Alleghany's (Y) Earnings Top Estimates In Q2, Improve Y/Y
Zacks Investment Research | Aug 06, 2019 09:42PM ET
Alleghany Corporation (NYSE:Y) delivered second-quarter 2019 operating earnings of $12.40 per share, beating the Zacks Consensus Estimate by 30.8% on the back of higher revenues. Moreover, the metric increased 26.8% year over year.
Operational Update
Revenues in the quarter improved 23.3% year over year to $2.1 billion, supported by solid organic growth and the buyout of Concord.
Net premiums written rose 13.4% year over year to $1.4 billion, banking on a rising excess and surplus market, rate increases, better terms, more submissions and strong premium growth across most business lines.
Net investment income came in at $143 million in the quarter under consideration, up 13% year over year. This upside is driven by higher interest income and better partnership income.
Total costs and expenses escalated 25.7% to $3.6 billion.
Alleghany Corporation Price, Consensus and EPS Surprise
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