March 21, 2008
Commerce Reports Lowest Earnings In 5 Years
By Matthew L. Brown
Webster-based Commerce Group Inc., parent of the Commerce Insurance Co. reported net earnings of of $190 million for 2007, its lowest yearly earnings since 2003, according to U.S. Securities and Exchange Commission filings.
The net income figure is a drop from $241 million in 2006. Revenue for 2007 was $1.98 million compared to $1.94 million in 2006. The company lost $26 million in investments in 2007 compared to a net investment gain of $16 million the previous year.
The property, casualty and automobile insurer, which operates in several states, said Massachusetts automobile polices account for nearly 70 percent of its total business.
Commerce agreed to a $2.2 billion merger with Spanish insurance company Mapfre in February. The deal is expected to close soon.
The net income figure is a drop from $241 million in 2006. Revenue for 2007 was $1.98 million compared to $1.94 million in 2006. The company lost $26 million in investments in 2007 compared to a net investment gain of $16 million the previous year.
The property, casualty and automobile insurer, which operates in several states, said Massachusetts automobile polices account for nearly 70 percent of its total business.
Commerce agreed to a $2.2 billion merger with Spanish insurance company Mapfre in February. The deal is expected to close soon.
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