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Independence Holding Company is a holding company engaged principally inthe life and health insurance business through its wholly-owned subsidiaries, Standard Security Life Insurance Company, Madison National Life Insurance Company, Inc., First Standard Security Insurance Company, IndependenceCare Holdings L.L.C. Independence Holding Company has a market cap of $80.82 million; its shares were traded at around $5.24 with a P/E ratio of 12.48 and P/S ratio of 0.23. The dividend yield of Independence Holding Company stocks is 0.95%. Highlight of Business Operations: · Income from continuing operations increased $11.4 million to $1.9 million for the three months ended September 30, 2009 compared to a loss of $9.5 million for the three months ended September 30, 2008. Income from continuing operations increased $20.3 million to $7.2 million for the nine months ended September 20, 2009 compared to a loss of $13.1 million for the nine months ended September 30, 2008. Included in the 2008 results are losses for other-than-temporary impairments of $15.8 million and $33.3 million in the three months and nine months ended September 30, respectively, due to the write down in value of preferred stocks of certain financial institutions, fixed maturities (primarily Alt-A-securities) and common stocks. The 2009 results include a loss of $.3 million for other-than-temporary impairments in the nine months ended September 30;
· The Medical Stop-Loss segment reported income before taxes of $.8 million and $.7 million for the three months ended September 30, 2009 and 2008, respectively, and reported $3.5 million of income before taxes for the nine months ended September 30, 2009, as compared to $4.1 million in the same period in 2008. The decrease is primarily a result of reduced production due to stricter underwriting guidelines and cancellation of underperforming managing general underwriters;
· The Fully Insured Health segment reported $3.0 million of loss before taxes for the three months ended September 30, 2009 as compared to a loss of $.6 million for the comparable period in 2008, and a loss before taxes of $3.8 million for the nine months ended September 30, 2009 as compared to $1.7 million of income before taxes for the nine months ended September 30, 2008;
· Income before taxes from the Group disability, life, annuities and DBL segment decreased $1.0 million and $1.5 million for the three months and nine months ended September 30, 2009 compared to the three months and nine months ended September 30, 2008, primarily from decreased profitability in DBL and group term life lines of business partially offset by an increase in the LTD business. The DBL business has experienced decreases in group sizes coupled with rate reductions as a result of the overall economic downturn while the group term life business has experienced higher loss ratios;
· Net realized investment gains were $.6 million and $3.5 million for the three months and nine months ended September 30, 2009, respectively, compared to net realized investment losses of $1.4 million for the three months ended September 30, 2008 and net realized investment gains of $1.1 million for the nine months ended September 30, 2008. Other-than-temporary impairment losses for the nine months ended September 30, 2009 were $.3 million. No other-than-temporary impairment losses were recorded in the three months ended September 30, 2009. For the three months and nine months ended September 30, 2008, other-than-temporary impairment losses were $15.8 million and $33.3 million, respectively, primarily due to the write down in value of preferred stocks of certain financial institutions, fixed maturities (primarily Alt-A securities) and common stocks due to the
Income from continuing operations was $1.9 million for the three months ended September 30, 2009, an increase of $11.4 million compared to a loss from continuing operations of $9.5 million for the three months ended September 30, 2008. The Company's income from continuing operations before taxes increased $17.4 million to $2.1 million for the three months ended September 30, 2009 from a loss of $15.3 million for the three months ended September 30, 2008. Information by business segment for the three months ended September 30, 2009 and 2008 is as follows:
Read the The complete ReportIHC is in the portfolios of Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
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