21st Century Insurance Posts Quarterly Profit
NU Online News Service, April 26, 10:32 a.m. EDT?The Woodland Hills, Calif.-based 21st Century Insurance Group reported a first-quarter return to profitability with net income of $19.8 million, in contrast to a net loss of $6.7 million for the period in 2003.[@@]
The company also reported that in its core personal-auto lines:
? Direct premiums written rose 16 percent to $340.6 million in the first quarter, up from $293.6 million reported one year earlier.
? The combined ratio for personal-auto lines improved to 96.6 in the quarter, compared with 97 percent reported one year ago.
? Underwriting profit increased 35 percent to $10.8 million, compared with $8 million reported one year earlier.
The company also said cash flow from its operations rose 48.5 percent to $57.6 million, compared with $38.8 million reported a year earlier. This resulted in an overall increase in total assets to $1.798 billion for the first quarter, the company said, up from $1.738 billion reported at the end of 2003.
"We're achieving a strong balance of growth and improved profitability," said the company's chief executive, Bruce Marlow, commenting on the first-quarter results.
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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