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Presidential Life reports Q3 net income of $5.2m

Presidential Life has reported a net income of $5.2m or $0.18 per share for the third quarter of 2012, against a net income of $2.9m or $0.10 per share during the same period last fiscal.

Income before income taxes stood at $7.9m, with an increase of $3.5m from $4.4m during the corresponding period earlier year.

For the quarter period ended on 30 September 2012, its total revenues stood at $62.4m, an increase of 14.1% from $54.7m during the comparable a year ago.

Net income for the nine months was $12.1m or $0.41 per share, versus $24.2m or $0.82 per share for the nine months ended 30 September 2011.

Total revenues for the nine months stood at $179.5m, down by 7.4% from $193.8m during the same period earlier year.

Presidential Life, through its wholly owned subsidiary, delivers individual fixed deferred and immediate annuities, life insurance and accident and health insurance products.