There is alot of public outcry about the profits of Exxon Mobil for the 3rd quarter of fiscal year 2008. The company reported profits of $14.83 Billion for the three months ended September 30, a 58% increase.
Exxon Mobil had revenue of $137.74 Billion during the 3rd quarter of 2008. So, the company had a profit of 10.76% of total revenue.
So why is Exxon Mobil talking about getting into a new line of business?
Because they have learned that there is one company that has a much higher rate of profit on revenues – our friends at State Volunteer Mutual Insurance Company, the doctor-owned medical malpractice insurer in Tennessee. In 2007 SVMIC had an after tax, net income of $30,463,000, a shocking profitability rate of 16.4 % when measured against total revenue. That’s right – SVMIC is over 50% more profitable than Exxon Mobil.
Why continue to drill for oil and fight the wrath and unbridled criticism of mavericks like Gov. Palin when one can obtain the higher profits available from writing medical malpractice insurance for Tennessee doctors?