Chicago-based Unitrin Inc. reported today net income of $44.4 million, or 66 cents per common share, for the fourth quarter of 2003, compared to a net loss of $3.7 million, or 5 cents per common share, for the same period in 2002.
For the year, Unitrin reported net income of $123.6 million, or $1.83 per common share, compared to a total net loss of $8.2 million, or 12 cents per common share, for the same period in 2002. Net income increased primarily due to higher segment operating profit and higher realized investment gains.
Earned premiums were $624.1 million for the fourth quarter, an increase of $71.6 million, compared to the same period in 2002. Earned premiums increased due primarily to an increase of $83.3 million in earned premiums in the Kemper Auto and Home segment and an increase of $8.7 million in earned premiums in the Unitrin direct segment, partially offset by a decrease of $22.9 million in earned premiums in the multilines insurance segment.
Unitrin closed its acquisition of the personal lines property/casualty insurance business (“Kemper Auto and Home”) of the Kemper Insurance Cos. and the purchase of the stock of Kemper’s direct distribution personal lines subsidiaries at the end of the second quarter of 2002. The results of the purchased businesses are included in the company’s results of operations from the date of acquisition.