Crawford reports annual and Q4 results
by Richard Kilner
Story link: Crawford reports annual and Q4 results
Crawford & Company has released its financial results for the full-year 2008 and Q4 of that year.
In Q4 consolidated revenues hit $262.9m with net income of $8.3m, up from $245.2m and $3.3m respectively from the fourth quarter of 2007.
On an annual comparison the firm also achieved an improvement over its performance last year, recording its highest ever consolidated revenues of $1.05bn, a rise of $30m compared to 2007.
Net income for 2008 was double the 2007 figure at $32.3m, with diluted earnings per share almost double at $0.62 compared to $0.32 in 2007.
CEO Jeffrey T. Bowman has stated that the solid performance was based on incremental increases in revenue, cost control and improvements based on technology.
Bowman went on to express his satisfaction with Crawford’s results, defying the difficult global economic climate that has wrought havoc across much of the financial sector.
Crawford’s results have been published shortly after Aon posted an impressive 71% surge in annual profits, although suffering a large drop in profits for Q4 of last year.
Meanwhile Swiss insurer Zurich has recorded a fall in profits of some 47% for the year and 87% for the final quarter of 2008.