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Infinity Property and Casualty Corp. (IPCC) filed Amended Quarterly Report for the period ended 2011-09-30.
Infinity Property And Casualty Corp. has a market cap of $660.7 million; its shares were traded at around $54.05 with a P/E ratio of 15.5 and P/S ratio of 0.7. The dividend yield of Infinity Property And Casualty Corp. stocks is 1.4%. Infinity Property And Casualty Corp. had an annual average earning growth of 5.6% over the past 10 years.
This is the annual revenues and earnings per share of IPCC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of IPCC.
Highlight of Business Operations:
In May 2005, our shareholders approved the Non-employee Directors Stock Ownership Plan (“Directors Plan”). The purpose of the Directors Plan is to include our common stock as part of the compensation provided to our non-employee directors and to provide for stock ownership requirements for our non-employee directors. There are 200,000 shares of our common stock reserved for issuance under the Directors Plan, of which we have issued 43,959 shares as of September 30, 2011. Under the terms of the Directors Plan, we grant shares on or about June 1 of each year and we restrict these shares from sale or transfer by any recipient for six months from the date of grant. In June 2011, we issued 6,657 shares of our common stock, valued pursuant to the Directors Plan at $350,000, to our non-employee directors. In June 2010, we issued 7,672 shares of our common stock, valued pursuant to the Directors Plan at $350,000, to our non-employee directors. We treat participants shares as issued and outstanding for basic and diluted earnings per share calculations.We consider all fixed maturity and equity securities available-for-sale and report them at fair value with the net unrealized gains or losses reported after-tax (net of any valuation allowance) as a component of other comprehensive income. The proceeds from sales of securities for the three and nine months ended September 30, 2011 were $49.4 million and $158.1 million, respectively. These proceeds are net of $5.5 million of receivable for securities sold during the third quarter of 2011 that had not settled at September 30, 2011. The proceeds from sales of securities for the three and nine months ended September 30, 2010 were $145.2 million and $225.4 million, respectively. Gains or losses on securities are determined on a specific identification basis.
Net earnings and diluted earnings per share for the three months ended September 30, 2011 were $6.1 million and $0.50, respectively, compared to $30.8 million and $2.39, respectively, for the three months ended September 30, 2010. Net earnings and diluted earnings per share for the nine months ended September 30, 2011 were $24.7 million and $1.97, respectively, compared to $62.7 million and $4.72, respectively, for the nine months ended September 30, 2010. The decrease in diluted earnings per share for the three and nine months ended September 30, 2011 is primarily due to unfavorable development in 2011 versus favorable development in 2010.
Included in net earnings for the three and nine months ended September 30, 2011 were $3.1 million ($4.8 million pre-tax) and $3.1 million ($4.8 million pre-tax), respectively, of unfavorable development on prior accident year loss and LAE reserves. This compares to $10.9 million ($16.8 million pre-tax) and $34.9 million ($53.8 million pre-tax), respectively, of favorable development for the three and nine months ended September 30, 2010. The following table displays combined ratio results by accident year developed through September 30, 2011.
Our book value per share increased 3.4% from $53.03 at December 31, 2010 to $54.83 at September 30, 2011. This increase was primarily due to earnings, net of shareholder dividends, for the nine months ended September 30, 2011.
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