Presidential Life has posted 18.7% decline in total revenues for the second quarter of 2012, which stood at $60.4m, compared to $74.3m during the corresponding period earlier fiscal.

The underwriter attributed the decrease of $13.9m in total revenues for the second quarter to the decline in net realized investment gains of $15.1m.

Second quarter 2012 net income was $3.1m or $0.11 per share, down by 77.5% against $13.8m or $0.47 for the comparable quarter in 2011.

Income before income taxes for the latest quarter stood at $4.7m, with a decrease of 77.7% from $21.1m during the comparable period last year.

The decline in income before income taxes is buoyed by decrease in net realized investment gains of $15.1m, a fall in net investment income of $2.2m, and an increase in general expenses of $1.3m.

Presidential Life, through its wholly owned subsidiary, Presidential Life Insurance, offers individual fixed deferred and immediate annuities, life insurance and accident and health insurance products in the US.