STAMFORD, Conn., Dec. 20, 2017 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE:IHC) today reported declaration of its semi-annual cash dividend of $0.10 per share ($0.20 per share annually) of common stock, payable to stockholders of record on January 2, 2018, with a payment date of January 16, 2018. The dividend reflects a 67% increase from the last declared dividend. This increase in the dividend is larger than that announced in October.
Roy T.K. Thung, Chief Executive Officer of IHC, commented, “The Board of Directors determined to materially increase the dividend as a result of the Company’s significant corporate liquidity and its favorable outlook resulting from, among other things, (i) significant sales increases during the 2018 open enrollment, (ii) the elimination of the individual mandate in 2019, which is expected to increase sales of the Company’s individual specialty health products, (iii) the anticipated elimination of the rule limiting the duration of short term medical to 90 days, as directed by President Trump’s executive order, and (iv) the decrease of the corporate tax rate, which is expected to significantly increase earnings in 2018 and beyond. We are also gratified by A.M. Best’s affirmation of our A- (Excellent) rating and, in particular, its categorization of our balance sheet strength as ‘strongest’.”
About The IHC Group
Independence Holding Company (NYSE:IHC) is a holding company that is principally engaged in underwriting, administering and/or distributing group and individual specialty benefit products, including disability, supplemental health, pet, and group life insurance through its subsidiaries since 1980. The IHC Group owns three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company), and IHC Specialty Benefits, Inc., a technology-driven insurance sales and marketing company that creates value for insurance producers, carriers and consumers (both individuals and small businesses) through a suite of proprietary tools and products (including ACA plans and small group medical stop-loss). All products are placed with highly rated carriers.
Source: Independence Holding Company