Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

InsWeb Cuts Operating Loss, Increases Term Life Transaction Revenue

By Allison Bell

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, July 17, 2003, 1:22 p.m. EST – InsWeb Corp., Sacramento, Calif., lost money during the second quarter, but the Web insurance broker still has $22 million in cash and short-term investments, and it says its term life transaction revenue increased slightly.

InsWeb, which gets the majority of its revenue from auto insurance sales, is reporting a net loss of $1.4 million for the latest quarter on $6.3 million in revenue. Unusual gains helped the company report $3.8 million in net income on $6.3 million in operating revenue for the second quarter of 2002.

But InsWeb has cut its operating loss to $1.5 million, from $5.7 million for the comparable quarter in 2002, and term life transaction revenue increased to $1.2 million, from $1.1 million.

Although the average number of term life quotes viewed fell to 5.5 per consumer visit, from 5.8 for the second quarter of 2002, 13 insurers now sell term life through InsWeb, up from 12 a year ago, the company says.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.