Unico American Corp. Reports $1.1M in Q1 Net Revenue

Woodland Hills, Calif.-based Unico American Corp. announced its revenue for the three months ended March 31, 2011, was $8.6 million and net income was $1.1 million, compared with revenue of $9.9 million and net income of $0.5 million for the three months ended March 31, 2010.

As of March 31, 2011, the company had cash and investments (at amortized cost) of $128.3 million. $122.4 million, or 95 percent of these investments were fixed maturity investments, and 78 percent of those fixed maturity investments were U.S. treasury securities.

Stockholders’ equity was $74.1 million as of March 31, 2011, or $13.89 per common share including unrealized after-tax investment gains of $1.9 million, compared to stockholders’ equity of $73.4 million as of December 31, 2010, or $13.75 per common share including unrealized after-tax investment gains of $2.3 million.

Unico is an insurance holding company that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty, and health insurance through its agency subsidiaries; and through its other subsidiaries provides insurance premium financing and membership association services. Unico has conducted the majority of its operations through its subsidiary Crusader Insurance Co. since 1985.

Topics Profit Loss