NU Online News Service, May 1, 11:13 a.m. – The Ceres Group Inc., Cleveland, is reporting $1.5 million in net income for the first quarter on $178 million in revenue, up from a $7.1 million net loss on $171 million in revenue for the first quarter of 2001.

Ceres sells major medical coverage and products such as long-term care insurance and Medicare supplement insurance that are aimed at older consumers.

Medical premiums fell to $96 million, from $101 million, and total new sales fell to $10 million, from $19 million, as Ceres pulled out of some major medical markets and raised prices in others.

Senior product revenue increased to $64 million, from $52 million.

New sales through Ceres’ QQLink electronic distribution system increased to $6.5 million, from $400,000.