Chicago-based insurer Unitrin Inc. reported net income of $43.1 million (64 cents per common share) for the three months ended Sept. 30, 2003, compared to a net loss of $18.1 million (27 cents per common share) for the same period in 2002. Net income increased due to higher segment operating profit and higher realized investment gains.
Premiums for the three months ended Sept. 30, 2003 increased by $147.6 million, compared to the same period in 2002, due primarily to a $137.4 million increase in premiums in the Kemper Auto and Home segment, a $12.1 million increase in premiums in the Specialty Lines Insurance segment and a $11.9 million increase in premiums in the Unitrin Direct segment, partially offset by a $15.6 million decrease in premiums in the Multi Lines Insurance segment.
On June 28, 2002, Unitrin closed its acquisition of the personal lines property and casualty insurance business (“Kemper Auto and Home”) of the Kemper Insurance Companies (KIC) and the purchase of the stock of KIC’s direct distribution personal lines subsidiaries. The results of the purchased businesses are included in the Company’s results of operations from the date of acquisition.
Topics Profit Loss
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