American Independence has reported total revenues of $22.8m for the first quarter of 2010, a decrease of 14.3% compared to $26.6m for the same quarter in 2009.
The company’s operating income for the quarter were $1.3m, or $.15 per share, compared to $2m, or $0.23 per share for the same period last year.
Premiums earned for the quarter were $18.4m which is a decrease of 16% compared to $21.9m for the same quarter in 2009.
For the quarter ended March 31, 2010, the company posted net income of $0.8m, or $0.10 per share, compared to $1.4m, or $0.16 per share for the same period last year.
Roy Thung, CEO of American Independence, said: “The decrease in our financial results in the first quarter is largely due to a reduction in premiums and an increase in loss ratios due to the global economic crisis, but we believe both are beginning to stabilize. Sequentially, our operating income per share increased to $0.15 per share from $0.10 per share for the quarter ended December 31, 2009.”