XML 64 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature of Operations and Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2012
Nature of Operations and Significant Accounting Policies  
Effects of Adoption of Deferred Policy Acquisition Cost Guidance and Reinsurance Accounting Change on Stockholders' Equity (Table)

 

 

 

 

Impact on

 

Attributed to

 

 

 

opening
balance as of
January 1, 2011

 

DPAC
Guidance

 

Reinsurance
Accounting
Change

 

 

 

(in millions)

 

Retained earnings

 

$

(612.9

)

$

(631.7

)

$

18.8

 

Accumulated other comprehensive income

 

34.3

 

29.5

 

4.8

 

 
Effects of Adoption of Deferred Policy Acquisition Cost Guidance and Reinsurance Accounting Change on Prior Period Financial Statements (Table)

 

 

Consolidated Statements of Financial Position

 

 

 

December 31, 2011

 

 

 

 

 

 

 

 

 

Change attributed to

 

 

 

 

 

As

 

 

 

 

 

Reinsurance

 

 

 

As

 

originally

 

Effect of

 

DPAC

 

Accounting

 

 

 

adjusted

 

reported

 

change

 

Guidance

 

Change

 

 

 

(in millions)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

$

2,985.8

 

$

2,988.0

 

$

(2.2

)

$

(2.2

)

$

—

 

Premiums due and other receivables

 

1,196.5

 

1,245.2

 

(48.7

)

—

 

(48.7

)

Deferred policy acquisition costs

 

2,428.0

 

3,313.5

 

(885.5

)

(884.4

)

(1.1

)

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Future policy benefits and claims

 

20,210.4

 

20,207.9

 

2.5

 

—

 

2.5

 

Other policyholder funds

 

548.6

 

543.7

 

4.9

 

7.0

 

(2.1

)

Deferred income taxes

 

208.7

 

533.4

 

(324.7

)

(307.1

)

(17.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

4,402.3

 

5,077.5

 

(675.2

)

(642.0

)

(33.2

)

Accumulated other comprehensive income

 

258.0

 

201.9

 

56.1

 

55.5

 

0.6

 

 

Consolidated Statements of Operations

 

 

 

For the three months ended March 31, 2011

 

 

 

 

 

 

 

 

 

Change attributed to

 

 

 

 

 

As

 

 

 

 

 

Reinsurance

 

 

 

As

 

originally

 

Effect of

 

DPAC

 

Accounting

 

 

 

adjusted

 

reported

 

change

 

Guidance

 

Change

 

 

 

(in millions, except per share data)

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Fees and other revenues

 

$

623.0

 

$

620.8

 

$

2.2

 

$

0.1

 

$

2.1

 

Net investment income

 

859.8

 

859.9

 

(0.1

)

(0.1

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Benefits, claims and settlement expenses

 

1,188.9

 

1,191.5

 

(2.6

)

—

 

(2.6

)

Operating expenses

 

717.9

 

691.2

 

26.7

 

20.1

 

6.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

261.5

 

283.5

 

(22.0

)

(20.1

)

(1.9

)

Income taxes

 

52.7

 

60.4

 

(7.7

)

(7.0

)

(0.7

)

Net income

 

$

208.8

 

$

223.1

 

$

(14.3

)

$

(13.1

)

$

(1.2

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

182.0

 

$

196.3

 

$

(14.3

)

$

(13.1

)

$

(1.2

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.57

 

$

0.61

 

$

(0.04

)

$

(0.04

)

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.56

 

$

0.60

 

$

(0.04

)

$

(0.04

)

$

—

 
Effects of Reinsurance Accounting Change on Current Period Financial Statements (Table)

 

 

Consolidated Statements of Financial Position

 

 

 

March 31, 2012

 

 

 

New

 

Former

 

Effect of

 

 

 

reinsurance

 

reinsurance

 

Reinsurance

 

 

 

accounting

 

accounting

 

Accounting

 

 

 

method

 

method

 

Change

 

 

 

(in millions)

 

Assets

 

 

 

 

 

 

 

Premiums due and other receivables

 

$

1,118.8

 

$

1,182.6

 

$

(63.8

)

Deferred policy acquisition costs

 

2,665.6

 

2,648.7

 

16.9

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Future policy benefits and claims

 

20,604.0

 

20,603.9

 

0.1

 

Other policyholder funds

 

639.1

 

632.6

 

6.5

 

Deferred income taxes

 

492.8

 

511.5

 

(18.7

)

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

Retained earnings

 

4,548.5

 

4,581.9

 

(33.4

)

Accumulated other comprehensive income

 

488.1

 

489.5

 

(1.4

)

 

Consolidated Statements of Operations

 

 

 

For the three months ended March 31, 2012

 

 

 

New

 

Former

 

Effect of

 

 

 

reinsurance

 

reinsurance

 

Reinsurance

 

 

 

accounting

 

accounting

 

Accounting

 

 

 

method

 

method

 

Change

 

 

 

(in millions, except per share data)

 

Revenue

 

 

 

 

 

 

 

Fees and other revenues

 

$

598.0

 

$

606.5

 

$

(8.5

)

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Benefits, claims and settlement expenses

 

1,212.5

 

1,199.8

 

12.7

 

Operating expenses

 

556.0

 

576.9

 

(20.9

)

 

 

 

 

 

 

 

 

Income before income taxes

 

277.1

 

277.4

 

(0.3

)

Income taxes

 

58.2

 

58.3

 

(0.1

)

Net income

 

$

218.9

 

$

219.1

 

$

(0.2

)

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

201.5

 

$

201.7

 

$

(0.2

)

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.67

 

$

0.67

 

$

—

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.66

 

$

0.66

 

$

—