Infinity Property and Casualty Corp. (IPCC, Financial) filed Quarterly Report for the period ended 2010-09-30.
Infinity Property And Casualty Corp. has a market cap of $759.7 million; its shares were traded at around $60.1 with a P/E ratio of 9.8 and P/S ratio of 0.9. The dividend yield of Infinity Property And Casualty Corp. stocks is 1%.IPCC is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Infinity had a net realized gain on investments of $8.0 million for the third quarter of 2010 compared to a net realized loss of $12.1 million in the third quarter of 2009. Net realized gains on investments were $7.6 million for the first nine months of 2010 compared to net realized losses of $18.1 million for the same period of 2009. Included in the net realized gain for the first nine months of 2010 is $2.0 million of other-than-temporary impairments on fixed income securities compared with $19.4 million of impairments during the first nine months of 2009. Included in the net realized gain for the third quarter of 2010 is $0.2 million of other-than-temporary impairments on fixed income securities compared with $11.0 million of impairments during the third quarter of 2009.
Included in net earnings for the three and nine months ended September 30, 2010 were $10.9 million ($16.8 million pre-tax) and $34.9 million ($53.8 million pre-tax), respectively, of favorable development on prior accident period loss and LAE reserves. Included in net earnings for the three and nine months ended September 30, 2009 were $8.6 million ($13.2 million pre-tax) and $21.7 million ($33.4 million pre-tax), respectively, of favorable development. The following table displays combined ratio results by accident year developed through September 30, 2010.
Infinitys book value per share increased 19.2% from $43.56 at September 30, 2009 to $51.91 at September 30, 2010. This increase was primarily due to earnings and the change in unrealized net gains on investments, net of shareholder dividends, for the twelve months ended September 30, 2010. Annualized return on equity for the three and nine months ended September 30, 2010 was 19.3% and 13.2%, respectively, compared with 5.7% and 8.6% for the three and nine months ended September 30, 2009.
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Infinity Property And Casualty Corp. has a market cap of $759.7 million; its shares were traded at around $60.1 with a P/E ratio of 9.8 and P/S ratio of 0.9. The dividend yield of Infinity Property And Casualty Corp. stocks is 1%.IPCC is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net earnings and diluted earnings per share for the three months ended September 30, 2010 were $30.8 million and $2.39, respectively, compared to $8.2 million and $0.60, respectively, for the three months ended September 30, 2009. Net earnings and diluted earnings per share for the nine months ended September 30, 2010 were $62.7 million and $4.72, respectively, compared to $35.9 million and $2.58, respectively, for the nine months ended September 30, 2009. The increase in diluted earnings per share for the nine months ended September 30, 2010 is primarily due to an increase in underwriting income coupled with a decline in other-than-temporary impairment losses.Infinity had a net realized gain on investments of $8.0 million for the third quarter of 2010 compared to a net realized loss of $12.1 million in the third quarter of 2009. Net realized gains on investments were $7.6 million for the first nine months of 2010 compared to net realized losses of $18.1 million for the same period of 2009. Included in the net realized gain for the first nine months of 2010 is $2.0 million of other-than-temporary impairments on fixed income securities compared with $19.4 million of impairments during the first nine months of 2009. Included in the net realized gain for the third quarter of 2010 is $0.2 million of other-than-temporary impairments on fixed income securities compared with $11.0 million of impairments during the third quarter of 2009.
Included in net earnings for the three and nine months ended September 30, 2010 were $10.9 million ($16.8 million pre-tax) and $34.9 million ($53.8 million pre-tax), respectively, of favorable development on prior accident period loss and LAE reserves. Included in net earnings for the three and nine months ended September 30, 2009 were $8.6 million ($13.2 million pre-tax) and $21.7 million ($33.4 million pre-tax), respectively, of favorable development. The following table displays combined ratio results by accident year developed through September 30, 2010.
Infinitys book value per share increased 19.2% from $43.56 at September 30, 2009 to $51.91 at September 30, 2010. This increase was primarily due to earnings and the change in unrealized net gains on investments, net of shareholder dividends, for the twelve months ended September 30, 2010. Annualized return on equity for the three and nine months ended September 30, 2010 was 19.3% and 13.2%, respectively, compared with 5.7% and 8.6% for the three and nine months ended September 30, 2009.
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