InsWeb Cuts Operating Loss, Increases Term Life Transaction Revenue

NU Online News Service, July 17, 2003, 1:22 p.m. EST – InsWeb Corp., Sacramento, Calif., lost money during the second quarter, but the Web insurance broker still has $22 million in cash and short-term investments, and it says its term life transaction revenue increased slightly.

InsWeb, which gets the majority of its revenue from auto insurance sales, is reporting a net loss of $1.4 million for the latest quarter on $6.3 million in revenue. Unusual gains helped the company report $3.8 million in net income on $6.3 million in operating revenue for the second quarter of 2002.

But InsWeb has cut its operating loss to $1.5 million, from $5.7 million for the comparable quarter in 2002, and term life transaction revenue increased to $1.2 million, from $1.1 million.