N.C. Mutual Life posted a $1.1 million loss in the third quarter, a slight improvement compared with a $1.2 million loss a year ago.
The Durham company's bottom line was hurt by an $877,492 loss from investments in the quarter.
"We are happy about the progress we are making on the operations side, although we're disappointed by the investment losses caused by this economic crisis," CEO James H. Speed Jr. said.
N.C. Mutual's loss from operations totaled $146,343, an improvement over the $695,722 loss a year ago. The company is the nation's oldest and largest black-owned insurance company.
Revenue from premiums totaled $7.6 million, down from $9.6 million a year ago.
Credit rating company A.M. Best downgraded N.C.Mutual's rating in September, citing its operating losses.
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Homeowners in North Carolina who owe more than their homes are worth could get principal reductions on their mortgages as early as next month after states and federal agencies announced a $25 billion settlement with the country's largest mortgage servicers. 
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