Arch Capital Group’s 2024 first-quarter numbers reflected efficient underwriting, a strong operational performance, a return on equity improvement and growth in shareholder value, the company said.

Group results included net income of more than $1.1 billion for the three months, or $2.92 per share, representing a 24.6 per cent annualised net income return on average common equity.

This was compared with net income available to Arch common shareholders for the 2023 first quarter of $705 million, or $1.87 per share.

After-tax operating income stood at $933 million, or $2.45 per share, representing a 20.7 per cent annualised operating return on average common equity, compared with $654 million, or $1.73 per share, for the 2023 first quarter.

Pre-tax current accident year catastrophic losses for the company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums, was $58 million.

Favourable development in prior-year loss reserves, net of related adjustments, was $126 million.

The combined ratio excluding, catastrophic activity and prior-year development, was 80.8 per cent, compared with 82.2 per cent for the 2023 first quarter.

Book value per common share of $49.36 at March 31, 2024 represented a 5.2 per cent increase from December 31, 2023.

Marc Grandisson, the chief executive of ACGL, said: “We are extremely pleased with the outstanding financial results across our operations in the first quarter.

“I am especially proud of the ongoing commitment of our Arch colleagues to delivering value-added solutions to our clients and partners in this ever-changing risk environment. This level of hard and smart work bodes well for our future success to the benefit of our shareholders.”