Presidential Life reports 2Q loss of $1.6 million
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.