Northbridge Financial Corporation has reported that its net earnings for the year ended December 31, 2007 were $295 million, a 76.6% increase from net earnings of $167.1 million in 2006.
Underwriting profit for 2007 increased to $84.3 million from $23.5 million in 2006, producing a combined ratio of 92.3% for 2007 compared to 98% in 2006. Total investment income was $331.9 million for the year, compared to $244.9 million in 2006.
Total revenue earned during 2007 increased by $21.7 million, or 1.5%, over 2006. The increase in revenue was primarily due to a $72.6 million increase in net gains on investments and a $14.4 million increase in interest and dividend income, partially offset by a $65.3 million decrease in net premiums earned.