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VALLEY EARNINGS

Zenith Records 5% Gain for Quarter, 15% for Year

February 16, 1988

Zenith National Insurance's earnings rose 5%, to $11.6 million, in the fourth quarter ended Dec. 31 from the corresponding quarter a year earlier. For 1987, the company's earnings rose 15%, to $48.4 million.

The increases came as total revenue rose 10%, to $124.8 million, from the previous year's quarter and 15% for the year, to $470.9 million. Zenith, which moved its headquarters last fall from Encino to Woodland Hills, has benefited from growth in its workers' compensation business.

Zenith's income from operations rose more sharply than net income in both the quarter and the year because the company's year-earlier periods included gains from investments and tax benefits.

For the quarter, income from operations rose 25%, to $11.2 million. For 1987, income from operations jumped 57%, to $43.4 million.

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