OHIO CASUALTY LAYS OFF 260:

Insurer Ohio Casualty Corp. announced that its 2004 fourth-quarter profit was $27.7 million, down 5 percent from last year’s $29.1 million. Meanwhile, the Fairfield, Ohio-based company boasted that a company-wide efficiency initiative resulted in a layoff of 260 employees around the country and would save $5.5 million. Other highlights of Ohio Casualty’s quarterly report a 2.8-point improvement in its combined ratio to 104.7 percent. Net income before realized gains and losses were $25.2 million, versus net income before realized gains and losses of $17.1 million. Results for the year included net income of $75.8 million, or $1.24 per diluted share, versus a net loss of $0.9 million, or 1 cent per diluted share, last year. For the year, Ohio Casualty’s combined ratio improved by 6.7 points to 106.1 percent, and net income before realized gains and losses of $52.5 million versus a net loss before realized gains and losses of $30.3 million. An additional 150 to 250 positions are expected to be reduced company-wide before the end of second quarter of 2004.

Topics Profit Loss Ohio Casualty