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UICI Reports Operating Results (10-K)

March 16, 2011 | About:

UICI (UCI) filed Annual Report for the period ended 2010-12-31.

Etracs Ubs Bloomberg Cmci Etn has a market cap of $1.5 billion; its shares were traded at around $23.53 with a P/E ratio of 11.3. The dividend yield of Etracs Ubs Bloomberg Cmci Etn stocks is 1.1%.

Highlight of Business Operations:

Through our Commercial Health Division, we offer a broad range of health insurance products for individuals, families, the self-employed and small businesses. These products are issued by our subsidiaries, MEGA, Mid-West and Chesapeake and are distributed by the Insphere independent agent sales force. The Commercial Health Division generated revenues of $798.7 million, $1.1 billion and $1.2 billion, representing 93%, 98% and 88% of our total revenue from continuing operations in 2010, 2009 and 2008, respectively. We currently have approximately 323,000 members insured or reinsured by the Company.

The health insurance products underwritten by our insurance company subsidiaries are designed to accommodate individual needs and include traditional fee-for-service indemnity (choice of doctor) plans and plans with preferred provider organization (PPO) features, in which benefits are structured to encourage the use of providers with which we have negotiated lower fees for the services to be provided. Many of these plans are of a scheduled benefit nature and, as such, provide benefits equal to the lesser of the actual cost incurred for covered expenses or the maximum benefit stated in the policy. For example, our basic hospital-medical expense plan has a $1.0 million lifetime maximum benefit for all injuries and sicknesses and $500,000 lifetime maximum benefit for each injury or sickness. Covered expenses are subject to a deductible. Covered hospital room and board charges are reimbursed at 100% up to a pre-selected daily maximum. Covered expenses for inpatient hospital miscellaneous charges, same-day surgery facility, surgery, assistant surgeon, anesthesia, second surgical opinion, doctor visits and ambulance services are reimbursed at 80% to 100% up to a scheduled maximum.

These products are available with a menu of various options (including various deductible levels, coinsurance percentages and limited riders that cover particular events such as outpatient, accidents, and doctors visits), enabling the insurance product to be tailored to meet the insurance needs and the budgetary constraints of the policyholder. Historically, our scheduled/basic plans were offered with an optional benefit, the Accumulated Covered Expense (ACE) rider, that provides for catastrophic coverage for covered expenses under the contract that generally exceed $100,000 or, in certain cases, $75,000. The rider pays benefits at 100% after the stop loss amount is reached, up to the aggregate maximum amount of the contract for expenses covered by the rider.

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