UTG, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 11, 2022 at 03:46 am IST
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UTG, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 16.7 million compared to negative revenue of USD 5.46 million a year ago. Net income was USD 8.05 million compared to net loss of USD 9.01 million a year ago. Basic earnings per share from continuing operations was USD 2.54 compared to basic loss per share from continuing operations of USD 2.84 a year ago. Diluted earnings per share from continuing operations was USD 2.54 compared to diluted loss per share from continuing operations of USD 2.84 a year ago.
For the nine months, revenue was USD 40.92 million compared to USD 26.48 million a year ago. Net income was USD 16.48 million compared to USD 6.96 million a year ago. Basic earnings per share from continuing operations was USD 5.2 compared to USD 2.19 a year ago. Diluted earnings per share from continuing operations was USD 5.2 compared to USD 2.19 a year ago.
UTG, Inc. is an insurance holding company. The Company is engaged in the business of individual life insurance, which includes the servicing of existing insurance business in-force, the acquisition of other companies in the insurance business, and the administration and processing of life insurance business for other entities. It operates through its subsidiary Universal Guaranty Life Insurance Company (UG). UGâs product portfolio consists of a limited number of life insurance product offerings. All the products are individual life insurance products, with design variations from each other to provide choices to the customer. Its Tradition policy is a fixed premium whole life insurance policy. Its annuity product is a five-year, single premium product. The Companyâs investment real estate portfolio includes ownership in oil and gas royalties. Its investment portfolio consists of fixed maturities, equity securities, trading securities, mortgage loans, notes receivable and real estate.