NU Online News Service, Nov. 6, 2003, 3:44 p.m. EST – UICI, North Richland Hills, Texas, says its insurance agency division did well during the third quarter and its student health insurance operation did poorly.
The financial services company is reporting a $53 million net loss for the latest quarter on $454 million in revenue, up from $16 million in net income on $362 million in revenue for the third quarter of 2002.
Results for the latest quarter include $67 million in losses on a student loan unit, a senior products division and other operations that UICI is selling or shutting down. Excluding the results of the discontinued operations, income dropped to $14 million, from $16 million.
A company division that sells health insurance to college and university students lost $12 million because claims costs have been higher than originally expected.
The agency division increased its operating income to $33 million, from $23 million.