Citizens, an insurance holding company, has reported a net income of $16.6 million for the year ended December 31, 2007, an increase of 90.8% compared to a net income of $8.7 million in 2006.
The increase was largely attributed to growth in premium and investment income and a decline in property claims being more in line with historical levels, as well as economies of scale achieved in the integration of the Security Plan acquisition.
Revenue increased 10% from $158.1 million in 2006 to $173.8 million in 2007, primarily due to an increase in premium income as a result of persistency in the international business, as well as a significant increase in net investment income.
Premium income rose 9.7% to $140.9 million in 2007 compared to $128.5 million in 2006. The increase was attributable primarily to the new business written over the past several years in the company’s life insurance segment, which had $101.4 million of premium revenue during the year, a 12.1% increase from $90.5 million in 2006.
For the fourth quarter ended December 31, 2007 the company’s net income was $5.9 million compared to $4.1 million for the same period in 2006. Total revenues for the period improved 12% to $50 million from $44.6 million for the same quarter in 2006.