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American Independence Corp. (AMIC) filed Quarterly Report for the period ended 2011-03-31.
American Independence Corp. has a market cap of $43.4 million; its shares were traded at around $5.1 with a P/E ratio of 9.4 and P/S ratio of 0.5.
This is the annual revenues and earnings per share of AMIC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of AMIC.
Highlight of Business Operations:
Net income per share increased to $.11 per share, diluted, or $0.9 million, for the three months ended March 31, 2011, compared to $.10 per share, diluted, or $0.8 million for the three months ended March 31, 2010.
Premiums earned decreased 3% to $17.8 million for the three months ended March 31, 2011 compared to $18.4 million for the three months ended March 31, 2010, primarily due to lower assumed medical stop-loss premiums and lower group major medical premiums written.
For the three months ended March 31, 2011, our MGUs and Agencies generated revenues of $3.5 million compared to $3.7 million for the three months ended March 31, 2010 due to a decreased amount of business as a result of market conditions.
Premiums Earned. Premiums earned decreased 3%, or $642,000 from 2010 to 2011. The Company currently has three lines of business. Premiums relating to medical stop-loss business decreased $328,000. This is due to a decrease in medical stop-loss premiums assumed by Independence American ($834,000), offset by an increase in medical stop-loss premiums written by Independence American ($506,000). Premiums relating to fully insured health consisting of group major medical, limited medical, short-term medical, dental, vision, and individual health decreased $279,000. The decrease is primarily due to a decrease in group major medical premiums written by Independence American ($384,000) and a decrease in fully insured premiums assumed from IHC ($73,000), offset by an increase in hospital indemnity premiums written by Independence American ($160,000). Premiums relating to DBL decreased $35,000 primarily due to a premium rate reduction mandated by the State of New York. For the three months ended March 31, 2011, Independence American assumed 10% of IHC’s short-term medical business, approximately 9% of certain of IHC’s group major medical business, 20% of IHC’s DBL business and approximately 20% of IHC’s medical stop-loss business. There were no significant changes to these percentages from the prior year.
MGU and Agency Income. MGU and agency income decreased $331,000 from 2010 to 2011. MGU fee income-administration decreased $80,000 to $1,023,000 for the three months ended March 2011, compared to $1,103,000 for 2010, as our MGUs have decreased their volume of business as a result of market conditions. MGU fee income-profit commission increased $8,000 to $269,000 for the three months ended March 31, 2011, compared to $261,000 for the three months ended March 31, 2010.
Profit commissions for a given year are based primarily on the performance of business written during portions of the three preceding years. Therefore, profit commissions for 2011 are based on business written during portions of 2008, 2009 and 2010. In 2011, income from our Agencies consisted of commission income and other fees of $1,269,000 from IPA, revenue of $530,000 from HIO, revenue of $127,000 from IIG, and $98,000 of claims administration fees from RSI. In 2010, income from our Agencies consisted of commission income and other fees of $1,562,0
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