UniCare Financial Nets $1 Million

UniCare Financial Corp., the Irvine-based underwriter of workers compensation insurance, reported a $1 million net income in the first quarter, nearly 16 times more than the $65,098 it earned in the same quarter last year. The company’s total revenues rose 55% to $12.1 million from $7.8 million.

The main reason for the big increase in net income was the 64% increase in the amount of premiums the company earned in the first quarter, said Ralph W. Leatherby, UniCare’s chairman. Premiums earned in the first quarter amounted to nearly $11 million, up from $6.7 million in last year’s first quarter.