Arch Capital Group Reports Strong Q4 Earnings, Exceeding Expectations
PEMBROKE, Bermuda - Arch Capital Group Ltd. (ACGL) announced a robust $935 million profit for the fourth quarter of 2023. The Pembroke, Bermuda-based company reported earnings per share of $2.42, exceeding analysts' estimates.
Adjusted for non-recurring gains, earnings per share reached $2.26, surpassing Wall Street's expectations. Zacks Investment Research had surveyed seven analysts who forecasted earnings of $1.85 per share.
Arch Capital's revenue for the quarter totaled $4.55 billion, also outperforming analysts' projections. Five analysts surveyed by Zacks had anticipated revenue of $4.28 billion.
For the full year of 2023, the company reported a profit of $4.31 billion ($11.19 per share) and revenue of $17.44 billion.
ACGL shares have experienced a slight decline of 1% year-to-date. However, in the final trading minutes on Monday, the stock reached $91.46, representing an 11% increase over the past 12 months.