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Life Health > Life Insurance

Earnings: UnitedHealth, ULLICO, Others

By Staff Writer

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Strong results at Medicare Advantage plans helped earnings at UnitedHealth Group Inc. in the first quarter.

UnitedHealth, Minnetonka, Minn., is reporting $927 million in net income for the latest quarter on $19 billion in revenue, up from $891 million in net income on $18 billion in revenue for the first quarter of 2006.

The managed care company ended the quarter providing or administering health coverage for 17 million people, about as many people as it was serving a year earlier.

Enrollment in health account plans increased to 2.2 million, from 1.6 million.

In other earnings news:

- ULLICO Inc., Washington, a labor-owned multi-line insurer, is reporting $7 million in net income for the fourth quarter of 2006 on $82 million in revenue, compared with $16 million in net income on $88 million in revenue for the fourth quarter of 2005.

Group life earnings increased to $6.4 million, from $1.4 million. The increase was due primarily to a $5.5 million reduction in waiver-of-premium reserves related to the adoption of a new actuarial table, ULLICO says.

- Life Partners Holdings Inc., Waco, Texas, a life settlement company, is reporting $2.1 million in net income for the quarter that ended Feb. 28 on $9.7 million in revenue, compared with $100,000 in net income on $5.5 million in revenue for the quarter that ended Feb. 28, 2006.

- InsWeb Corp., Sacramento, Calif., a Web-based insurance broker and lead referral firm, is reporting $402,000 in net income for the first quarter on $8.1 million in revenue, compared with a $1.7 million net loss on $7.7 million in revenue for the first quarter of 2006.

The company notes in its earnings release that it has closed its term life agency.

“InsWeb will continue to offer term life products to consumers visiting its online insurance marketplace through a lead referral model, which the company believes is more profitable and offers a more scalable opportunity,” InsWeb says.

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