Midland Nets $10 Million in Q4; Premiums Up 12.3%

February 18, 2004

Cincinnati-based insurer Midland Co. reported fourth-quarter net income of $10 million, or 56 cents per share, compared to $7.7 million, or 43 cents per share, in the fourth quarter of 2002. Revenue for the quarter increased 8.3 percent to $186 million, compared to $171.7 million in the previous year’s fourth quarter.

President and CEO John W. Hayden said underwriting results were strong in its manufactured housing and other property lines, while its motorcycle line resulted in losses and reserves related to the commercial liability business it exited in 2001 were increased.

Midland’s wholly-owned insurance subsidiary, American Modern Insurance Group, specializes in providing insurance products and services for specialty markets such as manufactured housing, site-built homes, motorcycles, watercraft, snowmobiles, recreational vehicles and credit life and related products. American Modern’s products and services are offered through diverse distribution channels.

For the year, net income was $23.3 million, or $1.30 per share, including 17 cents in capital gains. That compares with $18.8 million, or $1.06 per share, in 2002, including 25 cents in capital losses and an 8 cent loss related to a change in goodwill accounting. Revenue for 2003 was $718.2 million compared with $643.7 million in 2002, an increase of 11.6 percent.

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