Net Income Jumps 128% for UniCare Financial

UniCare Financial Corp., an Irvine-based company that underwrites worker’s compensation insurance, said that net income for 1986 totaled $3.2 million, up 128% from $1.4 million in 1985. Total premiums came to $33.5 million, a 49% increase over $22.4 million.

In the fourth quarter, net income jumped 100% to $840,000 from $419,000 for the same period the previous year. Premiums for the quarter increased 65% to $10.1 million from $6.1 million in 1985.

UniCare attributed the increase in part to the rate boosts which were approved by the California insurance commissioner earlier in the year.