Alleghany 2021 Full Year Performance Highlights
(1)
(2)
Summary of 4Q 2021 Results
($ in millions)
Income Statement
4Q 2020
4Q 2021
% Change
Net Premiums Written
$1,696
$1,533
-10%
Net Investment Income
131
127
-3%
Underwriting Profit(¹)
17
205
1,143%
Net Earnings (2)
159
516
225%
Adjusted Earnings (1)
96
252
164%
Alleghany Capital Adjusted
Earnings Before Income
77
111
44%
Taxes(1)
Adjusted Diluted EPS(1)
$6.77
$18.46
173%
See Non-GAAP Financial Measures in appendix for full definitions.
Attributable to Alleghany shareholders.
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Commentary
Insurance net premiums written growth of
12.9% and Reinsurance premium decline of
16.8% (due to the termination of a certain
large whole account quota share treaty)
Excluding the non-renewed large whole
account quota share treaty, Reinsurance
net premiums written growth of 9.6%
Decrease in net investment income due to
lower interest income and partnership income
partially offset by higher dividend income
TransRe combined ratio of 90.8%, RSUI
combined ratio of 78.1%
Alleghany Capital Q4 2021 revenue increased
46% to $1.2 billion from $823 million;
Alleghany Capital adjusted earnings before
income taxes increased to $111 million vs. $77
million in 4Q 2020
Book value per share at December 31, 2021
was $675.58, an increase of 8.3% from Q4
2020. Excluding AOCI, book value per share
increased 12.5%.
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