Unico American’s Earnings Triple in Quarter
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Unico American Corp. of Woodland Hills reported its earnings tripled in its fiscal second quarter and it reversed a year-earlier loss in the six months ended Sept. 30.
The property, casualty, health and life insurer had a net income of $1.04 million in its fiscal second quarter, in contrast with a $335,000 profit a year before. Its revenue rose 33%, to $8.12 million from $6.11 million.
The company said its improved performance in the latest quarter was due to increases in its commercial liability and property insurance lines, new operations in Washington state and new products.
For the latest six months, Unico earned $1.92 million, while its revenue rose 24% to $15.3 million. In the comparable year-ago period, the company lost $8.23 million on $12.3 million in revenue, due to claims stemming from the April, 1992, Los Angeles riots.
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