Unico American reported a net income of $2.1mfor Q4 08 compared to $1.8m for Q4 07
Unico American, an insurance holding company, has reported that its net income was $2.1m, or $0.37 per diluted share, for the fourth quarter ended December 31, 2008, compared to $1.8m, or $0.31 per diluted share, for the fourth quarter ended December 31, 2007.
Revenues were $11.1m for the fourth quarter of 2008 compared to $12.3m for the same quarter of 2007. According to Unico, the decrease in revenues was largely the result of lower premiums earned, attributed to the company’s selective risk underwriting stance during the quarter.
Net premium earned was $8.1m, or 72% of revenues, for the fourth quarter of 2008 compared to $8.7m, or 71% of revenues, for the fourth quarter of 2007.
For the 12 months ended December 31, 2008, net income was $5.3m, or $0.93 per diluted share, compared with $6.7m, or $1.18 per diluted share, for the 12 months ended December 31, 2007.
Revenues for the year 2008 decreased to $46.8m from $50.4m for the year 2007. For 2008, net premium earned was $33.9m, or 73% of revenues, compared to $37.1m, or 74% of revenues, for 2007.
Unico American subsidiaries also operate as agents for nonaffiliated insurers, provide claims-adjusting services and market individual and group medical, dental, life and accidental death coverage.