Equitable General Corp., of McLean, the holding company that owns Equitable Life Insurance Co., yesterday reported net income for 1977 of $10 million ($3.12 a share) compared with $9.1 million ($2.78) in 1976. The firm also boasted its dividend rate.
The 12.2 percent increase in after-tax profits precisely matched the compound annual growth rate the company has maintained for the past eight years said President Charles E. Phillips.
Equitable General's premium income rose from $27.6 million to $28.7 million, as individual life insurance sales increased from $209 million to $224 million.
The company raised its quarterly cash dividend from 21 cents to 22 cents, which Phillips noted is a 53 percent improvement over the 15 cents per share paid for the first quarter of 1976.
The latest increase in the dividend was due to purchase by the company of 315,000 shares of its own stock from American General Insurance co. last month, which enabled the annual dividend to be boosted from 83 cents to 92 cents per share.
Bankers Security Life Insurance Society said its income increased 17 percent last year, rising to $3,252,000 ($2.36 per share) from $2,776,000 ($2.02).
For the fourth quarter, net income increased from $1,023,000 (70 cents) to $1,248,000 (90 cents).
A 30 percent increase in premium is expected to boost the company's insurance in force past the $3 billion mark this year, said Chairman Leslie Schultz, who said claims for health, life and accident lines all were lower than last year.
Allegheny Airlines yesterday blamed bad weather for allowing only 83 percent of its scheduled operations to be flown in January, causing a net loss of $6.4 million compared with a $5.3 million loss last year.
Total revenue for the month increased from $32.9 million to $35.4 million. Allegheny estimated January's weather increased the monthly loss by $3 million over a normal month, although the year to year change was less than that because January 1976 was unusually bad, also.