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Great American Reports Lower 4th Quarter Net Income

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NU Online News Service, Feb. 14, 11:14 a.m. – Great American Financial Resources Inc., Cincinnati, is reporting $800,000 in net income for the fourth quarter of 2001 on $220 million in revenue, compared with $8.7 million in net income on $212 million in revenue for the fourth quarter of 2000.

Net results for the latest quarter include $18 million in investment losses.

Net operating income, which excludes investment gains and losses, held steady at $18 million, Great American says.

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Great American is the parent company of Great American Life Insurance Company, Annuity Investors Life Insurance Company, Loyal American Life Insurance Company and United Teacher Associates Insurance Company. The companies sell life insurance, supplemental health insurance, long-term care insurance and annuities.

New sales of variable annuities were down in 2001, but sales of fixed annuities were up, the company says.