IHC Announces Completion of the Sale of Madison National Life Insurance Company, Inc.

STAMFORD, Conn., Jan. 03, 2022 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE: IHC) today announced the completion of the sale of its subsidiary Madison National Life Insurance Company, Inc. (“Madison National Life”) to Horace Mann Educators Corporation (“Horace Mann”). All conditions to the consummation of the sale were satisfied and the transaction closed effective January 1, 2022.

Roy T. K. Thung, Chief Executive Officer, commented, “We are very pleased that the transaction closed on schedule and appreciate all the efforts made by both companies to successfully complete the sale.  We believe that the sale of Madison National Life to Horace Mann is beneficial to both companies. We are confident that Madison National Life will have continued growth under Horace Mann’s ownership.”

About Independence Holding Company

Independence Holding Company (NYSE: IHC), through our current subsidiaries, distributes Medicare, life, under age 65 health (including Affordable Care Act plans), and other insurance products direct to consumers, via agents and through affinity partnerships. We sell products nationally through multiple channels, including digital, call center and advisors, all of which utilize our CMS-approved Web Broker, INSXcloud.com. We provide information and quoting capabilities via our domain properties including healthinsurance.org; medicareresources.org; myhealthinsurance.com; and healthedeals.com. To learn more visit https://ihcgroup.com.

Forward-looking Statements

Certain statements and information contained in this release may be considered “forward-looking statements,” such as statements relating to management's views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the markets in which IHC operates, new federal or state governmental regulation, IHC’s ability to effectively operate, integrate and leverage any past or future strategic acquisition, and other factors which can be found in IHC’s other news releases and filings with the Securities and Exchange Commission. IHC expressly disclaims any duty to update its forward-looking statements unless required by applicable law.

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