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Unitrin, Inc. Reports Second Quarter Results

Unitrin, Inc. (NYSE: UTR) reported today a net loss of $0.5 million ($0.01 per share) for the second quarter of 2011, compared to net income of $37.8 million ($0.61 per share) for the second quarter of 2010. Net income was $53.6 million ($0.88 per share) for the six months ended June 30, 2011, compared to $86.0 million ($1.38 per share) for the six months ended June 30, 2010.

Loss from continuing operations was $1.5 million ($0.03 per share) for the second quarter of 2011, compared to income from continuing operations of $39.1 million ($0.63 per share) for the second quarter of 2010. Income from continuing operations was $54.3 million ($0.89 per share) for the six months ended June 30, 2011, compared to $86.8 million ($1.39 per share) for the six months ended June 30, 2010.

   
Three Months Ended Six Months Ended
Jun 30,   Jun 30, Jun 30,   Jun 30,
(Dollars in millions, except per share amounts) 2011 2010 2011 2010
Income (Loss) from Continuing Operations $ (1.5 ) $ 39.1 $ 54.3 $ 86.8
Income (Loss) from Discontinued Operations 1.0   (1.3 ) (0.7 ) (0.8 )
Net Income (Loss) $ (0.5 ) $ 37.8   $ 53.6   $ 86.0  
 
Basic Net Income (Loss) Per Share:
Continuing Operations $ (0.03 ) $ 0.63 $ 0.89 $ 1.39
Discontinued Operations 0.02   (0.02 ) (0.01 ) (0.01 )
Total $ (0.01 ) $ 0.61   $ 0.88   $ 1.38  
 

Don Southwell, Unitrin's Chairman, President and Chief Executive Officer, commented, “It was truly an unprecedented quarter for catastrophe losses, particularly those related to tornadoes, hail and high winds. Unitrin's dedicated first response teams were on the ground within hours to provide customers with emergency funding and to expedite the claims process. Collectively these events had an after-tax impact of approximately $65 million.

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