Mercer Insurance Group has reported revenues of $39.31m for the fourth quarter of 2009, an increase of 6% compared to $37.08m for the same period last year.
The company’s net premiums written were $32.29m, compared to $31.4m for the fourth quarter last year. Net premiums earned were $35.19m, compared to $36.9m for the same quarter a year ago. Operating income increased by 4% to $3.48m from $3.35m.
For the fourth quarter ended December 31, 2009, the company posted net income of $3.63m, or $0.57 per share, compared to $0.63m, or $0.10 per share for the same period last year.
For the full year 2009, the company has reported revenues of $157.3m, compared to $161.4m in 2008. Net premiums earned were $140.4m, compared to $152.7m last year. Operating income increased 4% to $13.4m from $12.9m in the 2008. Net income was $13.8m, or $2.18 per share, compared to $8.2m, or $1.30 share, for the same period last year.
Andrew Speaker, president and CEO of Mercer, said: “We are pleased that our disciplined underwriting and aggressive expense management resulted in earnings for 2009 being among our strongest ever, despite the difficulty of a recessionary economy. We thank our employees and agents, our partners in the business, for helping us achieve these results and a 2009 combined ratio of 97.6%.
“Our investment portfolio performed well in 2009, with a significant recovery of value, which attests to the overall quality of the portfolio. In addition, we were able in 2009 to trim the portfolio of some assets that we thought may encounter difficulty, such as commercial mortgage backed securities. Our financial position is strong, with shareholders equity growing by 17% in 2009, and an ending book value of $25.63 per share.”