,504	-59,819	8,215	9,995	-	-9,908	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
-	-	-58,327	-15,413	-	-269,196	-300,232	2,680	22,343	-124,857	-55,054	-16,335	26,501	-69,374	40,796	39,887	36,829	30,724	28,515	26,511	38,534	33,631	33,926	31,915	2,061	26,385	25,033	23,331	28,107	-6,657	21,934	14,606	20,378	17,552	16,002	-24,372	19,345	18,526	18,637
Net income from continuing operations attributable to noncontrolling interests
-	-	0	0	-	-	62	47	71	-	-3	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income (Loss) Attributable to Noncontrolling Interest
-	-	-	-	-	-	-	-	-	-	-	-9	-22	-676	-56	-46	-64	-76	-69	-92	45	33	43	27	39	26	36	32	27	26	15	65	1	8	-2	-6	3	-	-
Net Income (Loss) Attributable to Parent
20,861	-21,527	-58,327	-15,413	-36,636	-269,235	-300,294	2,633	22,272	-125,042	-55,051	-16,326	26,523	-68,698	40,852	39,933	36,893	30,800	28,584	26,603	38,489	33,598	33,883	31,888	2,022	26,359	24,997	23,299	28,080	-6,683	21,919	14,541	20,377	17,544	16,004	-24,366	19,342	18,526	18,637
Preferred Stock Dividends, Income Statement Impact
-	-	0	0	-	0	8,545	8,546	8,545	8,545	8,545	6,033	6,033	6,033	9,023	9,023	9,677	6,084	6,085	6,084	6,084	6,084	6,085	6,084	6,084	5,553	3,093	3,094	3,094	3,644	0	0	0	-	-	-	-	-	-
Net loss attributable to Maiden common shareholders
-	-	-58,327	-15,413	-	-269,235	-308,839	-5,913	13,727	-133,587	-63,596	-22,359	20,490	-74,731	31,829	30,910	27,216	24,716	22,499	20,519	32,405	27,514	27,798	25,804	-4,062	20,806	21,904	20,205	24,986	-10,327	21,919	14,541	20,377	-	-	-	-	-	-
Basic (loss) earnings from discontinued operations per share attributable to Maiden common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	0.12	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic and diluted earnings (loss) from continuing operations per share attributable to common shareholders (in dollars per share)
0.25	-0.25	-0.70	0.04	-0.41	-2.62	-3.00	-0.17	0.05	-	-0.62	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic and diluted loss from discontinued operations per share attributable to common shareholders (in dollars per share)
0.00	-0.01	0.00	-0.23	-0.03	-	-0.72	0.10	-	-	-0.12	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic and diluted earnings (loss) per share attributable to common shareholders (in dollars per share)
0.25	-0.26	-0.70	-0.19	-0.44	-	-3.72	-0.07	-	-	-0.74	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic (loss) earnings per share attributable to Maiden common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	0.17	-	-	-0.26	0.24	-1.01	0.42	0.42	0.37	0.33	0.31	0.28	0.44	0.39	0.38	0.35	-0.06	0.28	0.30	0.28	0.35	-0.14	0.30	0.20	0.28	0.25	0.22	-0.34	0.27	0.26	0.27
Diluted (loss) earnings from continuing operations per share attributable to Maiden common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	0.04	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Diluted (loss) earnings from discontinued operations per share attributable to Maiden common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	0.12	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Diluted (loss) earnings per share attributable to Maiden common shareholders (in dollars per share)
-	-	-	-	-	-	-	-	0.16	-	-	-0.26	0.23	-0.95	0.40	0.39	0.35	0.33	0.30	0.27	0.41	0.40	0.36	0.34	-0.06	0.27	0.30	0.27	0.34	-0.14	0.30	0.20	0.28	0.24	0.22	-0.34	0.27	0.26	0.26
Dividends declared per common share (in dollars per share)
-	-	-	-	-	-	-	-	-	-	0.15	0.15	0.15	-	0.14	0.14	0.14	0.14	0.13	0.13	0.13	0.13	0.11	0.11	0.11	0.11	0.09	0.09	0.09	0.09	0.08	0.08	0.08	0.08	0.08	0.07	0.07	0.06	0.06
Weighted average number of common shares – basic and diluted (in shares)
83,256	-	83,092	-	82,965	-	83,089	-	-	-	85,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average number of common shares - basic (in shares)
-	-	-	83,058	-	-	-	83,126	83,040	-	-	86,564	86,350	86,276	75,993	73,997	73,871	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)
-	-	-	83,075	-	-	-	83,126	83,318	-	-	86,564	87,436	56,870	86,150	85,926	85,799	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-