Presidential Life, a wholly-owned subsidiary of Presidential Life Corporation, has reported a net income for the second quarter of 2011 of $13.8m or $0.47 per share, compared to $7.1m or $0.24 per share in the second quarter of 2010.
Total revenues for the second quarter were $74.3m, an increase of 5.5% or $3.9m from $70.4m in the year ago quarter.
The firms life insurance and accident & health premiums were $7.5m in the second quarter and $13.4m for the first six months of 2011, a decrease of $5.7m or 43.2% and $14.5m or 52.0% from the same respective periods in 2010.
Net income for the first six months of 2011 was $21.3m or $0.72 per share, compared to $5.2m or $0.18 per share for the comparable six month period in 2010.
Total revenues for the first six months totaled $139.2m, an increase of 6.7% or $8.8m from $130.4m for the comparable six month period in 2010.
Presidential Life vice chairman of the board, CEO and president Donald Barnes said despite the continued uncertain economic environment, during the quarter AM Best Company upgraded Presidential Life Insurance Company to a B++ (Good) with a Stable Outlook.
"This upgrade acknowledged the Company’s strong capital profile and positive operating results, giving recognition to our strategic growth initiatives currently underway," Barnes said.