East Lansing, Mich.-based medical liability insurer posted a profit of $6.5 million, or 73 cents per diluted common share, in the fourth quarter of 2004, the company reported in a statement.
That compared to net income of $102,000, or 1 cent per share, in 2003’s fourth quarter. For the year, APCapital generated net income of $20 million, or $2.30 per share, compared to a loss of $76.8 million, or $9.02 per share, in 2003. The insurer continued to reduce its unprofitable workers’ compensation and health insurance books of business while seeing pre-tax income of $12.6 million in medical liability insurance for the quarter.
“In 2004, APCapital completed a successful turnaround,” President and CEO R. Kevin Clinton said in a statement. “We have dramatically improved our operating performance, reduced balance-sheet risk and positioned the company for the future. We remain very pleased with the performance of our core medical professional liability line. In 2004 this line has produced pre-tax income totaling $36.5 million. These positive results reflect many of the business initiatives we have implemented since the beginning of 2002.”
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