Insurance company Fremont Michigan InsuraCorp has reported net income of $2.4 million, or $1.36 per diluted share, for the fourth quarter of 2007, compared to $3.4 million, or $1.90 per diluted share, for the fourth quarter of 2006.
For the year ended December 31, 2007, net income was $4.9 million, or $2.77 per diluted share, compared to $7.2 million, or $4.10 per diluted share, for 2006.
Direct premiums written increased 8% and 10.4% during the quarter and year ended December 31, 2007, respectively, while net premiums earned increased 9.1% and 9% for the same periods, respectively. The bulk of the premium growth came from personal auto and homeowner policies.
Richard Dunning, president and CEO, said: Fremont Insurance produced a solid underwriting profit supported by exceptional top line growth in 2007 despite the soft market and sluggish Michigan economy.