Zenith National Insurance posted a 2% drop in net income to $11.8 million, or 56 cents a share, in the third quarter ended Sept. 30, although the company's earnings from operations rose 24% to $11.1 million.
Year-earlier results for the Encino-based insurance holding company, which specializes in workers' compensation coverage, were boosted by $1.7 million in gains from investments and $1.4 million in tax benefits.
Zenith's third-quarter revenue climbed 17% to $121.3 million, in part because of a 14% increase in property and casualty premiums.
For the nine months, Zenith's net income rose 18% to $36.8 million, or $1.75 a share, while earnings from operations increased 72% to $32.1 million. Revenue was up 16% to $346.1 million.