American Independence, a company engaged in health insurance and reinsurance, has reported a net income of $0.8 million for the first quarter ended March 31, 2008, compared to a net income of $1.1 million for the same quarter of 2007.
Revenues increased to $28.4 million for the quarter compared to $28.1 million for the corresponding period of 2007.
The company’s income from continuing operations excluding certain amortization expense and federal income tax charge related to deferred taxes for the period was $1.2 million, a decline from $1.7 million posted during the comparable period of 2007.
As of March 31, 2008, American Independence had approximately $274 million of federal net operating loss carryforwards.
Roy Thung, CEO of American Independence, said: We are pleased with the improved profit margins on business generated by our own managing general underwriters this quarter, and believe that the second half of the year will be favorably impacted by the greater percentage of higher-margin business written in both medical stop-loss and fully insured health in 2008.