The company said its consolidated loss ratio was 60.2% in Q1 2024, lower than 61.8% in Q1 2023. Losses and loss expenses increased to $1,664 million in 2023 from $1,539 million.

1. 01

   The company said its consolidated loss ratio was 60.2% in Q1 2024, lower than 61.8% in Q1 2023. Losses and loss expenses increased to $1,664 million in 2023 from $1,539 million.

2. 02

   The company said it recorded net favorable prior year reserve development of $1 million in Q1 2024, after adding premium and returning premium. Favorable development of $9 million in the Reinsurance & Monoline Excess segment was largely offset by adverse development of $8 million in the Insurance segment.

3. 03

   Operating cash flow rose to $746 million in Q1 2024 from $445 million in Q1 2023, the company said, citing higher premium collections and lower payments of losses and loss expenses. Book value of debt was $2,837 million as of March 31, 2024.

4. 04

   The company said common stockholders' equity was $7.8 billion as of March 31, 2024, or $30.34 per share. It did not repurchase any shares in Q1 2024 and declared a regular quarterly cash dividend of $0.11 per share.

Key figures

Quarter ended March 31, 2024

Revenue

$3.3B

Net income

$442M

EPS

$1.64

Operating cash flow

$746M

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.