Higher profits for both the second quarter and the first half of the year were reported yesterday by Government Employes Life Insurance Co. and United Services Life Insurance Co.
United Services Life, an insurance subsidiary of International Bank of Washington, said its net for the quarter increased to $3.72 million (72 cents a share) from $3.42 million (67 cents) a year ago, and first-half earnings climbed to $7.06 million ($1.37) from $6.38 million ($1.24).
Government Employees Life, the life insurance operation of Geico Corp., reported that earnings for the three months ended June 30 climbed 9 percent and earnings for the first half were 5 percent ahead of last year.
Washington Gas Light Co. said its common stock earnings for the 12 months ended June 30 climbed to $2.85 a share from $2.57 a year ago.
Higher earnings also were reported by the Washington Corp., Pargas Inc. of Waldorf and C3 Inc. of Reston.
At Government Employees Life, second-quarter earnings totaled $2.14 million (48 cents a share) compared with $1.96 million (44 cents) in the same period a year ago. For the first six months of the year, profits totaled $4.07 million (91 cents), up from $3.87 million (86 cents).
The Geico subsidiary said life insurance sales for the first half increased to $101.2 million for $99.5 million, and investment income climbed to $6.6 million for $5.7 million. As of June 30 Government Employees Life had just over $2 billion of insurance in force, an increase of $79 million during the quarter. Government Employees Life also declared its regular quarterly dividend of 15 cents a share, to be paid Sept. 30 to shareholders as of Sept. d4.
United Services Life reported its insurance sales for the six months increased to $555.5 million from $540.4 million, and investment income climbed 9 1/2 percent to $15.2 million from $13.8 million.
The firm said earnings for the quarter were aided by a decline in death claims and by a reduction in the reserve for group disability claims of $440,000, which increased earnings by 8 cents a share.
Washington Gas Light said its revenues for the latest 12-month period increased to $419 million from $351 million, and net income climbed to $15.2 million from $14.1 million. Last year's results have been restated to reflect accounting changes. After paying preferred stock dividends, common shareholders' earnings totaled $12.5 million, up from $11.2 million.
Pargas reported second-quarter earnings fell to $1.18 million (31 cents a share) from $1.24 million (33 cents), but for the first half the firm's profits increased to $5.95 million ($1.63) from $5.59 million ($1.53).
Sales for the six-month period climbed to $120 million from $85 million, aided by the acquisition of five independent liquified petroleum gas distributers in Mississippi, Delaware and Kentucky and increased sales of LP gas as a motor vehicle fuel.
Pargas declared its regular quarterly dividend of 29 cents a share, to be paid Aug. 29 to stockholders as of Aug. 15.
At C3 Inc., the Reston minicomputer company, profits for the fiscal year ended March 31 increased to $2.35 million ($2.03 a share) from $1.74 million ($1.50) in 1978. Revenues jumped from $10.7 million to $14.2 million.