Carmel-based Baldwin & Lyons Inc. on Thursday reported a 90-percent surge in profit in the second quarter, due in great part to investment gains.
The transportation industry insurer earned $9.3 million, or 62 cents per share, in the latest period, up from $4.9 million, or 33 cents per share, in the same quarter last year.
Of that $9.3 million, only $4.1 million, or 27 cents per share, was attributed to its core operations. The remaining $5.3 million, or 35 cents per share, came from investment gains.
That represented a turnaround from the second quarter of 2013, when Baldwin & Lyons posted $4.4 million in operating income and just $467,000 in investment income.
Premiums written by the company’s insurance subsidiaries for the second quarter hit $95.1 million, a 2-percent bump over the second quarter of 2013. The increase was concentrated in its products for fleet transportation, which jumped 11 percent.
Premiums written for the first six months of 2014 reached a record $189.9 million, 7-percent higher than the $176.7 million written in the same period last year.|
Baldwin & Lyons’ Class B shares slipped $1.10 Thursday morning to $25.14 each. Its Class A shares were unchanged at $24.33.