Amwest Insurance Group Quarterly Profits Drop

Amwest Insurance Group Inc., a Woodland Hills underwriter of bail bonds and other surety bonds, said its second-quarter profit fell 15% from a year earlier.

In the quarter ended June 30, Amwest’s net income dropped to $1.02 million from $1.20 million a year earlier. In the year-ago quarter, the company’s earnings included $715,000 in net realized investment gains; there were no such gains in the latest quarter.

Amwest’s second-quarter net premiums earned--an industry measure of operating revenue--rose to $13.2 million from $11.7 million.

For the first half of 1992, Amwest’s profit dropped 28%, to $1.60 million from $2.24 million, and its six-month net premiums earned climbed to $25.5 million from $23.7 million.