The Dominion sees 2012 Q1 profit rise based on improved underwriting results

The Dominion earned a net income of $32.4 million in 2012 Q1, an increase over the $21.4 million for the same period in 2011.

“The increase over the prior year’s first quarter is due mainly to better underwriting results,” the company reported.

The combined ratio for the quarter was 97.1% (102.3% in 2011 Q1) and the combined ratio excluding the effects of changes in the claims discount rates for the quarter was 97.7% (104.1% for the first quarter of 2011).

“The improvement of 6.4 points year over year, excluding the effects of changes in the claims discount rates, reflects improved automobile claims experience, lower weather-related claims costs for personal property and commercial property and lower claims frequency for non-weather-related personal property claims,” notes a statement from the company.

The Dominion’s net premiums earned dipped marginally from $302.6 million in 2011 Q1 to $301.5 million in 2011 Q2. Its quarterly investment income remained almost static, increasing by $200,000 in 2012 Q1.