A dividend declaration was incorrectly attributed to Government Employees Insurance Co. in yesterday's editions. The 10-cent quarterly payout detailed applies to Government Employees Life Insurance Co.
Earrings declined slightly in the third quarter for Government Employees LIfe Insurance Co. according to a preliminary report yesterday. PRofits were higher at Government: Employees Financial Corp. however. Both firms are affilates of Government employees Insurance Co., a Washington autor insurer.
Not counting investment gains, Government Employees Life (Gelico) earned $2 million (45 cents a share) in the recent period compared with $2.05 million (46 cents) a year ago.
In the first nine monthsM Gelica earned $6.2 million ($138) before investments gains up 7 percent from $5.3 million ($1.27) in the 1977 period. Realized investments gains totaled $4,013 in the 1978 period compared with $18,931 last year.
Sales of individual life polics were $125 million in the first nine months, up to 7 percent, while net investment income rose 11 percent to $7.9 million. Life insurance in force totaled $2.3 billion on Sept. 31, up 3 percent in the past 12 months.
Government Employees Financial Corp. (Gefco), a consumer loan firm, reported third-quarter profits if $936,642 (62 cents a share) compared with $777,764 (52 cents) last year.
Nine-month earnings declined in the third quarter ased depreciation expenses related to recent acquisitions.
In the July-September period, the Chevy Chase trust said yesterday, net income declined 25 percent to $281,612 (19 cents a share) from $373.483 (27 cents) in the 1977 quarter. Nine-month earnings were flat at $1.2 million but per-share profits fell to 82 cents a share from 86 cents, with more shares outstanding.
Cross income, cash flow and shareholder's equity all set record highs for the trust in the quarter, with the key measure of cash flow up 7 percent to 420,497.
Federal Realty has concluded four acquisitions this year, two of which involved major purchases in the second quarter.