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Ceres Reports Higher 2nd Quarter Net Income

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NU Online News Service, Aug. 7, 2003, 1:24 p.m. EDT – Ceres Group Inc., Cleveland, is reporting $6.9 million in net income for the second quarter on $136 million in revenue, up from a $3.8 million net loss on $150 million in revenue for the second quarter of 2002.

Revenue was down because Ceres sold a major subsidiary, Pyramid Life Insurance Company, to Universal American Financial Corp., Rye Brook, N.Y., at the end of the first quarter.