SELECTED FINANCIAL DATA. EXHIBIT 13(a)
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Year ended December 31,
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1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
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(In thousands, except per share amounts)
Income Statement Data
Insurance premiums earned ... $177,218 $165,191 $162,266 $164,829 $156,438 $147,410 $113,419 $101,323 $ 91,728 $ 88,598 $95,531
Investment income, net ...... 23,760 23,907 23,174 20,930 20,780 21,540 20,202 19,884 19,309 16,623 13,632
Realized investment gains ... 4,100 1,891 1,043 520 684 384 65 48 257 36 177
Other income ................ 219 274 344 434 259 - - - - - -
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Total revenues ......... 205,297 191,263 186,827 186,713 178,161 169,334 133,686 121,255 111,294 105,257 109,340
Losses and expenses ......... 188,494 170,594 162,511 168,036 169,142 168,359 123,254 110,415 102,517 89,795 96,612
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Income before income taxes .. 16,803 20,669 24,316 18,677 9,019 975 10,432 10,840 8,777 15,462 12,728
Income taxes ................ 3,586 5,635 6,967 5,171 1,885 759 3,124 2,894 2,055 3,920 2,271
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Income from:
Continuing operations .... 13,217 15,034 17,349 13,506 7,134 216 7,308 7,946 6,722 11,542 10,457
Discontinued operations .. - - - - - - 1,853 319 274 263 225
Accounting changes ....... - - - - 2,621 - - - - - -
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Net income ............ $ 13,217 $ 15,034 $ 17,349 $ 13,506 $ 9,755 $ 216 $ 9,161 $ 8,265 $ 6,996 $ 11,805 $10,682
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Earnings per common share:
Income from:
Continuing operations .. $ 1.18 $ 1.37 $ 1.62 $ 1.29 $ .70 $ .02 $ .73 $ .80 $ .71 $ 1.29 $ 1.23
Discontinued operations - - - - - - .18 .03 .03 .03 .03
Accounting changes ..... - - - - .26 - - - - - -
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Total ................. $ 1.18 $ 1.37 $ 1.62 $ 1.29 $ .96 $ .02 $ .91 $ .83 $ .74 $ 1.32 $ 1.26
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Premiums earned by segment:
Property and casualty ..... $132,875 $119,282 $116,439 $115,412 $109,585 $109,139 $ 78,413 $ 70,597 $ 62,517 $ 54,178 $51,534
Reinsurance ............... 34,105 36,675 35,826 37,256 33,324 26,615 25,009 20,696 18,621 21,417 29,808
Nonstandard risk automobile 10,238 9,234 10,001 12,161 13,529 11,656 9,997 10,030 10,590 13,003 14,189
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Total ..................$177,218 $165,191 $162,266 $164,829 $156,438 $147,410 $113,419 $101,323 $ 91,728 $ 88,598 $95,531
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Balance Sheet Data
Total assets ................ $459,110 $430,328 $412,881 $387,370 $368,936 $372,807 $311,001 $296,126 $284,396 $266,812 $235,435
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Stockholders' equity ........ $162,346 $148,729 $136,889 $116,727 $109,634 $100,911 $105,144 $100,615 $ 95,911 $ 89,604 $ 78,240
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SELECTED FINANCIAL DATA.(continued) EXHIBIT 13(a)
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Year ended December 31,
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1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
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(In thousands, except per share amounts)
Other Data
Average return on equity .... 8.5% 10.5% 13.7% 11.9% 9.3% .2% 8.9% 8.4% 7.5% 14.1% 14.4%
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Book value per share ........ $ 14.30 $ 13.42 $ 12.66 $ 11.03 $ 10.63 $ 9.98 $ 10.47 $ 10.04 $ 9.82 $ 9.65 $ 9.01
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Dividends paid per share .... $ .60 $ .57 $ .53 $ .52 $ .52 $ .52 $ .52 $ .52 $ .52 $ .49 $ .48
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Property and casualty segment
pool percentage ........... 22% 22% 22% 22% 22% 22% 17% 17% 17% 17% 17%
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Reinsurance subsidiary quota
share percentage .......... 100% 95% 95% 95% 95% 95% 95% 95% 95% 95% 75%
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Closing stock price ......... $ 13 1/4 $ 12 $ 13 3/4 $ 9 1/2 $ 9 1/2 $ 8 1/2 $ 9 1/2 $ 6 7/8 $ 8 $ 7 3/4 $ 7 1/2
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Net investment yield (pretax) 6.14% 6.51% 6.64% 6.55% 6.78% 7.47% 7.99% 8.49% 8.75% 8.28% 8.03%
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Cash dividends to
closing stock price........ 4.5% 4.8% 3.9% 5.5% 5.5% 6.1% 5.5% 7.6% 6.5% 6.3% 6.4%
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Common shares outstanding ... 11,351 11,084 10,814 10,577 10,317 10,112 10,046 10,015 9,762 9,287 8,684
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Statutory combined ratio .... 106.2% 103.6% 99.6% 101.3% 106.3% 113.9% 109.2% 109.5% 112.7% 98.7% 99.8%
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