Indianapolis-based Baldwin & Lyons Inc. reported lower profit in the fourth quarter due to smaller investment gains.
The transportation industry insurer Thursday morning reported profit of $4.7 million, or 31 cents per share, compared with $5.5 million, or 37 cents per share, in the fourth quarter of 2011.
Excluding investments, the company earned after-tax profit of $4.5 million, or 30 cents per share, compared with $3.5 million, or 24 cents per share, in the fourth quarter of 2011, due to lower storm losses.
For the year, Baldwin & Lyons earned $31.9 million, or $2.15 per share, compared with a loss of $28.2 million, or $1.90 per share in 2011, "from an unprecedented number of significant global events," the company said.
In 2012, excluding investments, Baldwin & Lyons recorded after-tax profit of $26.1 million, or $1.75 per share, compared with $16.6 million, or $1.12 per share, in 2011.
Quarterly revenue fell 7.9 percent, to $65.8 million. Revenue in 2012 increased 7.6 percent, to $262.1 million.
Premiums written and assumed in the latest quarter rose 6 percent to a record $91.1 million.
The company’s biggest gains came in its fleet transportation and professional liability segments but were offset by a decrease in volume in private-passenger auto and commercial multi-peril products.
The company’s units include Protective Insurance Co., which offers liability insurance for medical professionals; Sagamore Insurance Co.; and B&L Insurance Ltd.
Baldwin & Lyons' A stock rose nearly 4 percent, to $25.87 per share, in early trading. Its B shares rose 1.6 percent, to $24.79 each