20th Century Industries 3rd-Quarter Profits Up 15%
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Growth of its Northern California customer base helped Woodland Hills auto insurer 20th Century Industries post a 15% increase in third-quarter profits and a 16% increase in profits for the first nine months of the year.
The company reported 1998 third-quarter net income of $38.2 million, or 44 cents per diluted share, compared with earnings of $33.2 million, or 41 cents per diluted share, in the 1997 third quarter.
Net income for the first nine months of 1998 increased to $106.2 million on revenue of $652.5 million, against earnings of $91.6 million on revenue of $645.6 million.
Last month, insurance giant American International Group Inc. took control of the board of 20th Century, completing a coup started during the summer.
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