American Independence has reported a net income of $0.9m, or $0.11 per diluted share, for the first quarter of 2011, compared to $0.8m, or $0.10 per diluted share, for the first quarter of 2010.
Revenues decreased to $21.7m for the first quarter 2011, compared to $22.8m for the same period of 2010, primarily due to a reduction of premiums.
Operating income for the first quarter of 2011 was $1.5m, compared to $1.1m for the first quarter of 2010.
Premiums earned for the first quarter of 2011 were $17.8m, compared to $18.4m for the same period of 2010.
American Independence CEO Roy Thung said the company’s financial condition and balance sheet remain strong.
"We have no debt, $273m of federal net operating loss carryforwards, and have grown our book value to $10.92 per share at 31 March 2011 from $10.82 per share at 31 December 2010.