Presidential Life has reported revenues of $81.6m for the fourth quarter of 2009, an increase of 86.6% or $37.8m from $43.7m for the same period last year.
The company’s life insurance and accident and health premiums of $5.6m in the fourth quarter of 2009 grew $0.7m or 15% from $4.9m for the same period last year. Total annuity considerations with life contingencies, life insurance and accident and health premiums were $18.6m in the fourth quarter of 2009 compared to $9.3m in the year ago quarter.
For the fourth quarter ended December 31, 2009, the company has posted a net income of $12.2m or $0.41 per share, compared to a net loss of $2.7m or $0.09 per share for the same period last year.
For the full year of 2009, the company has reported revenues $242.2m, a decline of $23.5m or 8.9% from $265.8m in 2008. Life insurance and accident and health premiums for the year remained flat around $16.1m. Net income was $2.2m or $0.08 per share, compared with net income of $18.6m $0.63 per share for 2008.
Donald Barnes, vice chairman, president and CEO of Presidential Life, said: “We continued to execute against our strategic plan to drive momentum in our business by delivering double-digit annuity sales in 2009, expanding our accident and health product lines and instituting best practice corporate governance standards.
“Our strategy in 2010 remains consistent: enhancing our balance sheet strength, diversifying our product portfolio and prudently managing our investment portfolio. We believe these initiatives, combined with our corporate governance improvements, will generate enhanced value for all shareholders over the long term.”