East Lansing, Mich.-based medical liability insurer posted a profit of $6.5 million, or 73 cents per diluted common share, in the fourth quarter of 2004, the company reported in a statement.
That compared to net income of $102,000, or 1 cent per share, in 2003’s fourth quarter. For the year, APCapital generated net income of $20 million, or $2.30 per share, compared to a loss of $76.8 million, or $9.02 per share, in 2003. The insurer continued to reduce its unprofitable workers’ compensation and health insurance books of business while seeing pre-tax income of $12.6 million in medical liability insurance for the quarter.
“In 2004, APCapital completed a successful turnaround,” President and CEO R. Kevin Clinton said in a statement. “We have dramatically improved our operating performance, reduced balance-sheet risk and positioned the company for the future. We remain very pleased with the performance of our core medical professional liability line. In 2004 this line has produced pre-tax income totaling $36.5 million. These positive results reflect many of the business initiatives we have implemented since the beginning of 2002.”
Was this article valuable?
Here are more articles you may enjoy.
Electric Bills in Coal Country West Virginia Now Top Mortgage Payments 
Ex-CEO, Ex-CFO of Bankrupt AI Company Charged With Fraud 
AI for the Defense: Should Insurers or Law Firms Pay? 
Marsh Aims to Be ‘AI Winner’ by Focusing on Gains in Growth, Productivity, Efficiency 
