Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/100331/000114036106015404/form10-q.htm
FOR
IMMEDIATE RELEASE
|
November
1, 2006
|
·
|
Direct
premiums written of $337.2 million, versus $349.1 million in the
third
quarter of 2005 (3.4% decrease)
|
·
|
California
direct premiums written of $295.8 million, versus $326.0 million
in the
third quarter of 2005 (9.3%
decrease)
|
·
|
Non-California
direct premiums written of $41.4 million, versus $23.1 million
in the
third quarter of 2005 (79.6% increase)
|
·
|
GAAP
combined ratio of 91.7% versus 95.2% for the third quarter of 2005.
2006
was favorably impacted by 4.4 points of prior accident year loss
and LAE
reserve decreases, versus 0.3 points in
2005
|
·
|
Direct
premiums written of $992.6 million, versus $1,029.9 million for
the same
nine-month period in 2005 (3.6%
decrease)
|
·
|
California
direct premiums written of $895.0 million, versus $967.8 million
for the
same nine-month period in 2005 (7.5%
decrease)
|
·
|
Non-California
direct premiums written of $97.6 million, versus $62.1 million
for the
same nine-month period in 2005 (57.2% increase)
|
·
|
GAAP
combined ratio of 92.6% versus 95.5% for the same nine-month period
in
2005. 2006 was favorably impacted by 4.0 points of prior accident
year
loss and LAE reserve decreases, versus 2.0 points in
2005
|
21st
Century Insurance Group
|
||||||||||||||||
Condensed
Consolidated Statements of Operations
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
(Amounts
in thousands, except share data)
|
||||||||||||||||
Q3'05
|
Q4'05
|
Q1'06
|
Q2'06
|
Q3'06
|
||||||||||||
Direct
premiums written
|
$
|
349,118
|
$
|
316,466
|
$
|
338,569
|
$
|
316,837
|
$
|
337,217
|
||||||
Net
premiums written
|
$
|
347,827
|
$
|
315,172
|
$
|
337,223
|
$
|
315,476
|
$
|
335,810
|
||||||
Net
premiums earned
|
$
|
344,102
|
$
|
335,626
|
$
|
325,824
|
$
|
325,512
|
$
|
327,325
|
||||||
Net
losses and loss adjustment expenses
|
258,105
|
241,513
|
236,496
|
223,094
|
222,550
|
|||||||||||
Underwriting
expenses
|
69,638
|
70,495
|
71,933
|
74,391
|
77,518
|
|||||||||||
Underwriting
profit
|
16,359
|
23,618
|
17,395
|
28,027
|
27,257
|
|||||||||||
Net
investment income
|
17,042
|
18,011
|
17,755
|
17,174
|
16,897
|
|||||||||||
Other
(expenses)/income
|
(3
|
)
|
(407
|
)
|
-
|
(913
|
)
|
58
|
||||||||
Net
realized investment losses (gains)
|
(939
|
)
|
(606
|
)
|
(1,067
|
)
|
30
|
159
|
||||||||
Interest
and fees expense
|
(1,988
|
)
|
(1,943
|
)
|
(1,898
|
)
|
(1,854
|
)
|
(1,820
|
)
|
||||||
Income
before provision for income taxes
|
30,471
|
38,673
|
32,185
|
42,464
|
42,551
|
|||||||||||
Provision
for income taxes
|
9,369
|
12,281
|
10,868
|
14,143
|
14,144
|
|||||||||||
Net
income
|
$
|
21,102
|
$
|
26,392
|
$
|
21,317
|
$
|
28,321
|
$
|
28,407
|
||||||
Earnings
per share - basic
|
$
|
0.25
|
$
|
0.31
|
$
|
0.25
|
$
|
0.33
|
$
|
0.33
|
||||||
Earnings
per share - diluted
|
$
|
0.24
|
$
|
0.31
|
$
|
0.25
|
$
|
0.33
|
$
|
0.33
|
||||||
Weighted
average shares outstanding - basic
|
||||||||||||||||
Basic
|
85,793,904
|
85,799,397
|
85,868,878
|
85,968,155
|
86,192,395
|
|||||||||||
Diluted
|
86,205,599
|
86,427,724
|
86,517,163
|
86,232,103
|
86,454,509
|
|||||||||||
Net
losses and loss adjustment expense ratio
|
75.0
|
%
|
72.0
|
%
|
72.6
|
%
|
68.5
|
%
|
68.0
|
%
|
||||||
Underwriting
expense ratio
|
20.2
|
%
|
21.0
|
%
|
22.1
|
%
|
22.9
|
%
|
23.7
|
%
|
||||||
Combined
ratio
|
95.2
|
%
|
93.0
|
%
|
94.7
|
%
|
91.4
|
%
|
91.7
|
%
|
||||||
Reconciliation
of direct premiums written to net premiums earned
|
||||||||||||||||
Direct
premiums written
|
$
|
349,118
|
$
|
316,466
|
$
|
338,569
|
$
|
316,837
|
$
|
337,217
|
||||||
Ceded
premiums written
|
(1,291
|
)
|
(1,294
|
)
|
(1,346
|
)
|
(1,361
|
)
|
(1,407
|
)
|
||||||
Net
premiums written
|
347,827
|
315,172
|
337,223
|
315,476
|
335,810
|
|||||||||||
Net
change in unearned premiums
|
(3,725
|
)
|
20,454
|
(11,399
|
)
|
10,036
|
(8,485
|
)
|
||||||||
Net
premiums earned
|
$
|
344,102
|
$
|
335,626
|
$
|
325,824
|
$
|
325,512
|
$
|
327,325
|
||||||
Net
losses and loss adjustment expenses
|
||||||||||||||||
Current
accident year
|
$
|
259,301
|
$
|
245,870
|
$
|
243,511
|
$
|
241,215
|
$
|
236,942
|
||||||
Prior
accident years
|
(1,196
|
)
|
(4,357
|
)
|
(7,015
|
)
|
(18,121
|
)
|
(14,392
|
)
|
||||||
Net
losses and loss adjustment expenses
|
$
|
258,105
|
$
|
241,513
|
$
|
236,496
|
$
|
223,094
|
$
|
222,550
|
21st
Century Insurance Group
|
||||||||||||||||
Condensed
Consolidated Balance Sheets
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
(Amounts
in thousands, except share data)
|
||||||||||||||||
September
30,
2005
|
December
31,
2005
|
March
31,
2006
|
June
30,
2006
|
September
30,
2006
|
||||||||||||
Assets
|
||||||||||||||||
Investments:
|
||||||||||||||||
Available
for sale
|
||||||||||||||||
Fixed
maturity securities, at fair value
|
$
|
1,350,411
|
$
|
1,354,707
|
$
|
1,434,761
|
$
|
1,426,728
|
$
|
1,470,385
|
||||||
Equity
securities, at fair value
|
46,380
|
47,367
|
850
|
-
|
-
|
|||||||||||
Other
long-term investments, equity method
|
-
|
-
|
-
|
-
|
9,443
|
|||||||||||
Total
Investments
|
1,396,791
|
1,402,074
|
1,435,611
|
1,426,728
|
1,479,828
|
|||||||||||
Cash
and cash equivalents
|
65,264
|
68,668
|
35,146
|
40,188
|
19,497
|
|||||||||||
Accrued
investment income
|
16,183
|
16,585
|
17,333
|
17,304
|
17,006
|
|||||||||||
Premiums
receivable
|
116,980
|
100,900
|
107,231
|
98,887
|
115,513
|
|||||||||||
Reinsurance
receivables and recoverables
|
5,914
|
6,539
|
6,223
|
6,521
|
6,550
|
|||||||||||
Prepaid
reinsurance premiums
|
1,870
|
1,946
|
2,023
|
2,072
|
2,141
|
|||||||||||
Deferred
income taxes
|
53,798
|
56,209
|
59,307
|
57,321
|
42,566
|
|||||||||||
Deferred
policy acquisition costs
|
63,760
|
59,939
|
62,919
|
68,248
|
67,592
|
|||||||||||
Leased
property under capital lease
|
25,339
|
22,651
|
21,587
|
20,568
|
19,998
|
|||||||||||
Property
and equipment, net of accumulated depreciation
|
145,841
|
145,811
|
147,047
|
148,213
|
152,480
|
|||||||||||
Other
assets
|
29,930
|
38,907
|
42,183
|
41,323
|
40,277
|
|||||||||||
Total
assets
|
$
|
1,921,670
|
$
|
1,920,229
|
$
|
1,936,610
|
$
|
1,927,373
|
$
|
1,963,448
|
||||||
Liabilities
and stockholders' equity
|
||||||||||||||||
Liabilities
|
||||||||||||||||
Unpaid
losses and loss adjustment expenses
|
$
|
517,614
|
$
|
523,835
|
$
|
508,428
|
$
|
495,092
|
$
|
484,258
|
||||||
Unearned
premiums
|
340,055
|
319,676
|
331,152
|
321,166
|
329,719
|
|||||||||||
Debt
|
131,095
|
127,972
|
124,796
|
121,619
|
118,853
|
|||||||||||
Claims
checks payable
|
40,711
|
42,681
|
40,609
|
38,363
|
39,697
|
|||||||||||
Reinsurance
payable
|
663
|
643
|
755
|
748
|
769
|
|||||||||||
Other
liabilities
|
78,514
|
75,450
|
94,057
|
95,220
|
92,529
|
|||||||||||
Total
liabilities
|
1,108,652
|
1,090,257
|
1,099,797
|
1,072,208
|
1,065,825
|
|||||||||||
Stockholders'
equity
|
||||||||||||||||
Common
stock
|
86
|
86
|
86
|
86
|
86
|
|||||||||||
Additional
paid-in capital
|
423,795
|
425,454
|
430,360
|
435,889
|
438,618
|
|||||||||||
Accumulated
other comprehensive loss
|
(2,812
|
)
|
(10,382
|
)
|
(22,892
|
)
|
(31,500
|
)
|
(13,246
|
)
|
||||||
Treasury
stock
|
-
|
(84
|
)
|
(84
|
)
|
(84
|
)
|
(106
|
)
|
|||||||
Retained
earnings
|
391,949
|
414,898
|
429,343
|
450,774
|
472,271
|
|||||||||||
Total
stockholders' equity
|
813,018
|
829,972
|
836,813
|
855,165
|
897,623
|
|||||||||||
Total
liabilities and stockholders' equity
|
$
|
1,921,670
|
$
|
1,920,229
|
$
|
1,936,610
|
$
|
1,927,373
|
$
|
1,963,448
|
||||||
Book
Value Per Share
|
$
|
9.47
|
$
|
9.66
|
$
|
9.72
|
$
|
9.91
|
$
|
10.39
|
||||||
Outstanding
Shares
|
85,835,038
|
85,933,960
|
86,095,739
|
86,335,335
|
86,372,668
|
21st
Century Insurance Group
|
||||||||||||||||
Condensed
Consolidated Statements of Cash Flows
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
(Amounts
in thousands)
|
||||||||||||||||
Q3'05
|
Q4'05
|
Q1'06
|
Q2'06
|
Q3'06
|
||||||||||||
Operating
activities
|
||||||||||||||||
Net
Income
|
$
|
21,102
|
$
|
26,392
|
$
|
21,317
|
$
|
28,321
|
$
|
28,407
|
||||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||||||||
Depreciation
and amortization
|
9,507
|
9,258
|
6,661
|
6,643
|
7,089
|
|||||||||||
Net
amortization of investment premiums and discounts
|
2,365
|
2,165
|
2,007
|
2,489
|
2,822
|
|||||||||||
Stock-based
compensation cost
|
100
|
81
|
4,099
|
2,379
|
2,274
|
|||||||||||
Provision
for deferred income taxes
|
4,784
|
1,664
|
2,820
|
6,611
|
5,754
|
|||||||||||
Net
realized investment losses (gains)
|
1,062
|
493
|
1,067
|
(30
|
)
|
(159
|
)
|
|||||||||
Changes
in assets and liabilities:
|
||||||||||||||||
Premiums
receivable
|
(11,400
|
)
|
16,080
|
(6,331
|
)
|
8,344
|
(16,626
|
)
|
||||||||
Deferred
policy acquisition costs
|
(1,555
|
)
|
3,821
|
(2,980
|
)
|
(5,329
|
)
|
656
|
||||||||
Reinsurance
receivables and recoverables
|
(184
|
)
|
(722
|
)
|
352
|
(355
|
)
|
(76
|
)
|
|||||||
Federal
income taxes
|
(1,019
|
)
|
678
|
4,529
|
(1,743
|
)
|
(8,326
|
)
|
||||||||
Other
assets
|
1,482
|
(10,307
|
)
|
(2,880
|
)
|
1,015
|
3,397
|
|||||||||
Unpaid
losses and loss adjustment expenses
|
22,092
|
6,221
|
(15,407
|
)
|
(13,336
|
)
|
(10,834
|
)
|
||||||||
Unearned
premiums
|
3,812
|
(20,379
|
)
|
11,476
|
(9,986
|
)
|
8,553
|
|||||||||
Claims
checks payable
|
2,144
|
1,970
|
(2,072
|
)
|
(2,246
|
)
|
1,334
|
|||||||||
Other
liabilities
|
(2,164
|
)
|
477
|
14,079
|
2,904
|
(4,433
|
)
|
|||||||||
Net
cash provided by operating activities
|
52,128
|
37,892
|
38,737
|
25,681
|
19,832
|
|||||||||||
Investing
Activities
|
||||||||||||||||
Purchases
of:
|
||||||||||||||||
Fixed
maturity investments available-for-sale
|
(17,446
|
)
|
(42,102
|
)
|
(146,738
|
)
|
(33,441
|
)
|
(47,848
|
)
|
||||||
Equity
securities available-for-sale
|
(78,762
|
)
|
(77,847
|
)
|
(35,627
|
)
|
-
|
-
|
||||||||
Other
long-term investments, equity method
|
-
|
-
|
-
|
-
|
(9,123
|
)
|
||||||||||
Property
and equipment
|
(19,948
|
)
|
(6,544
|
)
|
(6,627
|
)
|
(6,719
|
)
|
(9,969
|
)
|
||||||
Sales,
maturities, and calls of:
|
||||||||||||||||
Fixed
maturity investments available-for-sale
|
8,987
|
24,949
|
42,161
|
25,803
|
29,527
|
|||||||||||
Equity
securities available-for-sale
|
81,196
|
75,696
|
83,989
|
847
|
-
|
|||||||||||
Net
cash used in investing activities
|
(25,973
|
)
|
(25,848
|
)
|
(62,842
|
)
|
(13,510
|
)
|
(37,413
|
)
|
||||||
Financing
Activities
|
||||||||||||||||
Repayment
of debt
|
(3,390
|
)
|
(3,260
|
)
|
(3,352
|
)
|
(3,388
|
)
|
(3,543
|
)
|
||||||
Dividends
paid
|
(3
|
)
|
(6,874
|
)
|
(6,872
|
)
|
(6,891
|
)
|
-
|
|||||||
Proceeds
from exercise of stock options
|
1,180
|
1,494
|
718
|
3,126
|
406
|
|||||||||||
Excess
tax benefits from stock-based compensation
|
-
|
-
|
89
|
24
|
27
|
|||||||||||
Net
cash used in financing activities
|
(2,213
|
)
|
(8,640
|
)
|
(9,417
|
)
|
(7,129
|
)
|
(3,110
|
)
|
||||||
Net
increase (decrease) in cash and cash equivalents
|
23,942
|
3,404
|
(33,522
|
)
|
5,042
|
(20,691
|
)
|
|||||||||
Cash
and cash equivalents, beginning of period
|
41,322
|
65,264
|
68,668
|
35,146
|
40,188
|
|||||||||||
Cash
and cash equivalents, end of period
|
$
|
65,264
|
$
|
68,668
|
$
|
35,146
|
$
|
40,188
|
$
|
19,497
|
21st
Century Insurance Group
|
||||||||||||||||
Supplemental
Operational Information
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
(Amounts
in thousands, except ratios and vehicles
in-force)
|
||||||||||||||||
Q3'05
|
Q4'05
|
Q1'06
|
Q2'06
|
Q3'06
|
||||||||||||
Direct
Premiums Written
|
||||||||||||||||
California
|
$
|
326,048
|
$
|
294,472
|
$
|
311,820
|
$
|
287,389
|
$
|
295,776
|
||||||
Non
- California
|
23,070
|
21,994
|
26,749
|
29,449
|
41,441
|
|||||||||||
Total
direct premiums written
|
$
|
349,118
|
$
|
316,466
|
$
|
338,569
|
$
|
316,838
|
$
|
337,217
|
||||||
%
of Direct Premiums Written
|
||||||||||||||||
California
|
93.4
|
%
|
93.1
|
%
|
92.1
|
%
|
90.7
|
%
|
87.7
|
%
|
||||||
Non
- California
|
6.6
|
%
|
6.9
|
%
|
7.9
|
%
|
9.3
|
%
|
12.3
|
%
|
||||||
Total
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||
Vehicles
in-force
|
||||||||||||||||
California
|
1,447,471
|
1,413,909
|
1,382,296
|
1,359,217
|
1,323,381
|
|||||||||||
Non-California
|
117,760
|
127,001
|
138,257
|
157,386
|
196,613
|
|||||||||||
Total
Vehicles In-force at end of quarter
|
1,565,231
|
1,540,910
|
1,520,553
|
1,516,603
|
1,519,994
|
|||||||||||
Other
Information
|
||||||||||||||||
Statutory
surplus
|
$
|
657,666
|
$
|
704,671
|
$
|
725,144
|
$
|
755,326
|
$
|
781,633
|
||||||
Ratio
of net premiums written to statutory surplus
|
2.1
|
1.9
|
1.8
|
1.7
|
1.6
|
|||||||||||
Auto
renewal ratio
|
92
|
%
|
91
|
%
|
91
|
%
|
91
|
%
|
91
|
%
|
||||||
Reconciliation
of stockholders' equity to statutory
surplus
|
||||||||||||||||
Stockholders'
equity - GAAP
|
$
|
813,018
|
$
|
829,972
|
$
|
836,813
|
$
|
855,165
|
$
|
897,623
|
||||||
Condensed
adjustments to reconcile GAAP stockholders'
equity to statutory surplus:
|
||||||||||||||||
Equity
in non-insurance entities
|
22,073
|
26,798
|
31,728
|
39,558
|
54,827
|
|||||||||||
Capital
lease obligation
|
3,095
|
2,975
|
1,178
|
(662
|
)
|
(2,542
|
)
|
|||||||||
Net
unrealized losses on investments
|
644
|
10,788
|
31,683
|
44,778
|
16,956
|
|||||||||||
Deferred
policy acquisition costs
|
(63,760
|
)
|
(59,939
|
)
|
(62,919
|
)
|
(68,248
|
)
|
(67,592
|
)
|
||||||
Net
deferred tax assets related to items nonadmitted under SAP
|
38,394
|
38,544
|
24,137
|
24,438
|
32,641
|
|||||||||||
Assets
nonadmitted for statutory purposes
|
(155,798
|
)
|
(144,467
|
)
|
(137,476
|
)
|
(139,703
|
)
|
(150,280
|
)
|
||||||
Statutory
surplus
|
$
|
657,666
|
$
|
704,671
|
$
|
725,144
|
$
|
755,326
|
$
|
781,633
|
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by 21St Century Insurance Group.
Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/100331/000114036106015404/form10-q.htm
Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.
ContinueRead positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.
ContinueRemove data columns and navigations in order to see much more filing content and tables in one view
ContinueRead both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q
ContinueExport Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis
ContinueGet one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports
Continue for FREEOur Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not
ContinueOur Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity
ContinueSee how over 70
Growth, Profitability and Financial Ratios perform over 10 Years