Republic American Corp. Net Income Rises 33.9%

Republic American Corp., a workers’ compensation insurance concern, said its third-quarter net income rose 33.9% from the same period a year earlier to $8.3 million, or 36 cents a share.

The increase stemmed largely from investment income, which together accounted for $2.6 million of the profit. Encino-based Republic American’s operating earnings rose 9.6%, to $5.7 million, or 25 cents a share.

For the nine months ended Sept. 30, net income rose 319%, to $38.1 million, or $1.82 a share. Operating earnings were up nearly 88%, to $15.2 million, or 72 cents a share.

Republic American, the holding company for Republic Indemnity Co. of America, was spun off from Cincinnati financier Carl H. Lindner’s American Financial Corp. in July. American Financial retains a controlling interest of 31% in Republic American.