UTG, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 11, 2023 at 12:59 pm EDT
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UTG, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 6.37 million compared to USD 5.26 million a year ago. Net income was USD 0.07966 million compared to net loss of USD 0.765206 million a year ago. Basic earnings per share from continuing operations was USD 0.03 compared to basic loss per share from continuing operations of USD 0.24 a year ago. Diluted earnings per share from continuing operations was USD 0.03 compared to diluted loss per share from continuing operations of USD 0.24 a year ago.
For the six months, revenue was USD 3.34 million compared to USD 24.22 million a year ago. Net loss was USD 6.86 million compared to net income of USD 8.43 million a year ago. Basic loss per share from continuing operations was USD 2.15 compared to basic earnings per share from continuing operations of USD 2.66 a year ago. Diluted loss per share from continuing operations was USD 2.15 compared to diluted earnings per share from continuing operations of USD 2.66 a year ago.
UTG, Inc. is an insurance holding company. The Company is engaged in the business of individual life insurance, which includes the servicing of existing insurance business in-force, the acquisition of other companies in the insurance business, and the administration and processing of life insurance business for other entities. It operates through its subsidiary Universal Guaranty Life Insurance Company (UG). UGâs product portfolio consists of a limited number of life insurance product offerings. All the products are individual life insurance products, with design variations from each other to provide choices to the customer. Its Tradition policy is a fixed premium whole life insurance policy. Its annuity product is a five-year, single premium product. The Companyâs investment real estate portfolio includes ownership in oil and gas royalties. Its investment portfolio consists of fixed maturities, equity securities, trading securities, mortgage loans, notes receivable and real estate.
UTG, INC. 
