Universal American Reports Higher Second Quarter Net Income

NU Online News Service, Aug. 14, 11:35 a.m. – Universal American Financial Corp., Rye Brook, N.Y., is reporting $6.1 million in net income for the second quarter on $75 million in revenue, up from $5.6 million in net income on $72 million in revenue for the second quarter of 2000.

Revenue growth was slow because Universal American is in the process of canceling near all of its individual major medical policies, the company says.

But sales of products sold through career agents and sales of products aimed at older consumers were strong, and revenue for products other than individual major medical products grew about 13%, the company says.