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Great American Reports Lower Net Income

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NU Online News Service, Nov. 2, 3:26 p.m. – Great American Financial Resources Inc., Cincinnati, is reporting $18 million in net income for the third quarter on $224 million in revenue, compared with $30 million in net income on $218 million in revenue for the third quarter of 2000.

Great American sells life insurance, supplemental health insurance, annuities and other products through subsidiaries such as Great American Life Insurance Company, Annuity Investors Life Insurance Company, Loyal American Life Insurance Company and United Teacher Associates Insurance Company.

Sales of variable annuities are down, but sales of fixed annuities are up, and Great American is generating new income from a recently acquired block of accident and health policies, the company says.