20th Century Industries, the parent of 20th Century Insurance, reported an operating loss of $1.2 million for the third quarter ended Sept. 30, but investment earnings gave the company an overall profit of $10.6 million, or 42 cents a share.
In the same period a year earlier, the Woodland Hills-based insurance company earned $2.6 million from operations, when overall net income was $10.8 million, or 43 cents a share.
For the nine months, 20th Century's profit rose 36% to $33.3 million, or $1.30 a share, from $24.5 million, or $1.03 a share. But again the gain was due to higher investment income; earnings from operations for the nine months fell to $582,353 from $3.1 million.
20th Century attributed the lower operating results to a 32% jump in its payment of claims, to $310.4 million in the latest nine months compared to $235.6 million a year ago.