OneBeacon Insurance Group, Ltd. (OB, OBIG) reported a loss for the fourth quarter, compared to a year-ago profit, hurt by hefty investment losses.
Mike Miller, chief executive officer of OneBeacon said, "We were disappointed by the decrease in our book value caused by investment losses."
The Canton, Massachusetts-based company's quarterly net loss was $171.9 million or $1.81 per share, compared to net income of $45.5 million or $0.46 per share in the previous year.
Comprehensive net loss was $198.2 million, in comparison with comprehensive net income of $43.3 million last year.
Adjusted net loss was $171.9 million or $1.81 per share, compared to net income of $60.1 million or $0.61 per share in the prior year.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.43 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues dropped to $168.8 million from $549.8 million a year ago.
Net written premiums were $474 million, up from $427 million last year. The company stated that the 10.8% increase in premium was driven by growth across most of Specialty Lines businesses, particularly new collector car and boat business.
During the quarter, the company posted net realized investment losses of $259.7 million, compared to a gain of $31 million in the year-ago quarter. Net realized investment losses included $130 million in net realized losses from sales and $130 million relating to losses for other than temporary impairments.
For the full year, the company reported a net loss of $382.7 million, compared to net income of $250.6 million in the prior year. Adjusted net loss for the period was $353.3 million or $3.68 per share, in comparison with net income of $305.7 million or $3.06 per share in the preceding year.
Total revenues for the year declined to 1.293 billion from $2.273 billion last year.
OB closed Thursday's regular trading at $9.30 on the NYSE.
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