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Earnings: ULLICO, Presidential Life, Others

By staff Writer

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More life insurers, life settlement companies and insurance distributors came out this week with reports of increases in first-quarter net income.

ULLICO Inc., New York

1 Q 2010 Results
NET INCOME: $2.4 million
REVENUE: $84 million
1 Q 2009 Results
NET INCOME: $1.7 million
REVENUE: $73 million

- ULLICO, a multiline insurer that serves union members and union employers, says life and health business unit pre-tax earnings increased to $3.3 million, from $2.5 million in the first quarter of 2009. Medical stop-loss results improved.

Presidential Life Corp., Nyack, N.Y. (Nasdaq:PLFE)

1 Q 2010 Results
NET INCOME: $2.2 million
REVENUE: $66 million
1 Q 2009 Results
NET INCOME: $8.4 million loss
REVENUE: $41 million

- Annuity surrenders fell 49% from the first quarter of 2009, to about $29 million; total annuity sales fell 44%, to $34 million.

Life Partners Holdings Inc., Waco, Texas (Nasdaq: LPHI)

1 Q 2010 Results
NET INCOME: $29 million
REVENUE: $113 million
1 Q 2009 Results
NET INCOME: $27 million
REVENUE: $104 million

- Life Partners, a life settlement firm, has a fiscal year that ends Feb. 28.

- “In a year in which our industry contracted, we continued to grow and capture greater market share,” Life Partners Chairman Brian Pardo says in a statement. “There is no doubt that we are well-positioned to focus on moving forward into a new era of growth for the company.”

Towers Watson & Company Inc., New York (NYSE:TW)

1 Q 2010 Results
NET INCOME: $9.4 million
REVENUE: $804 million
1 Q 2009 Results
NET INCOME: $41 million
REVENUE: $417 million

- Towers Watson’s fiscal year ends June 30.

- Revenue at the firm’s benefits arm fell 2% from the first quarter of 2009, to $470 million, because of small drops in retirement, technology and administration solutions revenue. Health and group benefits revenue increased.

-The benefits segment had a net operating income margin of 32%.

National Financial Partners Corp., New York (NYSE:NFP)

1 Q 2010 Results
NET INCOME: $7 million
REVENUE: $225 million
1 Q 2009 Results
NET INCOME: $516 million loss
REVENUE: $217 million

- NFP, a financial services distributor that has been growing by making acquisitions, generated a $2.2 million gain in the first quarter by selling six businesses.

- “Organic,” “same store” revenue in the life insurance and wealth transfer business grew 1.6%.