ULLICO, the labor owned multi-line holding company offering insurance and investment products and services, has reported net income of $8.4 million for the fourth quarter ended December 31, 2007, compared to net income of $7 million in the same quarter of 2006.
The revenue from continuing lines rose 19% to $35.1 million in the fourth quarter of 2007, from $29.5 million in same quarter in 2006.
The life and health business unit contributed pre-tax earnings of $1.2 million for the fourth quarter of 2007. The property and casualty business unit’s net earned premiums grew by 39% for the fourth quarter compared with the same quarter in 2006.
The company’s consolidated operating income before non-recurring transactions for 2007 was $12 million compared to $13.8 million in the 2006. The consolidated net loss for 2007 was $2.4 million as compared to net income of $16.8 million for 2006.
The company’s premium and fee revenue for 2007 declined to $272 million from $287.8 million in 2006.