NU Online News Service, March 25, 2005, 12:20 p.m.
Standard Management Corporation, Indianapolis, reported a net loss of $11 million for last year on revenues of $118 million.[@@]
In 2003, Standard Management, the holding company for Standard Life Insurance Company of Indiana, had reported a net loss of $10.5 million on about $137 million in revenues.
Ronald D. Hunter, chairman and chief executive of the company, attributed last year’s results largely to a loss of $10 million from efforts to build its health care services business.
The company recently agreed to sell its financial services segment to Capital Assurance Corporation, Louisville, Ky., which is funded by several private equity groups. Standard expects to close that deal in the second quarter of 2005.
“Upon finalization of this process, Standard Management will have approximately $30 million in cash and will have eliminated our bank debt, positioning the company for continued growth in the health services segment,” said Hunter.