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American Independence Corp. Announces 2013 Second-Quarter and Six-Month Results



American Independence Corp. Announces 2013 Second-Quarter and Six-Month
Results

NEW YORK, Aug. 7, 2013 (GLOBE NEWSWIRE) -- American Independence Corp.
(Nasdaq:AMIC) today reported 2013 second-quarter and six-month results.

Financial Results

Net income attributable to AMIC increased to $1.5 million ($.19 per share,
diluted), for the three months ended June 30, 2013 compared to $0.3 million
($.04 per share, diluted), for the three months ended June 30, 2012. Revenues
increased to $37.4 million for the three months ended June 30, 2013 compared
to revenues of $23.5 million for the three months ended June 30, 2012,
primarily due to an increase in premiums.

Net income attributable to AMIC increased to $2.2 million ($.27 per share,
diluted), for the six months ended June 30, 2013 compared to $1.4 million
($.17 per share, diluted), for the six months ended June 30, 2012. Revenues
increased to $72.7 million for the six months ended June 30, 2013 compared to
revenues of $45.7 million for the six months ended June 30, 2012, primarily
due to an increase in premiums.

Chief Executive Officer's Comments

Roy Thung, Chief Executive Officer, commented, "Earned premium for our medical
stop-loss for the second quarter grew 22% over the same quarter last year,
driven by annual growth rates at IHC Risk Solutions of 28% in our
direct-written business. Profitability of this line of business continues at
expected levels. We see a significant portion of this growth arising from
employer groups moving from fully insured to self-funding as they consider
their alternatives as a result of changes being brought about by health care
reform. We expect a continuation of these trends through the remainder of this
year and into 2014. Our financial condition and balance sheet remain
strong. We have no debt and have grown our book value to $12.67 per share at
June 30, 2013 from $12.59 per share at December 31, 2012."

About American Independence Corp.

AMIC, through Independence American Insurance Company and its other
subsidiaries, offers major medical for individuals and families, medical
stop-loss, small group major medical, short-term medical, various supplemental
products, pet insurance, and non-subscriber occupational accident and
international coverages. AMIC provides to the individual and self-employed
markets health insurance and related products, which are distributed through
its subsidiaries, IPA Family, LLC, healthinsurance.org, LLC, and IHC Specialty
Benefits, Inc. AMIC markets medical stop-loss through its marketing and
administrative company IHC Risk Solutions, LLC.

Certain statements in this news 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 which 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 or earnings guidance, and does not undertake to provide any such
guidance in the future.  

American Independence Corp.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
 
                                       Three Months Ended  Six Months Ended
                                       June 30,            June 30,
                                       2013      2012      2013      2012
                                                                      
Premiums earned                        $ 31,618  $ 19,334  $ 61,614  $ 37,791 
Fee and agency income                  4,688     3,739     8,935     6,867 
Net investment income                  501       500       1,005     996 
Net realized investment gains          387       44        927       170 
Other-than-temporary impairment losses --        (189)     --        (189)
Other income                           179       47        252       74 
                                                                      
Revenues                               37,373    23,475    72,733    45,709 
                                                                      
Insurance benefits, claims and         20,194    14,266    41,427    25,957 
reserves
Selling, general and administrative    14,397    8,417     27,001    17,010 
expenses
Amortization and depreciation          256       45        484       90 
                                                                      
Expenses                               34,847    22,728    68,912    43,057 
                                                                      
Income before income tax               2,526     747       3,821     2,652 
Provision for income taxes             821       196       1,193     804 
                                                                      
Net income                             1,705     551       2,628     1,848 
Less: Net income attributable to the   (201)     (242)     (433)     (420)
non-controlling interest
                                                                      
Net income attributable to American    $ 1,504   $ 309     $ 2,195   $ 1,428 
Independence Corp.
                                                                      
Basic income per common share:                                        
Net income attributable to American    $ .19     $ .04     $ .27     $ .17 
Independence Corp. common stockholders
                                                                      
Weighted-average shares outstanding    8,073     8,272     8,079     8,272 
                                                                      
Diluted income per common share:                                      
Net income attributable to American    $ .19     $ .04     $ .27     $ .17 
Independence Corp. common stockholders
                                                                      
Weighted-average diluted shares        8,076     8,272     8,079     8,272 
outstanding

 
 
American Independence Corp.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
 
                                                      June 30,     
                                                      2013        December 31,
ASSETS:                                               (Unaudited) 2012
Investments:                                                       
Securities purchased under agreements to resell       $ 5,288     $ 5,234 
Trading securities                                    1,066       1,056 
Fixed maturities available-for-sale, at fair value    67,129      58,329 
Equity securities available-for-sale, at fair value   997         2,507 
                                                                   
Total investments                                     74,480      67,126 
                                                                   
Cash and cash equivalents                             1,152       4,576 
Restricted cash                                       10,554      13,321 
Accrued investment income                             601         755 
Premiums receivable                                   17,267      10,387 
Net deferred tax asset                                11,891      13,024 
Due from reinsurers                                   6,672       6,307 
Goodwill                                              23,561      23,561 
Intangible assets                                     2,752       3,379 
Accrued fee income                                    2,459       3,122 
Due from securities brokers                           112         61 
Other assets                                          12,888      13,364 
                                                                   
TOTAL ASSETS                                          $ 164,389   $ 158,983 
                                                                   
LIABILITIES AND STOCKHOLDERS' EQUITY:                              
LIABILITIES:                                                       
Insurance reserves                                    $ 34,218    $ 24,993 
Premium and claim funds payable                       10,554      13,321 
Commission payable                                    5,837       4,329 
Accounts payable, accruals and other liabilities      9,602       10,118 
State income taxes payable                            555         545 
Due to securities brokers                             171         22 
Due to reinsurers                                     1,019       1,431 
                                                                   
Total liabilities                                     61,956      54,759 
                                                                   
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;                                           92          92 
9,181,793 shares issued, respectively; 8,072,548 and
8,272,332 shares outstanding, respectively
Additional paid-in capital                            479,456     479,451 
Accumulated other comprehensive income (loss)         (1,030)     1,829 
Treasury stock, at cost, 1,109,245 shares and 909,461 (10,305)    (9,107)
shares, respectively
Accumulated deficit                                   (365,915)   (368,113)
Total American Independence Corp. stockholders'       102,298     104,152 
equity
Non-controlling interest in subsidiaries              135         72 
Total equity                                          102,433     104,224 
TOTAL LIABILITIES AND EQUITY                          $ 164,389   $ 158,983 

CONTACT: DAVID T. KETTIG
         (212) 355-4141 Ext. 3047
         www.americanindependencecorp.com
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