Slides from presentation by management

Industry Leader in Value Creation

Quarter 2011 Investor Presentation

Exhibit 99.1

Forward-Looking Statements & Safe Harbor

This presentation contains certain statements, estimates and forecasts with respect to future performance

and events. These statements, estimates and forecasts are "forward-looking statements". In some cases,

forward-looking statements can be identified by the use of forward-looking terminology such as "may,"

“might,” “will," “should,” "expect," “plan,” "intend," "estimate," "anticipate," "believe,” “predict,”

“potential” or "continue" or the negatives thereof or variations thereon or similar terminology. All

statements other than statements of historical fact included in this presentation are forward-looking

statements and are based on various underlying assumptions and expectations and are subject to known

and unknown risks, uncertainties and assumptions, may include projections of our future financial

performance based on our growth strategies and anticipated trends in our business. These statements are

only predictions based on our current expectations and projections about future events. There are

important factors that could cause our actual results, level of activity, performance or achievements to

differ materially from the results, level of activity, performance or achievements expressed or implied in

the forward-looking statements. As a result, there can be no assurance that the forward-looking

statements included in this presentation will prove to be accurate or correct. In light of these risks,

uncertainties and assumptions, the future performance or events described in the forward-looking

statements in this presentation might not occur. Accordingly, you should not rely upon forward-looking

statements as a prediction of actual results and we do not assume any responsibility for the accuracy or

completeness of any of these forward-looking statements that may be made from time to time. We are

under no obligation (and expressly disclaim any such obligation) to update or revise any forward-looking

statements, whether as a result of new information, future developments or otherwise.

Agenda

Executive Summary

U.S. Insurance

International Insurance

Reinsurance

Financial Highlights

Peer Comparison

/Conclusion

Appendix

Allied World’s Franchise

Industry leading results and value creation

Experienced executive management team

Diversified mix of business with global operations

Strong risk management culture

Excellent capitalization / active capital management

Highly

Rated

“A”

(Strong)

S&P,

“A”

(Excellent)

A.M.

Best

and

“A2”

(Good)

Moody’s

Well-diversified Property and Casualty Insurer and Reinsurer

with Significant Geographic Reach

Allied World’s Key Business Strategies

Leading specialty insurance company with broad range of product offerings,

global capabilities and significant U.S. focus

* Includes healthcare-related program business

2011 GPW: $ 1,940M

70% Insurance / 30% Reinsurance

74% Casualty / 26% Property

Diversified

insurance

and

reinsurance

products

offered across global platform with operations in the

U.S., Bermuda, Lloyd’s, Europe, Hong Kong and

Singapore

Insurance

and

casualty

emphasis

with

strong

reinsurance and property capabilities

Customer focus

Moving closer to clients in markets

Demonstrated expertise in markets in which we

underwrite

A “go to”

market for targeted lines and classes of

business such as healthcare and construction

Actively Shifted Business in Response to Market Changes

2007 GPW: $1,506M

In response to the changing macro economic environment, Allied World

has transformed itself since its formation in 2001

2011 GPW: $1,940M

Allied World 2007

Allied World Today

Reduced dependence on Bermuda

large account excess business

U.S. segment has increased

significantly with focus on small

account primary and specialty business

Reinsurance segment now with strong

U.S. presence and growing

internationally

Growth in Small Accounts = Increased Importance

% of Total

Premium

13%

14%

16%

Small accounts based on policy limits of less than $3M.

Active Capital Management Improves Shareholder Value

* Excludes $243.8 million syndicated loan which was repaid on February 23, 2009

Diluted book value per

share has more than

doubled since 2006

Capital Management History

o

$210 million of common dividends paid

since going public in 2006

o

$563 million of shares repurchased from

AIG in December 2007

o

$500 million share repurchase program

•

$174 million remaining capacity at

December 2011

o

$505 million of shares and warrants

repurchased from founders in 2010

o

$300 million in ten-year senior notes

issued in November 2010

o

$53.6 million warrant repurchased from

founder in first quarter 2011

(In millions, except for per share amounts)

Consistently Strong Operating Performance

Strong

Operating

Income

–

Operating

return

equity

averaged

15.9%

over

last

five

years, 6% in 2011 despite impact from catastrophic events ($292 million)

Favorable

Reserve

Development

–

Every

year

since

our

inception,

$254

million

2011

Solid

Investment

Returns

$160

million,

2.0%,

total

net

investment

return

2011,

$469 million, 6.1%, in 2010

Operating

Cash

Flows

–

$1.7

billion

over

last

three

years,

$548

million

2011

Diluted

Book

Value

Growth

–

Diluted

book

value

per

has

increased

times

since the company went public in 2006 (after adjusting for dividends)

Maintained

Strong

Capital

Position

Total

capital

base

$3.95

billion

December

2011,

with

conservative

financial

leverage

20.2%

and

operating

leverage

1.83x

Management has demonstrated superior execution in a

challenging marketplace

Total net investment return includes net investment income, net realized gains, net change in unrealized gains and net impairment

charges recognized in earnings. The percentage return is calculated by taking the total net investment return for the year divided by

the average aggregate invested assets for the year.

Financial leverage calculated by dividing debt by total capital at 12/11.

Operating leverage calculated by taking sum of 2011 net premiums written and 12/11 net loss reserves divided by 12/11

shareholders’ equity.

Superior Value Creation Since 2006 IPO

Compound annual growth in diluted book value per share calculated by taking change in diluted book value per share from

September 2006 through December 2011 adjusted for common dividends declared or paid.

Compound Annual

Growth in Diluted

Book Value per

Share through

December 2011

Agenda

Executive Summary

U.S. Insurance

International Insurance

Reinsurance

Financial Highlights

Peer Comparison/

Conclusion

Appendix

We continue to expand our brand in target markets and geographies

Ten branch office locations throughout country

Increased access to attractive small account primary business including:

o

Healthcare organizations

o

Specialty casualty

o

Not-for-profit D&O

Industry

verticals

–

focused

servicing

products

for

select

industry

classes

including:

o

Healthcare

o

Private / Non-Profit

o

Public entity / Construction

New specialty product capabilities

o

Defense Base Act approved underwriter

o

Environmental

o

Inland marine

Expanded distribution partners

o

Since 2007 4X increase in number of producers

Strong Competitive Position –

U.S. Insurance

Expanding U.S. Direct Operating Platform

Branch offices in strategic locations

throughout the U.S.

Dedicated U.S. management team with

significant industry experience

Significantly increased submission activity

throughout the country

•

Up over 50% in all regions since 2008

435 staff count, 62% of Allied World group

at December 2011

Significant IT infrastructure in place

Allied World’s expanded presence in U.S. has significantly

enhanced the market profile of our domestic operations

San Francisco

Los Angeles

Costa Mesa

Dallas

Chicago

Atlanta

Boston

Farmington

New York

Philadelphia

Agenda

Executive Summary

U.S. Insurance

International Insurance

Reinsurance

Financial Highlights

Peer Comparison/

Conclusion

Appendix

International Insurance Segment -

Overview

Bermuda (2011 GPW: $361M)

A leading direct writer of Fortune 1000 North American

domiciled property and casualty risks

Strong diversity of industries covered including

manufacturing, chemicals, transportation, real estate,

consumer products, medical and healthcare products and

construction

Recently began writing trade credit and political risk

products

Europe (2011 GPW: $153M)

Focus predominantly on mid-sized to large non-North

American domiciled accounts

Offers broad range of casualty & property insurance

products for multi-national corporations worldwide

Lloyd’s Syndicate expands insurance product capabilities

in Latin America and the Asia Pacific region

Recently launched SME and healthcare initiatives

Asia (2011 GPW: $16M)

Offers professional lines, healthcare and general casualty

business

Allied World International Insurance

Operating Segment Product Mix

Global Diversification and Expansion

Total 2011 GPW: $530M

Offices in Bermuda, London, Dublin, Switzerland, Hong Kong and

Singapore position the company to meet developing opportunities

Lloyd’s Syndicate 2232

o

Association with Lloyd’s enhances Allied World’s brand recognition

o

Increases access to Latin America and Asia-Pacific region

o

Offers treaty and individual risk products

Redomestication to Switzerland provides a more efficient structure and

greater flexibility to manage our business

New product capabilities:

o

Trade credit and political risk

o

European healthcare

o

Small-to-medium enterprises (SME Professional)

Strong Competitive Position –

International Insurance

We continue to expand our brand in target markets and geographies

Launched SME Platform in the U.K. in February 2010

Continuing development of Asia Platform

Established Lloyd’s Syndicate 2232 effective mid-2010

Launched Trade Credit/Political Risk capability in October

2010 via MGA relationship with Latin American Underwriters

Expanding Healthcare Platform internationally (Asia &

Europe)

Business development personnel now in London, Scotland

and Singapore

MGA and program business initiated in targeted areas

International Insurance –

Recent Initiatives

Executive Summary

U.S. Insurance

International Insurance

Reinsurance

Financial Highlights

Peer Comparison/

Conclusion

Appendix

Agenda

Reinsurance Operating Platforms and Major Product Lines

Bermuda

•

Property Catastrophe

•

Property Treaty

•

Specialty

•

Facultative

•

PA / WC Catastrophe

United States

•

General Casualty

•

Professional Lines

•

Property

•

Global Marine and Crop

International

•

Property Catastrophe

•

Property Per Risk

•

Commercial Auto

•

General Liability

•

Employers’

Liability

•

Professional Lines

Reinsurance Operating Segment

Allied World Reinsurance Segment

Product Mix

Flexibility to take advantage of reinsurance opportunities in the global

marketplace

Casualty Presence Established in U.S.

•

Underwriting teams closer to “decision makers”

which

provides greater access to information

•

Accessing clients and lines that do not typically access

the Bermuda marketplace, including U.S. regional

company multi-line business, super regional, middle-

market business and stand-alone casualty-clash business

•

Broaden product selection when market conditions

improve

Strategic Bermuda Platform

•

Property catastrophe, property per risk, workers’

compensation catastrophe, accident & health and

specialty casualty

Expanded Global Presence

•

Swiss and Singapore offices

•

Lloyd’s Syndicate established in June 2010

Total 2011 GPW: $571M

U.S. operation has improved access to U.S. regional business and

strengthened local relationships

o

In 2009, added property reinsurance that focuses on small and medium account

regional carriers

o

In late 2010, launched Global Marine and Specialty unit that offers marine and

aerospace coverages as well as crop and hail business

Swiss and Singapore offices and Lloyd’s Syndicate 2232 increases

global reach

o

Swiss office opened in 2008 offers property, general casualty and professional

liability products throughout Europe

o

Singapore office opened in 2009 as Allied World's hub for all classes of treaty

business in Asia Pacific, Middle East and Africa

o

Established Lloyd's Syndicate 2232 in June 2010, which significantly expanded

reinsurance products throughout Europe, Latin American and the Asia Pacific region

Strong Competitive Position –

Reinsurance

We continue to expand our brand in target markets and geographies

Agenda

Executive Summary

U.S. Insurance

International Insurance

Reinsurance

Financial Highlights

Peer Comparison/

Conclusion

Appendix

Financial Highlights

Operating Results

2011

2010

2009

2008

2007

Net Income

$275M

$665M

$607M

$184M

$469M

Operating Income

$184M

$398M

$538M

$455M

$476M

Annualized Net Income Return on Average Equity

8.9%

21.9%

22.6%

8.3%

21.7%

Annualized Operating Return on Average Equity

6.0%

13.1%

20.0%

20.6%

22.1%

Combined Ratio

95.9%

84.9%

76.1%

84.1%

81.3%

Cash flow from Operations

$548M

$451M

$668M

$657M

$761M

Operating Earnings Per Diluted Share

$4.63

$7.97

$10.34

$8.90

$7.64

Ending Diluted Book Value per Share

$80.11

$74.29

$59.56

$46.05

$42.53

Growth in Diluted Book Value Per Share

25%

29%

21%

Allied World has reported very strong results despite competitive landscape,

financial turbulence and catastrophe activity

Annualized

Operating

ROE

22.1%

20.6%

20.0%

13.1%

6.0%

Peer

average

include

ACGL,

AGII,

AHL,

AXS,

ENH,

HCC,

MKL,

RLI,

THG,

NAVG

and

WRB.

Source: SNL Financial

Operating Income and Combined Ratio

Strong Operating Performance

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

CY Total

CY Original Loss Ratio

70.1%

65.3%

75.9%

103.1%

59.6%

58.4%

55.6%

45.9%

52.1%

65.8%

Prior Year Development

0.0%

-4.9%

-5.8%

-3.6%

-8.2%

-10.2%

-24.2%

-18.8%

-23.1%

-17.4%

AY Original Loss Ratio

70.1%

81.7%

106.7%

67.7%

68.6%

79.8%

64.7%

75.1%

83.2%

2002

2003

(57)

2004

(27)

(53)

(79)

2005

(8)

(46)

(49)

2006

(16)

(43)

(45)

(8)

(113)

2007

(34)

(77)

(6)

(26)

(137)

2008

(9)

(88)

(100)

(74)

(8)

(34)

(313)

2009

(17)

(57)

(118)

(103)

(248)

2010

(11)

(57)

(147)

(54)

(25)

(23)

(1)

(313)

2011

(0)

(1)

(22)

(90)

(42)

(69)

(22)

(28)

(254)

Subsequent Development

(123)

(333)

(414)

(427)

(119)

(125)

(12)

(29)

(1,562)

Loss Ratio Points

-28.4%

-30.2%

-31.5%

-8.6%

-9.3%

-0.9%

-2.2%

1.5%

AY Developed

41.6%

41.7%

51.5%

75.2%

59.1%

59.2%

78.9%

62.5%

76.6%

83.2%

Cat Losses

16.4%

28.0%

9.6%

6.3%

20.1%

AY Developed EX Cat Losses

41.6%

41.7%

35.1%

47.2%

59.1%

59.2%

69.2%

62.5%

70.3%

63.2%

Case Incurred through 2011 Q4

39.3%

34.0%

45.1%

59.6%

39.2%

38.6%

46.7%

23.4%

39.2%

29.3%

Remaining IBNR / EP Ratio @ 2011 Q4

2.3%

7.8%

6.4%

15.7%

19.9%

20.7%

32.2%

39.1%

37.4%

54.0%

Strong Underwriting Results

Underwriting performance has been strong since our inception

Historical

Loss

Ratios

Through

December

31,

2011

($MM)

(1) Pro-forma including Darwin development since inception

(2) Case incurred ratios by year are not directly comparable to our financial statements as reinsurance case incurred losses shown above are on a treaty year basis

•

Net reserves about 4.5% above mid-point of range at

December 31, 2011

•

$1.6 billion net favorable reserve development since

inception (including Darwin development)

•

72% of reserves are IBNR

Net Loss & LAE Reserve Mix at December 31, 2011

Case

U.S. Insurance,

IBNR

International

Insurance

30%

Case

International

Insurance,

10%

IBNR

Reinsurance

20%

Case

Reinsurance,

11%

IBNR

U.S. Insurance

22%

December 31, 2011 Total: $4.2B

Net Prior Year Reserve Releases* ($MM)

Range of Net Reserves at December 31, 2011 ($MM)

Prudent Reserving Philosophy

* Pro-forma including Darwin development since inception

Investment Track Record: Where We’ve Been

We have actively managed the

portfolio exposures, including:

Exposure to rates

Exposure to spread assets

Exposure to non-fixed

income assets

Always within stated risk

appetite

•

U.S. Treasury yields declined

modestly during 4Q11 and spreads

tightened, creating positive core

fixed income returns

•

Relative value and significant

market volatility remains in favor of

a diversified portfolio

Portfolio Summary -

December 31, 2011

Investment Portfolio: Where we are Today

Name

Market Value ($)

% Portfolio

JPMorgan Chase & Co

67,776,188

0.8%

Bank of America Corp

55,093,335

0.7%

Wells Fargo & Co

52,784,154

0.7%

Sparebank 1 Boligkreditt AS

51,696,377

0.6%

Citigroup Inc

49,700,624

0.6%

Top 5 Corporate Exposures

Total: $8.1 B

Portfolio Yield: 2.5%

Duration: 1.9 years

2011 Total Portfolio Return: 2.0%

Average Credit Quality is AA-

Agenda

Executive Summary

U.S. Insurance

International Insurance

Reinsurance

Financial Highlights

Peer Comparison/

Conclusion

Appendix

Expense Ratio Declining as we Build Scale

Note: GAAP expense ratio

Peer average includes ACGL, AGII, AHL, AXS, ENH, HCC, MKL, RLI, THG, NAVG and WRB.

Source: SNL Financial

Allied World expanded global

operations, including: the acquisition

of Darwin, establishment of a U.S.

reinsurance company and the opening

of Lloyd's Syndicate 2232

Peer Comparisons –

Operating Income ROE

Source: SNL Financial

Five Year Average Operating ROE

2007 -

2011

Peer Average = 11.1%

Peer Comparisons -

Combined Ratio

Source: SNL Financial

Five Year Average Combined Ratio

2007 -

2011

Peer Average = 92.3%

Superior Book Value Growth Versus Peers

Growth in book value per share calculated by taking change in diluted book value per share from December 2006 through

December 2011 adjusted for dividends paid or declared.

Peer Average = 80%

Five Year Growth in Diluted Book Value per Share

2007 -

2011

Catastrophe Losses at Low End of Competitors

Catastrophe Losses as a % of Prior Year

Shareholders’

Equity

Catastrophe

losses in line with

our risk appetite

* Hurricanes Ike and Gustav

Percentages represent pre tax catastrophe losses divided by prior year-end shareholders equity.

Source: SNL Financial and company filings

Conclusion

Allied World Expects to Generate a Mid-teen ROE Over the Cycle,

Assuming Normalized Catastrophe Activity

Strong underwriting franchise diversified by product and geography

Experienced executive management team in place

Excellent capitalization, strong balance sheet and financial flexibility

Enhanced by recent capital management initiatives

Significant infrastructure investments made since 2008

Strengthened U.S. specialty franchise and global capabilities

Well positioned to capitalize on market opportunities

Current valuation inconsistent with history of strong returns

Agenda

Executive Summary

U.S. Insurance

International Insurance

Reinsurance

Financial Highlights

Peer Comparison/

Conclusion

Appendix

Non-GAAP Financial Measures

In presenting the company's results, management has included and discussed in this presentation certain non generally accepted accounting principles

("non-GAAP") financial measures within the meaning of Regulation G as promulgated by the U.S. Securities and Exchange Commission. Management

believes that these non-GAAP measures, which may be defined differently by other companies, better explain the company's results of operations in a

manner that allows for a more complete understanding of the underlying trends in the company's business. However, these measures should not be

viewed as a substitute for those determined in accordance with generally accepted accounting principles ("U.S. GAAP").

"Operating income" is an internal performance measure used by the company in the management of its operations and represents after-tax operational

results excluding, as applicable, net realized investment gains or losses, net impairment charges recognized in earnings, net foreign exchange gain or loss,

impairment of intangible assets and other non-recurring items. The company excludes net realized investment gains or losses, net impairment charges

recognized in earnings, net foreign exchange gain or loss and other non-recurring items from its calculation of operating income because these amounts

are heavily influenced by and fluctuate in part according to the availability of market opportunities and other factors. The company excludes impairment

of intangible assets as these are non-recurring charges. In addition to presenting net income determined in accordance with GAAP, the company believes

that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze the

company’s results of operations and the company’s underlying business performance. Operating income should not be viewed as a substitute for GAAP

net income.

The company has included "diluted book value per share" because it takes into account the effect of dilutive securities; therefore, the company believes

it is an important measure of calculating shareholder returns.

"Annualized return on average shareholders' equity" ("ROAE") is calculated using average equity, excluding the average after tax unrealized gains or

losses on investments. Unrealized gains (losses) on investments are primarily the result of interest rate and risk premium movements and the resultant

impact on fixed income securities. Such gains (losses) are not related to management actions or operational performance, nor are they likely to be

realized. Therefore, the company believes that excluding these unrealized gains (losses) provides a more consistent and useful measurement of operating

performance, which supplements GAAP information. In calculating ROAE, the net income (loss) available to shareholders for the period is multiplied by

the number of such periods in a calendar year in order to arrive at annualized net income (loss) available to shareholders. The company presents ROAE as

a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

"Annualized operating return on average shareholders' equity" is calculated using operating income (as defined above and annualized in the manner

described for net income (loss) available to shareholders under ROAE above), and average shareholders' equity, excluding the average after tax

unrealized gains (losses) on investments. Unrealized gains (losses) are excluded from equity for the reasons outlined in the annualized return on average

shareholders' equity explanation above.

See slides 39 - 41 for a reconciliation of non-GAAP measures used in this presentation to their most directly comparable GAAP measures.

Non-GAAP

Financial

Measures

Reconciliations

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

UNAUDITED ANNUALIZED RETURN ON SHAREHOLDERS' EQUITY RECONCILIATION

(Expressed in thousands of United States dollars, except for percentage information)

2011

2010

2011

2010

Opening shareholders' equity

3,003,074

3,341,314

3,075,820

3,213,295

Deduct: accumulated other comprehensive income

(17,796)

(111,760)

(57,135)

(149,849)

Adjusted opening shareholders' equity

2,985,278

3,229,554

3,018,685

3,063,446

Closing shareholders' equity

3,149,022

3,075,820

3,149,022

3,075,820

Deduct: accumulated other comprehensive income

(14,484)

(57,135)

(14,484)

(57,135)

Adjusted closing shareholders' equity

3,134,538

3,018,685

3,134,538

3,018,685

Average shareholders' equity

3,059,908

3,124,120

3,076,612

3,041,066

Net income available to shareholders

183,100

92,786

274,548

665,005

Annualized net income available to shareholders

732,400

371,144

274,548

665,005

Annualized return on average shareholders' equity - net income available

to shareholders

23.9%

11.9%

8.9%

21.9%

Operating income available to shareholders

94,681

97,288

183,686

397,831

Annualized operating income available to shareholders

378,724

389,152

183,686

397,831

Annualized return on average shareholders' equity - operating income

available to shareholders

12.4%

12.5%

6.0%

13.1%

Quarter Ended December 31,

Year Ended December 31,

Non-GAAP Financial Measures -

Reconciliations

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

UNAUDITED OPERATING INCOME RECONCILIATION

(Expressed in thousands of United States dollars, except share and per share amounts)

2011

2010

2011

2010

Net income

183,100

92,786

274,548

665,005

Add after tax affect of:

Net realized investment (gains) losses

(26,332)

4,306

(213)

(267,727)

Net impairment charges recognized in earnings

109

Other Income - termination fee

(61,538)

(93,808)

Foreign exchange (gain) / loss

(549)

196

3,159

444

Operating income

94,681

97,288

183,686

397,831

Weighted average common shares outstanding:

Basic

38,138,558

40,291,620

38,093,351

46,491,279

Diluted

39,524,273

43,501,068

39,667,905

49,913,317

Basic per share data:

Net income

4.80

2.30

7.21

14.30

Add after tax affect of:

Net realized investment (gains) losses

(0.69)

0.11

(0.01)

(5.75)

Net impairment charges recognized in earnings

Other Income - termination fee

(1.62)

(2.46)

Foreign exchange (gain) / loss

(0.01)

0.08

0.01

Operating income

2.48

2.41

4.82

8.56

Diluted per share data

Net income

4.63

2.13

6.92

13.32

Add after tax affect of:

Net realized investment (gains) losses

(0.67)

0.10

(0.01)

(5.36)

Net impairment charges recognized in earnings

Other Income - termination fee

(1.56)

(2.36)

Foreign exchange (gain) / loss

0.01

0.08

0.01

Operating income

2.40

2.24

4.63

7.97

Quarter Ended December 31,

Year Ended December 31,

Non-GAAP Financial Measures -

Reconciliations

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG

UNAUDITED DILUTED BOOK VALUE PER SHARE RECONCILIATION

(Expressed in thousands of United States dollars, except share and per share amounts)

As of

December 31,

2011

2010

Price per share at period end

62.93

59.44

Total shareholders' equity

3,149,022

3,075,820

Basic common shares outstanding

37,742,131

38,089,226

Add: unvested restricted share units

249,251

571,178

Add: Performance based equity awards

889,939

1,440,017

Add: employee share purchase plan

11,053

10,576

Add: dilutive options/warrants outstanding

1,525,853

3,272,739

Weighted average exercise price per share

45.72

35.98

Deduct: options bought back via treasury method

(1,108,615)

(1,980,884)

Common shares and common share

equivalents outstanding

39,309,612

41,402,852

Basic book value per common share

83.44

80.75

Diluted book value per common share

80.11

74.29