Republic American, an Encino-based insurance holding company, said its earnings rose 264% in the second quarter, to $17.1 million, or 86 cents a share.
Net earned premiums, roughly equivalent to operating revenue, rose 58% from the same period a year earlier, to $45.4 million. Republic American's earnings included $12.1 million in gains from the sale of securities and investment income.
For the six months ended June 30, the company earned $30.2 million, or $1.51 a share, up more than tenfold from the $2.9 million, or 14 cents a share, earned a year earlier. Investment income and gains contributed $20.7 million to the earnings. Net earned premiums in the six months increased 55.4%, to $83.8 million.
Republic American is the holding company for Republic Indemnity Co. of America, one of California's 10 largest writers of workers' compensation insurance.
Earlier this month, a 69% interest in the company was sold in an initial public stock offering by Cincinnati financier Carl H. Lindner through his American Financial Corp. American Financial, owned entirely by Lindner and his family, previously owned all of Republic American and now retains effective control with a 31% stake.