EAST LANSING, Mich., Oct. 25 /PRNewswire-FirstCall/ -- American Physicians Capital, Inc. (APCapital) (Nasdaq: ACAP) today announced net income of $13.3 million or $1.21 per diluted common share for the third quarter of 2007. For the first nine months of 2007, APCapital has generated net income of $40.1 million, or $3.54 per diluted common share. At September 30, 2007, APCapital's book value per share was $25.61 based on 10,575,799 shares outstanding, an increase of 10.1% from $23.26 at December 31, 2006.
APCapital generated net income of $11.0 million or $.91 per share in the third quarter of 2006 and net income of $30.6 million or $2.47 per share for the first nine months of 2006.
"We continue to be a disciplined underwriter and careful manager of capital," said President and Chief Executive Officer R. Kevin Clinton. "To remain competitive and maintain our strong retention rate, we have selectively lowered our rates in most of our markets. However, our focus continues to be bottom-line driven. Our commitment to this philosophy has been the main driver for our strong financial results."
Consolidated Income Statement
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
Direct Premiums Written $45,213 $51,819 $109,362 $125,742
Net Premiums Written $43,626 $48,304 $105,487 $117,351
Net Premiums Earned $35,516 $37,772 $105,444 $112,635
Incurred Loss and Loss Adjustment
|SOURCE American Physicians Capital, Inc.|
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