20th Century Reports Loss of $3.6 Million in Quarter
20th Century Industries, the Woodland Hills-based holding company for 20th Century Insurance, reported a $3.6-million loss for the fourth quarter ended Dec. 31 as the company added $12.8 million to its loss reserves.
The results contrast with net income of $24,899 in the same quarter the year before. Revenue for the quarter increased 40%, to $81.2 million.
A company spokesman said the loss reserves--money set aside for future insurance claims--were increased on the advice of an independent actuarial firm, in part because of an upcoming 20th Century stock offering.
For the year, 20th Century Industries reported a 7% increase in net income to a record $13.7 million. Revenue was up 34% to $281.9 million.