Unico American Reports 63% Quarterly Drop in Profit

Unico American Corp., an insurance-holding company in Woodland Hills, reported a 63% drop in profit for its fiscal fourth quarter ended March 31, largely because of increased costs and expenses.

Unico’s quarterly profit of $692,749 compared with $1.9 million a year earlier, and came on an 11% decline in revenue, to $6.6 million from $7.4 million in the previous year.

For its fiscal year ended March 31, Unico posted a loss of $6.8 million because of heavy claims from the Los Angeles riots that was paid by Crusader Insurance, Unico’s property and casualty subsidiary.

In the previous fiscal year, Unico earned $5 million. Unico’s revenue for the 12 months that ended March 31 totaled $26.2 million, down 7% from $28.3 million in its previous fiscal year.