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Parent Of LTC Plan Administrator Reports Higher Net Income

By Staff Writer

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NU Online News Service, Aug. 5, 2003, 4:23 p.m. EDT – Universal American Financial Corp., Rye Brook, N.Y., is reporting $11 million in net income for the second quarter on $140 million in revenue, up from $3.3 million in net income on $83 million in revenue for the second quarter of 2002.

Universal American sells life insurance and supplemental health insurance products to older consumers. A subsidiary, CHCS Services, administers long term care insurance programs and other senior market programs for outside insurers.

CHCS generated $2.6 million in operating income during the latest quarter on $11.5 million in revenue, up from $1.8 million in operating income on $10 million in revenue during the comparable quarter in 2002, Universal American says.