Infinity Property and Casualty has reported net earnings of $4.3m, or $0.35 per diluted share, for the first quarter of 2012, down 58%, compared to $10.2m, or$0.81 per diluted share, for the same period in 2011.
The total revenues for the first quarter of 2012 increased 13.9% to $287.4m, compared to $252.3m for the same period a year ago.
Operating earnings declined 40.3% to $4.3m for the quarter, compared to $7.2m for the same period prior year.
Net investment income fell to $9.7m for the quarter, compared to $10.3m for the same period in the year ago period.
Gross written premium grew 22.2% to $345.9m for the quarter, compared to $283.1m for the same period last year.
The company affirmed its guidance for earnings on an operating basis for 2012 of $2 to $2.50 a share.