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Eastern Insurance Q1 earnings slip

Eastern Insurance Holdings has reported a net income of $2.6 million for the first quarter of 2008, compared to a net income of $3.2 million for the same period in 2007.

For the three months ended March 31, 2007, net income was negatively impacted by after-tax purchase accounting adjustments of $368,000 compared to negligible purchase accounting adjustments for the same period in 2008.

Consolidated revenue for the quarter increased to $35.5 million from $33 million for the comparable period in 2007. For the period, net premiums earned advanced to $33 million compared with net premiums of $29.1 million registered during the corresponding period in 2007.

After-tax net realized losses were $174,000 for the period compared to after-tax net realized gains of $503,000 for the same period in 2007. Total assets were $391.3 million and shareholders’ equity was $167.5 million as of March 31, 2008.