First Central Financial Corporation announces year-end results.LYNBROOK Lynbrook, village (1990 pop. 19,208), Nassau co., SE N.Y.; inc. 1911. It is a suburb of New York City on the south shore of Long Island. There is sheet-metal and furniture manufacture. Old Church dates from 1800. The area was settled in 1785 and was called Bloomfield. , N.Y.--(BUSINESS WIRE)--March 1, 1996--1995 marked the 15th year of continued growth for First Central Financial Corporation and Subsidiaries. Premium Volume (First Central Insurance Company) and Sales (Mercury Adjustment Bureau) reached record levels. For the first time, invested assets passed the $100 million mark. Significant gains were made in statutory as well as GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). surplus. The Company's property and casualty insurance subsidiary has accomplished dramatic growth in premiums written during the last several years. To keep pace with that growth, and in order to insure Insure can mean:
One who calculates insurance risks and premiums. Actuaries compute the probability of the occurrence of such events as birth, marriage, illness, accidents, and death. , net carried reserves were increased by 37.1%, from $48,926,842 at December 31, 1994, to $67,094,670 at December 31, 1995. Although this action interrupts interrupts - interrupt the Company's history of consistently higher annual earnings per share, the Board felt it was in keeping with sound business practices. After increasing the carried reserves, as aforesaid Before, already said, referred to, or recited. This term is used frequently in deeds, leases, and contracts of sale of real property to refer to the property without describing it in detail each time it is mentioned; for example,"the aforesaid premises. , estimates of direct written premiums, GAAP surplus, statutory surplus, earnings per share, net income, book value and writings to surplus as of 12/31/95 (subject to year-end audit) compared to 12/31/94 are as follows: -0-
12/31/95 12/31/94
Direct Written Premiums $72,294,000 $65,592,939
GAAP Surplus 33,527,000 27,237,983
Statutory Surplus 26,351,000 20,345,966
Earnings Per Share 0.l5 0.97
Net Income 916,000 5,716,145
Book Value 5.60 4.54
Net Writings to
Statutory Surplus 1.9 to 1 2.7 to 1
The Company believes that the action taken has strengthened its financial position, and now brings its net Incurred But Not Reported Incurred but not reported (IBNR) is a term in common use in general insurance. When a policy of general insurance is written it will typically cover a 12 month period from inception of the policy. Reserves to $31,154,000, and its net loss reserves and expense reserves to $35,940,670, for a total net carried reserve of $67,094,670. It should be noted that the increase in the Company's reserves does not change the Company's current cash position. CONTACT: Allan Minsky, Investment Coordinator First Central Financial Corporation 266 Merrick Road Merrick Road, named Merrick Boulevard inside New York City, is a road running from Jamaica, Queens, New York east through Merrick, New York to the line between Nassau and Suffolk Counties, where it becomes Montauk Highway. , Lynbrook, N.Y. 11563 (516) 593-7070, Ext. 312 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion