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Universal American Reports Higher 1st Quarter Net

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NU Online News Service, May 10, 12:14 p.m. – Universal American Financial Corp., Rye Brook, N.Y., is reporting $7.5 million in net income for the first quarter on $82 million in revenue, up from $7 million in net income on $75 million in revenue for the first quarter of 2001.

Universal American sells supplemental life insurance and health insurance policies aimed at older consumers. A subsidiary, CHCS Services Inc., provides administrative services for senior programs, such as other companies’ long-term care insurance programs.

Universal American recently got out of the individual major medical insurance business. It reports it has stopped selling new coverage and canceled about 95% of its existing major medical policies. The move is costing the company about $31 million in premium revenue.