Platinum Underwriters Holdings Ltd. (PTP.N: Quote, Profile, Research), a Bermuda-based property and casualty reinsurer, posted a 11 percent rise in quarterly profit, helped by growing investment income and lower expenses.
The company earned $90.7 million, or $1.34 a share, in the latest second quarter, compared with $81.7 million, or $1.24 a share, a year ago.
For the second quarter, analysts' consensus view was for earnings of $1.20 a share, excluding items, according to Reuters Estimates.
Net investment income for the quarter rose more than 20 percent to $54.7 million, while net premium earned fell more than 12 percent to $295.9 million.
Total expenses for the quarter was $251.4 million compared with $291.9 million a year ago. (Reporting by Ratul Ray Chaudhuri in Bangalore)
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