STAMFORD, Conn., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE:IHC) today reported 2012 second-quarter and six-month results. As previously reported, IHC paid a special 10% stock dividend to shareholders of record on February 17, 2012. All per share amounts reflect such stock dividend. This press release contains both GAAP and non-GAAP financial information for which reconciliations can be found at the end of this release.
Net income per share attributable to IHC increased to $.20 per share, diluted, or $3,531,000, for the three months ended June 30, 2012 compared to $.17 per share, diluted, or $3,040,000, for the three months ended June 30, 2011. Revenues decreased to $101,443,000 for the three months ended June 30, 2012 compared to revenues for the comparable period in 2011 of $105,525,000, primarily as a result of lower investment income due to the transfer of $143,537,000 of assets in settlement of the coinsurance agreement of group annuity contracts at Standard Security Life Insurance Company of New York. The lower investment income was more than offset by the decrease of other insurance expenses in connection with the coinsurance agreement.Net income per share attributable to IHC increased to $.41 per share, diluted, or $7,453,000, for the six months ended June 30, 2012 compared to $.36 per share, diluted, or $6,224,000, for the six months ended June 30, 2011. This increase was achieved despite not receiving a benefit this quarter comparable to the credit of $2,319,000 of deferred income taxes relative to the Company's investment in AMIC that we benefited from in the first quarter of 2011. Revenues decreased to $203,599,000 for the six months ended June 30, 2012 compared to revenues for the six months ended June 30, 2011 of $209,844,000, primarily due to lower investment income due to the aforementioned transfer of assets.
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