Government Employees Life Insurance Co. yesterday reported that profits last year rose to $7.8 million ($1.75 a share) compared with $7.3 million ($1.63) in 1976.
The preliminary earnings statement from the Washington life insurer, affiliated with Government Employees Insurance Co, showed individual life sale of $154 million in 1977, down from $215 million the previous year.
Total life insurance in force on Dec. 31 was $2.3 billion compared with $2.1 billion at the end of 1976, with most of the gain coming from group life sales.
Premium income rose to $28.6 million last year compared with 27.4 million in 1976.
Government Services Savings & Loan Inc., of Bethesda, and two smaller thrift institutions also reported higher profits and assets.
From the nine months ended Dec. 31, Government Services earned $1.74 million ($2.14 a share) compared with $1.3 million ($1.62), a gain of 32 percent. Third-quarter earnings were up 36 percent to $549,441 (73 cents) vs. $438,498 (5 cents).
Total assets on Dec. 31 were $293 million, up 10 percent over the previous 12 months. Mortgage loan volume rose 11 percent to $249 million.A dividend of 8 cents a share was paid to stockholders of record Jan. 20. Other S&L companies reported results as follows:
Providence S&L, of Vienna, reported 1977 earnings of $1.1 million ($5.86 a share), up 11 percent from $984,104 ($5.26) the previous year. Providence assets on Dec. 31 were $100 million, a gain of nearly 15 percent during the year. Mortgage loan volume rose 14 percent to $90 million. The S&L has nine offices in Northern Virginia.
First American S&L, of Woodbridge, reported 1977 earnings of $807,810 ($10.71 a share) but provided no comparable data on 1976 operations.Assets rose 42 percent to $59.9 million and mortgage loan volume totaled $48 million.