20th Century Industries’ Profits Rise, Revenues Fall

20th Century Industries, the Woodland Hills auto insurer, saw its profits more than double in its second quarter, despite a 6% slide in revenues.

In the quarter that ended June 30, 20th Century posted net income of $31.9 million, compared with $14.6 million a year earlier. Revenues in the latest quarter fell to $245.2 million, down from $262.7 million.

After the Northridge earthquake, when $1 billion in damage claims nearly toppled the company, 20th Century exited the homeowners insurance market and turned its focus on its core auto insurance business.

This spring, to try to win back some business, the company cut its auto insurance rates by an average of 5.5%, and 20th Century Chief Executive William Mellick said in a statement that the company has filed with the state insurance department a request to cuts its rates another 5.9%.

For the six months period, 20th Century’s net income rose to $57.5 million, compared with $13.2 million a year ago, while revenues fell to $496.1 million, down from $538.8 million.