Birmingham, Ala.-based Infinity Property and Casualty Corp. filed its first-quarter results, reporting a 21 percent increase in net income, while total revenues decreased 3.4 percent and gross written premiums decreased 7.5 percent. Infinity is a national provider of personal auto insurance, concentrating on nonstandard auto insurance.
Statistics for the three months ended March 31 showed gross written premiums of $260.1 million in 2006, compared with $281.3 million in 2005; total revenues $251.7 million, compared with $260.6 million; net earnings were $29.1 million, compared with $24.0 million; and operating earnings increased to $28.9 million, compared with $16.1 million in 2005. Infinity’s underwriting income increased 170.1 percent, from $11.6 million to $31.4 million.
A detailed quarterly report is available at Infinity’s website: http://www.ipacc.com.
Topics Profit Loss
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