SCPIE 2Q, Six-Months Results Reflect Increase in Premiums

August 18, 2000

SCPIE Holdings Inc. reported results for the second quarter and six months ended June 30, 2000. For the second quarter, operating income per share was 47 cents compared to operating income per share of 66 cents in the same period last year. Net income for the quarter totaled $4.4 million, or 47 cents per diluted share.

This compares with net income in last year’s second quarter of $8 million, or 69 cents per diluted share. Net premiums written for the second quarter totaled $43.2 million and earned premiums equaled $43.6 million. Last year, net premiums in the same quarter were $39.9 million and earned premiums were $39.4 million.

Total revenues for the quarter were $52.1 million compared with $49.4 million for last year’s second-quarter revenues. Net investment totaled $8.4 million for the quarter, and SCPIE recorded realized investment gains of $0.02 million. For the second quarter last year, the company reported net investment income of $10 million and realized investment gains of $0.5 million.

For the six months ended June 30, 2000, operating income per share was 93 cents, down from $1.31 per share in the first half of 1999. First-half net income was $8.2 million, or 87 cents per diluted share, compared with $19.6 million, or $1.67 per diluted share for the first half of last year. Net premiums written for the 2000 first half totaled $84.5 million and earned premiums equaled $83.6 million.

Last year, net premiums written in the first half were $78.6 million and earned premiums were $80.4 million. Total revenues for the first half of this year, including net investment income of $16.8 million and $0.9 million of realized investment losses, were $99.7 million. This same time last year, six-month revenues were $106.7 million, including net investment income of $19.4 million and realized investment gains of $6.6 million. SCPIE is one of the nation’s leading providers of medical malpractice insurance, based on direct premiums written in 1999.

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