Another ViewCan you please comment on the recent quarterly results of FHH and a possible reason for its precipitous drop (over $120 or 8.5%) over the previous 2 days?
FFH reported good results, a net premium growth of 11.2% to $6.9B for the quarter. Adjusted operating income grew 22% during the quarter to $1.1B. The company repurchased shares at a more aggressive pace than usual during the quarter for almost $1B, it has been quite some time since the company bought back shares that aggressively in a quarter. The debt-to-capital ratio remains healthy at 25.9%. Expectations were quite high coming to the earnings, also volatility recently also put more pressure on the share price. FFH has performed well recently, given the company’s aggressive buyback which indicates the management believes shares are still attractive. (5iResearch)