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American Independence Corp. Announces 2014 First-Quarter Results

American Independence Corp. Announces 2014 First-Quarter Results  NEW YORK, May 8, 2014 (GLOBE NEWSWIRE) -- American Independence Corp. (Nasdaq:AMIC) today reported 2014 first-quarter results.  Financial Results  AMIC reported net income of $0.8 million ($.09 per diluted share) for the three months ended March 31, 2014 compared to $0.7 million ($.09 per diluted share) for the three months ended March 31, 2013.  Revenues increased to $43.1 million for the three months ended March 31, 2014 compared to revenues of $35.4 million for the three months ended March 31, 2013, primarily due to an increase in premiums and agency income.  Chief Executive Officer's Comments  Roy Thung, Chief Executive Officer, commented, "Earned premium for medical stop-loss, our largest line, grew substantially over the same quarter of last year. This growth is being driven by the business IHC Risk Solutions writes on a direct basis. We attribute the growth in our direct distribution to our enhanced sales force, focused underwriting and employer groups moving from fully insured to self-funding as they consider alternatives as a result of health care reform. Business written on a direct basis performed very profitably, but overall performance of the stop-loss line was impacted due to two non-owned MGU programs, both of which were terminated during 2013. We expect continued growth of business written as evidenced by the 30% growth in our direct business written for the twelve months ended April 30, 2014. We are also encouraged by the growth in our pet insurance and non-subscriber occupational accident lines, and we anticipate growth in premiums to continue throughout 2014. Our financial condition and balance sheet remain strong. We have no debt and have grown our book value to $12.94 per share at March 31, 2014 from $12.68 per share at December 31, 2013."  About American Independence Corp.  AMIC, through Independence American Insurance Company and its other subsidiaries, offers pet insurance, non-subscriber occupational accident, international coverages, small-group major medical and short-term medical.AMIC provides to the individual and self-employed markets health insurance and related products, which are distributed through its subsidiaries IPA Family, LLC,, LLC, IHC Specialty Benefits, Inc., and IPA Direct, LLC.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 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 and 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)                                                                                                                      Three Months Ended                                                           March 31,                                                           2014      2013                                                                     Premiums earned                                            $ 32,484 $ 29,996 Fee and agency income                                      9,976    4,247 Net investment income                                      536      504 Net realized investment gains                              48       540 Other income                                               43       73                                                                     Revenues                                                   43,087   35,360                                                                     Insurance benefits, claims and reserves                    21,786   21,233 Selling, general and administrative expenses               19,649   12,604 Amortization and depreciation                              237      228                                                                     Expenses                                                   41,672   34,065                                                                     Income before income tax                                   1,415    1,295 Provision for income taxes                                 409      372                                                                     Net income                                                 1,006    923 Less: Net income attributable to the non-controlling       (240)     (232) interest                                                                     Net income attributable to American Independence Corp.     $ 766    $ 691                                                                     Basic income per common share:                                       Net income attributable to                                           American Independence Corp. common stockholders            $ .09    $ .09                                                                     Weighted-average shares outstanding                        8,073    8,086                                                                     Diluted income per common share:                                     Net income attributable to                                           American Independence Corp. common stockholders            $ .09    $ .09                                                                     Weighted-average diluted shares outstanding                8,098    8,086    American Independence Corp. Condensed Consolidated Balance Sheets (In thousands, except per share data)                                                                                                                        March 31,  December 31, ASSETS:                                                2014       2013 Investments:                                                      Securities purchased under agreements to resell        $ 2,049   $ 3,563 Trading securities                                     1,207     859 Fixed maturities available-for-sale, at fair value     72,232    68,222 Equity securities available-for-sale, at fair value    1,002     988                                                                  Total investments                                      76,490    73,632                                                                  Cash and cash equivalents                              3,140     4,424 Restricted cash                                        14,693    10,067 Accrued investment income                              665       604 Premiums receivable                                    14,915    14,364 Net deferred tax asset                                 10,850    11,248 Due from reinsurers                                    6,507     7,549 Goodwill                                               23,561    23,561 Intangible assets                                      2,138     2,336 Accrued fee income                                     2,818     2,332 Due from securities brokers                            154       172 Other assets                                           24,040    18,105                                                                  TOTAL ASSETS                                           $ 179,971 $ 168,394                                                                  LIABILITIES AND STOCKHOLDERS' EQUITY:                             LIABILITIES:                                                      Policy benefits and claims                             $ 34,806  $ 35,252 Premium and claim funds payable                        14,693    10,067 Commission payable                                     6,430     5,455 Accounts payable, accruals and other liabilities       17,145    13,250 State income taxes payable                             535       544 Due to securities brokers                              98        45 Due to reinsurers                                      1,553     1,177                                                                  Total liabilities                                      75,260    65,790                                                                  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;     92        92 8,072,548 shares outstanding, respectively Additional paid-in capital                             479,493   479,481 Accumulated other comprehensive loss                   (845)      (2,152) Treasury stock, at cost, 1,109,245 shares,             (10,305)   (10,305) respectively Accumulated deficit                                    (363,977)  (364,730) Total American Independence Corp. stockholders' equity 104,458   102,386 Non-controlling interest in subsidiaries               253       218 Total equity                                           104,711   102,604 TOTAL LIABILITIES AND EQUITY                           $ 179,971 $ 168,394  CONTACT: ADAM C. VANDERVOORT          (646) 509-2156  
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