IHC Q1 net income up

Wed. May 13, 2009; Posted: 08:31 AM

May 13, 2009 (Datamonitor via COMTEX) -- IHC | Quote | Chart | News | PowerRating -- Independence Holding Company, a provider of life and health insurance services, has reported a net income attributable to the company of $3.12 million, or diluted income per common share of $0.2, for the first quarter ended March 31, 2009, compared to $3.07 million, or diluted income per share of $0.2, for the corresponding quarter of 2008.

For the first quarter of 2009, total revenues were $99.37 million, compared to $104.42 million in the same quarter of 2008. Income from continuing operations was $3.35 million, compared to $3 million for the first quarter of 2008.

Operating income from continuing operations was $2.4 million for the first quarter of 2009, compared to $3.09 million for the same quarter of 2008.

Roy Thung, CEO of Independence Holding Company (IHC), said: "We are pleased with the sequential increase in non-GAAP operating income to $0.16 per share, diluted, for the first quarter of 2009 from $0.08 per share, diluted, in the fourth quarter of 2008.

"The improvement in operating income is largely due to improved underwriting results from stricter underwriting guidelines on our medical stop-loss and an increase in earnings from our group line. We anticipate that our improved operating results will continue for the remainder of 2009."

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