SCPIE Holdings Announces Revenues Up, Net Earnings Down

November 2, 2000

SCPIE Holdings Inc., a provider of medical malpractice insurance, has reported revenues for its third quarter and nine months ended Sept. 30. For the quarter, operating earnings, which excludes realized investment gains and losses, equaled $0.47 compared with $0.66 per share in the corresponding year-earlier period.

Net income for the quarter totaled $4.9 million, or $0.52 per diluted share. A year ago, net income for the third quarter totaled $6.8 million, or $0.58 per diluted share. Net premiums written for the 2000 third quarter totaled $46.8 million and earned premiums equaled $45.4 million. In last year’s third quarter, net premiums written were $35.2 million and earned premiums were $38.8 million. Total revenues for the current third quarter rose 17 percent to $55.1 million, including $753,000 in realized investment gains, compared with revenues of $47.2 million in the corresponding period last year, when the company had realized investment losses of $1.3 million.

For the first nine months ended September 30, 2000, operating income per share was $1.40 versus $1.97 a year ago. Net income for the 2000 nine-month period totaled $13.1 million, or $1.39 per diluted share. A year ago, nine-month net income equaled $26.4 million, or $2.26 per diluted share. Net premiums written for the first nine months of 2000 rose 16 percent to $131.6 million, and earned premiums were $129.1 million. For the 1999 nine-month period, net premiums written were $113.8 million, and earned premiums totaled $119.2 million. Total revenues for the first nine months of 2000 were $154.8 million, including realized investment losses of $144,000. This compares with 1999 nine-month total revenues of $153.8 million, which included $5.3 million of realized investment gains.

SCPIE provides medical malpractice insurance, covering more than 16,500 physicians, dentists, other providers and oral and maxillofacial surgeons practicing alone or in medical groups, clinics or other healthcare organizations. The company also insures a variety of healthcare facilities, including hospitals, emergency departments, outpatient surgery and hemodialysis centers, and clinical and pathology laboratories.

Was this article valuable?

Here are more articles you may enjoy.