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American Independence Q3 net income rises

American Independence has reported a net income of $0.6m, or $0.07 per diluted share for the third quarter of 2010, compared to $0.2m or $.06 per diluted share, for the same quarter of 2009.

Total revenues for the third quarter of 2010 were $21.8m, compared to $25.7m for the same period of 2009.

Net income decreased to $1.9m, or $0.23 diluted per share, for the first nine months of 2010, compared to $2.1m, or $0.25 diluted per share, for the same period of 2009.

Revenues decreased to $68.4m for the first nine months of 2010, compared to $79.2m for corresponding peroid of 2009, primarily due to a reduction of premiums.

American Independence CEO Roy Thung said, the company is gratified with the improved operating earnings for the third quarter of 2010 of $1.1m or $0.13 per share from $0.6m or $0.07 per share for the comparable period of 2009.

Our financial condition and balance sheet remain strong. We have no debt, $274 million of federal net operating loss carryforwards, and have grown our book value to $11.00 per share at September 30, 2010 from $10.46 per share at December 31, 2009, Thung said.