Washington, D.C.-based ULLICO Inc. said a focus on growing diversified products allowed it to post third quarter net income of $2.1 million reversing a $19.4 million loss for the period last year.
The labor owned multi-line holding company had reported non-recurring losses of $22.3 million in the third quarter of 2007. It said this year's pre-tax operating income was $4.6 million compared to $1.9 million in the prior year's quarter.
"The focus and discipline we have established in recent years has allowed ULLICO to substantially avoid the problems paralyzing much of the industry at this time. We have been able to continue to build our diversified portfolio of Labor-focused products without distraction, which in turn is driving accelerated growth in core revenue and profit," said a statement from Mark Singleton, ULLICO, chief executive officer.
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