Fremont Michigan InsuraCorp Inc., a Michigan provider of property and casualty coverages, said Monday that its second-quarter earnings grew 51.2%.
Its net income was $1.4 million, or $1.62 per diluted share, up from $939,000, or $1.09, the year earlier. The insurer, headquartered in Fremont, Mich., also reported a 0.1% decline in revenues, to $10.2 million.
Despite a 3.9% rise in net premiums earned, Fremont said, revenues were flat for the quarter due to a decline of $385,000 in net realized gains on investments.
Direct premiums written for the quarter grew 6.3%, to $13.2 million, from a year earlier. Despite highly competitive and soft market conditions in Michigan, Fremont said, it continued to expand its personal auto product line during the quarter. Direct premiums written for this product increased 23.4% in the quarter.
