Zenith Insurance’s Profits Fall Despite Revenue Gain

Zenith National Insurance Corp. in Encino reported a 7% drop in net income to $13,021,000 million, or 62 cents a share, for the second quarter ended June 30, compared to net income of $13,994,000 million, or 66 cents a share, a year earlier.

Revenue for the second quarter jumped 14% to $117,835,000 million, compared to $103,111,000 in last year’s second quarter. The company cited a tax loss carryforward of $3.5 million used in last year’s second quarter as the primary reason for the drop in this year’s second-quarter net income.

For the six months ended June 30, Zenith reported a 16% increase in revenue to $224,828,000 million from $193,646,000 million for the six months ended June 30, 1986.

Net income for the first half of 1987 was $25,015,000 million, or $1.19 a share, compared to $19,134,000 million, or 91 cents a share for the comparable period a year earlier.