2nd-Quarter Profit Up at Farmers Group Inc.
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Second-quarter earnings for Farmers Group Inc. increased to $53.4 million from the $45.9 million in last year’s quarter as revenue rose to $278.2 million from $241.7 million, the Los Angeles-based insurance holding company reported.
Accumulated earnings for the six months ended June 30 came to $104.5 million, compared to $91.3 million, on revenue of $549.3 million, up from $479.6 million a year ago.
Richard G. Lindsley, Farmers’ chairman and chief executive, said property and casualty insurance operations reflected higher average premium rates and an increase in the number of policies in force.
However, net income from life insurance declined “as a result of higher death benefits and lower new business production,” he said. The company’s group accident and health lines also decreased in the period.
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