The Tampa, Florida-based company distributes short-term health insurance, hospital indemnity insurance, and other health insurance products that are not classified as individual major medical coverage and are not directly affected by Affordable Care Act major medical rules.
The company reported $8.5 million in net income for the quarter on $56 million in revenue, up from $2.3 million in net income on $42 million in revenue for the first quarter of 2016.
Commission payments to outside agents and brokers increased 21%, to $31 million.
Because revenue grew faster than commission obligations, the share of revenue going to commissions fell to 56%, from 61% in the year-earlier quarter.
Health Insurance Innovations combines policy counts for short-term health policies and hospital indemnity policies. The total number of policies in force in that combined category increased to 174,000 in the first quarter, from 115,000 a year earlier.