NU Online News Service, April 29, 2004, 5:47 p.m. EDT – Strong niche health insurance product revenue boosted first-quarter earnings at UICI, North Richland Hills, Texas.[@@]
The insurer is reporting $38.4 million in net income for the quarter on $494.7 million in revenue, up from $21.1 million in net income on $411.2 million in revenue for the first quarter of 2003.
Claims were much higher than expected at a unit that sells insurance to students, and the company wrote off some assets associated with a closed block of life insurance business.
New sales were flat at a unit that sells health coverage to the self-employed, but renewals for coverage for the self-employed were high, UICI says.