Exhibit 99.1
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NEWS RELEASE
CONTACT: Lester A. Aaron
Chief Financial Officer
(818) 591-9800
UNICO AMERICAN CORPORATION REPORTS RESULTS
FOR ITS FIRST QUARTER ENDED MARCH 31, 2007
Woodland Hills, California, May 11, 2007 - Unico American Corporation (NASDAQ -
"UNAM") announced today that for its quarter ended March 31, 2007, revenues were
$12,845,975 and net income was $1,688,588 ($0.30 diluted income per share)
compared with revenues of $14,073,675 and net income of $1,887,550 ($0.34
diluted income per share) for the quarter ended March 31, 2006.
Stockholders' equity was $62,810,927 at March 31, 2007, or $11.22 per common
share including unrealized after-tax investment losses of $11,007 compared to
stockholders' equity of $60,871,022 or $10.89 per common share including
unrealized after-tax investment losses of $216,074 at December 31, 2006.
Unico American Corporation is an insurance holding company that provides
property, casualty, health and life insurance, and related premium financing
through its wholly owned subsidiaries.
(Table Follows)
UNICO AMERICAN CORPORATION AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED FINANCIAL DATA
(UNAUDITED)
($ in thousands, except per share)
Three Months Ended Ended
March 31
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2007 2006
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Revenues
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Insurance Company Revenues
Premium earned $12,740 $14,845
Premium ceded 3,031 3,631
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Net premium earned 9,709 11,214
Investment income 1,622 1,334
Other income 10 28
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Total Insurance Company Revenues 11,341 12,576
Other Revenues from Insurance Operations
Gross commissions and fees 1,315 1,300
Investment income 38 21
Finance charges and fees earned 149 173
Other income 3 4
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Total Revenues 12,846 14,074
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Expenses
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Losses and loss adjustment expenses 5,934 6,518
Policy acquisition costs 1,996 2,451
Salaries and employee benefits 1,422 1,285
Commissions to agents/brokers 204 158
Other operating expenses 765 748
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Total Expenses 10,321 11,160
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Income Before Income Taxes 2,525 2,914
Income Tax Provision 836 1,026
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Net Income $1,689 $1,888
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PER SHARE DATA
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Basic
Earnings Per Share $0.30 $0.34
Weighted Average Shares (000) 5,596 5,506
Diluted
Earnings Per Share $0.30 $0.34
Weighted Average Shares (000) 5,679 5,626
INSURANCE COMPANY STATUTORY OPERATING RATIOS
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Losses and Loss Adjustment Expenses 60.8% 57.9%
Underwriting Expenses 30.7% 30.6%
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Combined Ratio 91.5% 88.5%
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