AVEMCO Corp.This Frederick-based insurer reported a strong...

BY THE NUMBERS

April 17, 1991

AVEMCO Corp.

This Frederick-based insurer reported a strong increase in earnings for the first quarter of 1991 and credited strong investment income and slightly lower insurance costs.

AVEMCO, which owns a number of insurance units, including AVEMCO Insurance Co. and National Aviation Underwriters Inc., said that $3.3 million -- or more than half -- of this quarter's earnings were attributable to the sale of equities held by the company. That compared with similar income of just $225,000 during the same period a year ago.

The company said that premiums written in its core aviation insurance sector declined 7 percent to $11.8 million during the period, reflecting a continued competitive pressure on rates, while total premiums were $14.9 million, a drop of less than 5 percent compared with last year's first quarter.

AVEMCO said that the level of claims reported during the period was helped by a lack of weather-related losses. As a result, the company paid out about 42.5 cents on each dollar brought in through premiums, slightly less than a year ago.

Three months ended 3/31/91

... ...Revenue... .... ... Net... ... ... Share

'90... 23,292,000.. .... ... 5,978,000 ....0.78

'89... 19,672,000.. .... ... 3,669,000 ....0.46

% change.... +18.4.. .... ... .... +62.9 ....+69.6

Preston Corp.

Higher labor and fuel costs pushed this Eastern Shore-based trucking company further into the red in its first quarter.

Though sluggish demand for freight services started picking up last month, Preston said its overall revenues fell compared to last year's first quarter because of its October closure of two money-losing divisions.

Three months ended 3/31/91

... ...Revenue... ... ... Net... ... ... Share

'91... 135,666,000. ... (733,000). ... .$(0.13)

'90... 161,017,000. ... (215,000). ... .(0.04)

% change......-15.7. ... ... ... --. ... . ... --

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