NEW YORK, Feb. 27, 2017 (GLOBE NEWSWIRE) — National General Holdings Corp. (NASDAQ:NGHC) today reported fourth quarter 2016 net income of $30.9 million or $0.28 per diluted share, compared to $13.7 million or $0.13 per diluted share in the fourth quarter of 2015. Fourth quarter 2016 operating earnings(1) was $32.6 million or $0.30 per diluted share, compared to $42.3 million or $0.39 per diluted share in the fourth quarter of 2015.

Fourth Quarter 2016 Highlights Versus Fourth Quarter 2015*

  • Net written premium grew $122.4 million or 19.8% to $740.5 million, driven by added premiums from the acquisitions of Direct General which closed on November 1, 2016, Standard Property and Casualty Insurance Company (f/k/a Standard Mutual) which closed on October 7, 2016, Century-National which closed on June 1, 2016, the addition of Assigned Risk Solutions (ARS) premium volume which is now written on National General paper, underlying organic growth within our P&C business of 16.6%, and continued growth of our A&H segment, partially offset by a decrease in our lender-placed auto premiums.
  • The overall combined ratio(10, 14) was 96.3% compared to 94.2% in the prior year’s quarter, excluding non-cash amortization of intangible assets and impairment of goodwill. The P&C segment reported an increase in combined ratio to 98.0% from 92.3% in the prior year’s quarter, which was elevated by storm losses as described below and an increase in expenses, while the A&H segment reported a combined ratio of 85.2% compared to 104.2% in the prior year’s quarter, driven by strong results across the book.
  • Total revenues grew by $233.0 million or 31.0% to $985.5 million, primarily driven by the aforementioned premium growth, service and fee income growth of $9.3 million or 9.4%, and net investment income growth of $2.0 million or 9.7%.
  • Shareholders’ equity was $1.89 billion and fully diluted book value per share was $13.52 at December 31, 2016, growth of 25.1% and 13.0%, respectively, from December 31, 2015. Our trailing twelve month operating return on average equity (ROE)(15) was 12.0% as of December 31, 2016.
  • Fourth quarter 2016 operating earnings exclude the following items, net of tax: $4.2 million or $0.04 per share of net realized and unrealized investment gains, $1.2 million or $0.01 per share of foreign exchange gain, $15.8 million or $0.14 bargain purchase gain, $0.2 million or less than $0.01 per share of equity in earnings of unconsolidated subsidiaries (other than our Life Settlement Contracts Entities and Real Estate investments), $6.6 million or $0.06 per share of non-cash impairment of goodwill and $16.5 million or $0.15 per share of non-cash amortization of intangible assets.
  • Fourth quarter 2016 operating earnings include approximately $13.7 million or $0.08 per share of losses related to Hurricane Matthew that occurred in the Southeastern United States in early October 2016.

Barry Karfunkel, National General’s President and CEO, stated: “This was a year of growth for National General.  We experienced significant top line expansion, driven by both organic opportunities and recent acquisitions, entered into a renewal rights transaction with Nationwide for its non-standard auto business, and recorded a solid ROE of 12% despite an increase in catastrophe losses in our Property and Casualty segment.  So far in 2017, we have announced our acquisition of Quotit® Corporation and HealthCompare® from The Word & Brown Companies, which will allow us to provide a single quote and bind platform to our agents for both major medical and supplemental products.  We continue to leverage our industry leading technology infrastructure and take advantage of the vast opportunity that we are experiencing in the market today.  All of these pieces contribute to building a premier personal lines company from which we expect to generate strong results.”

*NOTE: Unless specified otherwise, discussion of our fourth quarter 2016 and 2015 results do not include financial results from the Reciprocal Exchanges, which are presented within our consolidated financial results within this release but are not included in net income available to NGHC common stockholders.

Overview of Fourth Quarter 2016 as Compared to Fourth Quarter 2015

Gross written premium grew 20.7% to $818.7 million, net written premium grew 19.8% to $740.5 million, and net earned premium grew 27.2% to $817.2 million. Premium growth was driven by several key factors: underlying organic growth within our P&C segment, continued growth of our A&H segment, additional premiums from the acquisitions of Direct General which closed on November 1, 2016, Standard Property and Casualty Insurance Company (f/k/a Standard Mutual) which closed on October 7, 2016, Century-National which closed on June 1, 2016, and added premium volume from Assigned Risk Solutions (ARS), which we began writing on National General paper in the first quarter of 2016.

Service and fee income grew 9.4% to $108.6 million, driven by added service and fee income from our recently completed transactions, primarily Direct General, partially offset by a decrease in our A&H segment. Other revenue in the fourth quarter 2016 included $24.3 million pre-tax bargain purchase gain related to our acquisitions of Standard Property and Casualty Insurance Company and Direct General.

Excluding non-cash amortization of intangible assets, the combined ratio(10,14) was 96.3% with a loss ratio of 66.8% and an expense ratio(10, 13) of 29.5%, compared to a prior year combined ratio of 94.2% with a loss ratio of 69.3% and an expense ratio of 24.9%.

Underwriting results detailed by each of our business segments are as follows:

  • Property & Casualty – Gross written premium grew by 22.5% to $710.0 million, net written premium grew by 21.6% to $643.4 million, and net earned premium grew by 30.7% to $710.6 million. P&C net written premium growth was driven by several key factors: underlying organic growth of $66.9 million or a 16.6% increase, the addition of $58.5 million from the Direct General acquisition, the addition of $12.2 million from the Standard Property and Casualty Insurance Company acquisition, the addition of $43.0 million from the Century-National acquisition, and the addition of $12.9 million from ARS, which we began writing on National General paper during the first quarter of 2016, partially offset by a decrease in our lender-placed auto premiums. Service and fee income grew 48.7% to $82.1 million, driven by increased premium volume in the quarter, and the addition of service and fee income from acquisitions completed during the current year, particularly Direct General. Excluding non-cash impairment of goodwill and non-cash amortization of intangible assets, the combined ratio(10,14) was 98.0% with a loss ratio of 67.4% and an expense ratio(10,13) of 30.6%, versus a prior year combined ratio of 92.3% with a loss ratio of 65.0% and an expense ratio of 27.3%. The loss ratio was impacted by pre-tax catastrophe losses of approximately $13.7 million related to Hurricane Matthew that occurred in the Southeastern United States in October 2016.
  • Accident & Health – Gross written premium grew to $108.6 million, net written premium grew to $97.1 million, and net earned premium grew to $106.6 million, from $98.5 million, $89.2 million, and $98.8 million, respectively, in the prior year’s quarter. The A&H net written premium increase was driven by the continued growth across the entire book. Service and fee income was $26.5 million compared to $44.1 million in the prior year’s quarter. The decline in service and fee income primarily relates to a shift in mix of business. Excluding non-cash impairment of goodwill and non-cash amortization of intangible assets, the combined ratio(10,14) was 85.2% with a loss ratio of 63.0% and an expense ratio(10,13) of 22.2%, versus a prior year combined ratio of 104.2% with a loss ratio of 92.7% and an expense ratio of 11.5%. The improvement in our loss ratio reflects the strong performance across our entire book.
  • Reciprocal Exchanges – Results for the Reciprocal Exchanges are not included in net income available to NGHC common stockholders. Gross written premium was $83.4 million, net written premium was $42.4 million, and net earned premium was $38.9 million. Reciprocal Exchanges combined ratio(10, 12) was 104.9% with a loss ratio of 54.8% and an expense ratio(10, 11) of 50.1%.

Investment income grew 9.7% to $22.0 million, reflecting an increase in the size of our investment portfolio as compared to the prior year’s quarter. Fourth quarter 2016 results included $6.5 million of net realized and unrealized investment gain compared with a loss of $0.6 million in the fourth quarter of 2015. The fourth quarter of 2016 included no other-than-temporary impairment losses versus $6.8 million in the prior year’s quarter. Total investments and cash equivalents were $3.5 billion as of December 31, 2016. Accumulated other comprehensive income decreased to $12.7 million at December 31, 2016 from $67.4 million at September 30, 2016.

Interest expense was $11.6 million, up from $8.2 million in the prior year’s quarter due to an increased amount of debt on our balance sheet. Debt was $752.0 million at December 31, 2016, up from $446.1 million at December 31, 2015 as a result of our May 2016 borrowing of $50.0 million under our credit facility, our June 2016 promissory note of $178.9 million for the acquisition of Century-National, and $72.2 million in subordinated debentures from our Direct General acquisition.

Equity in earnings of unconsolidated subsidiaries (predominantly our investment in Life Settlement Entities and Real Estate investments) was a $8.4 million gain in the fourth quarter of 2016 versus a $1.7 million gain in the prior year’s quarter, reflecting fair value adjustments on life settlement contracts and income from our real estate investments.

The fourth quarter of 2016 provision for income taxes was $10.4 million and the effective tax rate for the quarter was 25.5%. Included in the fourth quarter of 2016 provision for income taxes was a $5.5 million expense attributable to an increase of the deferred tax liability associated with the equalization reserves of our Luxembourg Reinsurance Companies (LRC). As of December 31, 2016, the remaining deferred tax liability associated with our LRC was $8.3 million.

National General Holding Corp.’s shareholders’ equity was $1,893.8 million at December 31, 2016, growth of 25.1% from $1,514.0 million at December 31, 2015. Fully diluted book value per share was $13.52 at December 31, 2016, growth of 13.0% from $11.96 at December 31, 2015. Our trailing twelve month operating return on average equity (ROE)(15) was 12.0% as of December 31, 2016.

 
Year-to-Date P&C Segment Notable Large Losses
    P&C Notable Large
Losses and ALAE
($ millions)
  P&C Loss Ratio
Points*
  EPS Impact After
Tax
Q4 Development on Louisiana Flood $2.3   0.3 %   $0.01
Q4 Hurricane Matthew in the Southeast $13.7   1.9 %   $0.08
Q3 Development on April Dallas and San
Antonio Hail Storms
$3.7   0.6 %   $0.02
Q3 August Louisiana Flood $15.0   2.4 %   $0.09
Q2 April Dallas and San Antonio Hail Storms $18.4   3.2 %   $0.11
Q1 March Dallas Hail Storm $5.0   0.9 %   $0.03

*Loss ratio points related to P&C net earned premium in quarter the loss event was recorded


Additional Items

  • Acquisition of certain Accident & Health platforms from The Word & Brown Companies – On January 17, 2017, we acquired Quotit® Corporation and HealthCompare® from The Word & Brown Companies. Quotit® is one of the largest comparative raters that exist in the market today. HealthCompare® enhances the scale of our A&H segment by broadening the scope of customers that we are able to connect with major medical or Medicare related coverage through a direct to consumer platform.
  • Renewal rights transaction with Nationwide for its non-standard auto business – On December 8, 2016, we entered into a renewal rights transaction with Nationwide Mutual Insurance Company for its personal and commercial non-standard vehicle in-force policies. National General will partner with Nationwide’s exclusive and independent agent force to sell its policies to their non-standard auto customers.

Delayed 10-K Filing

National General Holdings Corp. intends to file a Form 12b-25 with the Securities and Exchange Commission on or prior to March 2, 2017 noting that it will be unable to file its Annual Report on Form 10-K for the year ended December 31, 2016 in a timely manner.  This filing will give the Company an additional 15 day period in which to submit its Form 10-K and still be deemed a timely filer. The Company is unable to file its Form 10-K for the year ended December 31, 2016 in a timely manner because the Company is still finalizing the Form 10-K and is still preparing analyses and providing documentation requested by its auditors. The Company does not anticipate any changes from the results reported in this Earnings Release. The Company expects that its Form10-K will be filed with the SEC prior to the end of the 15-day period.

Conference Call

On Monday, February 27, 2017 at 11:00 AM ET, President and Chief Executive Officer Barry Karfunkel and Chief Financial Officer Mike Weiner will review results and discuss business conditions via a conference call that may be accessed as follows:

Toll-Free U.S. Dial-in:   888-267-2845
International Dial-in:    973-413-6102
Conference Entry Code:    561289
Webcast Registration:   http://ir.nationalgeneral.com/events.cfm

A replay of the conference call will be accessible from 2:00 PM ET on Monday, February 27, 2017 to 11:59 PM ET on Monday, March 6, 2017 by dialing either 800-332-6854 (toll-free) within the U.S. or 973-528-0005 outside the U.S. and entering passcode 561289. In addition, a replay of the webcast can also be retrieved at http://ir.nationalgeneral.com/events.cfm.

About National General Holdings Corp.

National General Holdings Corp., headquartered in New York City, is a specialty personal lines insurance holding company. National General traces its roots to 1939, has a financial strength rating of A- (excellent) from A.M. Best, and provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, lender-placed, supplemental health and other niche insurance products.

Forward Looking Statements

This news release contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “plan,” “expect,” “project,” “intend,” “estimate,” “anticipate” and “believe” or their variations or similar terminology. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, non-receipt of expected payments from insureds or reinsurers, changes in interest rates, a downgrade in the financial strength ratings of our insurance subsidiaries, the effect of the performance of financial markets on our investment portfolio, our ability to accurately underwrite and price our products and to maintain and establish accurate loss reserves, estimates of the fair value of our life settlement contracts, development of claims and the effect on loss reserves, accuracy in projecting loss reserves, the cost and availability of reinsurance coverage, the effects of emerging claim and coverage issues, changes in the demand for our products, our degree of success in integrating acquired businesses, the effect of general economic conditions, state and federal legislation, regulations and regulatory investigations into industry practices, risks associated with conducting business outside the United States, developments relating to existing agreements, disruptions to our business relationships with AmTrust Financial Services, Inc., ACP Re Ltd., Maiden Holdings, Ltd., or third party agencies, breaches in data security or other disruptions involving our technology, heightened competition, changes in pricing environments, and changes in asset valuations. The forward-looking statements contained in this news release are made only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statement except as may be required by law. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected is contained in the Company’s filings with the Securities and Exchange Commission.

 
Income Statement – Fourth Quarter
$ in thousands
(Unaudited)
 
    Three Months Ended December 31,  
    2016     2015  
    NGHC   Reciprocal Exchanges   Consolidated     NGHC Reciprocal Exchanges Consolidated  
Revenues:                                                        
Gross written premium   $ 818,667     $ 83,392     $ 901,348     (A)   $ 678,175     $ 65,752     $ 743,927      
Ceded premiums     (78,134 )     (41,040 )     (118,463 )   (B)     (60,041 )     (32,714 )     (92,755 )    
Net written premium     740,533       42,352       782,885           618,134       33,038       651,172      
Net earned premium     817,211       38,860       856,071           642,299       36,269       678,568      
                                                         
Ceding commission income/(loss)     5,042       16,152       21,194           (1,261 )     17,851       16,590      
Service and fee income     108,562       1,307       98,194     (C)     99,265       10,236       100,213     (I)
Net investment income     21,977       3,063       22,712     (D)     20,026       2,359       22,385      
Net gain/(loss) on investments     6,530       278       6,808           (609 )     75       (534 )    
Other-than-temporary impairment loss                           (6,755 )           (6,755 )    
Bargain purchase gain and other revenue (expense)     26,200             26,200           (461 )           (461 )    
Total revenues   $ 985,522     $ 59,660     $ 1,031,179     (E)   $ 752,504     $ 66,790     $ 810,006     (J)
                                                         
Expenses:                                                        
Loss and loss adjustment expense   $ 546,004     $ 21,280     $ 567,284         $ 445,130     $ 40,737     $ 485,867      
Acquisition costs and other underwriting expenses     125,673       8,972       134,645           103,839       7,005       110,799     (K)
General and administrative expenses     261,351       27,954       277,630     (F)     179,636       16,528       186,921     (L)
Interest expense     11,645       2,328       11,645     (G)     8,198       (6,422 )     1,776      
Total expenses   $ 944,673     $ 60,534     $ 991,204     (H)   $ 736,803     $ 57,848     $ 785,363     (M)
                                                         
Income (loss) before provision/(benefit) for income taxes and equity in earnings of unconsolidated subsidiaries   $ 40,849     $ (874 )   $ 39,975         $ 15,701     $ 8,942     $ 24,643      
Provision/(benefit) for income taxes     10,409       (9,232 )     1,177           (464 )     (5,472 )     (5,936 )    
Income before equity in earnings of unconsolidated subsidiaries     30,440       8,358       38,798           16,165       14,414       30,579      
Equity in earnings of unconsolidated subsidiaries     8,410             8,410           1,743             1,743      
Net income before non-controlling interest and dividends on preferred shares     38,850       8,358       47,208           17,908       14,414       32,322      
Less: net income attributable to non-controlling interest     61       8,358       8,419           64       14,414       14,478      
Net income before dividends on preferred shares     38,789             38,789           17,844             17,844      
Less: dividends on preferred shares     7,875             7,875           4,125             4,125      
Net income available to common stockholders   $ 30,914     $     $ 30,914         $ 13,719     $     $ 13,719      

NOTE: Consolidated column includes eliminations as follows: (A) $(711), (B) $711, (C) $(11,675), (D) $(2,328), (E) $(14,003), (F) $(11,675), (G) $(2,328), (H) $(14,003), (I) $(9,288), (J) $(9,288), (K) $(45), (L) $(9,243) and (M) $(9,288).

   
Income Statement – Year to Date
$ in thousands
(Unaudited)
 
   
    Twelve Months Ended December 31,    
    2016     2015    
    NGHC   Reciprocal Exchanges   Consolidated (1)     NGHC   Reciprocal Exchanges   Consolidated  
Revenues:                            
Gross written premium   $ 3,260,280     $ 241,540     $ 3,499,508   (A)   $ 2,309,756     $ 283,582     $ 2,589,748   (J)
Ceded premiums   (309,522 )   (120,992 )   (428,202 ) (B)   (249,601 )   (157,491 )   (403,502 ) (K)
Net written premium   2,950,758     120,548     3,071,306       2,060,155     126,091     2,186,246    
Net earned premium   2,883,386     110,395     2,993,781       1,995,101     134,709     2,129,810    
                             
Ceding commission income/(loss)   2,078     43,522     45,600       (2,510 )   46,300     43,790    
Service and fee income   410,771     3,862     380,817   (C)   300,114     13,226     273,548   (L)
Net investment income   97,376     8,716     99,586   (D)   66,429     8,911     75,340    
Net gain on investments   25,441     515     25,956       4,594     346     4,940    
Other-than-temporary impairment loss   (22,102 )       (22,102 )     (15,247 )       (15,247 )  
Bargain purchase gain and other revenue (expense)   26,458         26,458       (788 )       (788 )  
Total revenues   $ 3,423,408     $ 167,010     $ 3,550,096   (E)   $ 2,347,693     $ 203,492     $ 2,511,393   (M)
                             
Expenses:                            
Loss and loss adjustment expense   $ 1,901,624     $ 56,921     $ 1,958,545       $ 1,284,080     $ 97,561     $ 1,381,641    
Acquisition costs and other underwriting expenses   482,016     15,148     497,158   (F)   378,066     27,972     405,930   (N)
General and administrative expenses   800,253     77,671     844,114   (G)   504,672     65,359     530,347   (O)
Interest expense   40,180     6,506     40,180   (H)   24,229     4,656     28,885    
Total expenses   $ 3,224,073     $ 156,246     $ 3,339,997   (I)   $ 2,191,047     $ 195,548     $ 2,346,803   (P)
                             
Income before provision/(benefit) for income taxes and equity in earnings of unconsolidated subsidiaries   $ 199,335     $ 10,764     $ 210,099       $ 156,646     $ 7,944     $ 164,590    
Provision/(benefit) for income taxes   52,407     (9,791 )   42,616       24,905     (5,949 )   18,956    
Income before equity in earnings of unconsolidated subsidiaries   146,928     20,555     167,483       131,741     13,893     145,634    
Equity in earnings of unconsolidated subsidiaries   25,401         25,401       10,643         10,643    
Net income before non-controlling interest and dividends on preferred shares   172,329     20,555     192,884       142,384     13,893     156,277    
Less: net income attributable to non-controlling interest   113     20,555     20,668       132     13,893     14,025    
Net income before dividends on preferred shares   172,216         172,216       142,252         142,252    
Less: dividends on preferred shares   24,333         24,333       14,025         14,025    
Net income available to common stockholders   $ 147,883     $     $ 147,883       $ 128,227     $     $ 128,227    

NOTES: Consolidated column includes eliminations as follows: (A) $(2,312), (B) $2,312, (C) $(33,816), (D) $(6,506), (E) $(40,322), (F) $(6), (G) $(33,810), (H) $(6,506), (I) $(40,322), (J) $(3,590), (K) $3,590, (L) $(39,792), (M) $(39,792), (N) $(108), (O) $(39,684) and (P) $(39,792).

(1) Consolidated column for the Twelve Months Ended December 31, 2016 excludes Reciprocal Exchanges’ operating results from January 1, 2016 to March 31, 2016, as these entities did not meet the criteria for consolidation under GAAP.

 
Earnings and Per Share Data
$ in thousands, except shares and per share data
(Unaudited)
 
  Three Months Ended December 31,     Twelve Months Ended December 31,
  2016   2015     2016   2015
Net income available to common stockholders $ 30,914     $ 13,719       $ 147,883     $ 128,227  
Basic net income per common share $ 0.29     $ 0.13       $ 1.40     $ 1.31  
Diluted net income per common share $ 0.28     $ 0.13       $ 1.37     $ 1.27  
                 
Operating earnings attributable to NGHC(1) $ 32,557     $ 42,257       $ 166,297     $ 165,457  
Basic operating earnings per common share(1) $ 0.31     $ 0.40       $ 1.57     $ 1.68  
Diluted operating earnings per common share(1) $ 0.30     $ 0.39       $ 1.54     $ 1.64  
                 
Dividends declared per common share $ 0.04     $ 0.03       $ 0.14     $ 0.09  
                 
Weighted average number of basic shares outstanding 106,395,429     105,503,021       105,951,752     98,241,904  
Weighted average number of diluted shares outstanding 108,973,892     108,161,786       108,278,318     100,723,936  
Shares outstanding, end of period 106,428,092     105,554,331       106,428,092     105,554,331  
Fully diluted shares outstanding, end of period 109,006,555     108,213,095       108,754,658     108,036,363  
                 
Book value per share $ 13.85     $ 12.26       $ 13.85     $ 12.26  
Fully diluted book value per share $ 13.52     $ 11.96       $ 13.55     $ 11.98  

 
Reconciliation of Net Income to Operating Earnings (Non-GAAP)
$ in thousands, except per share data
(Unaudited)
 
  Three Months Ended December 31,     Twelve Months Ended December 31,
  2016   2015     2016   2015
                 
Net income available to common stockholders $ 30,914     $ 13,719       $ 147,883     $ 128,227  
Add (subtract) net of tax:                
Net realized and unrealized (gain)/loss on investments (4,245 )   396       (16,537 )   (2,986 )
Other-than-temporary impairment losses     4,391       14,366     9,911  
Foreign exchange (gain)/loss (1,210 )   902       (1,325 )   1,837  
Bargain purchase gain (15,801 )         (15,801 )    
Equity in (earnings)/losses of unconsolidated subsidiaries (other than LSC Entities and Real Estate investments) (206 )   67       (200 )   216  
Non-cash impairment of goodwill 6,626     17,467       6,626     17,467  
Non-cash amortization of intangible assets 16,479     5,315       31,285     10,785  
Operating earnings attributable to NGHC (1) $ 32,557     $ 42,257       $ 166,297     $ 165,457  
                 
Operating earnings per common share:                
Basic operating earnings per common share $ 0.31     $ 0.40       $ 1.57     $ 1.68  
Diluted operating earnings per common share $ 0.30     $ 0.39       $ 1.54     $ 1.64  

 
Balance Sheets
$ in thousands
           
    December 31, 2016 (unaudited)     December 31, 2015 (audited)
ASSETS   NGHC   Reciprocal Exchanges   Consolidated     NGHC   Reciprocal Exchanges   Consolidated
Total investments   $ 3,331,112     $ 306,345     $ 3,548,449   (A)   $ 2,425,168     $ 242,542     $ 2,667,710  
Cash and cash equivalents   212,894     7,405     220,299       217,537     8,393     225,930  
Premiums and other receivables, net (2)   1,097,931     60,978     1,158,108   (B)   702,439     56,194     758,633  
Reinsurance recoverable on unpaid losses (3)   838,605     42,192     880,797       794,091     39,085     833,176  
Intangible assets, net   456,695     11,025     467,720       344,073     4,825     348,898  
Goodwill   155,290         155,290       112,414         112,414  
Other   746,679     89,764     814,318   (C)   515,966     100,665     616,631  
Total assets   $ 6,839,206     $ 517,709     $ 7,244,981   (D)   $ 5,111,688     $ 451,704     $ 5,563,392  
LIABILITIES AND STOCKHOLDERS’ EQUITY                          
Liabilities:                          
Unpaid loss and loss adjustment expense reserves   $ 2,127,997     $ 137,075     $ 2,265,072       $ 1,623,232     $ 132,392     $ 1,755,624  
Unearned premiums   1,472,299     163,326     1,635,625       1,046,313     146,186     1,192,499  
Reinsurance payable (4)   73,985     20,640     93,824   (E)   54,815     14,357     69,172  
Accounts payable and accrued expenses (5)   335,174     13,201     341,977   (F)   265,057     19,845     284,902  
Debt (6)   752,001     89,008     752,001   (G)   446,061     45,476     491,537  
Other   183,921     62,784     230,978   (H)   162,189     70,829     233,018  
Total liabilities   $ 4,945,377     $ 486,034     $ 5,319,477   (I)   $ 3,597,667     $ 429,085     $ 4,026,752  
Stockholders’ equity:                          
Common stock (7)   $ 1,064     $     $ 1,064       $ 1,056     $     $ 1,056  
Preferred stock (8)   420,000         420,000       220,000         220,000  
Additional paid-in capital   914,706         914,706       900,114         900,114  
Accumulated other comprehensive income (loss)   12,710         12,710       (19,414 )       (19,414 )
Retained earnings   545,106         545,106       412,044         412,044  
Total National General Holdings Corp. stockholders’ equity   1,893,586         1,893,586       1,513,800         1,513,800  
Non-controlling interest   243     31,675     31,918       221     22,619     22,840  
Total stockholders’ equity   $ 1,893,829     $ 31,675     $ 1,925,504       $ 1,514,021     $ 22,619     $ 1,536,640  
Total liabilities and stockholders’ equity   $ 6,839,206     $ 517,709     $ 7,244,981   (J)   $ 5,111,688     $ 451,704     $ 5,563,392  

NOTE: Consolidated column includes eliminations as follows: (A) $(89,008), (B) (801), (C) $(22,125), (D) $(111,934), (E) (801), (F) $(6,398), (G) $(89,008), (H) $(15,727), (I) $(111,934) and (J) $(111,934).

 
Segment Information – Fourth Quarter
$ in thousands
(Unaudited)
 
    Three Months Ended December 31,
    2016     2015
    P&C   A&H   NGHC     Reciprocal Exchanges     P&C   A&H   NGHC     Reciprocal Exchanges
Gross written premium   $ 710,029     $ 108,638     $ 818,667       $ 83,392       $ 579,662     $ 98,513     $ 678,175       $ 65,752  
Net written premium   643,430     97,103     740,533       42,352       528,964     89,170     618,134       33,038  
Net earned premium   710,648     106,563     817,211       38,860       543,547     98,752     642,299       36,269  
                                       
Ceding commission income/(loss)   4,766     276     5,042       16,152       (1,532 )   271     (1,261 )     17,851  
Service and fee income   82,096     26,466     108,562       1,307       55,206     44,059     99,265       10,236  
Total underwriting revenues   $ 797,510     $ 133,305     $ 930,815       $ 56,319       $ 597,221     $ 143,082     $ 740,303       $ 64,356  
                                       
Loss and loss adjustment expense   478,904     67,100     546,004       21,280       353,560     91,570     445,130       40,737  
Acquisition costs and other   104,115     21,558     125,673       8,972       78,116     25,723     103,839       7,005  
General and administrative   223,793     37,558     261,351       27,954       139,764     39,872     179,636       16,528  
Total underwriting expenses   $ 806,812     $ 126,216     $ 933,028       $ 58,206       $ 571,440     $ 157,165     $ 728,605       $ 64,270  
                                       
Underwriting income (loss)   (9,302 )   7,089     (2,213 )     (1,887 )     25,781     (14,083 )   11,698       86  
Non-cash impairment of goodwill   3,552     3,074     6,626             11,222     6,245     17,467        
Non-cash amortization of intangible assets   19,694     5,657     25,351       7,069       4,516     3,661     8,177       (841 )
Underwriting income (loss) before amortization and impairment   $ 13,944     $ 15,820     $ 29,764       $ 5,182       $ 41,519     $ (4,177 )   $ 37,342       $ (755 )
                                       
Underwriting ratios                                      
Loss and loss adjustment expense ratio (9)   67.4 %   63.0 %   66.8 %     54.8 %     65.0 %   92.7 %   69.3 %     112.3 %
Operating expense ratio (Non-GAAP) (10,11)   33.9 %   30.4 %   33.5 %     50.1 %     30.2 %   21.5 %   28.9 %     (12.6 )%
Combined ratio (Non-GAAP) (10,12)   101.3 %   93.4 %   100.3 %     104.9 %     95.2 %   114.2 %   98.2 %     99.7 %
                                       
Underwriting ratios (before amortization and impairment)                                      
Loss and loss adjustment expense ratio (9)   67.4 %   63.0 %   66.8 %     54.8 %     65.0 %   92.7 %   69.3 %     112.3 %
Operating expense ratio (Non-GAAP) (10,13)   30.6 %   22.2 %   29.5 %     31.9 %     27.3 %   11.5 %   24.9 %     (10.2 )%
Combined ratio before amortization and impairment (Non-GAAP) (10,14)   98.0 %   85.2 %   96.3 %     86.7 %     92.3 %   104.2 %   94.2 %     102.1 %

     
Segment Information – Year to Date
$ in thousands
(Unaudited)
     
    Twelve Months Ended December 31,
    2016     2015
    P&C   A&H   NGHC     Reciprocal Exchanges (1)     P&C   A&H   NGHC     Reciprocal Exchanges
Gross written premium   $ 2,796,270     $ 464,010     $ 3,260,280       $ 241,540       $ 2,057,834     $ 251,922     $ 2,309,756       $ 283,582  
Net written premium   2,532,090     418,668     2,950,758       120,548       1,844,202     215,953     2,060,155       126,091  
Net earned premium   2,468,959     414,427     2,883,386       110,395       1,783,800     211,301     1,995,101       134,709  
                                       
Ceding commission income/(loss)   747     1,331     2,078       43,522       (3,601 )   1,091     (2,510 )     46,300  
Service and fee income   271,835     138,936     410,771       3,862       201,304     98,810     300,114       13,226  
Total underwriting revenues   $ 2,741,541     $ 554,694     $ 3,296,235       $ 157,779       $ 1,981,503     $ 311,202     $ 2,292,705       $ 194,235  
                                       
Loss and loss adjustment expense   1,602,257     299,367     1,901,624       56,921       1,112,758     171,322     1,284,080       97,561  
Acquisition costs and other   379,286     102,730     482,016       15,148       312,067     65,999     378,066       27,972  
General and administrative   668,846     131,407     800,253       77,671       422,561     82,111     504,672       65,359  
Total underwriting expenses   $ 2,650,389     $ 533,504     $ 3,183,893       $ 149,740       $ 1,847,386     $ 319,432     $ 2,166,818       $ 190,892  
                                       
Underwriting income (loss)   91,152     21,190     112,342       8,039       134,117     (8,230 )   125,887       3,343  
Non-cash impairment of goodwill   3,552     3,074     6,626             11,222     6,245     17,467        
Non-cash amortization of intangible assets   37,537     10,593     48,130       20,795       9,995     6,597     16,592       4,380  
Underwriting income before amortization and impairment   $ 132,241     $ 34,857     $ 167,098       $ 28,834       $ 155,334     $ 4,612     $ 159,946       $ 7,723  
                                       
Underwriting ratios                                      
Loss and loss adjustment expense ratio (9)   64.9 %   72.2 %   66.0 %     51.6 %     62.4 %   81.1 %   64.4 %     72.4 %
Operating expense ratio (Non-GAAP) (10,11)   31.4 %   22.7 %   30.2 %     41.2 %     30.1 %   22.8 %   29.3 %     25.1 %
Combined ratio (Non-GAAP) (10,12)   96.3 %   94.9 %   96.2 %     92.8 %     92.5 %   103.9 %   93.7 %     97.5 %
                                       
Underwriting ratios (before amortization and impairment)                                      
Loss and loss adjustment expense ratio (9)   64.9 %   72.2 %   66.0 %     51.6 %     62.4 %   81.1 %   64.4 %     72.4 %
Operating expense ratio (Non-GAAP) (10,13)   29.7 %   19.4 %   28.3 %     22.3 %     28.9 %   16.7 %   27.6 %     21.8 %
Combined ratio before amortization and impairment (Non-GAAP) (10,14)

 

  94.6 %   91.6 %   94.3 %     73.9 %     91.3 %   97.8 %   92.0 %     94.2 %

NOTE: (1) Reciprocal Exchanges’ column for the Twelve Months Ended December 31, 2016 excludes its operating results from January 1, 2016 to March 31, 2016, as these entities did not meet the criteria for consolidation under GAAP.

 
Reconciliation of Operating Expense Ratio (Non-GAAP)
$ in thousands
(Unaudited)
 
    Three Months Ended December 31,
    2016     2015
    P&C   A&H   NGHC     Reciprocal Exchanges     P&C   A&H   NGHC     Reciprocal Exchanges
Total underwriting expenses   $ 806,812     $ 126,216     $ 933,028       $ 58,206       $ 571,440     $ 157,165     $ 728,605       $ 64,270  
Less: Loss and loss adjustment expense   478,904     67,100     546,004       21,280       353,560     91,570     445,130       40,737  
Less: Ceding commission income/(loss)   4,766     276     5,042       16,152       (1,532 )   271     (1,261 )     17,851  
Less: Service and fee income   82,096     26,466     108,562       1,307       55,206     44,059     99,265       10,236  
Operating expense   241,046     32,374     273,420       19,467       164,206     21,265     185,471       (4,554 )
Net earned premium   $ 710,648     $ 106,563     $ 817,211       $ 38,860       $ 543,547     $ 98,752     $ 642,299       $ 36,269  
Operating expense ratio (Non-GAAP)   33.9 %   30.4 %   33.5 %     50.1 %     30.2 %   21.5 %   28.9 %     (12.6 )%
                                       
Total underwriting expenses   $ 806,812     $ 126,216     $ 933,028       $ 58,206       $ 571,440     $ 157,165     $ 728,605       $ 64,270  
Less: Loss and loss adjustment expense   478,904     67,100     546,004       21,280       353,560     91,570     445,130       40,737  
Less: Ceding commission income/(loss)   4,766     276     5,042       16,152       (1,532 )   271     (1,261 )     17,851  
Less: Service and fee income   82,096     26,466     108,562       1,307       55,206     44,059     99,265       10,236  
Less: Non-cash impairment of goodwill   3,552     3,074     6,626             11,222     6,245     17,467        
Less: Non-cash amortization of intangible assets   19,694     5,657     25,351       7,069       4,516     3,661     8,177       (841 )
Operating expense before amortization and impairment   217,800     23,643     241,443       12,398       148,468     11,359     159,827       (3,713 )
Net earned premium   $ 710,648     $ 106,563     $ 817,211       $ 38,860       $ 543,547     $ 98,752     $ 642,299       $ 36,269  
Operating expense ratio before amortization and impairment (Non-GAAP)   30.6 %   22.2 %   29.5 %     31.9 %     27.3 %   11.5 %   24.9 %     (10.2 )%

     
Reconciliation of Operating Expense Ratio (Non-GAAP)
$ in thousands
(Unaudited)
     
    Twelve Months Ended December 31,
    2016     2015
    P&C   A&H   NGHC     Reciprocal Exchanges     P&C   A&H   NGHC     Reciprocal Exchanges
Total underwriting expenses   $ 2,650,389     $ 533,504     $ 3,183,893       $ 149,740       $ 1,847,386     $ 319,432     $ 2,166,818       $ 190,892  
Less: Loss and loss adjustment expense   1,602,257     299,367     1,901,624       56,921       1,112,758     171,322     1,284,080       97,561  
Less: Ceding commission income/(loss)   747     1,331     2,078       43,522       (3,601 )   1,091     (2,510 )     46,300  
Less: Service and fee income   271,835     138,936     410,771       3,862       201,304     98,810     300,114       13,226  
Operating expense   775,550     93,870     869,420       45,435       536,925     48,209     585,134       33,805  
Net earned premium   $ 2,468,959     $ 414,427     $ 2,883,386       $ 110,395       $ 1,783,800     $ 211,301     $ 1,995,101       $ 134,709  
Operating expense ratio (Non-GAAP)   31.4 %   22.7 %   30.2 %     41.2 %     30.1 %   22.8 %   29.3 %     25.1 %
                                       
Total underwriting expenses   $ 2,650,389     $ 533,504     $ 3,183,893       $ 149,740       $ 1,847,386     $ 319,432     $ 2,166,818       $ 190,892  
Less: Loss and loss adjustment expense   1,602,257     299,367     1,901,624       56,921       1,112,758     171,322     1,284,080       97,561  
Less: Ceding commission income/(loss)   747     1,331     2,078       43,522       (3,601 )   1,091     (2,510 )     46,300  
Less: Service and fee income   271,835     138,936     410,771       3,862       201,304     98,810     300,114       13,226  
Less: Non-cash impairment of goodwill   3,552     3,074     6,626             11,222     6,245     17,467        
Less: Non-cash amortization of intangible assets   37,537     10,593     48,130       20,795       9,995     6,597     16,592       4,380  
Operating expense before amortization and impairment   734,461     80,203     814,664       24,640       515,708     35,367     551,075       29,425  
Net earned premium   $ 2,468,959     $ 414,427     $ 2,883,386       $ 110,395       $ 1,783,800     $ 211,301     $ 1,995,101       $ 134,709  
Operating expense ratio before amortization and impairment (Non-GAAP)   29.7 %   19.4 %   28.3 %     22.3 %     28.9 %   16.7 %   27.6 %     21.8 %

 
Premiums by Business Line
$ in thousands
(Unaudited)
 
    Three Months Ended December 31,
    Gross Written Premium     Net Written Premium     Net Earned Premium
    2016   2015   Change     2016   2015   Change     2016   2015   Change
Property & Casualty                                        
Personal Auto   $ 441,128     $ 304,885     44.7 %     $ 402,913     $ 265,771     51.6 %     $ 417,083     $ 268,132     55.6 %
Homeowners   104,696     63,755     64.2 %     93,133     58,901     58.1 %     96,358     67,287     43.2 %
RV/Packaged   36,659     33,836     8.3 %     36,443     33,720     8.1 %     40,995     38,249     7.2 %
Commercial Auto   65,866     47,806     37.8 %     59,370     42,967     38.2 %     62,814     43,074     45.8 %
Lender-placed insurance   50,622     126,570     (60.0 )%     46,690     125,693     (62.9 )%     87,569     123,274     (29.0 )%
Other   11,058     2,810     293.5 %     4,881     1,912     155.3 %     5,829     3,531     65.1 %
Property & Casualty   710,029     579,662     22.5 %     643,430     528,964     21.6 %     710,648     543,547     30.7 %
                                         
Accident & Health   108,638     98,513     10.3 %     97,103     89,170     8.9 %     106,563     98,752     7.9 %
Total National General   $ 818,667     $ 678,175     20.7 %     $ 740,533     $ 618,134     19.8 %     $ 817,211     $ 642,299     27.2 %
                                         
Reciprocal Exchanges                                        
Personal Auto   $ 25,214     $ 20,853     20.9 %     $ 16,161     $ 12,067     33.9 %     $ 15,385     $ 13,512     13.9 %
Homeowners   56,340     43,223     30.3 %     24,884     19,561     27.2 %     21,869     21,113     3.6 %
Other   1,838     1,676     9.7 %     1,307     1,410     (7.3 )%     1,606     1,644     (2.3 )%
Reciprocal Exchanges   $ 83,392     $ 65,752     26.8 %     $ 42,352     $ 33,038     28.2 %     $ 38,860     $ 36,269     7.1 %
                                         
Consolidated Total   $ 901,348     $ 743,927     21.2 %     $ 782,885     $ 651,172     20.2 %     $ 856,071     $ 678,568     26.2 %

NOTE: Consolidated Total includes eliminations of $(711) and $0 within 2016 and 2015 Gross Written Premium, respectively.

     
    Twelve Months Ended December 31,
    Gross Written Premium     Net Written Premium     Net Earned Premium
    2016   2015   Change     2016   2015   Change     2016   2015   Change
Property & Casualty                                        
Personal Auto   $ 1,549,091     $ 1,241,282     24.8 %     $ 1,380,125     $ 1,070,852     28.9 %     $ 1,292,563     $ 1,054,529     22.6 %
Homeowners   412,151     329,440     25.1 %     369,810     309,775     19.4 %     353,228     286,920     23.1 %
RV/Packaged   165,919     154,929     7.1 %     165,025     153,501     7.5 %     158,256     150,290     5.3 %
Commercial Auto   257,075     187,686     37.0 %     234,101     170,720     37.1 %     217,919     154,565     41.0 %
Lender-placed insurance   376,058     126,570     NA     363,896     125,693     NA     422,645     123,274     NA
Other   35,976     17,927     100.7 %     19,133     13,661     40.1 %     24,348     14,222     71.2 %
Property & Casualty   2,796,270     2,057,834     35.9 %     2,532,090     1,844,202     37.3 %     2,468,959     1,783,800     38.4 %
                                         
Accident & Health   464,010     251,922     84.2 %     418,668     215,953     93.9 %     414,427     211,301     96.1 %
Total National General   $ 3,260,280     $ 2,309,756     41.2 %     $ 2,950,758     $ 2,060,155     43.2 %     $ 2,883,386     $ 1,995,101     44.5 %
                                         
Reciprocal Exchanges                                        
Personal Auto   $ 73,680     $ 88,494     NA     $ 44,661     $ 50,686     NA     $ 42,225     $ 74,477     NA
Homeowners   161,510     187,424     NA     71,367     67,796     NA     61,748     54,565     NA
Other   6,350     7,664     NA     4,520     7,609     NA     6,422     5,667     NA
Reciprocal Exchanges (1)   $ 241,540     $ 283,582     NA     $ 120,548     $ 126,091     NA     $ 110,395     $ 134,709     NA
                                         
Consolidated Total   $ 3,499,508     $ 2,589,748     35.1 %     $ 3,071,306     $ 2,186,246     40.5 %     $ 2,993,781     $ 2,129,810     40.6 %

NOTES: Consolidated Total includes eliminations of $(2,312) and $(3,590) within 2016 and 2015 Gross Written Premium, respectively.
(1) Reciprocal Exchanges for the Twelve Months Ended December 31, 2016 excludes its operating results from January 1, 2016 to March 31, 2016, as these entities did not meet the criteria for consolidation under GAAP.

Additional Disclosures

(1) References to operating earnings and basic and diluted operating EPS are non-GAAP financial measures defined by the Company as net income and basic earnings per share excluding after-tax net realized and unrealized gain or loss on investments, other-than-temporary impairment losses, foreign exchange gain or loss, bargain purchase gain, equity in earnings or losses of unconsolidated subsidiaries (other than LSC Entities and Real Estate investment gains or losses), non-cash impairment of goodwill and non-cash amortization of intangible assets. The Company believes operating earnings and basic and diluted operating EPS are more relevant measures of the Company’s profitability because operating earnings and basic and diluted operating EPS contain the components of net income upon which the Company’s management has the most influence and excludes factors outside management’s direct control and non-recurring items. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

(2) Premiums and other receivables, net includes $10,264 and $62,306 from related parties at December 31, 2016 and December 31, 2015, respectively.

(3) Reinsurance recoverable on unpaid losses includes $26,782 and $42,774 from related parties at December 31, 2016 and December 31, 2015, respectively.

(4) Reinsurance payable includes $33,419 and $31,923 due to related parties at December 31, 2016 and December 31, 2015, respectively.

(5) Accounts payable and accrued expenses includes $29,271 and $51,755 to related parties at December 31, 2016 and December 31, 2015, respectively.

(6) Debt (Exchanges owed to related party) includes $0 and $45,476 at December 31, 2016 and December 31, 2015, respectively.

(7) Common stock: $0.01 par value – authorized 150,000,000 shares, issued and outstanding 106,428,092 shares – December 31, 2016; authorized 150,000,000 shares, issued and outstanding 105,554,331 shares – December 31, 2015.

(8) Preferred stock: $0.01 par value – authorized 10,000,000 shares, issued and outstanding 2,565,000 shares – December 31, 2016; authorized 10,000,000 shares, issued and outstanding 2,365,000 shares – December 31, 2015.

(9) Loss and loss adjustment expense ratio is calculated by dividing loss and loss adjustment expense by net earned premium.

(10) Operating expense ratio and combined ratio are considered non-GAAP financial measures under applicable SEC rules because a component of those ratios, operating expense, is calculated by offsetting acquisition and other underwriting costs and general and administrative expenses by ceding commission income and service and fee income. Management uses operating expense ratio (non-GAAP) and combined ratio (non-GAAP) to evaluate financial performance against historical results and establish targets on a consolidated basis. The Company believes this presentation enhances the understanding of our results by eliminating what we believe are volatile and unusual events and presenting the ratios with what we believe are the underlying run rates of the business. Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

(11) Operating expense ratio is a non-GAAP measure defined by the Company, that is commonly used in the insurance industry. The Company calculates the ratio by dividing operating expense by net earned premium. Operating expense consists of the sum of acquisition and other underwriting costs and general and administrative expenses less ceding commission income and service and fee income. The ratio is used as an indicator of the Company’s efficiency in acquiring and servicing its business. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

(12) Combined ratio is a non-GAAP measure defined by the Company, that is commonly used in the insurance industry. The Company calculates the ratio by adding the loss and loss adjustment expense ratio and the operating expense ratio (non-GAAP) together. The ratio is used as an indicator of the Company’s underwriting discipline, efficiency in acquiring and servicing its business, and overall underwriting profit. A combined ratio under 100% generally indicates an underwriting profit, while over 100% an underwriting loss. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General.

(13) Operating expense ratio before amortization and impairment is a non-GAAP measure defined by the Company, that is commonly used in the insurance industry. The Company calculates the ratio by dividing the operating expense before amortization and impairment by net earned premium. Operating expense before amortization and impairment consists of the sum of acquisition and other underwriting costs and general and administrative expenses less ceding commission income and service and fee income less non-cash amortization of intangible assets and non-cash impairment of goodwill. The ratio is used as an indicator of the Company’s efficiency in acquiring and servicing its business. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

(14) Combined ratio before amortization and impairment is a non-GAAP measure defined by the Company, that is commonly used in the insurance industry. The Company calculates the ratio by adding the loss and loss adjustment expense ratio and the operating expense ratio before amortization and impairment (non-GAAP) together. The ratio is used as an indicator of the Company’s underwriting discipline, efficiency in acquiring and servicing its business, and overall underwriting profit. A combined ratio under 100% generally indicates an underwriting profit, while over 100% an underwriting loss. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

(15) Trailing twelve month operating return on average equity is the ratio of the previous twelve months operating earnings to average shareholders’ equity for the periods presented. Average shareholders’ equity is the sum of the shareholders’ equity excluding preferred stock at the beginning and end of the period presented divided by two. In the opinion of the Company’s management this ratio is an important indicator of how well management creates value for its shareholders through its operating activities and capital management. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of net income to operating earnings, which is the Non-GAAP component of the operating return on average equity.

 

CONTACT: Investor Contact

Christine Worley
Director of Investor Relations
Phone: 212-380-9462
Email: Christine.Worley@NGIC.com
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