United Insurance Holdings Corp. (OTCBB: UIHC) (United or the Company), a property and casualty insurance holding company, today reported its financial results for the quarter ended June 30, 2012.
2012 Second Quarter
The Company reported net income for the second quarter of $3.0 million, or $0.29 per share, compared to net income of $89 thousand, or $0.01 per share, during the same period of last year. Net premiums earned increased to $29.7 million from $22.3 million for the second quarter of 2012. Net investment income, realized gains and other revenues increased to $1.8 million for the quarter compared to $1.7 million in the prior year quarter.
Losses and loss adjustment expenses increased to $13.0 million for the quarter from $12.6 million during the same period of last year. Policy acquisition costs increased to $8.9 million from $7.2 million for the second quarter of 2012. Operating expenses increased to $1.8 million from $1.5 million during the same period of last year. General and administrative expenses increased to $2.3 million from $2.1 million for the second quarter.2012 Year-to-Date For the year-to-date period, net income was $7.7 million, or $0.75 per share, compared to net income of $1.2 million, or $0.12 per diluted share for the same period last year. The Company's net premiums earned increased to $57.5 million, from $41.4 million during the same period of last year. Net investment income and other revenues increased to $3.6 million for the year-to-date period from $3.1 million during the same period of last year. Losses and adjusting expenses increased to $22.5 million, from $21.0 million, while policy acquisition costs increased to $17.1 million from $13.7 million for the same period last year. Operating expenses increased to $3.2 million from $2.8 million during the same period of last year. Balance Sheet Highlights United's cash and investment holdings totaled $219.5 million at June 30, 2012, compared to $165.9 million at December 31, 2011. United's cash and investment holdings consist primarily of investments in high-quality money market instruments, U.S. Government and agency securities and high-quality corporate debt. Fixed maturities represented approximately 97% of United's total investments at June 30, 2012, and December 31, 2011.
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