National general holdings corp. (NGHCP)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13
Revenues:
Gross premium written

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

522,897

497,595

468,473

646,142

317,739

332,714

330,689

357,613

Ceded premiums

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

70,484

66,025

49,917

78,657

116,066

174,591

183,685

185,097

Net premium written

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

452,413

431,570

418,556

567,485

201,673

158,123

147,004

172,516

Change in unearned premium

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-6,917

6,836

-27,090

-209,633

13,562

8,002

7,546

-20,360

Net earned premium

1,075,206

1,069,596

1,053,638

1,030,651

964,157

944,231

939,527

942,906

905,538

889,639

864,301

981,751

918,485

857,683

769,776

712,866

654,846

678,642

503,335

468,890

479,239

445,496

438,406

391,466

357,852

215,235

166,125

154,550

152,156

Other revenue (expense)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

373

100

7

-

0

0

16

Ceding commission income

50,305

-

57,587

60,192

69,534

-

59,100

55,408

44,468

-

50,102

21,508

19,994

21,194

14,597

11,704

-

16,590

12,150

9,970

5,080

4,798

705

1,557

5,370

13,590

23,518

24,735

25,257

Service and fee income

179,441

165,924

161,626

148,908

165,507

146,270

142,690

130,501

142,122

129,283

122,526

125,176

125,942

98,194

95,662

90,017

96,944

100,213

60,907

57,558

54,870

47,485

45,894

38,486

36,706

34,488

34,385

31,406

27,262

Net investment income

30,243

38,917

33,740

35,131

33,445

37,332

30,696

25,995

25,011

20,225

25,150

27,531

29,044

22,712

27,676

27,528

21,670

22,385

18,472

18,335

16,148

18,194

13,697

11,321

9,214

8,715

8,439

7,181

6,473

Other than Temporary Impairment Losses, Investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22,102

-

-

6,755

-

-

-

2,244

0

0

0

-

-

-

-

Portion of loss recognized in other comprehensive income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

-

-

-

-

Net impairment losses recognized in earnings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Other net realized gain (loss) on investments

-

-

-

-

-

-

-

-

-

-

-

-

-

10,600

11,093

-

-

-995

-

-

-

470

-1,118

0

0

-

-

-

-

Net gain (loss) on Investments

-6,861

19,246

-565

-5,230

22

-6,789

-3,170

-19,704

118

2,745

47,605

-2,175

-1,412

10,600

-11,009

3,995

4,318

-7,750

-4,751

-1,026

2,432

-1,774

-1,118

0

0

-3,132

516

-751

1,698

Other income (expense)

-

-

2,146

-

-

-

0

-

-

0

-3,901

-6,098

9,801

24,308

-

-

-1,895

-

-

-

-

-

-

-

-

-

-

-

-

Total revenues

1,328,334

1,369,105

1,308,172

1,269,652

1,232,665

1,186,765

1,168,843

1,135,106

1,117,257

1,066,744

1,105,783

1,147,693

1,101,854

1,034,691

896,702

846,110

775,883

810,080

590,113

553,727

557,769

512,059

497,957

442,930

409,149

268,896

232,983

217,121

212,862

Expenses:
Loss and loss adjustment expense

691,998

741,790

745,334

715,535

651,809

700,422

657,310

670,328

634,166

656,926

639,145

711,194

618,817

612,675

542,133

502,419

435,053

514,433

331,561

307,969

331,357

297,095

275,019

255,604

225,347

151,993

108,260

98,669

103,202

Acquisition costs and other underwriting expenses

228,242

212,233

209,090

194,126

211,918

193,226

191,470

181,860

168,710

145,329

163,585

188,795

174,720

135,043

140,557

108,691

112,716

110,982

108,927

96,685

90,068

82,383

83,915

74,418

74,373

40,224

32,231

32,222

30,210

General and administrative expenses

267,569

282,047

263,864

247,767

248,094

246,879

235,733

224,429

231,005

232,190

214,127

211,494

255,185

230,771

166,536

161,138

150,703

158,432

89,356

98,095

81,093

105,376

90,128

77,059

76,199

71,099

74,232

68,412

66,809

Interest expense

11,780

12,722

12,898

12,925

12,999

12,650

12,583

15,038

11,154

12,496

11,495

11,550

11,545

11,645

10,455

8,939

9,141

1,776

9,428

8,601

9,080

9,915

4,709

2,519

593

586

540

573

343

Total expenses

1,199,589

1,248,792

1,231,186

1,170,353

1,124,820

1,153,177

1,097,096

1,091,655

1,045,035

1,046,941

1,028,352

1,123,033

1,060,267

990,134

859,681

781,187

707,613

785,623

539,272

511,350

511,598

494,769

453,771

409,600

376,512

263,902

215,263

199,876

200,564

Income before provision for income taxes

128,745

120,313

76,986

99,299

107,845

33,588

71,747

43,451

72,222

19,803

77,431

24,660

41,587

44,557

37,021

64,923

68,270

24,457

50,841

42,377

46,171

17,290

44,186

33,330

32,637

4,994

17,720

17,245

12,298

Provision for income taxes

28,172

15,519

16,747

22,241

22,506

15,223

15,518

6,541

16,202

20,522

18,475

11,487

10,789

-4,881

7,975

13,686

17,218

-7,226

7,639

7,616

8,147

6,090

10,026

424

7,336

-1,252

4,839

3,782

3,771

Net income

-

-

-

-

-

-

-

-

-

-

-

-

-

49,438

29,046

51,237

51,052

31,683

43,202

34,761

38,024

11,200

34,160

32,906

25,301

6,246

12,881

13,463

8,527

Earnings (losses) of equity method investments (related parties)

-

-

-

-

-

-

-

-

-

-

-

-

-

6,010

553

4,856

4,182

-1,757

-312

1,054

4,458

4,278

-1,611

-2,610

1,123

1,726

-128

487

-811

Net income

100,573

-

60,239

77,058

85,339

-

56,229

36,910

56,020

-

58,956

13,173

30,798

55,448

29,599

56,093

55,234

29,926

42,890

35,815

42,482

15,478

32,549

30,296

26,424

7,972

12,753

13,950

7,716

Net loss attributable to noncontrolling interest

-186

-2,487

-10,915

-818

-6,419

-7,851

-12,153

-7,638

-12,188

1,336

1,311

-159

-6,125

8,419

3,009

9,228

12

14,478

1,588

-2,201

160

3,280

-770

-38

32

38

0

0

44

Net income attributable to NGHC

100,759

107,281

71,154

77,876

91,758

26,216

68,382

44,548

68,208

-2,055

57,645

13,332

36,923

47,029

26,590

46,865

55,222

15,448

41,302

38,016

42,322

12,198

33,319

30,334

26,392

7,934

12,753

13,950

7,672

Dividends on preferred stock

7,875

8,925

7,875

8,925

7,875

8,867

7,875

7,875

7,875

7,875

7,875

7,875

7,875

7,875

8,208

4,125

4,125

4,125

4,125

4,744

1,031

1,031

1,260

0

0

0

0

896

1,262

Net income attributable to NGHC common stockholders

92,884

98,356

63,279

68,951

83,883

17,349

60,507

36,673

60,333

-9,930

49,770

5,457

29,048

39,154

18,382

42,740

51,097

11,323

37,177

33,272

41,291

11,167

32,059

30,334

26,392

7,934

12,753

13,054

6,410

Earnings per common share (“EPS”):
Basic EPS

0.82

0.87

0.56

0.61

0.74

0.15

0.56

0.34

0.57

-0.09

0.47

0.05

0.27

0.37

0.17

0.40

0.48

0.11

0.37

0.36

0.44

0.12

0.34

0.32

0.31

0.08

0.16

0.24

0.14

Diluted EPS

0.80

0.87

0.54

0.60

0.72

0.15

0.55

0.34

0.55

-0.10

0.46

0.05

0.27

0.36

0.17

0.40

0.47

0.10

0.36

0.35

0.43

0.11

0.34

0.32

0.30

0.08

0.16

0.22

0.13

Dividends declared per common share

-

-

-

-

-

-

-

-

-

-

0.04

0.04

0.04

0.04

0.04

0.03

0.03

0.03

0.02

0.02

0.02

0.02

0.01

0.01

0.01

0.00

0.01

0.00

0.00

Weighted average common shares outstanding:
Basic (in shares)

-

-

-

-

-

-

-

-

-

-

106,645

106,560

106,467

106,395

106,002

105,803

105,597

105,503

100,360

93,597

93,454

93,518

93,359

93,344

85,774

79,880

79,700

54,935

45,554

Diluted (in shares)

-

-

-

-

-

-

-

-

-

-

108,520

109,447

109,166

108,973

108,423

108,197

108,266

108,161

102,940

96,181

96,087

96,694

95,663

94,819

86,884

83,202

80,624

64,600

58,779

Net realized gain on investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,118

0

0

-3,132

516

-751

1,698