Unico American Q2 earnings drop

Wed. August 13, 2008; Posted: 10:57 AM

Aug 13, 2008 (Datamonitor via COMTEX) -- UNAM | Quote | Chart | News | PowerRating -- Unico American Corporation, an insurance holding company, has reported that its net income for the second quarter ended June 30, 2008 was $0.8 million, or $0.14 diluted income per share, down from a net income of $1.7 million, or $0.29 diluted income per share for the same quarter ended June 30, 2007.

Revenues for the quarter decreased to $11.8 million as against the revenues of $12.7 million earned in the prior year quarter. The decrease in revenues according to Unico was largely the result of lower premiums earned, caused by the company's selective risk underwriting stance during the quarter.

Net premium earned for the period was $8.6 million or 73% of revenues, as compared to net premium earned of $9.5 million or 75% of revenues in the second quarter of 2007.

For the quarter, net investment income was $1.5 million, when compared with $1.7 million in the year ago quarter. Annualized yield on average invested assets was 4.1% for the quarter versus 4.6% in the comparable quarter last year.

In the first six months ending June 30, 2008, net income dropped to $1.7 million, or $0.31 diluted income per share from $3.4 million, or $0.60 diluted income per share for the same period in 2007.

Revenues for the six-month period were $24.1 million, a decrease as against $25.6 million during the corresponding period a year ago. Net premium earned was $17.5 million or 73% of revenues, compared to net premium earned of $19.2 million or 75% of revenues in the first half of 2007.

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