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National Interstate Corporation Reports 2012 Fourth Quarter And Full Year Results

  • Gross premiums written increased in 2012: fourth quarter up 37%, full year up 9%
  • 2012 fourth quarter and full year net income trail last year

RICHFIELD, Ohio, Feb. 26, 2013 (GLOBE NEWSWIRE) -- National Interstate Corporation (Nasdaq:NATL) today reported results for the 2012 fourth quarter and full year. Net income per share, diluted of $0.42 for the 2012 fourth quarter decreased compared to the 2011 fourth quarter reflecting higher claims costs that were partially offset by net realized gain from investments. Net income per share, diluted of $1.75 for the 2012 full year also trailed 2011 as a result of lower underwriting profits that were partially offset by higher investment income and net realized gain from investments.

Gross premiums written increased 36.8% for the 2012 fourth quarter and 9.0% for the 2012 full year compared to the same 2011 periods reflecting growth in the alternative risk transfer (ART) and transportation components.

Earnings

Net income, determined in accordance with U.S. generally accepted accounting principles (GAAP), includes items that may not be indicative of our ongoing operations. The following table identifies such items and reconciles estimated net income to net income from operations, a non-GAAP financial measure that we believe is a useful tool for investors and analysts in analyzing ongoing operating trends.

  Three Months Ended December 31, Year Ended December 31,
  2012 2011¹ 2012 2011¹
  (In thousands, except per share data) (In thousands, except per share data)
Net after-tax earnings from operations $6,015 $11,081 $29,990 $34,564
After-tax net realized gain from investments 2,065 996 4,042 2,910
After-tax impact from balance sheet guaranty for Vanliner 184 165 262 (1,926)
Net income $8,264 $12,242 $34,294 $35,548
         
Net after-tax earnings from operations per share, diluted $0.30 $0.57 $1.53 $1.77
After-tax net realized gain from investments per share, diluted 0.11 0.05 0.21 0.15
After-tax impact from balance sheet guaranty for Vanliner per share, diluted 0.01 0.01 0.01 (0.10)
Net income per share, diluted $0.42 $0.63 $1.75 $1.82
         
¹ 2011 results have been retrospectively adjusted for the changes to accounting for deferred policy acquisition costs required under Accounting Standards Update No. 2010-26 ("ASU 2010-26").

Net after-tax earnings from operations include underwriting income and net investment income. After-tax realized gains from investments and the after-tax impact on underwriting results related to the balance sheet guaranty from the Vanliner Insurance Company acquisition are separately presented to better reflect the results related to ongoing business.

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