Alleghany 2021 Full Year Performance Highlights
Summary of 2021 Results
($ in millions)
Income Statement
2020
2021
% Change
Net Premiums Written
$6,344
$7,149
13%
Net Investment Income
491
540
10%
Underwriting Profit (1)
(129)
195
N/M
Net Earnings(2)
102
1,035
917%
Adjusted Earnings (1)
228
619
172%
Alleghany Capital Adjusted
Earnings Before Income
154
332
116%
Taxes(1)
Adjusted Diluted EPS(1)
$15.89
$ 44.64
181%
Balance Sheet
As of
12/31/2020
As of
12/31/2021
%
Change
Invested Assets and Cash
$20,978
$22,849
9%
Total Assets
28,927
32,269
12%
Book Value Per Share(2)
$623.57
$675.58
8%
Book Value Per Share
ex AOCI(2)
$ 591.35
$665.15
13%
(1)
(2)
See Non-GAAP Financial Measures in appendix for full definitions.
Attributable to Alleghany shareholders.
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Commentary
Reinsurance net premiums written growth of
11.2% and Insurance net premiums growth of
17.5%
-
Excluding the non-renewed large whole
account quota share treaty, Reinsurance
net premiums written growth of 17.3%
Increase in net investment income due to
higher dividend and partnership income
partially offset by reduced interest income
TransRe combined ratio of 99.4%, RSUI
combined ratio of 86.7% and CapSpecialty
combined ratio of 99.4%
Alleghany Capital 2021 revenue increased 51%
to $3.7 billion from $2.5 billion; Alleghany
Capital adjusted earnings before income taxes
increased to $332 million vs. $154 million in
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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