Allied World Assurance Company yesterday announced profits of nearly $418 million for 2013 — down more than $75 million on the previous year.

The 2013 results earnings broke down to $11.95 per diluted share, compared to $13.30 per diluted share the year before.

Operating income, however, rose by $131.3 million, up from $202.7 million to $364 million.

The operating income translates into $10.41 per diluted share, compared to $5.47 a share in 2012.

Company president and CEO Scott Carmilani said: “Allied World has had a very strong year in 2013.

“Consistent underwriting performance, highlighted by an 86 percent combined ratio and a solid contribution from the investment portfolio, drove an 11 percent growth in diluted book value per share.”

He added: “Our platform is strongly positioned to gain additional scale over the coming year and our investment portfolio is well-aligned with the current investment environment.”

And Mr Carmilani said: “We are excited by the opportunities we see across the business.”

The firm reported gross premiums written for 2013 at more than $2.7 billion.