21st Century Insurance Group Reports Strong 2003 results.
21st Century Insurance Group (NYSE: TW), reported an increase of 24.5% of net income to $ 18.4 million or $ 0.22 per share in the fourth quarter of 2003 compared to the same period in 2002. For the year ended December 31, 2003, net income increased to $ 53.6 million or $ 0.63 per share, compared to a net loss of $ 12.3 million or $ 0.14 per share in 2002.
The full year 2003 include the results of a first quarter, after taxes of $ 24.1 million for strengthening reserves of some earthquakes and special effects, nonoperational items, second quarter net profit rose by 9 , $ 6 million after taxes. In 2002, the company gave the results of the third quarter, after taxes, including taxes for earthquakes and amortization of software amounting to $ 58.4 million.
“2003 was an excellent year for 21st. We have seen a growth of over 20%, our best growth rate since 1987, and improve our personal car-Combined ratio by two percentage points to 96.5,” said Bruce W. Marlow, President and CEO.
The Company also reported in his heart of personal lines auto business:
– Direct revenue from premiums increased by 13.3% to $ 304.6 million
the fourth quarter of 2003 compared to $ 268.9 million for
the same period in 2002. For the year ended December 31, 2003
Direct premiums for personal lines automatically increases
22.9% to 1223.4 million from $ 995.8 million in 2002.
– The combined ratio-GAAP for staff lines automatically improved
to 95.7% in the fourth quarter of 2003 of 97.9% over the same
quarter a year ago. For the years ended December 31, 2003 and
2002, the combined ratio-GAAP for the private car was lines
96.5% and 98.5% respectively.
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