The Long Term Care Business of MedAmerica — a privately held company that specializes in selling long-term care insurance (LTCI) — posted a smaller profit for 2013 but higher revenue.
See also: LTCI Carrier Reports 2011 Results
The company, an affiliate of Excellus, is reporting $9.7 million in net income for 2013 on $258 million in revenue, compared with $15 million in net income on $252 million in revenue for 2012.
Premiums earned increased 6.3 percent, to $161 million, and the amount of LTCI benefits paid increased 4.7 percent, to $205 million.
Because of shifts in the “fair value” of the securities in the company’s investment portfolio, the portfolio had about $150 million in gross unrealized investment losses, compared with $91 million in gross unrealized gains in 2012.