Insurance company Max Capital Group has reported net income of $62.4 million, or $1 per fully diluted share for the fourth quarter ended December 31, 2007, compared to $95.4 million, or $1.50 per fully diluted share, for the fourth quarter ended December 31, 2006.
Net operating income was $63.4 million, or $1.01 per fully diluted share, compared to $93.9 million, or $1.48 per fully diluted share.
For the year ended December 31, 2007, net income was $303.2 million, or $4.75 per fully diluted share, compared to $216.9 million, or $3.43 per fully diluted share, for the year ended December 31, 2006. Net operating income was $307.2 million, or $4.81 per fully diluted share, compared to $222.7 million, or $3.52 per fully diluted share.
W Becker, chairman and CEO, said: We are extremely pleased that 2007 was a record year for Max. Strong underwriting performance coupled with outstanding investment returns combined to produce the highest net income and return on shareholders’ equity in Max’s history.