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May 08, 2003 at 08:00 PM
NU Online News Service, May 8, 2003, 11:25 a.m. EDT – Universal American Financial Corp., Rye Brook, N.Y., is reporting $7.5 million in net income for the first quarter on $98 million in revenue, compared with $7.5 million in net income on $82 million in revenue for the first quarter of 2002.
Universal issues insurance policies designed for older consumers and also serves as a broker for “senior market” products from other insurers. It also has a unit, CHCS Services, that administers long-term care insurance programs and other senior market programs for other insurers.
Senior market brokerage profits fell to $3 million, from $4.2 million, because of “excess lapsation in a block of Medicare supplement business,” Universal says.
