Montpelier Re | Investor Relations

Financial Highlights

MONTPELIER RE HOLDINGS LTD. (NYSE - MRH)

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Balance Sheet ($000)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Cash and Investments	3,240,500	3,201,300	1.22	3,319,400	(9.51)
Total Reinsurance Assets	131,600	117,600	11.90	135,700	(12.09)
Total Deferred Policy Acquisition Costs	52,300	56,900	(8.08)	48,400	32.23
Total Assets	4,050,800	3,803,600	6.50	3,810,100	25.27
Total Policy Reserves	1,377,200	1,380,400	(0.23)	1,382,500	(1.53)
Total Debt	399,100	327,900	21.71	399,100	0.00
Total Liabilities	2,341,900	2,188,500	7.01	2,180,700	29.57
Total Mezzanine Level Items	0	0	0.00	0	0.00
Common Equity	1,526,300	1,465,100	4.18	1,479,400	12.68
Total Equity	1,708,900	1,615,100	5.81	1,629,400	19.52
Shares Outstanding (actual)	54,027,795	58,923,505	(8.31)	55,269,690	(8.99)

Income Statement ($000)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Gross Written Premiums	261,200	259,700	0.58	94,400	706.78
Net Written Premiums	226,000	220,000	2.73	83,400	683.93
Net Premiums Earned	159,700	160,500	(0.50)	156,600	7.92
Net Investment Income	20,300	51,500	(60.58)	19,200	22.92
Realized Gains	0	0	0.00	0	0.00
Other Income	21,100	(2,100)	NM	(2,300)	NM
Underwriting & Other Expenses	49,000	50,500	(2.97)	53,700	(35.01)
Interest Expense	4,700	5,000	(6.00)	5,900	(81.36)
Total Policy Expenses	50,600	44,000	15.00	127,900	(241.75)
Net Income	96,600	110,400	(12.50)	(23,300)	NM
Changes in Unrealized Gains/(Losses)	(3,500)	400	NM	300	NM
Comprehensive Income	93,100	110,800	(15.97)	(23,000)	NM

Per Share Items ($)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Diluted EPS After Extraordinary	1.65	1.74	(5.17)	(0.48)	NM
Operating EPS	1.18	1.23	(4.07)	(0.31)	NM
Book Value	28.25	24.86	13.62	26.77	22.17
Dividends Declared	0.1150	0.1050	9.52	0.1150	0.00

Underwriting Performance Ratios (%)
	2013 Q1	2012 Q1	Y-Y Ch (bp)	2012 Q4	Q-Q Ch (bp)
GAAP Loss Ratio	31.70	27.40	430	81.70	(5,000)
GAAP Expense Ratio	30.70	31.50	(80)	34.30	(360)
GAAP Combined Ratio	62.40	58.90	350	116.00	(5,360)

^† Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

* Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.


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