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InsWeb Cuts Operating Loss, Increases Term Life Transaction Revenue

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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.