Monday, Navigators Group, Inc. (NAVG), an international insurance holding company, reported lower net income for the second quarter, compared to prior year quarter hurt by higher operating expenses, partially offset by an increase in revenues.
The New-York-based company's second quarter net income declined 29% to $17.42 million from $24.38 million in the prior-year quarter. On a per share basis, earnings decreased 28% to $1.03 from $1.44 a year ago. On average, seven analysts expected the company to earn $1.44 per share for the quarter.
The company said second quarter results included net realized capital losses of $7.98 million or $0.31 per share, while the prior year quarter results included net realized capital gains of $840,000 or $0.03 per share. The 2008-second quarter net realized capital losses included a provision of $8.41 million for decline in the market value of equity securities, which were considered to be other than temporary. The after-tax loss of such provision was $5.47 million or $0.32 per share.
Total revenues rose 7% to $174.94 million from $164.02 million last year. Street analysts expected the company to post revenues of $185.90 million for the quarter.
Net written premium for the quarter increased 8% to $174.29 million from $161.35 million a year ago.
The company's total operating expenses were $150.83 million, up 18% from $128.21 million in the same quarter of the previous year.
For the six-month period, the company's net income was $40.67 million or $2.39 per share, down 8% from $44.05 million or $2.60 per share in the previous year.
Total revenues were $349.71 million, up from $319.82 million in the prior year.
NAVG closed Monday's regular trading at $51.14, up $0.61 or 1.21%, on a volume of 124,554 shares on the Nasdaq. However, in after-hours trading, the stock shed $0.15 or 0.30%, and was at $50.99.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.