BISYS said the soft market affected its insurance wholesale business as the company reported a 17 percent decline in its insurance services segment for the first half of the fiscal year after the release of its second-quarter earnings report.
As a whole, the company reported net income was down 36 percent, or $8 million, in the quarter from $22 million to $14 million. Earnings per share dropped from 19 cents to 12 cents. Revenues increased 7 percent, or $14 million, going from $207 million to $221 million.
The Roseland, N.J.-based investment and insurance services provider reported insurance services dropped $3.4 million for the three months ending Dec. 31, from $19.9 million to $16.5 million. Insurance services revenues rose 1 percent in the period, or $713,000, from $64.5 million to $65.2 million.
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