Zenith Reports $12-Million Net Income in 4th Quarter
Zenith National Insurance Corp., a Woodland Hills property and casualty insurance company, reported $12 million in fourth-quarter net income.
The fourth-quarter results included $1 million, after tax, paid out on account of last fall’s brush fires. In its 1992 fourth quarter, when Zenith paid out more than $10 million, after taxes, for Proposition 103 refunds, it lost $1.5 million. Its revenue in the three months ended Dec. 31 rose slightly, to $143.8 million from $141.8 million.
In all of 1993, Zenith’s earnings jumped 85% to $53.2 million from $28.7 million in profit in 1992. Its annual revenue last year grew 7%, to $585.8 million from $549.3 million.
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