SELECTED FINANCIAL DATA. EXHIBIT 13(a)
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Year ended December 31,
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1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988
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($ in thousands, except per share amounts)
Income Statement Data
Insurance premiums earned ... $194,244 $177,218 $165,191 $162,266 $164,829 $156,438 $147,410 $113,419 $101,323 $ 91,728 $88,598
Investment income, net ...... 24,859 23,780 24,007 23,204 21,042 20,936 21,586 20,223 20,038 19,345 17,226
Realized investment gains ... 5,901 4,100 1,891 1,043 520 684 384 65 48 257 36
Other income ................ 1,701 1,023 904 1,005 1,128 668 701 860 888 543 426
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Total revenues ......... 226,705 206,121 191,993 187,518 187,519 178,726 170,081 134,567 122,297 111,873 106,286
Losses and expenses ......... 223,031 189,318 171,324 163,202 168,842 169,707 169,106 124,135 111,457 103,096 90,824
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Income before income taxes .. 3,674 16,803 20,669 24,316 18,677 9,019 975 10,432 10,840 8,777 15,462
Income taxes ................ (2,339) 3,586 5,635 6,967 5,171 1,885 759 3,124 2,894 2,055 3,920
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Income from:
Continuing operations .... 6,013 13,217 15,034 17,349 13,506 7,134 216 7,308 7,946 6,722 11,542
Discontinued operations .. - - - - - - - 1,853 319 274 263
Accounting changes ....... - - - - - 2,621 - - - - -
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Net income ............ $ 6,013 $ 13,217 $ 15,034 $ 17,349 $ 13,506 $ 9,755 $ 216 $ 9,161 $ 8,265 $ 6,996 $11,805
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Net income per common share
- basic and diluted:
Continuing operations .. $ .53 $ 1.18 $ 1.37 $ 1.62 $ 1.29 $ .70 $ .02 $ .73 $ .80 $ .71 $ 1.29
Discontinued operations - - - - - - - .18 .03 .03 .03
Accounting changes ..... - - - - - .26 - - - - -
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Total ................. $ .53 $ 1.18 $ 1.37 $ 1.62 $ 1.29 $ .96 $ .02 $ .91 $ .83 $ .74 $ 1.32
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Premiums earned by segment:
Property and casualty ..... $155,523 $143,113 $128,516 $126,440 $127,573 $123,114 $120,795 $ 88,410 $ 80,627 $ 73,107 $67,181
Reinsurance ............... 38,721 34,105 36,675 35,826 37,256 33,324 26,615 25,009 20,696 18,621 21,417
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Total ..................$194,244 $177,218 $165,191 $162,266 $164,829 $156,438 $147,410 $113,419 $101,323 $ 91,728 $88,598
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Balance Sheet Data
Total assets ................ $496,046 $459,110 $430,328 $412,881 $387,370 $368,936 $372,807 $311,001 $296,126 $284,396 $266,812
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Stockholders' equity ........ $163,938 $162,346 $148,729 $136,889 $116,727 $109,634 $100,911 $105,144 $100,615 $ 95,911 $ 89,604
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SELECTED FINANCIAL DATA.(continued) EXHIBIT 13(a)
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Year ended December 31,
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1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988
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($ in thousands, except per share amounts)
Other Data
Average return on equity .... 3.7% 8.5% 10.5% 13.7% 11.9% 9.3% .2% 8.9% 8.4% 7.5% 14.1%
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Book value per share ........ $ 14.26 $ 14.30 $ 13.42 $ 12.66 $ 11.03 $ 10.63 $ 9.98 $ 10.47 $ 10.04 $ 9.82 $ 9.65
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Dividends paid per share .... $ .60 $ .60 $ .57 $ .53 $ .52 $ .52 $ .52 $ .52 $ .52 $ .52 $ .49
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Property and casualty segment
pool percentage ........... 23.5% 22% 22% 22% 22% 22% 22% 17% 17% 17% 17%
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Reinsurance subsidiary quota
share percentage .......... 100% 100% 95% 95% 95% 95% 95% 95% 95% 95% 95%
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Closing stock price ......... $ 12 3/4 $ 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
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Net investment yield (pretax) 6.02% 6.15% 6.54% 6.65% 6.59% 6.83% 7.50% 8.02% 8.53% 8.74% 8.58%
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Cash dividends to
closing stock price........ 4.7% 4.5% 4.8% 3.9% 5.5% 5.5% 6.1% 5.5% 7.6% 6.5% 6.3%
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Common shares outstanding ... 11,496 11,351 11,084 10,814 10,577 10,317 10,112 10,046 10,015 9,762 9,287
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Statutory combined ratio .... 114.8% 106.2% 103.6% 99.6% 101.3% 106.3% 113.9% 109.2% 109.5% 112.7% 98.7%
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Amounts previously reported in prior consolidated financial statements have
been reclassified to conform to current presentation.