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Investments propel Baldwin & Lyons profit

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Baldwin & Lyons Inc. said today that its profit last quarter was the second-highest in company history, as investment gains from recovering equity markets helped boost performance.

The Indianapolis-based trucking-fleet insurer earned $14.1 million, or 96 cents per share, compared with $6.3 million, or 41 cents per share, in the prior-year period.

The earnings far exceeded analyst expectations of 39 cents per share.

Investment gains added 55 cents per share to second-quarter profit, compared with a loss of 13 cents per share the same time a year ago.

Quarterly revenue rose from $49.3 million to $58.6 million.

Premiums written by Baldwin's insurance companies were flat compared with the second quarter of 2008.

Company shares increased nearly 2 percent, to $21.49 cents each, in mid-morning trading.
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