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Letter to the Editor
Tuesday October 25
InsWeb Reports Q3 Results
Online insurance marketplace InsWeb Corp., headquartered in Sacramento, California, has announced results for the third quarter ended September 30, 2005.Revenues for the third quarter increased to $6.9 million, compared to $3.4 million in the third quarter of 2004, and $6.6 million in the second quarter of 2005, which included a one-time adjustment of $286,000 arising from completing the revenue recognition transition of the term life agency to a commission-based revenue model. InsWeb's net loss for the third quarter was $1.4 million, or $0.34 per share. This compares to a net loss in the third quarter of 2004 of $2.2 million, or $0.47 per share, and to a net loss of $1.1 million, or $0.27 per share, in the second quarter of 2005.
"We achieved our fifth consecutive quarter of revenue growth as we experienced strong consumer interest in our auto insurance marketplace, steady performance within our term life offering and continued traction in our agent network program," said Hussein Enan, chairman and CEO of InsWeb. "Last month we successfully launched our unique bid-based agent lead generation program, AgentInsider(TM). Over 800 agents are already registered to receive leads, and insurance companies are expressing keen interest in promoting and sponsoring the program for their captive or independent agents. With the introduction of AgentInsider and the successful conversion of our term life business into a commission-earning agency, we have broadened our model to more fully capitalize on our position as the most visited online insurance marketplace. While it will take time to fully scale these initiatives, we are working to become the most comprehensive insurance hub for consumers, carriers and agents, and believe the foundation is now in place for attaining continued growth."
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