Unitrin, a company engaged in providing property, casualty, life and health insurance, and consumer finance services, has reported a net income of $22.5 million for the first quarter of 2008, compared to $72.4 million for the same quarter of 2007.
Income from continuing operations for the quarter decreased to $27.2 million from $67.4 million posted during the comparable quarter of 2007. Total revenue was $701.9 million for the period compared to $727.6 million for the corresponding quarter of 2007.
Total revenue decreased due primarily to the lower net investment income and lower net realized investment gains, partially offset by higher earned premiums. Net investment income for the first quarter of 2008 reduced by $22.7 million compared to the same quarter in 2007.
Don Southwell, president and CEO of Unitrin, said: We are disappointed that our earnings were adversely affected by the turbulent first quarter environment – the continuing crisis in the financial markets and the unusually severe weather.
However, we were pleased to post positive overall investment returns for the quarter, taking into account the change in the fair values of our investments, given the current state of the financial markets.