American Independence has reported revenues of $25.1m for the fourth quarter of 2009, a decrease of 3% compared to $25.9m for the same period last year.
The company’s operating income for fourth quarter of 2009 was $0.9m, or $0.10 per share compared to $0.8m, or $0.09 per share for the same period in 2008. The premiums earned for the quarter were $20.4m compared to $23.1m for the same quarter in 2008.
For the fourth quarter ended December 31, 2009, the company posted a net income of $0.5m or $0.06 per share compared to a net loss of $1.2m, or $0.14 per share for the same period last year.
For the full year 2009, the company posted revenues of $104.2m compared to $113.3m in 2008. Operating income was $4.3m in 2009, compared to $5m in 2008. Net income was $2.6m, or $0.31 per share, for the year ended December 31, 2009, compared to $1m,or $0.11 per share, in 2008.
Roy Thung, CEO of American Independence, said: “Our insurance company’s statutory surplus at December 31, 2009 is at an all-time high, and we have grown our book value to $10.46 per share at December 31, 2009 from $9.75 per share at December 31, 2008 and our investment portfolio is rated on average AA.”