21st Century Ins. Returns To Profit
NU Online News Service, Nov. 7, 11:30 a.m. EST?21st Century Insurance Group reported net income of $12.7 million for the third quarter, in contrast to a net loss of $45.2 million it posted one year ago.
The Woodland Hills, Calif.-based insurer also reported in its core personal-auto lines that direct premiums written jumped 26 percent to $324.2 million for the quarter, up from $258 million posted one year ago.
The GAAP combined ratio for its core personal-auto lines improved as well, moving down to 97.1 percent from 98.9 percent reported during the year-ago period.
Underwriting profit for personal-auto lines also rose, reaching $8.8 million in the third quarter, compared with $2.7 million last year.
Additionally, the company reported improved earnings for the nine-month period. For the first three quarters of 2003, the insurer's net income was $35.1 million, reversing a net loss of $27.1 million it suffered for the same period one year ago.
"We continue to register solid results in our personal auto line," said Bruce Marlow, chief executive officer at 21st Century Insurance. "We're focused on doing a better job every day to satisfy our customers, and they're rewarding us with profitable growth."
Founded in 1958, 21st Century provides personal automobile insurance to customers in California, Arizona, Nevada, Oregon and Washington. The New York-based American International Group owns some 60 percent of the company.
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