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Delphi Financial Reports Increase In Q3 Net Income

Net income in Q3 of 2009 was $20.8m compared to a net loss in Q3 of 2008 of $(9.8)m

Delphi Financial Group has announced that its operating earnings in the third quarter of 2009 were $53.6m or $1.00 per share, compared to $12.5m or $0.26 per share in the third quarter of 2008.

The operating earnings for the first nine months of 2009 were $147.3m or $2.91 per share, compared to $77.4m or $1.57 per share in the first nine months of 2008. The annualised operating return on beginning equity in the third quarter of 2009 was 20.4%, compared to 4.8% in the third quarter of 2008.

The net income in the third quarter of 2009 was $20.8m or $0.39 per share, compared to a net loss in the third quarter of 2008 of $(9.8)m or $(0.20) per share.

For the first nine months of 2009, the company’s net income was $82.3m or $1.63 per share, compared to net income of $38.2m or $0.78 per share for the first nine months of 2008.

Robert Rosenkranz, chairman and CEO, said: “Delphi’s improved investment performance and underwriting profit margins drove our robust growth in operating earnings. Excess workers’ compensation production was up 37% at Safety National as we continued to capitalise on our market leadership position and ongoing market firmness. Market conditions were more challenging for Reliance Standard, where we maintained pricing and underwriting discipline and accepted the consequences of lower production.”