Arch Capital said its annualized net income and operating return on average common equity were 29.7% and 21.6%, respectively, in 2023. The company said 2023 results reflected a net deferred income tax asset of $1.18 billion ($3.10 per share) related to the enactment of Bermuda's new corporate income tax.

1. 01

   Arch Capital said its annualized net income and operating return on average common equity were 29.7% and 21.6%, respectively, in 2023. The company said 2023 results reflected a net deferred income tax asset of $1.18 billion ($3.10 per share) related to the enactment of Bermuda's new corporate income tax.

2. 02

   Arch Capital said net premiums written in its insurance segment were 16.7% higher in 2023 than in 2022, and reinsurance segment net premiums written were 33.1% higher. The company cited rate increases, new business opportunities and growth in existing accounts as factors behind the insurance segment increase.

3. 03

   The company said net premiums written in its mortgage segment were 7.1% lower in 2023 than in 2022. It said the persistency rate of its 1 U.S. primary mortgage insurance portfolio rose from 79.5% on December 31, 2022 to 83.6% on December 31, 2023.

4. 04

   The company said its pre-tax investment income yield was 3.53% in 2023, higher than 1.99% in 2022. It said net cash flow from operating activities of $5.7 billion increased its invested asset base. The company also said the remaining authorization under its share repurchase program was $1.0 billion as of December 31, 2023.

Key figures

Fiscal year ended December 31, 2023

Revenue

$13.6B

Net income

$4.4B

EPS

$11.62

Operating cash flow

$5.7B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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