Atlas Financial Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018
November 05, 2018 at 09:40 pm
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Atlas Financial Holdings, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. Net premiums earned was $54,461,000 against $55,865,000 for the same period of last year. Total revenue was $55,769,000 against $57,464,000 for the same period of last year. Income from operations before income taxes was $7,123,000 against $5,125,000 for the same period of last year. Net income attributable to common shareholders was $5,605,000 against $5,125,000 for the same period of last year. Earnings per common share, basic was $0.47 against $0.43 a year ago. Earnings per diluted share was $0.47 against $0.42 for the same period of last year.
For the nine months, Net premiums earned was $165,712,000 against $158,340,000 for the same period of last year. Total revenue was $169,683,000 against $162,983,000 for the same period of last year. Income from operations before income taxes was $21,014,000 against $23,829,000 for the same period of last year. Net income attributable to common shareholders was $16,710,000 against $15,487,000 for the same period of last year. Earnings per common share, basic was $1.39 against $1.29 a year ago. Earnings per diluted share was $1.39 against $1.27 for the same period of last year.
Atlas Financial Holdings, Inc. is a financial service holding company. The Companyâs primary business is generating, underwriting and servicing commercial automobile insurance policies in the United States. The Company focuses on a managing general agency (MGA) strategy, primarily through its wholly owned subsidiary, Anchor Group Management, Inc. (AGMI). AGMI focuses on a niche market orientation for the light commercial automobile sector. This sector includes taxi cabs, limousines, livery, full-time transportation network companies (TNC) drivers/operators, and other specialty commercial auto operators. Automobile insurance products provide insurance coverage in three major areas: liability, accident benefits and physical damage. The Company operates in one business segment: the Managing General Agency segment. The Companyâs subsidiaries include UBI Holdings Inc. (UBI Holdings), optOn Digital IP Inc. (OOIP) and optOn Insurance Agency Inc.