21st Century Insurance Posts Quarterly Profit
|NU Online News Service, April 26, 10:32 a.m.EDT?The Woodland Hills, Calif.-based 21st CenturyInsurance Group reported a first-quarter return to profitabilitywith net income of $19.8 million, in contrast to a net loss of $6.7million for the period in 2003.[@@]
|The company also reported that in its core personal-autolines:
|? Direct premiums written rose 16 percent to $340.6 million inthe first quarter, up from $293.6 million reported one yearearlier.
|? The combined ratio for personal-auto lines improved to 96.6 inthe 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 48.5percent to $57.6 million, compared with $38.8 million reported ayear earlier. This resulted in an overall increase in total assetsto $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 improvedprofitability," said the company's chief executive, Bruce Marlow,commenting on the first-quarter results.
|Founded in 1958, 21st Century provides personal automobileinsurance to customers in California, Arizona, Nevada, Oregon andWashington. The New York-based American International Group ownssome 60 percent of the company.
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