Baldwin & Lyons Operating Income Up 25 Percent

Indianapolis-based Baldwin & Lyons Inc. announced record first quarter operating income, defined as net income before capital gains or losses, of $6.1 million, or 42 cents per share, compared to the previous first quarter record of $4.9 million, or 33 cents per share, for the first quarter of 2002.

Capital losses of $1.6 million, or 11 cents per share, were realized during the current quarter compared to capital gains of $500,000, or 4 cents per share in the prior year quarter. Including these capital losses, first quarter net income was $4.5 million, or 31 cents per share, compared to $5.5 million, or 37 cents per share, for the first quarter of 2002.

Net premiums earned by the company’s insurance subsidiaries during the first quarter totaled $31.7 million, an increase of 46 percent from the $21.7 million reported for the first quarter of 2002.