United Insurance Holdings Corp. (OTCBB: UIHC) (United or the Company), a property and casualty insurance holding company, today reported its financial results for the fourth quarter and for the year ended December 31, 2011.
2011 Fourth Quarter
Net income for the fourth quarter was $3.2 million, or $0.31 per diluted share, compared to net income of $2.9 million or $0.27 per diluted share, during the same period last year. Net premiums earned increased to $24.8 million from $18.0 million for the fourth quarter of 2010. Net investment income, realized gains, and other revenues decreased to $1.6 million for the quarter compared to $5.7 million in the prior year quarter.
Losses and loss adjustment expenses decreased to $9.5 million for the quarter from $10.1 million during the same period of last year. Policy acquisition costs increased to $7.8 million from $6.1 million for the fourth quarter of 2010. Operating expenses increased to $1.1 million from $854,000 during the same period of last year. General and administrative expenses increased to $2.9 million from $1.8 million for the fourth quarter of last year.2011 Year-to-Date For the year-to-date period, net income was $8.1 million, or $0.77 per diluted share, compared to a net loss of $925,000, or $0.09 per diluted share for the same period last year. The Company's net premiums earned increased to $90.1 million, from $66.9 million during the same period of last year. Net investment income, realized gains, and other revenues decreased to $6.3 million for the year-to-date period from $13.1 million during the same period of last year. Losses and loss adjustment expenses decreased to $38.9 million from $42.5 million while policy acquisition costs increased to $29.1 million from $24.9 million for the same period last year. Operating expenses increased to $5.1 million from $4.0 million during the same period of last year. General and administrative expenses increased to $9.7 million from $7.5 million while interest expense decreased to $548,000 from $1.8 million for the year ended December 31, 2010.
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