AssuranceAmerica reports milestone April
Pre-tax profit increased from $9,339 in April 2004 to $213,016 in April 2005. This was the strongest April to date, in terms of premium, revenue, and profitability, the insurer said. Gross premium produced in AssuranceAmerica's wholesale group, made up of its Managing General Agency, its Insurance Carrier, and its retail group, made up of 32 insurance agencies, was $8.34 million, an 18.8% increase over premium produced in April 2004. Revenue for April 2005 was $2.62 million, a 26.5% increase over the same period in 2004. The strong showing in April, the first month of the company's second quarter, continued the positive trend set in the opening three months of the year. For the first quarter, revenue was $7.80 million, a 29% increase over the same period in 2004. Pre-tax profit was $744,710, up 348% over the $214,337 generated in the first quarter of 2004. In making the financial announcement, Lawrence Stumbaugh, president and CEO of AssuranceAmerica, pointed to the significant importance of the development of the company's Internet services on results. Stumbaugh said: "We are especially pleased to report that we were able to achieve this significant increase in premium and revenue volume without any increase in support personnel. This and other cost containment initiatives were made possible through wide-scale implementation of our web-based agency support interface. We expect to continue to realize these productivity and profitability gains in the future."