Republic American Corp. said its net income fell 44% to $7.4 million, or 33 cents a share, in the first quarter ended March 31 compared to $13.1 million, or 66 cents a share, a year earlier. Last year Republic's results were boosted by $8.5 million in capital gains related to the sale of securities.
On an operating basis, Republic, an Encino-based workers compensation insurance holding company, said its earnings rose 62% in the first quarter to $7.6 million, or 34 cents a share, from $4.7 million, or 23 cents a share, a year earlier. Net premiums earned, which is similar to revenue for the insurance industry, rose 44% to $55 million.
Separately, Republic's directors have approved the purchase of up to 1.7 million shares of its stock on the open market. The company has about 20.8 million shares outstanding.