Annuity and Life Re (Holdings) Ltd. says in its latest earnings announcement that it is in talks to sell its U.S.-domiciled insurance company.
Annuity & Life, Hamilton, Bermuda, is reporting a net gain of $82,171 for the fourth quarter of 2006 on $119 million in assets, compared with a net loss of $15 million on $162 million in assets for the fourth quarter of 2005.
The company suspended most operations at the end of 2005 because of poor performance, and now no longer reports quarterly revenue figures.
The company’s annual revenue fell to $1.2 million in 2006, from $18 million in 2005.
Annuity & Life continues to be involved in arbitration hearings concerning the novation of some reinsurance contracts, the company says.
Marcum & Kliegman L.L.P., Melville, N.Y., the company’s accounting firm, notes in its independent auditor’s report that Annuity & Life Re is continuing to operate due to regulatory requirements and other ongoing commitments.
In the future, “the company’s board of directors may determine that it is in the company’s best interest to cease all operations and adopt a plan of liquidation,” the firm says.
In other earnings news:
- National Health Partners Inc., Horsham, Pa., a company that runs health discount programs, is reporting $818,139 in revenue for the fourth quarter of 2006, up from $411,045 in revenue for the fourth quarter of 2005.
The company does not report quarterly net results but says it experienced a net loss.
National Health expects to generate more than $14 million in revenue this year, once it introduces a family of CARExpress “wrap-around” programs.
Some products will include health discounts along with limited-benefit health coverage, and others will be aimed at workers who have health savings account compatible health insurance, National Health says.
- UNIFI Mutual Holding Company, Lincoln, Neb., is reporting $160 million in net income for 2006 on $1.8 billion in revenue, up from $139 million in net income on $1.7 billion in revenue for 2005.
The company is the parent company of Ameritas Life, Lincoln, Neb.; Acacia Life, Bethesda, Md.; and Union Central Life Cincinnati.
The subsidiaries combined to form the UNIFI family Jan. 1, 2006.
Sales of retirement plans, dental and eye care insurance and mutual funds were especially strong, UNIFI says.