The Midland Company, a specialty insurance products and services provider headquartered in Cincinnati, Ohio, reported that net operating income (net income excluding capital gains/losses and the effects of any changes in accounting principles) for the first quarter ended March 31, 2002, reached a record $9.5 million, compared with $9.0 million in 2001, an 8.1 percent increase on a per share basis.
The company’s net income (including capital gains/losses and the effects of any changes in accounting principles) fell for the first quarter to $7.9 million compared with $9.7 million last year. Net income included a charge of $1.5 million (after-tax) relating to the adoption of Statement of Financial Accounting Standards (SFAS) No. 142 “Goodwill and Other Intangible Assets”. This charge is treated as a “Change in Accounting Principle” and is therefore presented separately on an after-tax basis in the consolidated financial statements. Midland’s revenues rose 9.0 percent to $152.5 million from $140.0 million in last year’s first quarter.
The company said its first quarter results show it is on track to achieve its goals of “double-digit earnings growth and return-on-equity.”
American Modern Insurance Group, Midland’s wholly owned insurance subsidiary, provides specialty insurance products and services such as manufactured housing, recreational vehicle, watercraft, motorcycle, snowmobile, specialty auto, dwelling fire, credit life and physical damage commercial lines.
American Modern’s products and services are offered through diverse distribution channels. American Modern’s property and casualty direct and assumed written premiums grew 3.8 percent for the quarter to $130.3 million, even though manufactured housing direct and assumed written premium was off 8.0 percent to $70.3 million. Direct and assumed written premium in all other property and casualty lines, such as motor sports, recreational vehicle, watercraft, collector auto and site-built dwelling products, collectively grew 22.1 percent to $60.0 million.
Topics Auto Profit Loss
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