Earnings at CII Financial Climb 94% in 2nd Quarter
CII Financial Inc., a workers’ compensation insurer based in Burbank, said its second-quarter profit soared 94% from a year earlier on a 23% increase in revenue.
In the quarter ended June 30, CII’s net income climbed to $3.24 million from $1.67 million a year earlier, and its revenue rose to $25.4 million from $20.6 million.
CII’s main subsidiary is California Indemnity Insurance Co.. CII said the gains reflected its focus on the market for small- to medium-size accounts--employers that generate less than $50,000 in annual premiums--which has “less competition than the market for larger cases.”
For the first half of 1991, CII’s earnings more than doubled from a year earlier, to $5.89 million from $2.73 million, and its six-month revenue rose 28%, to $50.9 million from $39.6 million.