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Business in the Burbs

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Presidential Life reports 2Q loss of $1.6 million

August
7

Presidential Life Corp., the Nyack-based insurer that does business in 49 states, reported a net loss of $1.6 million, or 5 cents a share, during the second quarter. That compared to a net gain of $9.8 million, or 33 cents a share, a year earlier.

Revenues of $59.3 million fell from $79.9 million a year earlier.

“Negative market conditions have significantly impacted the financial markets and accordingly, the company’s investments and revenues,” Presidential Life said in regulatory filing.

The company said the setbacks this year have included negative returns on its limited partnership investments and low returns from short-term investments.

This entry was posted on Friday, August 7th, 2009 at 3:24 pm by Jay Loomis. You can follow any responses to this entry through the RSS 2.0 feed.
Category: Earnings

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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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