Lower than expected catastrophe losses helped boost share value for Bermuda-based Platinum last year, the firm reported yesterday.

The firm had a net income of $223.3 million and diluted earnings per common share of $7.35 for 2013.

Platinum CEO Michael Price said: “Platinum performed very well in 2013. We produced strong earnings per share reflecting favourable reserve releases, realised capital gains and lower than expected catastrophe losses.

“Our annual return on equity was 12.9 percent and our book value per common share grew to $62.07 as of December 31, 2013, an increase of 7.2 percent for the full year.”

Mr Price added: “During 2013, we returned significant capital to shareholders while remaining strongly capitalised and poised to respond to market opportunities.”

And he said: “Although we expect 2014 will be challenging for both underwriting and investing, we will continue participating selectively in a variety of reinsurance and asset classes while prudently managing capital for the benefit of shareholders.”

Platinum reported net income of $223.3 million for last year — down around $104 million on 2012.

Gross premiums totalled nearly $580 million, up $10 million, and net premiums written came in at more than $567 million, up $2.1 million, while net premiums earned totalled $553.4 million, down $13.1 million or 2.3 percent.

The firm also reported net investment income of $72 million last year — a drop of more than a quarter or $27.9 million year on year — and net realised gains on investments amounted to $23.9 million, down by $64.8 million compared to 2012.

Total assets were $3.9 billion at year end, a decrease of more than $409 million (9.4 percent) compared to the end of 2012.

And investment and cash and cash equivalents stood at $3.5 billion, down more than $455 million (11.5 percent) year on year.

Shareholders’ equity at the end of 2013 stood at $1.7 billion, a decrease of $147.8 million (7.8 percent) year on year.

The book value of common shares for 2013 was $62.07, representing an increase of $4.17 a share (7.2 percent) from the $57.90 recorded at the end of the previous year.