Fairfield, Ohio-based insurer Ohio Casualty Corp. announced fourth-quarter net income of $56.9 million, or 82 cents per diluted share, versus $27.7 million, or 42 cents per diluted share.
The company reported statutory combined ratio of 95.0 percent, a 9.7 point improvement. For the year, net income was $128.4 million, or $1.89 per diluted share, versus $75.8 million, or $1.18 per diluted share and the statutory combined ratio was 98.4 percent, a 7.7 point improvement.
“I am extremely pleased with our financial results for both the fourth quarter and full year 2004,” CEO Dan Carmichael said in a statement. “Our operating income is up 73.4 percent and 119.2 percent, respectively, and our statutory combined ratio for each period is our best since 1980. This improvement, including increased shareholder value, is the result of the success of our strategic initiatives and the hard work and dedication of our staff and independent agents.”
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