Fremont Grows Income Earnings

August 6, 2008
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FREMONT — Fremont Michigan InsuraCorp Inc. posted second quarter net income of $1.1 million, or 62 cents per diluted share, just slightly higher than net income recorded in the second quarter of 2007. Year-to-date net income of $2.2 million, or $1.22 per diluted share, reflected a 16 percent increase over the first six months of last year.

Revenues grew to $12.5 million in the second quarter, up from $11.5 million in the year ago quarter. Year-to-date revenues grew to $24.5 million in the first half, compared with $22.4 million in the first half of 2007.

President and CEO Richard E. Dunning said most financial service companies continued to be undervalued, even with some reporting strong growth and operating results.

"Our business fundamentals continue to provide excellent results in the marketplace," Dunning stated. "We recognize our commitment to our shareholders and agents, and this has been demonstrated during the first six months through our announcement of both a stock dividend and, more recently, a cash dividend."

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