Baldwin & Lyons Announces Results For Quarter And Six Months
INDIANAPOLIS, July 29, 2010 (GLOBE NEWSWIRE) -- Baldwin & Lyons, Inc. (Nasdaq:BWINA) (Nasdaq:BWINB) today announced operating income, defined as net income before investment gains and losses, was $6.8 million or $.46 per share as compared to $.41 per share for the second quarter of 2009. Net investment losses for the second quarter of 2010 were $1.9 million after tax, or $.13 per share, compared to net investment gains of $8.1 million, or $.55 per share, in the same quarter of 2009 reflecting the downturn in equity markets experienced during the current quarter. Net income for the quarter was $5.0 million, or $.33 per share, compared to net income of $.96 per share for the second quarter of 2009.
Operating income for the year to date is $5.3 million, or $.36 per share, compared to $12.2 million, $.83 per share, for the prior year period, reflecting the catastrophe losses reported during the first quarter of 2010 which reduced 2010 operating income by more than $.68 per share. For the first six months of 2010, net income of $5.5 million or $.37 per share, compares to $19.6 or $1.33 per share, in the 2009 period. The reduction is attributable to the first quarter's catastrophe loss and the second quarter's investment losses.
Premiums written by the Company's insurance subsidiaries for the current quarter increased 27% when compared to the prior year and increased 29% for the six months. The increase includes the impact of new products, primarily commercial multi-peril, as well as higher premium volume from traditional products, including fleet transportation which increased over 30% for second quarter and 21% for the year to date.Net premium earned also increased more than 30%, to $53.5 million, for the second quarter of 2010. For the six months, earned premium increased 23% to $104.7 million. The changes in net premium earned, compared to premium written, reflect the time lag between premium written and earned and, to a lesser degree, changes in reinsurance arrangements.
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