NEW YORK, Nov. 6, 2013 (GLOBE NEWSWIRE) -- American Independence Corp. (Nasdaq:AMIC) today reported 2013 third-quarter and nine-month results.
Net income attributable to AMIC amounted to $0.7 million ($.09 per share, diluted), for the three months ended September 30, 2013 compared to $1.0 million ($.12 per share, diluted) for the three months ended September 30, 2012. Revenues increased to $37.6 million for the three months ended September 30, 2013 compared to revenues of $26.8 million for the three months ended September 30, 2012, primarily due to an increase in premiums.Net income attributable to AMIC increased to $2.9 million ($.36 per share, diluted) for the nine months ended September 30, 2013 compared to $2.4 million ($.29 per share, diluted) for the nine months ended September 30, 2012. Revenues increased to $110.3 million for the nine months ended September 30, 2013 compared to revenues of $72.5 million for the nine months ended September 30, 2012, primarily due to an increase in premiums. Chief Executive Officer's Comments Roy Thung, Chief Executive Officer, commented, "Earned premium for medical stop-loss grew substantially over the same quarter last year and we expect approximately 25% growth for the business written on a direct basis in 2013 as compared to the prior year. We attribute the growth in our direct distribution to our enhanced sales force, focused underwriting and employer groups moving from fully insured to self-funding as they consider alternatives as a result of health care reform. Profitability of this line in respect of business written on a direct basis continues at expected levels. We expect this growth to continue in 2014. We are also encouraged by the growth in our pet insurance line and, as a result of an equity investment in a producer of non-subscriber occupational accident, we anticipate significant premiums from this new line of business in 2014."
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