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UICI Reports Higher 4th Quarter Net Income

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NU Online News Service, Feb. 7, 4:05 p.m. – UICI, Dallas, is reporting $6.3 million in net income for the fourth quarter of 2001 on $302 million in revenue, compared with a $6.1 million net loss on $253 million in revenue for the fourth quarter of 2000.

Net results for the latest quarter include $3.1 million in losses on discontinued operations. Operating income, which excludes that loss and other charges, increased to $9.4 million, from loss of $2.1 million.

UICI sells student loans and specialty health insurance and finance products. It recently announced plans to expand its long-term care insurance operation.

In related news, the company says it has arranged $30 million in revolving credit from a group of lenders led by a unit of Bank of America Corp., Charlotte, N.C. UICI can use the credit facility, which expires in three years, for general working capital purposes, the company says.