Ohio Casualty Corp., the holding company for Ohio Casualty Insurance Co., expects to report net income per share of 31 to 35 cents for the first quarter 2003. This net income per share estimate includes about 21 cents per share for after-tax realized capital gains on investments.
Catastrophe losses for the first quarter 2003 are approximately $10.7 million before tax and are expected to negatively impact net income by approximately $0.11 per share. Increased assessments for workers’ compensation residual market pools also negatively impacted the quarter and New Jersey personal auto business continued to negatively impact results.
In addition, premium revenues were lower than expected which adds upward pressure on the underwriting expense ratio of underwriting expenses to premiums written.
Net premiums written decreased approximately 6.0 percent compared to the first quarter 2002 due primarily to the withdrawal from the New Jersey personal auto market and other selected personal lines markets. Renewal price increases continue to be at double-digit levels for commercial and specialty lines business. Losses and loss adjustment expenses for prior accident years for all operating segments combined had a minimal impact on results for the quarter.
The Fairfield, Ohio-based corporation plans to release first quarter 2003 earnings May 8, 2003 after the close of trading on the NASDAQ Stock Market. The corporation will conduct a conference call to discuss information included in this news release and related matters at 9:30 a.m. EST, May 9, 2003.
The conference call will be Webcast simultaneously in a listen only mode via Investor Broadcast Network’s Vcall Website, located at http://www.vcall.com. To listen to the live call, please go to the Website at least fifteen minutes early to register, download and install any necessary audio software. There is no charge to access the call.