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American Independence Corp. Announces 2012 Second-Quarter And Six-Month Results

NEW YORK, Aug. 9, 2012 (GLOBE NEWSWIRE) -- American Independence Corp. (Nasdaq:AMIC) today reported 2012 second-quarter and six-month results. This press release contains both GAAP and non-GAAP financial information for which reconciliations can be found at the end of this release.

Financial Results

Net income increased to $0.3 million ($.04 per share, diluted), for the three months ended June 30, 2012, compared to $0.1 million ($.02 per share, diluted), for the three months ended June 30, 2011. Revenues increased to $23.5 million for the three months ended June 30, 2012, compared to revenues of $22.0 million for the three months ended June 30, 2011, primarily due to an increase in premiums.

Net income increased to $1.4 million ($.17 per share, diluted), for the six months ended June 30, 2012, compared to $1.1 million ($.13 per share, diluted), for the six months ended June 30, 2011. Revenues increased to $45.7 million for the six months ended June 30, 2012, compared to revenues of $43.7 million for the six months ended June 30, 2011, primarily due to an increase in premiums.

The Company's operating income [1] for the three months ended June 30, 2012 was $0.6 million ($.08 per share, diluted), as compared to $0.1 million ($.02 per share, diluted) for the three months ended June 30, 2011. Operating income was $2.2 million ($.27 per share, diluted), for the six months ended June 30, 2012, as compared to $1.6 million ($.19 per share, diluted) for the six months ended June 30, 2011.

Chief Executive Officer's Comments

Roy Thung, Chief Executive Officer, commented, "Net income increased this quarter primarily due to improved underwriting results in our fully insured segment. We continue to experience growth and improved loss ratio results in our stop-loss line from business underwritten by IHC Risk Solutions. We are now approved to write pet insurance in many key states, and look forward to recording premiums from this new line of business in the coming months. Our financial condition and balance sheet remain strong. We have no debt and have grown our book value to $11.59 per share at June 30, 2012 from $11.36 per share at December 31, 2011."

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