Eastern Insurance Holdings has reported net income of $7.7 million, or $0.76 per diluted share, for the fourth quarter ended December 31, 2007, compared to $4.5 million, or $0.41 per diluted share, for the same period of 2006.
Consolidated revenue was $38.1 million for the fourth quarter of 2007, compared to $34.1 million for the corresponding period of 2006.
For the full-year period ended December 31, 2007, net income was $18.6 million, or $1.76 per diluted share, compared to $8.2 million, or $0.65 per diluted share, for the year ended December 31, 2006. Revenue was $145.4 million, compared to $86.9 million.
Bruce Eckert, CEO, said: The fourth quarter was an exceptionally strong finish to 2007 for Eastern Insurance Holdings. Our consolidated combined ratio was 75.5% for the three months ended December 31, 2007, including combined ratios of 51.3% and 86.8% in our two operating segments, workers’ compensation insurance and group benefits insurance, respectively.