NEW YORK, June 06, 2016 (GLOBE NEWSWIRE) -- American Independence Corp. (NASDAQ:AMIC) today reported 2015 fourth-quarter and annual results.  As a result of the delay in reporting these results, AMIC is currently working on its 2016 first-quarter results.

Financial Results

AMIC reported net income of $0.3 million ($.03 per diluted share) for the three months ended December 31, 2015 compared to $2.1 million ($.26 per diluted share) for the three months ended December 31, 2014.  AMIC reported net income of $3.5 million ($.44 per diluted share) for the twelve months ended December 31, 2015 compared to $5.3 million ($.65 per diluted share) for the twelve months ended December 31, 2014.  Income excluding taxes for the 2014 fourth quarter and year was positively impacted by an increase of $2.5 million in the deferred tax asset related to our federal net operating loss carryforward, with no corresponding amount in 2015.

Revenues increased to $47.4 million for the three months ended December 31, 2015 compared to revenues of $40.6 million for the three months ended December 31, 2014, primarily due to an increase in premiums, agency income and fee income.  Revenues increased to $183.3 million for the twelve months ended December 31, 2015 compared to revenues of $164.9 million for the twelve months ended December 31, 2014, primarily due to an increase in premiums and fee income, offset by a decrease in agency income and realized gains. 

Chief Executive Officer’s Comments

Roy T. K. Thung, Chief Executive Officer, commented, “Our financial condition and balance sheet remain strong.  We have grown our book value to $12.85 per share at December 31, 2015 from $12.39 per share at December 31, 2014.  As previously announced, AMIC completed the sale of IHC Risk Solutions LLC and the stop-loss business it produced on March 31, 2016 and realized an after tax gain of approximately $114 million.  This gain will further increase our book value per share from the December 31, 2015 value.  AMIC is now re-positioning itself as a specialty health and pet insurance underwriter and sales and marketing company, and will focus on the growth of these lines of business in 2016 and beyond.”

About American Independence Corp.

American Independence Corp. (AMIC) is a holding company principally engaged in health insurance and reinsurance.  It provides specialized health coverage and related services to commercial customers and individuals.  Through Independence American Insurance Company and its other subsidiaries, it offers non-subscriber occupational accident, pet insurance, short-term medical, vision, dental and various supplemental products.  Through its subsidiaries IHC Specialty Benefits, Inc. (including through www.healthedeals.com and www.aspiraAmas.com), IPA Direct, LLC and IPA Family, LLC, AMIC markets products underwritten by its affiliated companies and various products (including ACA plans and medical stop-loss) on behalf of unaffiliated carriers.

Forward-Looking Statements

Certain statements and information contained in this release may be considered “forward-looking statements,” such as statements relating to management's views with respect to future events and financial performance.  Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements.  Potential risks and uncertainties include, but are not limited to, economic conditions in the markets in which AMIC operates, new federal or state governmental regulation, AMIC’s ability to effectively operate, integrate and leverage any past or future strategic acquisition, and other factors which can be found in AMIC’s other news releases and filings with the Securities and Exchange Commission.  AMIC expressly disclaims any duty to update its forward-looking statements unless required by applicable law.

     
American Independence Corp.
Consolidated Statements of Income
(In thousands, except per share data)
     
  Three Months Ended Twelve Months Ended
  December 31, December 31,
   2015   2014   2015   2014 
         
Premiums earned$ 37,925 $ 33,551 $ 148,803 $ 133,606 
Fee and agency income  8,520   6,437   30,963   27,918 
Net investment income  551   557   2,247   2,202 
Net realized investment gains  70   104   260   967 
Other income (loss)  302   (37)  993   183 
         
 Revenues  47,368   40,612   183,266   164,876 
         
Insurance benefits, claims and reserves  25,286   24,875   98,741   88,887 
Selling, general and administrative expenses  20,477   16,049   76,410   69,752 
Amortization and depreciation  477   412   1,605   1,692 
         
 Expenses  46,240   41,336   176,756   160,331 
         
Income (loss) before income tax  1,128   (724)  6,510   4,545 
Provision (benefit) for income taxes  658   (2,790)  2,695   (802)
         
Net income  470   2,066   3,815   5,347 
 Less: Net (income) loss attributable to the non-controlling interest  (191)  28   (286)  (97)
         
Net income attributable to American Independence Corp.$ 279 $ 2,094 $ 3,529 $ 5,250 
         
Basic income per common share:        
 Net income attributable to        
  American Independence Corp. common stockholders$.03  $.26  $.44  $.65  
         
Weighted-average shares outstanding  8,088   8,079   8,082   8,077 
         
Diluted income per common share:        
 Net income attributable to        
  American Independence Corp. common stockholders$.03  $.26  $.44  $.65  
         
Weighted-average diluted shares outstanding  8,094   8,093   8,094   8,103 
 
As of June 1, 2016, there were 8,118,551 common shares outstanding, net of treasury shares.


 
American Independence Corp.
Consolidated Balance Sheets
(In thousands, except per share data)
      
  December 31,  December 31,
ASSETS:  2015    2014 
 Investments:     
 Securities purchased under agreements to resell$ 4,595   $ 3,143  
 Trading securities  -     1,138  
 Fixed maturities available-for-sale, at fair value  84,933     73,608  
 Equity securities available-for-sale, at fair value  2,594     1,013  
      
 Total investments  92,122     78,902  
      
 Cash and cash equivalents  5,765     4,569  
 Restricted cash  21,735     18,881  
 Accrued investment income  733     652  
 Premiums receivable  16,654     13,257  
 Net deferred tax asset  16,215     19,977  
 Due from reinsurers  4,950     5,532  
 Goodwill  5,703     -  
 Intangible assets  14,113     9,915  
 Accrued fee income  5,307     4,469  
 Due from securities brokers  1,051     293  
 Other assets  12,626     17,247  
      
 TOTAL ASSETS$ 196,974   $ 173,694  
      
LIABILITIES AND STOCKHOLDERS’ EQUITY:     
 LIABILITIES:     
 Policy benefits and claims$ 43,764   $ 33,616  
 Premium and claim funds payable  21,735     18,881  
 Commission payable  6,302     4,672  
 Accounts payable, accruals and other liabilities  14,686     11,283  
 Debt  3,189     -  
 Due to securities brokers  -     58  
 Due to reinsurers  100     2,334  
      
 Total liabilities  89,776     70,844  
       
STOCKHOLDERS’ EQUITY:     
 American Independence Corp. stockholders’ equity:     
  Preferred stock, $0.10 par value, 1,000 shares designated; no shares issued     
    and outstanding  -     -  
  Common stock, $0.01 par value, 15,000,000 shares authorized; 9,181,793 shares     
    issued, respectively; 8,088,105 and 8,079,215 shares outstanding, respectively  92     92  
  Additional paid-in capital  88,637     88,256  
  Accumulated other comprehensive loss  (197)   (154)
  Treasury stock, at cost, 1,093,688 and 1,102,578 shares, respectively  (10,161)   (10,243)
  Retained earnings  25,549     22,139  
  Total American Independence Corp. stockholders’ equity  103,920     100,090  
 Non-controlling interest in subsidiaries  3,278     2,760  
  Total equity  107,198     102,850  
  TOTAL LIABILITIES AND EQUITY$ 196,974   $ 173,694  


CONTACT: LOAN NISSER
(646) 509-2107
www.americanindependencecorp.com