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First Mercury Financial Q4 net income down

IBR Staff Writer Published 24 February 2009

Total operating revenues for the fourth quarter ended December 31, 2008 increased 33.5% to $57.3 million

First Mercury Financial has reported that its net income for the fourth quarter ended December 31, 2008 was $2.4 million, or $0.13 per diluted share, as compared to $10.2 million, or $0.54 per diluted share, for the fourth quarter ended December 31, 2007.

Operating net income for the fourth quarter of 2008 was $7.9 million, compared to $10.2 million for the same period of 2007. Net investment income earned during the fourth quarter of 2008 was $6 million, up 25.7% from the same quarter of 2007.

Total operating revenues for the fourth quarter ended December 31, 2008 increased 33.5% to $57.3 million from $42.9 million for the comparable period of 2007.

Net income for the year ended December 31, 2008 was $40.8 million, or $2.19 per diluted share, compared to $41.7 million, or $2.25 per diluted share, for the year ended December 31, 2007. Operating net income for the year 2008 was $31.4 million, compared to $37.6 million for the year 2007. Net investment income earned during the year ended December 31, 2008 was $21.6 million, up 32.8% from 2007.

For the year, total operating revenues increased 12.7% to $215.7 million, compared to $191.4 million for the same period of 2007.