21st Century Reports Slight Drop in Net Income, Higher Revenues

21st Century Insurance Group reported a net income of $19.4 million or $0.23 per share compared to $19.8 million 02 $0.23 per share for the first quarter of 2004.

Direct premiums written rose 3.4 percent to $352.1 million in the first quarter of 2005, compared to $340.6 million during the same period last year. Premiums written outside of California almost doubled, jumping from $9.6 million during the first quarter of 2004 to $19.8 million in the first quarter of 2005.

Expansion outside California is a long-term strategy for Woodland Hills-based 21st Century. The company began selling policies in Arizona, Nevada, Oregon and Washington in 2003; in 2004 it started selling in Illinois, Indiana and Ohio. The company expanded to Texas this January.