Kingsway Financial Services Inc. today announced record financial results for the quarter and year ended Dec. 31, 2002.

The company, which specializes in insuring high-risk drivers, said a strong contribution from its U.S. operations helped it earn reported a record fourth-quarter profit.

Net income during the quarter rose 154% to $25.4 million, or 51¢ a share. That is up sharply from $10 million, or 23¢ a share, for the period a year ago.

Revenues almost doubled in the fourth quarter, rising to $567.8 million from $297.6 million. Annualized return on equity was 16.9%, up from 10% in the year-before quarter.

For the year, the insurer posted net income of $79.5 million, or $1.61 a share, up from $44.9 million, or $1.19 a share.

“2002 was an extremely exciting and positive year for Kingsway Financial. We established record levels of net income, earnings per share and revenue for
the year.”, said Bill Star, president and CEO.