AssuranceAmerica has reported total revenues of $15.6m for the second quarter of 2010, a decrease of 4.75% compared to $16.4m for the same quarter in 2009.
Net premiums written for the second quarter of 2010 were $7.06m compared to $7.9m last year.
Net premiums earned were $8.4m compared to $8.7m for the second quarter of 2009.
For the quarter ended 30 June 2010, the company posted net loss of $0.16m or $0.002 per share, compared to a net income of $0.18m or $0.003 per share, for the same period last year.
AssuranceAmerica chairman and CEO Guy Millner said that the price increases are challenged by an economy in which many of the company’s policyholders are unemployed, and its strategy is to continue to grow in states where pricing allows its a favorable margin and reduce writings where it doesn’t.
“Our company continues to make the necessary investments so that we will be in a position to benefit once the market improves,” Millner said.