United Insurance Holdings Corp. (OTCBB: UIHC; UIHCW; UIHCU) (United or the Company), a property and casualty insurance holding company, today reported its financial results for the second quarter ended June 30, 2011.
2011 Second Quarter
Net income for the second quarter was $89,000, or $0.01 per diluted share, compared to net income of $195,000 or $0.02 per diluted share, during the same period last year. Net premiums earned increased to $22.3 million for the second quarter from $16.3 million during the same period of last year. Net investment income and other revenues decreased to $1.7 million for quarter compared to $3.1 million in the prior year quarter.
Losses and adjusting expenses increased to $12.6 million for the second quarter from $8.5 million during the same period of last year. Policy acquisition costs increased to $7.2 million from $6.2 million for the second quarter of 2010. Operating expenses, which include general and administrative expenses, increased to $3.6 million from $3.1 million during the same period of last year.2011 Year-to-Date For the year-to-date period, net income was $1.2 million, or $0.12 per diluted share, compared to a net loss of $3.5 million, or $0.33 per diluted share for the same period last year. The Company’s net premiums earned increased to $41.4 million, from $31 million during the same period of last year. Net investment income and other revenues decreased to $3.1 million for the year-to-date period from $5.3 million during the same period of last year. Losses and adjusting expenses remained flat at $21 million while policy acquisition costs increased to $13.7 million from $12.6 million for the same period last year. Operating expenses increased to $7.2 million from $6.1 million during the same period of last year. Interest expense decreased to $311,000 from $1.5 million for the six months ended June 30, 2010.
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