RICHFIELD, Ohio -- National Interstate Corporation has reported that last years net income and sales (gross premiums written) were at the high end of preliminary 06 figures reported in late January.

The insurance holding company said it earned a record $11.4 million, or 59 cents per share, during the final quarter of last year, compared to $7.9 million, or 41 cents a share, for the last quarter of 2005.

When the company released its preliminary results in January, it said it anticipated net income of 54 to 60 cents a share fully diluted for the 06 fourth quarter.

For all of last year, National Interstate had net income of $35.7 million, or $1.85 per diluted share, up nearly 18 percent from 2005 net income of $30.3 million, or $1.60 per share.

The company said the fourth-quarter and full-year gains reflect growth in revenue and "continued strong underwriting and investment results."

Gross premiums written in last years fourth quarter totaled $61.5 million, up more than 64 percent from the $37.3 million reported for the fourth quarter of 2005.

Gross premiums for all of last year were $305.5 million, up 13 percent from the $270.0 million for 2005.

"We have grown our commercial products by maintaining relatively flat pricing for our renewal business and adding new customers," said Dave Michelson, president and chief operating officer of National Interstate. "Our specialty personal lines growth reflects moderate rate increases and additional policies in force," he added.

Alan Spachman, chairman and chief executive of National Interstate, pointed out that the company achieved a return on average shareholders' equity of 22.8 percent in 2006, "exceeding our stated objective of inflation plus 15 percent."

Spachman also noted that during the past three years, the companys gross premiums have grown at a compounded annual rate of 16.5 percent and earnings per share have increased by 12.1 percent each year.

"We expect 2007 growth and profit increases to continue the trends established over the past few years," he said.

National Interstate is the corporate parent of the motorcoach industry insurance company with the same name.