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Independence Holding Company Announces 2013 Second-Quarter And Six-Month Results

Stocks in this article: IHC

STAMFORD, Conn., Aug. 7, 2013 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE:IHC) today reported 2013 second-quarter and six-month results.

Financial Results

Net income per share attributable to IHC increased to $.21 per share, diluted, or $3,691,000, for the three months ended June 30, 2013 compared to $.20 per share, diluted, or $3,531,000, for the three months ended June 30, 2012. Revenues increased 50% to $151,900,000 for the three months ended June 30, 2013 compared to revenues for the three months ended June 30, 2012 of $101,443,000, primarily due to increases in premium revenue, fee income and net realized investment gains.

Net income per share attributable to IHC increased to $.47 per share, diluted, or $8,392,000, for the six months ended June 30, 2013 compared to $.41 per share, diluted, or $7,453,000, for the six months ended June 30, 2012. Revenues increased 42% to $289,782,000 for the six months ended June 30, 2013 compared to revenues for the six months ended June 30, 2012 of $203,599,000, primarily due to an increase in premium revenue, fee income and net realized investment gains.

During the quarter, Madison National Life entered into a coinsurance agreement to cede approximately $219 million of reserves, primarily annuities. As a result of this transaction, the Company wrote off approximately $9.3 million of deferred acquisition costs. However, those costs were more than offset by the gains realized by the Company in the transaction, most of which resulted from the required sale and transfer of invested assets.

Chief Executive Officer's Comments

Roy Thung, Chief Executive Officer, commented, "Earned premium for medical stop-loss, which is by far our largest line of business, grew 25% over the same quarter last year, driven by annual growth rates in excess of 28% in our direct-written segment. Profitability of this line continues at expected levels. We see a significant portion of this growth arising from employer groups moving from fully insured to self-funding as they consider alternatives under health care reform. We expect a continuation of these trends through the remainder of this year and into 2014. We are also encouraged by the performance of our existing group-life, disability and DBL business lines and our expansion into new business lines.

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