Ohio Casualty Reports Q1 Net Income Up 96%

Property/casualty insurer Ohio Casualty Corp. reported first-quarter net income of $37.7 million, or 55 cents per diluted share, versus $19.2 million, or 31 cents per diluted share in the first quarter of 2004.

The Fairfield, Ohio-based carrier also reported all lines combined ratio of 95.6 percent, an 8.2 point improvement and operating income of $37.7 million versus $18.4 million, a 104.9 percent increase.

CEO Dan Carmichael attributed the improved results to disciplined underwriting and pricing amid increasing competition. This was offset, however, by a 1.5 percent decrease in net written premiums for the quarter. Carmichael said the firm would devote “substantially more attention in 2005” to identifying new markets for profitable growth.