Primus Guaranty, Ltd. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company's total revenues were $63,141,000 against $104,607,000 a year ago. Income from continuing operations before provision (benefit) for income taxes was $59,301,000 against $100,489,000 a year ago. Income from continuing operations, net of tax was $59,301,000 or $2.20 per diluted share against $100,484,000 or $2.82 per diluted share a year ago. Net income available to common shares was $59,536,000 or $2.23 per diluted share against $100,468,000 or $2.84 per diluted share a year ago. Economic results earnings per GAAP diluted share was $0.25 against $0.35 a year ago.

For the year, the company's total revenues were $452,525,000 against negative total revenues of $18,482,000 a year ago. Income from continuing operations before provision (benefit) for income taxes was $430,823,000 against loss from continuing operations before provision (benefit) for income taxes of $37,882,000 a year ago. Income from continuing operations, net of tax was $430,726,000 or $14.26 per diluted share against loss from continuing operations, net of tax of $37,898,000 or $1.11 per diluted share a year ago. Net income available to common shares was $432,388,000 or $14.41 per diluted share against net loss available to common shares of $36,800,000 or $1.00 per diluted share a year ago. Basic and diluted net income available to common shares for the year ended December 31, 2012 includes the impact of a $3.8 million gain that resulted from the purchase of $14.1 million (face value) Primus Financial preferred securities. Economic results earnings per GAAP diluted share was $0.93 against $1.00 a year ago. GAAP book value per common share was $8.83 at December 31, 2012, compared with GAAP book value per common share negative of $4.18 at December 31, 2011. Economic results book value per common share was $10.19 at December 31, 2012, compared with Economic results book value per common share of $8.60 at December 31, 2011.