Soft Economy Brings Lower Income for Insurer

Insurance holding company Unico American Corporation reported a lower net income during this year’s first quarter compared to the same period last year. The Woodland Hills-based company reported a net income of $500,000 on sales, or $0.09 per diluted share, on revenues of $9.9 million, for the first quarter ending on March 31. During the same period last year, the company earned $1 million, or $0.18 per diluted share, on revenues of $10.6 million. The company attributed the income loss to decline in sales that resulted from a marketplace that continued to soften during the first quarter. Unico American Corporation anticipates future expansions of products and services will bring improvements to its financial status, according to the statement released by the company. “As the Company continues to work, it is also reducing expenses and deploying new procedures in order to maintain maximum efficiency,” the company said in a statement. Jessica Selva