ACGLN - Arch Capital Group Ltd. (ACGL) Q4 2023 Earnings Call Transcript
2024-02-15 16:59:06 ET
Arch Capital Group Ltd. (ACGL)
Q4 2023 Earnings Conference Call
February 15, 2024, 11:00 am ET
Company Participants
Marc Grandisson - CEO
François Morin - CFO & Treasurer
Conference Call Participants
Elyse Greenspan - Wells Fargo
Andrew Kligerman - TD Cowen
Jimmy Bhullar - JPMorgan
Michael Zaremski - BMO
Josh Shanker - Bank of America
Yaron Kinar - Jefferies
Bob Jian Huang - Morgan Stanley
Meyer Shields - Keefe, Bruyette & Woods
Cave Montazeri - Deutsche Bank
David Motemaden - Evercore
Presentation
Operator
Good day, ladies and gentlemen, and welcome to the Q4 2023 Arch Capital Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded.
Before the company gets started with this update, management wants to first remind everyone that certain statements in today's press release and discussed on this call may constitute forward-looking statements under the federal securities laws. These statements are based upon management's current assessments and assumptions and are subject to a number of risks and uncertainties.
Consequently, actual results may differ materially from those expressed or implied. For more information on the risks and other factors that may affect future performance, investors should review periodic reports that are filled by the company with the SEC from time to time.
Additionally, certain statements contained in the call that are not based on historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends the forward-looking statements in the call to be subject to the Safe Harbor created thereby.
Management will also make reference to certain non-GAAP measures of financial performance. The reconciliations to GAAP for each non-GAAP financial measure can be found in the Company's current report on Form 8-K furnished to the SEC yesterday, which contains the Company's earnings press release and is available on the company's website at www.archgroup.com and on the SEC's website at www.sec.gov.
I would now like to introduce your host for today's conference, Mr. Marc Grandisson and Mr. François Morin. Sirs, you may begin.
Marc Grandisson
Thank you, Gigi. Good morning and thank you for joining our earnings call.
Our fourth quarter results conclude another record year as we continued to lean into broadly favorable underwriting conditions in the property and casualty sectors. Our full year financial performance was excellent with an annual operating return on average common equity of 21.6% and an exceptional 43.9% increase in book value per share, which remains an impressive 34.2% if we exclude the one-time benefit from the deferred tax asset we booked in the fourth quarter....
Arch Capital Group Ltd. (ACGL) Q4 2023 Earnings Call Transcript