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TheStreet Open House

Universal American Corp. Reports 2012 Fourth Quarter And Full Year Results

Stock quotes in this article: UAM

Traditional Insurance

        Three Months Ended       Year Ended
December 31, December 31,
Financial Performance ($ in millions) 2012       2011 2012       2011
 
Revenue $ 62.0 $ 68.2 $ 262.9 $ 283.8
 
Operating Income $ 4.0 $ 4.9 $ 18.1 $ 15.7
 

For the full year of 2012, operating income in our Traditional Insurance segment increased year-over-year largely due to improved profitability in the Medicare Supplement business. Operating income for the fourth quarter of 2012 declined year-over-year due to a higher MBR on our long-term care business combined with the continued decline in business-in-force. Revenue declined in both the three month and full year periods ended December 31, 2012 due to the continued run-off of our legacy insurance products.

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