Underwriting income helped in the increase of net and operating earnings during the second quarter
Infinity Property and Casualty Corporation, a provider of personal automobile insurance, has released results for the second quarter and six months ended June 30, 2009.
The underwriting income helped in the increase in both net and operating earnings during the second quarter of 2009, as compared to the second quarter of 2008.
The gross written premiums declined 10.3% and 9.1% during the three and six months ended June 30, 2009, respectively, as compared to the same periods in 2008. The reason is primarily attributed to a decline in gross written premiums in Arizona, Florida and Georgia.
The gross written premiums in California declined 2% and 1.6% for the three and six months ended June 30, 2009, respectively.
Earnings and underwriting income for the three and six months ended June 30, 2009, included $10.4 million, pre-tax ($0.49 per diluted share after-tax) and $20.2 million, pre-tax ($0.94 per diluted share after-tax), respectively, of favourable development on prior accident year loss and loss adjustment expense reserves. This compares to $6.3 million, pre-tax ($0.25 per diluted share after-tax), and $12.2 million, pre-tax ($0.49 per diluted share after-tax), respectively, of favourable development for the three and six months ended June 30, 2008.