Unitrin Reports Lower 2nd Quarter Net Income

NU Online News Service, July 25, 12:28 p.m. – Unitrin Inc., Chicago, is reporting $4.4 million in net income for the second quarter on $523 million in revenue, down from $356 million in net income on $1 billion in revenue for the second quarter of 2001.

Unitrin makes large investments in other companies as well as selling life insurance, property-casualty insurance and other financial services. Total revenue declined sharply for the quarter mainly because Unitrin received a $362 million one-time gain in the second quarter of 2001 due to the acquisition of one of the companies it invested in by another company.

The company's own operations generated $7.7 million in operating income for the second quarter on $521 million in operating revenue, up from a net loss of $7.2 million on $484 million in operating revenue for the second quarter of 2001.