Vericity, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 14, 2023 at 04:04 pm
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Vericity, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 44.74 million compared to USD 42.73 million a year ago. Net income was USD 1.98 million compared to net loss of USD 2.35 million a year ago. Basic earnings per share from continuing operations was USD 0.13 compared to basic loss per share from continuing operations of USD 0.16 a year ago. Diluted earnings per share from continuing operations was USD 0.13 compared to diluted loss per share from continuing operations of USD 0.16 a year ago.
For the six months, revenue was USD 89.36 million compared to USD 82.24 million a year ago. Net income was USD 0.098 million compared to net loss of USD 8.01 million a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to basic loss per share from continuing operations of USD 0.54 a year ago. Diluted earnings per share from continuing operations was USD 0.01 compared to diluted loss per share from continuing operations of USD 0.54 a year ago.
Vericity, Inc., through its subsidiaries, Fidelity Life Association (Fidelity Life) and Efinancial, LLC (Efinancial), provides life insurance protection targeted to the middle American market. The Companyâs segments include Agency, Insurance, and Corporate and other. The Agency Segment operates through Efinancial. Efinancial sells insurance products through its call center distribution platform and through its independent agents and other marketing organizations. The Insurance Segment operates through Fidelity Life. Fidelity Life engages in the principal business lines of Core Life, Non-Core Life, Closed Block, annuities and assumed life. In its Core Life and Non-Core Life business lines, Fidelity Life offers primarily term life insurance products, and to a lesser extent accidental death and final expense products. Its RAPIDecisionLife product offers coverage at the point of issue that is a blend of all-cause term life insurance for part of the coverage and accidental death insurance.