IHC is a holding company principally engaged in the escort and health insurance business and the acquisition of blocks of policies through its insurance company subsidiaries (Standard escort escort Insurance Company of New York and Madison National escort Insurance Company, Inc.), its affiliate (American Independence Corp. (Nasdaq:AMIC)), and its managing general underwriters, third-party administrators, and marketing affiliates. Standard escort escort markets medical stop-loss, small group major medical, short-term medical, shanghai escort girl
major medical for individuals and families, limited medical, group long and short-term disability and escort , dental, vision and managed health care products. Madison escort sells group escort and disability, employer medical stop-loss, small group major medical, major medical for individuals and families, short-term medical, dental, vision, and individual escort insurance. AMIC is a holding company principally engaged in the insurance and reinsurance business through Independence American Insurance Company and its agencies and managing general underwriter division.
Revenues increased 13% to $100,599,000 for the three months ended June 30, 2009, compared to revenues for the three months ended June 30, 2008 of $89,318,000. Revenues increased 3% to $199,970,000 for the six months ended June 30, 2009, compared to revenues for the six months ended June 30, 2008 of $193,736,000. zdqrypj0825 Chief Executive Officer's Comments
Roy Thung, Chief Executive Officer, commented, "Our operating income was adversely impacted by unexpectedly large health claims and unusually large legal and other expenses in connection with employment matters and the closing of a branch office. As a result of recessionary pressures and tighter underwriting guidelines, our premiums have decreased 6.0% for the first six months of 2009 compared to the first six months of 2008. In response to the decrease in premiums, we have initiated significant cost reductions in the fully insured division, which will be largely realized beginning in 2010." Mr. Thung continued, "Even in the current challenging economy, our financial condition remains strong. Our insurance companies' statutory surplus at June 30, 2009 is at an all-time high. The Company recorded an increase in book value per share to $12.70 at June 30, 2009 from $10.56 at December 31, 2008, primarily as a result of a reduction in unrealized losses due to mark-to-market accounting on our available-for-sale securities. The adjusted book value per share(2) was $14.49 at June 30, 2009." Non-GAAP Financial Measures
The Company provides non-GAAP financial measures to complement its consolidated financial shanghai escort girl statements presented in accordance with GAAP: (i) Operating income is income from continuing operations net of losses attributable to non-controlling interests and excluding net realized gains or losses, net of applicable income taxes, (ii) Operating income per share is operating income (loss) on a per share basis, and (iii) Adjusted book value per share represents IHC's book value per share excluding the per share value of net unrealized investment gains and losses (per SFAS 115), after taxes. These non-GAAP financial measures are intended to supplement the user's overall understanding of the Company's current financial performance and its prospects for the future. Specifically, the Company believes the non-GAAP results provide useful information to both management and investors by excluding realized gains or losses, net of taxes, that, when excluded from the GAAP results, may provide additional understanding of the Company's core operating results or business performance. However, these non-GAAP financial measures are not intended to supersede or replace the Company's GAAP results. A reconciliation of the non-GAAP results to the GAAP results is provided in the "Reconciliation of GAAP Income from Continuing Operations to Non-GAAP Income from Continuing Operations" and "Reconciliation of GAAP Book Value Per Share to Non-GAAP Adjusted Book Value Per Share" schedules below. About Independence Holding Company
Revenues increased 13% to $100,599,000 for the three months ended June 30, 2009, compared to revenues for the three months ended June 30, 2008 of $89,318,000. Revenues increased 3% to $199,970,000 for the six months ended June 30, 2009, compared to revenues for the six months ended June 30, 2008 of $193,736,000. zdqrypj0825 Chief Executive Officer's Comments
Roy Thung, Chief Executive Officer, commented, "Our operating income was adversely impacted by unexpectedly large health claims and unusually large legal and other expenses in connection with employment matters and the closing of a branch office. As a result of recessionary pressures and tighter underwriting guidelines, our premiums have decreased 6.0% for the first six months of 2009 compared to the first six months of 2008. In response to the decrease in premiums, we have initiated significant cost reductions in the fully insured division, which will be largely realized beginning in 2010." Mr. Thung continued, "Even in the current challenging economy, our financial condition remains strong. Our insurance companies' statutory surplus at June 30, 2009 is at an all-time high. The Company recorded an increase in book value per share to $12.70 at June 30, 2009 from $10.56 at December 31, 2008, primarily as a result of a reduction in unrealized losses due to mark-to-market accounting on our available-for-sale securities. The adjusted book value per share(2) was $14.49 at June 30, 2009." Non-GAAP Financial Measures
The Company provides non-GAAP financial measures to complement its consolidated financial shanghai escort girl statements presented in accordance with GAAP: (i) Operating income is income from continuing operations net of losses attributable to non-controlling interests and excluding net realized gains or losses, net of applicable income taxes, (ii) Operating income per share is operating income (loss) on a per share basis, and (iii) Adjusted book value per share represents IHC's book value per share excluding the per share value of net unrealized investment gains and losses (per SFAS 115), after taxes. These non-GAAP financial measures are intended to supplement the user's overall understanding of the Company's current financial performance and its prospects for the future. Specifically, the Company believes the non-GAAP results provide useful information to both management and investors by excluding realized gains or losses, net of taxes, that, when excluded from the GAAP results, may provide additional understanding of the Company's core operating results or business performance. However, these non-GAAP financial measures are not intended to supersede or replace the Company's GAAP results. A reconciliation of the non-GAAP results to the GAAP results is provided in the "Reconciliation of GAAP Income from Continuing Operations to Non-GAAP Income from Continuing Operations" and "Reconciliation of GAAP Book Value Per Share to Non-GAAP Adjusted Book Value Per Share" schedules below. About Independence Holding Company
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