Farmers Group Inc. reported net income for all of 1985 was 14% above the previous year's profits. The Los Angeles-based insurance company also reported increased fourth-quarter earnings of $48.7 million, compared to $41.1 million for the same period last year. The company attributed the improvement to higher average premium levels and a growing number of policies.
FOR THE RECORD - Earnings CORRECTION
Los Angeles Times Tuesday March 4, 1986 Home Edition Business Part 4 Page 25 Column 1 Financial Desk 2 inches; 60 words Type of Material: Column; Correction
Farmers Group Inc. of Los Angeles, parent of Farmers Group of Insurance Cos., reported that net earnings were down by 25% for the fourth quarter and relatively flat for the full year. However, the fourth-quarter and full-year figures for 1984 include a one-time gain of $24.4 million from a tax adjustment. Without that special gain, Farmers' profits would have risen by 18.5% in the most recent quarter and 14.3% for all of 1985.