Indianapolis-based Baldwin & Lyons, Inc. announced a record second quarter operating income, before capital losses, of $5.4 million, or $.46 per share, compared to $3.7 million, or $.30 per share, for the second quarter of 2001.
Including net capital losses of $.04 per share, second quarter net income was $4.9 million, or $.42 per share, compared to $2.6 million including net capital losses of $1.0 million, or $.22 per share, for the second quarter of 2001.
For the six months ended June 30,operating income was up 56 percent to $10.3 million compared with $6.6 million of the prior year period. Net income for the current year-to-date totaled $10.4 million versus $9.8 million for the first six months of 2001.
Premiums written increased 41 percent from the second quarter of 2002, with subsidiaries, Protective and Sagamore Insurance Companies, registering gains of 63 percent and 8 percent, respectively. Year-to-date, consolidated premiums written are up 33 percent with Protective producing a 57 percent increase for the period.
Net premiums earned by the company’s insurance subsidiaries during the second quarter totaled $25.9 million, an increase of 20 percent from the $21.5 million reported for the second quarter of 2001. Though Sagamore recorded a 4 percent decline in net premiums earned for the quarter compared to the prior year period, it continued its return to profitability by posting a combined ratio of 93.9 percent with each of its divisions producing an underwriting profit for the current quarter. For the year-to-date, 2002 premiums earned increased 17 percent to $47.5 million.
The company’s divisions produced profitable underwriting results for the current quarter, resulting in a consolidated combined ratio of 91.5 percent and an underwriting gain of $2.2 million compared to a combined ratio of 98.9 percent and an underwriting gain of $.2 million for the second quarter of 2001. Year-to- date, the consolidated combined ratio for 2002 was 91.3 percent compared to 100.7 percent for the first six months of 2001.
Topics Profit Loss
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