American Independence has reported total revenues of $23.8m for the second quarter of 2010, a decrease of 11.1% compared to $26.8m for the same quarter in 2009.
Premiums earned for the second quarter of 2010 were $19.4m compared to $22.1m for the same period last year.
The company’s income before income tax was $0.99m for the second quarter compared to $0.95m for the same quarter prior year.
For the quarter ended June 30, 2010, the company posted net income of $0.75m, or $0.06 per share, compared to $0.67m, or $0.06 per share, for the same period last year.
American Independence CEO Roy Thung said that the company’s financial condition and balance sheet remain strong and its investment portfolio continues to be rated, on average, AA and has a low duration, which enables it to reinvest in much higher yielding longer-term securities, which would significantly increase investment income.