Financial Industries Corporation Recaptures Block of Business, Expects to Realize More Than $2 Million in Annual Revenue.AUSTIN, Texas -- Financial Industries Corporation (Pink Sheets:FNIN) recently completed its work to recapture a block of closed annuity business with assets totaling approximately $310 million that FIC FIC First International Computer FIC Fogarty International Center (John E. Fogarty International Center for Advanced Study in the Health Sciences; National Institutes of Health) FIC Fellowship for Intentional Community expects will produce an estimated $2 million in annual revenue, net of administrative expenses, for the company. Revenue on this block is derived from fees charged to contract holders for administration. "We are very pleased to have completed this project and look forward to providing our services to the contract holders," said Vince Kasch, FIC's chief financial officer. "This is an excellent transaction for our company." The block of business was written during the 1970s by FIC's Investors Life Insurance Company of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , which was known at the time as First Investment Annuity Company. Investors Life discontinued selling this type of policy after an IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. ruling pertaining to the policies' tax deferral tax deferral The delay of a tax liability until a future date. For example, an IRA may result in a tax deferral on the amount contributed to the IRA and on any income earned on funds in the IRA until withdrawals are made. , but the tax-deferred treatment of policies issued before the 1977 ruling was grandfathered. After the ruling, Investors Life reinsured 90% of the risk of this business with an independent life insurer, which also assumed the administration of the policies. This month, Investors Life recaptured the business and resumed its administration. Statements in this press release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future revenue, level of deposits, future developments and disclosures and other statements that are not historical facts are forward-looking statements. Actual results may differ materially from these forward-looking statements as a result of annuitant Annuitant 1. A person who receives the benefits of an annuity or pension. 2. The person upon whom a life-insurance contract is based. Notes: 1. In other words, the annuitant is the beneficiary of an annuity or pension. 2. mortality, policies surrendered, market conditions, the timing and results of FIC's audits, reviews and filings with regulatory bodies, the interest of and actions by third parties engaging in transactions with FIC and other factors contained in FIC's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 2003, and other filings with the SEC. Financial Industries Corporation, through its subsidiaries, markets and underwrites individual life insurance products. For more information on FIC, go to www.ficgroup.com. |
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