Long term care insurance has not performed well this year for Universal American Financial Corp., Rye Brook, NY, as the company's second quarter results show that revenue in the line is down among affiliates.
The company says that long term care affiliated revenue decreased in the quarter to $673,000 from $712,000 a year ago. A company representative during a conference call today said that, "LTC will show some volatility over time."
The company does report profits thus far as they have $18.65 million in net income for the latest quarter on $204.9 million in revenue, up from $13.05 million in net income on $146.6 million in revenue for the second quarter of 2004.
