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Article: American Independence Corp. Announces Net Income for Three Months Ended June 30, 2004.
- Article from:
- Business Wire
- Article date:
- July 29, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- American Independence Corp. (NASDAQ: AMIC) today reported net income of $1.3 million ($.16 per share, diluted), including a provision for income taxes of $.9 million, for the three months ended June 30, 2004 compared to $2.1 million ($.25 per share, diluted), including a provision for income taxes of $.1 million for the three months ended June 30, 2003. The 2004 second quarter was negatively impacted by higher than expected claims from certain of our 2003 medical stop-loss programs. As a result, the loss ratio for the current quarter includes charges to adjust reserves from prior quarters. While management sets reserves based on its best estimate of ultimate ...
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