This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

American Independence Corp. Announces 2013 Third-Quarter And Nine-Month Results

About American Independence Corp.

AMIC, through Independence American Insurance Company and its other subsidiaries, offers pet insurance, non-subscriber occupational accident, international coverages, small-group major medical and short-term medical. AMIC provides to the individual and self-employed markets health insurance and related products, which are distributed through its subsidiaries IPA Family, LLC, healthinsurance.org, LLC, and IHC Specialty Benefits, Inc. AMIC markets medical stop-loss through its marketing and administrative company IHC Risk Solutions, LLC.

Certain statements in this news release may be considered forward-looking statements, such as statements relating to management's views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the markets in which AMIC operates, new federal and state governmental regulation, AMIC's ability to effectively operate, integrate and leverage any past or future strategic acquisition, and other factors which can be found in AMIC's other news releases and filings with the Securities and Exchange Commission. AMIC expressly disclaims any duty to update its forward-looking statements or earnings guidance, and does not undertake to provide any such guidance in the future.

American Independence Corp.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
     
  Three Months Ended September 30, Nine Months Ended September 30,
  2013 2012 2013 2012
         
Premiums earned $ 31,844 $ 22,281 $ 93,458 $ 60,072
Fee and agency income  5,038 3,882 13,973 10,749
Net investment income 537 586 1,542 1,582
Net realized investment gains 46 30 973 200
Other-than-temporary impairment losses -- -- -- (189)
Other income  125 26 377 100
         
Revenues 37,590 26,805 110,323 72,514
         
Insurance benefits, claims and reserves  22,203 14,981 63,630 40,938
Selling, general and administrative expenses  13,834 9,877 40,835 26,887
Amortization and depreciation 252 182 736 272
         
Expenses 36,289 25,040 105,201 68,097
         
Income before income tax 1,301 1,765 5,122 4,417
Provision for income taxes 397 491 1,590 1,295
         
Net income 904 1,274 3,532 3,122
Less: Net income attributable to the non-controlling interest (201) (268) (634) (688)
         
Net income attributable to American Independence Corp. $ 703 $ 1,006 $ 2,898 $ 2,434
         
Basic income per common share:        
Net income attributable to American Independence Corp. common stockholders $ .09 $ .12 $ .36 $ .29
         
Weighted-average shares outstanding 8,073 8,272 8,077 8,272
         
Diluted income per common share:        
Net income attributable to American Independence Corp. common stockholders $ .09 $ .12 $ .36 $ .29
         
Weighted-average diluted shares outstanding 8,081 8,272 8,083 8,272
 
American Independence Corp.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
     
     
ASSETS: September 30, 2013 (Unaudited) December 31, 2012
Investments:    
Securities purchased under agreements to resell $ 5,064 $ 5,234
Trading securities 772 1,056
Fixed maturities available-for-sale, at fair value 68,225 58,329
Equity securities available-for-sale, at fair value 1,008 2,507
     
Total investments 75,069 67,126
     
Cash and cash equivalents  3,018 4,576
Restricted cash 9,814 13,321
Accrued investment income 595 755
Premiums receivable 12,726 10,387
Net deferred tax asset 11,525 13,024
Due from reinsurers 8,176 6,307
Goodwill 23,561 23,561
Intangible assets 2,539 3,379
Accrued fee income 2,738 3,122
Due from securities brokers 1,027 61
Other assets 14,026 13,364
     
TOTAL ASSETS $ 164,814 $ 158,983
     
LIABILITIES AND STOCKHOLDERS' EQUITY:    
LIABILITIES:    
Insurance reserves $ 33,315 $ 24,993
Premium and claim funds payable 9,814 13,321
Commission payable 5,216 4,329
Accounts payable, accruals and other liabilities 10,659 10,118
State income taxes payable 559 545
Due to securities brokers 1,023 22
Due to reinsurers 1,135 1,431
     
Total liabilities 61,721 54,759
     
STOCKHOLDERS' EQUITY:    
American Independence Corp. stockholders' equity:    
Preferred stock, $0.10 par value, 1,000 shares designated; no shares issued and outstanding -- --
Common stock, $0.01 par value, 15,000,000 shares authorized; 9,181,793 shares issued, respectively; 8,072,548 and 8,272,332 shares outstanding, respectively 92 92
Additional paid-in capital 479,469 479,451
Accumulated other comprehensive income (loss) (1,000) 1,829
Treasury stock, at cost, 1,109,245 shares and 909,461 shares, respectively (10,305) (9,107)
Accumulated deficit (365,239) (368,113)
Total American Independence Corp. stockholders' equity  103,017 104,152
Non-controlling interest in subsidiaries 76 72
Total equity 103,093 104,224
TOTAL LIABILITIES AND EQUITY $ 164,814 $ 158,983
CONTACT: ADAM C. VANDERVOORT
         (646) 509-2156
         www.americanindependencecorp.com

2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,284.01 +18.02 0.10%
S&P 500 2,010.43 -0.93 -0.05%
NASDAQ 4,575.40 -18.0250 -0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs