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BIRMINGHAM, Ala. (AP) — Auto insurer Infinity Property and Casualty Corp. said Thursday fourth-quarter earnings fell 17 percent as investment gains slipped lower and the year-earlier quarter benefited from a favorable adjustment on losses and expense reserves.

The company posted net earnings of $28.8 million, or $2.25 per share, compared with $34.7 million, or $2.53 per share a year ago. Pretax favorable adjustment on losses and expense reserves were $20.1 million in the most recent quarter, against $32 million a year earlier.

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