20th Century Reverses Loss Caused by ’94 Quake
20th Century Industries, a Woodland Hills auto insurance holding company, staged a turnaround in the fourth quarter, reporting a profit of $26.3 million for the three months that ended Dec. 31. The loss in the corresponding period a year earlier was $48.7 million.
Revenues for the fourth quarter were $261.7 million, down 5% from $275.3 million last year.
For the year, the company posted a $69.6-million profit compared with a loss of $498 million in 1994. The turnaround came on revenues of $1.1 billion in 1995, which matched the $1.1 billion in 1994.
The company said the improvement reflected its recovery from losses due to the 1994 Northridge earthquake and its exit from the home insurance market.
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