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Universal American Q4 earnings increase

Universal American reported a net income of $63.9m for Q4 08 compared to $30.3m for Q4 07

Universal American Corporation, a provider of health insurance and managed care products and services, has reported that its net income was $63.9 million, or $0.75 per share, for the fourth quarter of 2008, compared to $30.3 million, or $0.33 per share, for the fourth quarter of 2007.

Total revenues for the fourth quarter of 2008 increased 12.9% to $1.1 billion, as compared to $974.5 million in the fourth quarter of 2007.

Universal American’s net income for the year 2008 was $95.1 million, or $1.08 per share, compared to $84.1 million, or $1.18 per share, for the year 2007. Total revenues for the year 2008 increased 53.7% to $4.7 billion, as compared to $3.03 billion for the year 2007.

Total assets were $3.9 billion as of December 31, 2008, compared with $4.1 billion at December 31, 2007.

Richard Barasch, chairman and CEO of Universal American, said: 2008 was a challenging year for Universal American. Nevertheless, our core businesses, Medicare Advantage and Part D, posted record results in membership, revenues and earnings, and we believe that we are building the appropriate foundation to prosper in the new legislative and regulatory environment.