U.S. Markets close in 1 hr 58 mins

Independence Holding Company (IHC)

NYSE - Nasdaq Real Time Price. Currency in USD
Add to watchlist
43.54+0.12 (+0.28%)
As of 3:57PM EDT. Market open.
Full screen
Trade prices are not sourced from all markets
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Neutralpattern detected
Previous Close43.42
Open43.77
Bid43.51 x 1100
Ask44.00 x 1000
Day's Range43.54 - 44.06
52 Week Range24.27 - 44.15
Volume2,004
Avg. Volume7,938
Market Cap637.399M
Beta (5Y Monthly)0.85
PE Ratio (TTM)34.02
EPS (TTM)1.28
Earnings DateAug 04, 2021 - Aug 09, 2021
Forward Dividend & Yield0.44 (0.98%)
Ex-Dividend DateDec 23, 2020
1y Target EstN/A
  • GlobeNewswire

    Independence Holding Company Announces 2021 First-Quarter Results

    STAMFORD, Conn., May 06, 2021 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE: IHC) today reported 2021 first-quarter results. Financial Results Net income attributable to IHC was $5,621,000, or $.38 per share, diluted, for the three months ended March 31, 2021 compared to $4,278,000, or $.29 per share, diluted, for the three months ended March 31, 2020. The Company reported revenues of $124,657,000 for the three months ended March 31, 2021 compared to revenues for the three months ended March 31, 2020 of $103,997,000. The increase in revenues primarily relates to an increase for the Paid Family Leave (“PFL”) portion of our New York disability law (“DBL”) business, higher premium volume in our pet insurance business and an increase in sales of insurance products (primarily senior products, Affordable Care Act (“ACA”) plans and small group stop-loss) by the IHC agencies for multiple unaffiliated insurance carriers. Chief Executive Officer’s Comments Roy T. K. Thung, Chief Executive Officer, commented, “We are pleased with the increases in net income and revenues for the first quarter of 2021, primarily attributable to the performance of our DBL/PFL line of business as referenced above. Partially offsetting these positive results, we are experiencing a sharp drop in short term medical sales due to changes in the ACA, including the extended Special Enrollment Period for ACA coverage and the increased Advanced Premium Tax Credits, also known as subsidies, which have made ACA plans more affordable for many people who in the past may have elected short term medical. The Company expects weak sales in short term medical to continue. In addition, the group life incidence rate was higher than expected in the first quarter due to COVID-19 reported deaths, but subsequent to March 31st the death rates have returned to normal.” Mr. Thung added, “IHC has a very strong balance sheet with no indebtedness and a very substantial amount of free cash at the corporate level and significant excess capital in our insurance companies. Our book value was $32.36 per share at March 31, 2021. Our overall investment portfolio continues to be very highly rated (on average, AA) and has an effective duration of under three years.” About Independence Holding Company Through our subsidiaries, Independence Holding Company (NYSE: IHC) underwrites and distributes health, group disability and life, New York State DBL and paid family leave, and pet insurance. IHC underwrites policies in all 50 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands through our three carriers: Independence American Insurance Company, Standard Security Life Insurance Company of New York (“Standard Security Life”) and Madison National Life Insurance Company, Inc. We also distribute products nationally through multiple channels, including our agencies, call centers, advisors, direct and affinity relationships, Web Broker, and web properties, including www.healthedeals.com; www.healthinsurance.org; www.medicareresources.org; www.petplace.com; and www.mypetinsurance.com. As previously announced, IHC recently entered into a stock purchase agreement to sell all of the issued and outstanding capital stock of Standard Security Life. To learn more, visit https://ihcgroup.com/. Forward-looking Statements Certain statements and information contained in this release may be considered “forward-looking statements,” such as statements relating to management’s views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the markets in which IHC operates, new federal or state governmental regulation, IHC’s ability to effectively operate, integrate and leverage any past or future strategic acquisition, and other factors which can be found in IHC’s other news releases and filings with the Securities and Exchange Commission. IHC expressly disclaims any duty to update its forward-looking statements unless required by applicable law. INDEPENDENCE HOLDING COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOMEMarch 31, 2021 (In Thousands, Except Shares and Per Share Data) Three Months Ended March 31, 2021 2020REVENUES: Premiums earned$115,141$96,050 Net investment income 2,592 3,240 Fee income 6,356 3,942 Other income 353 477 Net investment gains 215 288 124,657 103,997 EXPENSES: Insurance benefits, claims and reserves 67,378 54,058 Selling, general and administrative expenses 50,420 44,574 117,798 98,632 Income before income taxes 6,859 5,365 Income taxes 1,293 1,043 Net income 5,566 4,322 (Income) loss from noncontrolling interests 55 (44) NET INCOME ATTRIBUTABLE TO IHC$5,621$4,278 Basic income per common share$.38$.29 WEIGHTED AVERAGE SHARES OUTSTANDING 14,641 14,856 Diluted income per common share$.38$.29 WEIGHTED AVERAGE DILUTED SHARES OUTSTANDING 14,778 14,911 As of May 6, 2021, there were 14,639,449 common shares outstanding, net of treasury shares. INDEPENDENCE HOLDING COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS(In Thousands) March 31, December 31, 2021 2020 ASSETS: Investments: Short-term investments $1,559 $2,634 Securities purchased under agreements to resell 145,392 49,990 Fixed maturities, available-for-sale 390,942 406,649 Equity securities 2,671 6,119 Other investments 10,768 8,238 Total investments 551,332 473,630 Cash and cash equivalents 22,123 72,089 Due and unpaid premiums 40,688 29,182 Due from reinsurers 357,053 357,205 Goodwill 74,900 74,900 Other assets 78,876 76,150 TOTAL ASSETS $1,124,972 $1,083,156 LIABILITIES AND STOCKHOLDERS’ EQUITY: LIABILITIES: Policy benefits and claims $193,282 $179,232 Future policy benefits 196,439 198,086 Funds on deposit 141,891 141,376 Unearned premiums 43,798 12,789 Other policyholders’ funds 11,920 12,001 Due to reinsurers 2,634 3,872 Accounts payable, accruals and other liabilities 58,961 63,682 TOTAL LIABILITIES 648,925 611,038 Commitments and contingencies Redeemable noncontrolling interest 2,258 2,312 STOCKHOLDERS’ EQUITY: Preferred stock (none issued) - - Common stock 18,625 18,625 Paid-in capital 125,189 124,757 Accumulated other comprehensive income 2,268 4,197 Treasury stock, at cost (77,228) (77,088) Retained earnings 404,894 399,273 TOTAL IHC STOCKHOLDERS’ EQUITY 473,748 469,764 NONREDEEMABLE NONCONTROLLING INTERESTS 41 42 TOTAL EQUITY 473,789 469,806 TOTAL LIABILITIES AND EQUITY $1,124,972 $1,083,156 CONTACT: Loan Nisser(646) 509-2107www.IHCGroup.com

  • GlobeNewswire

    CORRECTION - IHC Announces Agreement to Sell Standard Security Life Insurance Company of New York to Reliance Standard

    STAMFORD, Conn., April 20, 2021 (GLOBE NEWSWIRE) -- In a release issued under the same headline on Thursday, April 15 by Independence Holding Company (NYSE: IHC), please be advised that the paragraph under About Independence Holding Company has been updated. The corrected release follows: Independence Holding Company (NYSE: IHC) today reported its agreement to sell Standard Security Life Insurance Company of New York to Reliance Standard Life Insurance Company, a member of the Tokio Marine Group. On April 14, 2021, Independence Holding Company (NYSE:IHC) (“IHC”) and its wholly owned subsidiary Independence Capital Corp. (“ICC”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Reliance Standard Life Insurance Company (“Reliance Standard”) to sell all of the issued and outstanding capital stock of Standard Security Life Insurance Company of New York, an insurance company domiciled in the State of New York and wholly owned subsidiary of ICC (“Standard Security”), for an aggregate purchase price of $180 million in cash. In addition, in accordance with the Purchase Agreement, at closing, Standard Security will make a dividend to ICC in an amount equal to the excess of the aggregate statutory capital and surplus of Standard Security as of the closing date over $53 million. Standard Security had statutory capital and surplus of $64.6 million at December 31, 2020. The closing of the transaction, the closing dividend and certain other items are subject to customary closing conditions including applicable regulatory approvals, one of which is the approval of the New York State Department of Financial Services. Raymond James & Associates acted as financial advisor to IHC and both Dentons and Clifford Chance provided external legal counsel in connection with this transaction. About Independence Holding Company Through our subsidiaries, Independence Holding Company (NYSE: IHC) underwrites and distributes health, group disability and life, New York State DBL and paid family leave, and pet insurance. IHC underwrites policies in all 50 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands through our three carriers: Independence American Insurance Company, Standard Security Life Insurance Company of New York and Madison National Life Insurance Company, Inc. We also distribute products nationally through multiple channels, including our agencies, call centers, advisors, direct and affinity relationships, Web Broker, and web properties, including www.healthedeals.com; www.healthinsurance.org; www.medicareresources.org; www.petplace.com; and www.mypetinsurance.com. To learn more visit https://ihcgroup.com/. Forward-looking Statements Certain statements and information contained in this release may be considered “forward-looking statements,” such as statements relating to management's views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the markets in which IHC operates, new federal or state governmental regulation, IHC’s ability to effectively operate, integrate and leverage any past or future strategic acquisition, and other factors which can be found in IHC’s other news releases and filings with the Securities and Exchange Commission. IHC expressly disclaims any duty to update its forward-looking statements unless required by applicable law. CONTACT: Loan Nisser (203) 358-8000www.IHCGroup.com

  • Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer
    Business Wire

    Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer

    Reliance Standard Life Insurance Company has agreed to acquire Standard Security Life Insurance Company of New York, a leading DBL insurance carrier.