Indianapolis, Ind.-based Baldwin & Lyons Inc. announced record first quarter operating income, defined as net income before capital gains or losses, of $6.1 million, or 42 cents per share, compared to the previous first quarter record of $4.9 million, or 33 cents per share, for the first quarter of 2002.
Capital losses of $1.6 million, or 11 cents per share, were realized during the current quarter compared to capital gains of $500,000, or 4 cents per share in the prior year quarter. Including these capital losses, first quarter net income was $4.5 million, or 31 cents per share, compared to $5.5 million, or 37 cents per share, for the first quarter of 2002.
Direct premiums written increased 49 percent from the first quarter of 2002, to $56.9 million, with the Company’s subsidiaries, Protective and Sagamore Insurance Cos., registering gains of 59 percent and 31 percent, respectively. Net premiums earned by the Company’s insurance subsidiaries during the first quarter totaled $31.7 million, an increase of 46% from the $21.7 million reported for the first quarter of 2002.
Topics Profit Loss
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