Fairfield-based insurer Ohio Casualty Corp. announced the following results for its first quarter, compared with the same period of the prior year: Net income of $19.2 million, or 31 cents per diluted share, versus $19.9 million, or 33 cents per diluted share; all lines statutory combined ratio of 100.7 percent, an 8.1 point improvement; and net income before net realized gains of $16.8 million versus $7.4 million, a $9.4 million or 127 percent increase.
CEO Dan Carmichael boasted that the combined ratio was the company’s best quarterly effort since the fourth quarter of 1996.
Other highlights
For the first quarter of 2004 compared to the first quarter of 2003:
鈥擟atastrophe losses decreased to $3 million from $11.1 million;
鈥擡mployee headcount was down 17.4 percent to 2,361;
鈥擥AAP book value per share of $20.17 has increased 14.7 percent;
鈥擯remiums to surplus ratio improved to 1.6 to 1 from 1.9 to 1.
The company predicted flat or single-digit growth in net written premium for the rest of 2004.
Topics Profit Loss Ohio Casualty
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