Universal American Reports Higher 4th Quarter Net Income

NU Online News Service, Feb. 21, 9:57 a.m. – Universal American Financial Corp., Rye Brook, N.Y., is reporting $11 million in net income for the fourth quarter of 2002 on $88 million in revenue, up from $8.9 million in net income on $75 million in revenue for the fourth quarter of 2001.

Universal American sells insurance products designed for older consumers and administrative services for other companies’ long-term care and Medicare supplement insurance plans.

Revenue from senior market brokerage operations increased 38%, to $45 million, in part because of reduced use of reinsurance, but Universal American notes that new sales of Medicare supplement insurance slowed slightly.