Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) June 6, 2016

AMERICAN INDEPENDENCE CORP.

(Exact name of registrant as specified in its charter)


Delaware	001-05270	11-1817252
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

485 Madison Avenue, New York, NY		10022
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (212) 355-4141

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-2)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Item 2.02 Results of Operations and Financial Condition.

The information set forth under this Item 2.02 (Results of Operations and Financial Condition) is intended to be furnished. Such information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

On June 6, 2016, American Independence Corp. issued a press release announcing results of operations for the three months and twelve months ended December 31, 2015, a copy of which is attached as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d)

Exhibits

Exhibit 99.1 - Press release of American Independence Corp., dated June 6, 2016.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERICAN INDEPENDENCE CORP.

/s/ Teresa A. Herbert

Teresa A. Herbert

Chief Financial Officer and Senior Vice President

Date:

June 6, 2016

1

Exhibit 99.1


AMERICAN INDEPENDENCE CORP.	CONTACT: Loan Nisser
485 MADISON AVENUE	646-509-2107
NEW YORK, NEW YORK 10022	www.americanindependencecorp.com
NASDAQ – AMIC

NEWS RELEASE

AMERICAN INDEPENDENCE CORP. ANNOUNCES

2015 FOURTH-QUARTER AND ANNUAL RESULTS

New York, New York, June 6, 2016. American Independence Corp. (NASDAQ: AMIC) today reported 2015 fourth-quarter and annual results. As a result of the delay in reporting these results, AMIC is currently working on its 2016 first-quarter results.

Financial Results

AMIC reported net income of $0.3 million ($.03 per diluted share) for the three months ended December 31, 2015 compared to $2.1 million ($.26 per diluted share) for the three months ended December 31, 2014. AMIC reported net income of $3.5 million ($.44 per diluted share) for the twelve months ended December 31, 2015 compared to $5.3 million ($.65 per diluted share) for the twelve months ended December 31, 2014. Income excluding taxes for the 2014 fourth quarter and year was positively impacted by an increase of $2.5 million in the deferred tax asset related to our federal net operating loss carryforward, with no corresponding amount in 2015.

Revenues increased to $47.4 million for the three months ended December 31, 2015 compared to revenues of $40.6 million for the three months ended December 31, 2014, primarily due to an increase in premiums, agency income and fee income. Revenues increased to $183.3 million for the twelve months ended December 31, 2015 compared to revenues of $164.9 million for the twelve months ended December 31, 2014, primarily due to an increase in premiums and fee income, offset by a decrease in agency income and realized gains.

Chief Executive Officer’s Comments

Roy T. K. Thung, Chief Executive Officer, commented, “Our financial condition and balance sheet remain strong. We have grown our book value to $12.85 per share at December 31, 2015 from $12.39 per share at December 31, 2014. As previously announced, AMIC completed the sale of IHC Risk Solutions LLC and the stop-loss business it produced on March 31, 2016 and realized an after tax gain of approximately $114 million. This gain will further increase our book value per share from the December 31, 2015 value. AMIC is now re-positioning itself as a specialty health and pet insurance underwriter and sales and marketing company, and will focus on the growth of these lines of business in 2016 and beyond.”

2

About American Independence Corp.

American Independence Corp. (AMIC) is a holding company principally engaged in health insurance and reinsurance. It provides specialized health coverage and related services to commercial customers and individuals. Through Independence American Insurance Company and its other subsidiaries, it offers non-subscriber occupational accident, pet insurance, short-term medical, vision, dental and various supplemental products. Through its subsidiaries IHC Specialty Benefits, Inc. (including through www.healthedeals.com and www.aspiraAmas.com), IPA Direct, LLC and IPA Family, LLC, AMIC markets products underwritten by its affiliated companies and various products (including ACA plans and medical stop-loss) on behalf of unaffiliated carriers.

Forward-Looking Statements

Certain statements and information contained in this release may be considered “forward-looking statements,” such as statements relating to management's views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the markets in which AMIC operates, new federal or state governmental regulation, AMIC’s ability to effectively operate, integrate and leverage any past or future strategic acquisition, and other factors which can be found in AMIC’s other news releases and filings with the Securities and Exchange Commission. AMIC expressly disclaims any duty to update its forward-looking statements unless required by applicable law.

3

American Independence Corp.

Consolidated Statements of Income

(In thousands, except per share data)


					Three Months Ended				Twelve Months Ended
					December 31,				December 31,
					2015		2014		2015		2014

Premiums earned				$	37,925	$	33,551	$	148,803	$	133,606
Fee and agency income					8,520		6,437		30,963		27,918
Net investment income					551		557		2,247		2,202
Net realized investment gains					70		104		260		967
Other income (loss)					302		(37)		993		183

		Revenues			47,368		40,612		183,266		164,876

Insurance benefits, claims and reserves					25,286		24,875		98,741		88,887
Selling, general and administrative expenses					20,477		16,049		76,410		69,752
Amortization and depreciation					477		412		1,605		1,692

		Expenses			46,240		41,336		176,756		160,331

Income (loss) before income tax					1,128		(724)		6,510		4,545
Provision (benefit) for income taxes					658		(2,790)		2,695		(802)

Net income					470		2,066		3,815		5,347
	Less: Net (income) loss attributable to the non-controlling interest				(191)		28		(286)		(97)

Net income attributable to American Independence Corp.				$	279	$	2,094	$	3,529	$	5,250

Basic income per common share:
	Net income attributable to
			American Independence Corp. common stockholders	$	.03	$	.26	$	.44	$	.65

Weighted-average shares outstanding					8,088		8,079		8,082		8,077

Diluted income per common share:
	Net income attributable to
			American Independence Corp. common stockholders	$	.03	$	.26	$	.44	$	.65

Weighted-average diluted shares outstanding					8,094		8,093		8,094		8,103

As of June 1, 2016, there were 8,118,551 common shares outstanding, net of treasury shares.

4

American Independence Corp.

Consolidated Balance Sheets

(In thousands, except per share data)



					December 31,		December 31,
ASSETS:					2015		2014
	Investments:
	Securities purchased under agreements to resell			$	4,595	$	3,143
	Trading securities				-		1,138
	Fixed maturities available-for-sale, at fair value				84,933		73,608
	Equity securities available-for-sale, at fair value				2,594		1,013

	Total investments				92,122		78,902

	Cash and cash equivalents				5,765		4,569
	Restricted cash				21,735		18,881
	Accrued investment income				733		652
	Premiums receivable				16,654		13,257
	Net deferred tax asset				16,215		19,977
	Due from reinsurers				4,950		5,532
	Goodwill				5,703		-
	Intangible assets				14,113		9,915
	Accrued fee income				5,307		4,469
	Due from securities brokers				1,051		293
	Other assets				12,626		17,247

			TOTAL ASSETS	$	196,974	$	173,694

LIABILITIES AND STOCKHOLDERS’ EQUITY:
	LIABILITIES:
	Policy benefits and claims			$	43,764	$	33,616
	Premium and claim funds payable				21,735		18,881
	Commission payable				6,302		4,672
	Accounts payable, accruals and other liabilities				14,686		11,283
	Debt				3,189		-
	Due to securities brokers				-		58
	Due to reinsurers				100		2,334

			Total liabilities		89,776		70,844

STOCKHOLDERS’ EQUITY:
	American Independence Corp. stockholders’ equity:
		Preferred stock, $0.10 par value, 1,000 shares designated; no shares issued
		and outstanding			-		-
		Common stock, $0.01 par value, 15,000,000 shares authorized; 9,181,793 shares
		issued, respectively; 8,088,105 and 8,079,215 shares outstanding, respectively			92		92
		Additional paid-in capital			88,637		88,256
		Accumulated other comprehensive loss			(197)		(154)
		Treasury stock, at cost, 1,093,688 and 1,102,578 shares, respectively			(10,161)		(10,243)
		Retained earnings			25,549		22,139
			Total American Independence Corp. stockholders’ equity		103,920		100,090
	Non-controlling interest in subsidiaries				3,278		2,760
			Total equity		107,198		102,850
			TOTAL LIABILITIES AND EQUITY	$	196,974	$	173,694