Bancinsurance Corp., the Columbus, Ohio-based parent of P&C insurer Ohio Indemnity Co., reported a profit of $889.6 million in 2002, down 71 percent from $3.1 billion in 2001, thanks in part to an after-tax charge of $1.7 billion, or 28 cents per dilute share for the year.
Excluding the charge, net income was $2.6 billion, or 44 cents per diluted share for the year. Net income for the fourth quarter of 2002 was $307,366, or 5 cents per diluted share, down from $845,473, or 14 cents per diluted share, a year ago.
Ohio Indemnity, which underwrites the company’s specialty insurance products, reported a combined ratio declined to 90.3 percent for the year, down from 92.0 percent in 2001. The 2002 combined ratio included a 69.3 percent loss ratio.
Topics Trends Profit Loss Ohio
Was this article valuable?
Here are more articles you may enjoy.
Maine Plane Crash Victims Worked for Luxury Travel Startup Led by Texas Lawyer 
Zurich Insurance’s Beazley Bid Sets the Stage for More Insurance Deals 
Q4 Global Commercial Insurance Rates Drop 4%, in 6th Quarterly Decline: Marsh 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
