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Independence Holding Reports Lower Net Income

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NU Online News Service, Nov. 5, 12:18 p.m. – Independence Holding Company Inc., Stamford, Conn., is reporting $3 million in net income for the third quarter on $37 million in revenue, compared with $3.3 million in net income on $34 million in revenue for the third quarter of 2000.

The holding company sells life insurance and managed care plans through three subsidiaries: Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc., and First Standard Security Insurance Company.

One subsidiary organizes an insurance program for volunteer firefighters. Independence says it took a $350,000 charge, after reinsurance, to account for the effects of the Sept. 11 attacks on the Volunteer Firefighters Division.