20th Century Industries’ Profit Declines in 1993

20th Century Industries, a Woodland Hills insurance holding company, reported slight declines in profit for its fourth quarter and all of 1993.

In the quarter that ended Dec. 31, the company earned $22.8 million, down 3% from $23.4 million in net income a year before. Its net premiums written--roughly equivalent to revenues--rose 9%, to $261.9 million from $240.9 million.

The company said its fourth-quarter results included $4.3 million in claims, after reinsurance, from Southern California fires last fall. It was also assessed $2.6 million as its share of California Fair Plan losses.

Claims from the Jan. 17 earthquake are estimated at $160 million, but after taxes and reinsurance will drop to $62.9 million, the company said. Those claims will be reported in results for the first quarter of 1994.

For all of 1993, 20th Century earned $112.6 million, a 4% drop from a $117.5-million profit a year earlier. Its net premiums written totaled $1.02 billion, an 11% increase from $918.4-million net premiums written in 1992.

The company’s subsidiaries are 20th Century Insurance Co., an auto, homeowners and liability insurer, and 21st Century Casualty Co., which sells auto and condominium insurance.