Date of Report (Date of earliest event reported) May 6, 2004

(Exact name of registrant as specified in its charter)

Registrant's telephone number, including area code: (203) 358-8000

On May 6, 2004, Independence Holding Company issued a press release announcing financial results for the first quarter ended March 31, 2004, a copy of which is attached as Exhibit 99.1.

The information in this Form 8-K and the Exhibit attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Stamford, Connecticut, May 6, 2004. Independence Holding Company ("IHC") (NASDAQ: INHO) today reported record 2004 first quarter operating results.

Net income increased 24% to $5,500,000, or $.69 per share, diluted, for the first quarter of 2004 from $4,437,000, or $.56 per share, diluted, for the first quarter of 2003. Net income from operations (excluding net securities gains) increased 16% in the first quarter of 2004 to $4,911,000, or $.62 per share, diluted, compared to $4,216,000, or $.53 per share, diluted, for the first quarter of 2003. Revenues increased 23% to $52,432,000 from $42,490,000.

Roy T. K. Thung, Chief Executive Officer, commented, "We are delighted that in the first quarter of 2004, IHC produced record net income from operations (excluding net securities gains and losses) of $4,911,000, or $.62 per share, diluted, which represents a 16% increase from the comparable period in 2003. IHC continues to explore actively opportunities to acquire managing general underwriters, agencies and blocks of policies as well as to expand our distribution capabilities. As previously disclosed, IHC's 39% interest in the common stock of American Independence Corp. (NASDAQ: AMIC) is burdened twice by income tax provisions: (i) by a non-cash provision for taxes recorded by AMIC on its income statement even though AMIC does not pay Federal income taxes, except for alternative minimum taxes, due to net operating loss carryforwards; and (ii) by an additional deferred tax provision at the IHC level which is not payable unless IHC were to sell its interest in AMIC or receive taxable dividends from AMIC. This burden amounted to $562,000 for the first quarter of 2004 and $141,000 for the first quarter of 2003. We remain quite optimistic as to our operating results for the remainder of this year."

IHC's book value per share increased at March 31, 2004 to $23.29 per share from $21.86 per share at December 31, 2003. IHC marks-to-market all of its fixed income securities; as a result, interest rate changes impact, positively and negatively, stated stockholders' equity. IHC had total assets of $970 million at March 31, 2004.

IHC is a holding company principally engaged in the life and health insurance business and the acquisition of blocks of policies through its subsidiaries, Standard Security Life Insurance Company of New York and Madison National Life Insurance Company, Inc. and its affiliate, American Independence Corp. ("AMIC"). Standard Life markets medical stop-loss, long-term and short-term disability, group life and managed health care products. Madison Life sells group life and disability, employer medical stop-loss, credit life and disability and individual life insurance. AMIC is a holding company principally engaged in the insurance and reinsurance business through Independence American Insurance Company and its employer medical stop-loss and managed care managing general underwriters.

Some of the statements included herein may be considered to be forward looking statements that are subject to certain risks and uncertainties. Factors which could cause the actual results to differ materially from those suggested by such statements are described from time to time in IHC's filings with the Securities and Exchange Commission.

As of March 31, 2004, there were 7,738,471 common shares outstanding, net of treasury shares.