ROCHESTER, N.Y., May 22 /PRNewswire/ -- MedAmerica is reporting record revenue and profit for 2006, making it the 16th consecutive year of growth and positive operating results.
MedAmerica Insurance Company of New York (Home Office: Rochester, NY) and MedAmerica Insurance Company (Home Office: Pittsburgh, PA) are the long term care insurance subsidiaries of Lifetime Healthcare, headquartered in Rochester, N.Y. In combined financial statements, the MedAmerica companies reported that:
* Assets increased by 24.4% to $873.6 million * Premium revenue increased 11.6% to $126 million * Income (pre-tax) grew by 63% to $14.5 million
"MedAmerica continues to come out ahead of the competition with new products that respond to the future needs of consumers," says Christopher D. Perna, president and COO.
In response to the trend toward younger buyers, MedAmerica launched CareDirections Simplicity(R), a first-of-its-kind cash model long term care insurance product in 2004. Two years later, MedAmerica was catapulted into the top 10 ranking of long term care insurers based on new policy sales.
Both CareDirections Simplicity(R), and Simplicityii(SM) launched this year, continue to be the highest independently rated long term care insurance products on the market.
MedAmerica's Annual Report can be accessed from its Web site, http://www.medamericaltc.com/.
CONTACT: Deanna DeFrank, +1-585-238-4619
Web site: http://www.medamericaltc.com/