Bancinsurance Corp., the Columbus, Ohio-based parent of P&C insurer Ohio Indemnity Co., reported a profit of $889.6 million in 2002, down 71 percent from $3.1 billion in 2001, thanks in part to an after-tax charge of $1.7 billion, or 28 cents per dilute share for the year.
Excluding the charge, net income was $2.6 billion, or 44 cents per diluted share for the year. Net income for the fourth quarter of 2002 was $307,366, or 5 cents per diluted share, down from $845,473, or 14 cents per diluted share, a year ago.
Ohio Indemnity, which underwrites the company’s specialty insurance products, reported a combined ratio declined to 90.3 percent for the year, down from 92.0 percent in 2001. The 2002 combined ratio included a 69.3 percent loss ratio.
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