20th Century Reports 33% Increase in 1st Quarter
Twentieth Century Industries reported sharply higher first-quarter earnings overall, but the company lost money on its insurance operations. Net premiums written rose 33%, to $108.7 million.
The Woodland Hills-based insurer reported first-quarter earnings of $8.6 million, up from $6.8 million a year ago. The improvement stems from added investment income made possible by the $65 million that 20th Century, the parent of 20th Century Insurance, took in from a stock offering last May.
The offering increased shares outstanding by 3.7 million. Net income per share, therefore, rose only 2 cents, to 33 cents, for the first quarter.
Earnings were dampened by an upswing in bodily-injury claims, which were blamed for a $1.3-million first-quarter operating loss. That contrasts with a year-ago operating profit of $698,000.
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