Unico American Corp. said its fourth quarter earnings fell more than 70 percent, blaming a tougher insurance market in which competitors are pricing their products at rates it believes are inadequate to support an underwriting profit.

Late Monday, the Woodland Hills insurance holding company reported net income of $596,000 (11 cents per share), compared with $2.1 million (37 cents) a year earlier. Revenue fell 9.7 percent to less than $10.1 million.

Unico provides property, casualty, and health insurance, and conducts most of its operations through its Crusader Insurance Co. subsidiary.

“The results of our fourth quarter reflect an extremely soft marketplace and surprisingly low interest rates,” Chief Executive Cary Cheldin said in a statement. “Nonetheless, we remain well capitalized and we are progressing in the development of new platforms to support our long-term success.”

For the 2009 fiscal year, net income was down 45 percent to $2.93 million (53 cents), with revenue dropping 11 percent to $41.6 million.

Shares were down 1 cent, or less than 1 percent, to $9.54 in midday trading on the Nasdaq.