21st Century Insurance Group reported net income of $22.8 million, or $0.26 per basic share, for the second quarter of 2007. That’s down from last year, when the company reported $28.3 million, or $0.33 per basic share. Excluding after-tax costs associated with the unsolicited merger proposal by American International Group Inc., the adjusted net income was $24.5 million, or $0.28 per basic share. The second quarter results included decreases in reserves for prior accident year losses and loss adjustment expenses totaling $18.7 million, versus decreases of $18.1 million in the second quarter of 2006.
