Mercer Insurance Group has reported that its revenues for the fourth quarter of 2007 were $44 million, an increase of $5 million over the 2006 fourth quarter revenue of $39 million.
Net income for the quarter was $2.9 million, or $0.45 per diluted share quarter, which is unchanged from net income for the corresponding quarter of 2006.
Operating income of Mercer in the quarter was $3 million, or $0.48 per diluted share a slight increase as compared to $2.9 million, or $0.45 per diluted share, during the comparable quarter of 2006. For the period, net premiums earned were $40.3 million, a $4.8 million increase over net premiums earned of $35.5 million in the same period of 2006.
In the year ended December 31, 2007, the company reported GAAP net income of $14.2 million, or $2.25 per diluted share compared to net income of $10.6 million, or $1.71 per diluted share for the same period in 2006.
The increase in net income of $3.6 million over the prior year includes the $2.8 million, or $0.44 per diluted share, attributable to the non-recurring refund of retaliatory premium taxes and interest noted earlier.
Andrew Speaker, president and CEO of Mercer Insurance, said: We are extremely pleased with the fourth quarter and full year earnings, especially considering the highly competitive commercial market conditions in which we are operating.
These results reflect our focus on profitability as our primary objective through a disciplined approach to all aspects of our business.