EX-99.2 3 a10-3295_1ex99d2.htm EX-99.2

Exhibit 99.2

 

 

Draft

2/10/2010

 

 

Supplemental Schedules
Fourth Quarter 2009

 


 

Draft

2/10/2010

Page 1

 

Quarterly Financial Highlights

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax Operating Income *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life Marketing

 

$

51,737

 

$

42,510

 

$

37,179

 

$

26,544

 

$

31,593

 

$

188,535

 

$

137,826

 

Acquisitions

 

35,368

 

33,621

 

35,041

 

33,061

 

32,037

 

136,479

 

133,760

 

Annuities

 

6,175

 

(575

)

21,495

 

16,075

 

19,647

 

18,707

 

56,642

 

Stable Value Products

 

27,866

 

20,207

 

16,976

 

14,339

 

10,441

 

89,811

 

61,963

 

Asset Protection

 

6,087

 

6,280

 

4,656

 

5,731

 

6,562

 

30,789

 

23,229

 

Corporate & Other

 

(41,747

)

(9,247

)

9,648

 

(22,826

)

104,405

 

(105,986

)

81,980

 

Total Pre-tax Operating Income

 

$

85,486

 

$

92,796

 

$

124,995

 

$

72,924

 

$

204,685

 

$

358,335

 

$

495,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total GAAP Assets

 

$

39,572,449

 

$

38,760,243

 

$

40,392,169

 

$

41,787,606

 

$

42,311,587

 

 

 

 

 

Shareowners’ Equity

 

$

761,095

 

$

783,178

 

$

1,628,375

 

$

2,302,799

 

$

2,478,821

 

 

 

 

 

Shareowners’ Equity (excluding accumulated other comprehensive income (loss)) **

 

$

2,428,151

 

$

2,443,382

 

$

2,660,094

 

$

2,678,271

 

$

2,799,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closing Price

 

$

14.35

 

$

5.25

 

$

11.44

 

$

21.42

 

$

16.55

 

 

 

 

 

Average Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

71,122,593

 

70,850,571

 

77,893,480

 

86,481,240

 

86,491,754

 

71,108,961

 

80,488,694

 

Diluted

 

71,122,593

 

71,392,134

 

78,528,511

 

87,372,659

 

87,459,899

 

71,108,961

 

81,249,265

 

 

* “Pre-tax Operating Income” is a non-GAAP financial measure.  “Income (loss) Before Income Tax” is a GAAP financial measure to which “Pre-tax Operating Income” may be compared.

See Page 6 for a reconciliation of “Pre-tax Operating Income” to “Income (loss) Before Income Tax”.

 

** “Shareowners’ equity excluding accumulated other comprehensive income (loss)” is a non-GAAP financial measure.  “Shareowners’ equity” is a GAAP financial measure to which “Shareowners’ equity excluding accumulated other comprehensive income (loss)” may be compared.

See Page 5 for a reconciliation of “Shareowners’ equity excluding accumulated other comprehensive income (loss)” to “Shareowners’ equity”.

 


 

Draft

2/10/2010

Page 2

 

Financial Strength Ratings as of December 31, 2009

 

 

 

A.M. Best

 

Fitch

 

Standard & Poor’s

 

Moody’s

 

Legal Entity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance companies:

 

 

 

 

 

 

 

 

 

Protective Life Insurance Company

 

A+

 

A

 

AA-

 

A2

 

West Coast Life Insurance Company

 

A+

 

A

 

AA-

 

A2

 

Protective Life and Annuity Insurance Company

 

A+

 

A

 

AA-

 

—

 

Lyndon Property Insurance Company

 

A-

 

—

 

—

 

—

 

 

Credit Ratings as of December 31, 2009

 

 

 

A.M. Best

 

Fitch

 

Standard & Poor’s

 

Moody’s

 

 

 

 

 

 

 

 

 

 

 

Legal Entity

 

 

 

 

 

 

 

 

 

Protective Life Corporation

 

a-

 

BBB+/BBB (1)

 

A-

 

Baa2

 

Protective Life Insurance Company

 

aa-

 

—

 

AA-

 

—

 

 

(1)  The default rating is BBB+.  The BBB rating is related to our senior notes.

 


 

Draft

2/10/2010

Page 3

 

GAAP Consolidated Statements of Income (Loss)

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Premiums and Policy Fees

 

$

686,812

 

$

659,152

 

$

679,989

 

$

652,497

 

$

698,061

 

$

2,692,553

 

$

2,689,699

 

Reinsurance Ceded

 

(421,230

)

(358,299

)

(394,225

)

(351,664

)

(422,865

)

(1,582,810

)

(1,527,053

)

Net Premiums and Policy Fees

 

265,582

 

300,853

 

285,764

 

300,833

 

275,196

 

1,109,743

 

1,162,646

 

Net investment income

 

404,236

 

421,685

 

431,144

 

409,956

 

402,251

 

1,675,164

 

1,665,036

 

RIGL - Derivatives

 

(38,764

)

92,433

 

(97,991

)

(195,540

)

23,145

 

116,657

 

(177,953

)

RIGL - All Other Investments

 

(63,766

)

(41,843

)

167,799

 

165,576

 

8,662

 

(272,694

)

300,194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTTI losses

 

(29,168

)

(117,314

)

(48,877

)

(14,873

)

(46,706

)

(311,798

)

(227,770

)

OTTI losses/(gains) recognized in OCI (before taxes)

 

—

 

27,488

 

7,906

 

(16,095

)

28,426

 

—

 

47,725

 

Net OTTI losses recognized in earnings

 

(29,168

)

(89,826

)

(40,971

)

(30,968

)

(18,280

)

(311,798

)

(180,045

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

47,057

 

38,663

 

39,586

 

41,222

 

178,677

 

188,492

 

298,148

 

Total Revenues

 

585,177

 

721,965

 

785,331

 

691,079

 

869,651

 

2,505,564

 

3,068,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BENEFITS & EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and settlement expenses

 

475,682

 

504,359

 

478,148

 

521,218

 

474,254

 

1,976,541

 

1,977,979

 

Amortization of deferred policy acquisition costs and value of businesses acquired

 

54,591

 

113,648

 

89,949

 

47,240

 

94,732

 

233,742

 

345,569

 

Other operating expenses

 

47,120

 

46,671

 

49,647

 

54,459

 

62,832

 

233,180

 

213,609

 

Interest on indebtedness - subsidiaries

 

14,698

 

7,991

 

10,782

 

9,615

 

2,469

 

67,475

 

30,857

 

Interest on indebtedness - holding company - other debt

 

9,942

 

7,740

 

7,186

 

7,510

 

23,195

 

32,153

 

45,631

 

Interest on indebtedness - holding company - hybrid securities

 

9,401

 

9,400

 

9,401

 

9,401

 

9,401

 

37,604

 

37,603

 

Total Benefits and Expenses

 

611,434

 

689,809

 

645,113

 

649,443

 

666,883

 

2,580,695

 

2,651,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAX

 

(26,257

)

32,156

 

140,218

 

41,636

 

202,768

 

(75,131

)

416,778

 

Income tax expense (benefit)

 

(10,344

)

10,021

 

49,461

 

14,051

 

71,757

 

(33,276

)

145,290

 

NET INCOME (LOSS)

 

$

(15,913

)

$

22,135

 

$

90,757

 

$

27,585

 

$

131,011

 

$

(41,855

)

$

271,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA FOR QUARTER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income-diluted *

 

$

0.80

 

$

0.86

 

$

1.03

 

$

0.55

 

$

1.51

 

 

 

 

 

RIGL - Derivatives net of gains related to corp debt, investments and annuities

 

(0.15

)

0.65

 

(0.93

)

(1.24

)

0.03

 

 

 

 

 

RIGL - All Other Investments, net of participating income

 

(0.87

)

(1.20

)

1.06

 

1.01

 

(0.04

)

 

 

 

 

Net income (loss)-diluted

 

$

(0.22

)

$

0.31

 

$

1.16

 

$

0.32

 

$

1.50

 

 

 

 

 

Average shares outstanding-diluted

 

71,122,593

 

71,392,134

 

78,528,511

 

87,372,659

 

87,459,899

 

 

 

 

 

Dividends paid

 

$

0.12

 

$

0.12

 

$

0.12

 

$

0.12

 

$

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA FOR YTD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income-diluted *

 

$

3.37

 

$

0.86

 

$

1.90

 

$

2.40

 

$

3.97

 

 

 

 

 

RIGL - Derivatives net of gains related to corp debt, investments and annuities

 

1.39

 

0.65

 

(0.36

)

(1.71

)

(1.63

)

 

 

 

 

RIGL - All Other Investments, net of participating income

 

(5.35

)

(1.20

)

(0.03

)

1.08

 

1.00

 

 

 

 

 

Net income (loss)-diluted

 

$

(0.59

)

$

0.31

 

$

1.51

 

$

1.77

 

$

3.34

 

 

 

 

 

Average shares outstanding-diluted

 

71,108,961

 

71,392,134

 

74,980,036

 

79,156,305

 

81,249,265

 

 

 

 

 

Dividends paid

 

$

0.82

 

$

0.12

 

$

0.24

 

$

0.36

 

$

0.48

 

 

 

 

 

 

* “Operating Income” is a non-GAAP financial measure.  “Net Income (loss)” is a GAAP financial measure to which “Operating Income” may be compared.

 


 

Draft

2/10/2010

Page 4

 

GAAP Consolidated Balance Sheets

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

$

20,098,980

 

$

19,571,798

 

$

20,561,840

 

$

22,560,159

 

$

22,830,427

 

Equity securities

 

302,132

 

268,211

 

269,108

 

270,057

 

275,497

 

Mortgage loans

 

3,848,288

 

3,858,573

 

3,846,417

 

3,849,349

 

3,877,087

 

Investment real estate

 

14,810

 

14,769

 

17,427

 

19,651

 

25,188

 

Policy loans

 

810,933

 

800,617

 

792,853

 

788,402

 

794,276

 

Other long-term investments

 

432,137

 

451,847

 

346,037

 

232,927

 

204,754

 

Long-term investments

 

25,507,280

 

24,965,815

 

25,833,682

 

27,720,545

 

28,007,229

 

Short-term investments

 

1,059,506

 

845,558

 

1,841,149

 

1,076,621

 

1,049,609

 

Total investments

 

26,566,786

 

25,811,373

 

27,674,831

 

28,797,166

 

29,056,838

 

Cash

 

149,358

 

180,648

 

206,540

 

225,302

 

205,325

 

Accrued investment income

 

287,543

 

286,363

 

270,698

 

283,559

 

285,350

 

Accounts and premiums receivable

 

55,017

 

59,867

 

90,237

 

113,847

 

56,216

 

Reinsurance receivable

 

5,254,788

 

5,273,817

 

5,309,360

 

5,336,371

 

5,333,401

 

Deferred policy acquisition costs and value of businesses acquired

 

4,200,321

 

4,243,218

 

3,900,088

 

3,660,267

 

3,663,350

 

Goodwill

 

120,954

 

120,179

 

119,405

 

118,630

 

117,856

 

Property and equipment, net

 

39,707

 

37,795

 

38,401

 

38,031

 

37,037

 

Other assets

 

174,035

 

174,777

 

196,235

 

172,002

 

176,303

 

Current/Deferred income tax

 

453,526

 

440,110

 

69,004

 

47,358

 

115,447

 

Assets related to separate accounts

 

 

 

 

 

 

 

 

 

 

 

Variable annuity

 

2,027,470

 

1,907,272

 

2,257,859

 

2,694,715

 

2,948,457

 

Variable universal life

 

242,944

 

224,824

 

259,511

 

300,358

 

316,007

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

39,572,449

 

$

38,760,243

 

$

40,392,169

 

$

41,787,606

 

$

42,311,587

 

 


 

Draft

2/10/2010

Page 5

 

GAAP Consolidated Balance Sheets - Continued

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

Policy liabilities and accruals

 

 

 

 

 

 

 

 

 

 

 

Future policy benefits and claims

 

$

17,008,524

 

$

17,118,094

 

$

17,169,737

 

$

17,220,814

 

$

17,327,279

 

Unearned premiums

 

1,251,855

 

1,230,108

 

1,221,101

 

1,231,165

 

1,220,988

 

Stable value product deposits

 

4,960,405

 

4,360,658

 

4,138,131

 

3,863,329

 

3,581,150

 

Annuity deposits

 

9,357,427

 

9,316,791

 

9,596,476

 

9,726,082

 

9,911,040

 

Other policyholders’ funds

 

421,313

 

443,173

 

473,105

 

491,216

 

515,078

 

Other liabilities

 

926,821

 

719,550

 

922,242

 

852,449

 

715,110

 

Deferred income taxes

 

—

 

—

 

36,037

 

400,084

 

553,062

 

Non-recourse funding obligations

 

1,375,000

 

1,375,000

 

1,375,000

 

1,375,000

 

575,000

 

Debt

 

714,852

 

756,852

 

789,852

 

804,852

 

1,644,852

 

Subordinated Debt Securities

 

524,743

 

524,743

 

524,743

 

524,743

 

524,743

 

Liabilities related to separate accounts

 

 

 

 

 

 

 

 

 

 

 

Variable annuity

 

2,027,470

 

1,907,272

 

2,257,859

 

2,694,715

 

2,948,457

 

Variable universal life

 

242,944

 

224,824

 

259,511

 

300,358

 

316,007

 

TOTAL LIABILITIES

 

38,811,354

 

37,977,065

 

38,763,794

 

39,484,807

 

39,832,766

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREOWNERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

36,626

 

36,626

 

44,388

 

44,388

 

44,388

 

Additional paid-in-capital

 

448,481

 

449,009

 

575,064

 

575,915

 

576,887

 

Treasury stock

 

(26,978

)

(26,490

)

(25,945

)

(25,936

)

(25,929

)

Cumulative effect adjustments

 

3,616

 

3,616

 

3,616

 

3,616

 

3,616

 

Unallocated ESOP shares

 

(474

)

—

 

—

 

—

 

—

 

Retained earnings

 

1,966,880

 

1,980,621

 

2,062,971

 

2,080,288

 

2,201,028

 

Accumulated other comprehensive income (loss)

 

(1,667,056

)

(1,660,204

)

(1,031,719

)

(375,472

)

(321,169

)

TOTAL SHAREOWNERS’ EQUITY

 

761,095

 

783,178

 

1,628,375

 

2,302,799

 

2,478,821

 

TOTAL LIABILITIES AND SHAREOWNERS’ EQUITY

 

$

39,572,449

 

$

38,760,243

 

$

40,392,169

 

$

41,787,606

 

$

42,311,587

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREOWNERS’ EQUITY PER SHARE

 

 

 

 

 

 

 

 

 

 

 

Total Shareowners’ Equity

 

$

10.89

 

$

11.19

 

$

19.03

 

$

26.91

 

$

28.96

 

Less: Accumulated other comprehensive income (loss)

 

(23.85

)

(23.72

)

(12.05

)

(4.39

)

(3.76

)

Excluding accumulated other comprehensive income (loss)*

 

$

34.74

 

$

34.91

 

$

31.08

 

$

31.30

 

$

32.72

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Shareowners’ Equity

 

$

761,095

 

$

783,178

 

$

1,628,375

 

$

2,302,799

 

$

2,478,821

 

Less: Accumulated other comprehensive income (loss)

 

(1,667,056

)

(1,660,204

)

(1,031,719

)

(375,472

)

(321,169

)

Shareowners’ Equity (excluding accumulated other comprehensive income (loss)) *

 

$

2,428,151

 

$

2,443,382

 

$

2,660,094

 

$

2,678,271

 

$

2,799,990

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

69,905,807

 

69,986,429

 

85,578,907

 

85,579,870

 

85,580,803

 

Treasury Stock shares

 

3,346,153

 

3,265,531

 

3,198,053

 

3,197,090

 

3,196,157

 

 

* “Shareowners’ equity” excluding accumulated other comprehensive income (loss)” is a non-GAAP financial measure.  “Shareowners’ equity” is a GAAP financial measure to which “Shareowners’ equity excluding accumulated other comprehensive income (loss)” may be compared.

 


 

Draft

2/10/2010

Page 6

 

Calculation of Operating Earnings (Loss) Per Share

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CALCULATION OF NET INCOME (LOSS) PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(15,913

)

$

22,135

 

$

90,757

 

$

27,585

 

$

131,011

 

$

(41,855

)

$

271,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding-basic

 

71,122,593

 

70,850,571

 

77,893,480

 

86,481,240

 

86,491,754

 

71,108,961

 

80,488,694

 

Average shares outstanding-diluted

 

71,122,593

 

71,392,134

 

78,528,511

 

87,372,659

 

87,459,899

 

71,108,961

 

81,249,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share-basic

 

$

(0.22

)

$

0.31

 

$

1.17

 

$

0.32

 

$

1.51

 

$

(0.59

)

$

3.37

 

Net income (loss) per share-diluted

 

$

(0.22

)

$

0.31

 

$

1.16

 

$

0.32

 

$

1.50

 

$

(0.59

)

$

3.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(15,913

)

$

22,135

 

$

90,757

 

$

27,585

 

$

131,011

 

$

(41,855

)

$

271,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EPS (basic)

 

$

(0.22

)

$

0.31

 

$

1.17

 

$

0.32

 

$

1.51

 

$

(0.59

)

$

3.37

 

EPS (diluted)

 

$

(0.22

)

$

0.31

 

$

1.16

 

$

0.32

 

$

1.50

 

$

(0.59

)

$

3.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CALCULATION OF REALIZED INVESTMENT GAINS (LOSSES) PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RIGL - Derivatives

 

$

(38,764

)

$

92,433

 

$

(97,991

)

$

(195,540

)

$

23,145

 

$

116,657

 

$

(177,953

)

Derivative Gains related to Corporate Debt and Investments

 

(1,569

)

(2,238

)

(1,163

)

—

 

—

 

(5,754

)

(3,401

)

Derivative Gains related to Annuities

 

22,496

 

(19,088

)

(13,393

)

28,864

 

(19,003

)

40,971

 

(22,620

)

RIGL - All Other Investments, net of participating income

 

(92,934

)

(131,669

)

126,828

 

134,608

 

(9,618

)

(584,492

)

120,149

 

Related amortization of DAC & VOBA

 

(972

)

(78

)

942

 

780

 

3,559

 

(848

)

5,203

 

 

 

(111,743

)

(60,640

)

15,223

 

(31,288

)

(1,917

)

(433,466

)

(78,622

)

Tax effect

 

39,110

 

21,224

 

(5,328

)

10,951

 

671

 

151,713

 

27,518

 

 

 

$

(72,633

)

$

(39,416

)

$

9,895

 

$

(20,337

)

$

(1,246

)

$

(281,753

)

$

(51,104

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RIGL - Derivatives per share-diluted

 

$

(0.15

)

$

0.65

 

$

(0.93

)

$

(1.24

)

$

0.03

 

$

1.39

 

$

(1.63

)

RIGL - All Other Investments per share-diluted

 

$

(0.87

)

$

(1.20

)

$

1.06

 

$

1.01

 

$

(0.04

)

$

(5.35

)

$

1.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME (LOSS) PER SHARE *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share-diluted

 

$

(0.22

)

$

0.31

 

$

1.16

 

$

0.32

 

$

1.50

 

$

(0.59

)

$

3.34

 

RIGL - Derivatives per share-diluted

 

(0.15

)

0.65

 

(0.93

)

(1.24

)

0.03

 

1.39

 

(1.63

)

RIGL - All Other Investments, net of participating income per share-diluted

 

(0.87

)

(1.20

)

1.06

 

1.01

 

(0.04

)

(5.35

)

1.00

 

Operating income per share-diluted

 

$

0.80

 

$

0.86

 

$

1.03

 

$

0.55

 

$

1.51

 

$

3.37

 

$

3.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING INCOME (LOSS) *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(15,913

)

$

22,135

 

$

90,757

 

$

27,585

 

$

131,011

 

$

(41,855

)

$

271,488

 

Less: RIGL - Derivatives net of tax & gains related to corp debt, investments & annuities

 

(11,594

)

46,220

 

(73,156

)

(108,339

)

2,692

 

98,718

 

(132,583

)

Less: RIGL - All Other Investments net of tax, amortization, and participating income

 

(61,039

)

(85,636

)

83,051

 

88,002

 

(3,938

)

(380,471

)

81,479

 

Net operating income

 

$

56,720

 

$

61,551

 

$

80,862

 

$

47,922

 

$

132,257

 

$

239,898

 

$

322,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRE-TAX OPERATING INCOME (LOSS) **

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income tax and discontinued operations

 

$

(26,257

)

$

32,156

 

$

140,218

 

$

41,636

 

$

202,768

 

$

(75,131

)

$

416,778

 

Less: RIGL - Derivatives

 

(38,764

)

92,433

 

(97,991

)

(195,540

)

23,145

 

116,657

 

(177,953

)

Less: Derivative gains related to corporate debt, investments & annuities

 

20,927

 

(21,326

)

(14,556

)

28,864

 

(19,003

)

35,217

 

(26,021

)

Less: RIGL - All Other Investments, net of participating income

 

(92,934

)

(131,669

)

126,828

 

134,608

 

(9,618

)

(584,492

)

120,149

 

Less: Related amortization of DAC & VOBA

 

(972

)

(78

)

942

 

780

 

3,559

 

(848

)

5,203

 

Pre-tax operating income

 

$

85,486

 

$

92,796

 

$

124,995

 

$

72,924

 

$

204,685

 

$

358,335

 

$

495,400

 

 

* “Net Operating Income (Loss)” and “Operating Income (Loss) Per Share” are non-GAAP financial measures.  “Net Income (Loss)” and “Net Income (Loss) Per Share” are GAAP financial measures to which “Net Operating Income (Loss)” and “Operating Income (Loss) Per Share” may be compared.

** “Pre-tax Operating Income (Loss)” is a non-GAAP financial measure.  “Income (Loss) Before Income Tax” is a GAAP financial measure to which “Pre-tax Operating Income (Loss)” may be compared.

 


 

Draft

2/10/2010

Page 7

 

Invested Asset Summary

 

(Dollars In Millions)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

 

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Maturities

 

$

20,099.0

 

$

19,571.8

 

$

20,561.8

 

$

22,560.2

 

$

22,830.4

 

78

%

Mortgage Loans

 

3,848.3

 

3,858.6

 

3,846.4

 

3,849.3

 

3,877.1

 

13

%

Investment Real Estate

 

14.8

 

14.8

 

17.4

 

19.7

 

25.2

 

0

%

Equity Securities

 

302.1

 

268.2

 

269.1

 

270.1

 

275.5

 

1

%

Policy Loans

 

810.9

 

800.6

 

792.9

 

788.4

 

794.3

 

3

%

Short-Term Investments

 

1,059.5

 

845.6

 

1,841.2

 

1,076.6

 

1,049.6

 

4

%

Other Long-Term Investments

 

432.1

 

451.8

 

346.0

 

232.9

 

204.7

 

1

%

Total Invested Assets

 

$

26,566.7

 

$

25,811.4

 

$

27,674.8

 

$

28,797.2

 

$

29,056.8

 

100

%

 

 


 

Draft

2/10/2010

Page 8

 

Invested Asset Summary - Fixed Income

 

(Dollars In Millions)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

 

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

$

12,076.6

 

$

11,637.1

 

$

12,842.6

 

$

14,419.5

 

$

14,847.8

 

65

%

Residential Mortgage-Backed Securities

 

5,013.4

 

4,768.5

 

4,343.0

 

4,153.7

 

3,917.5

 

17

%

Commercial Mortgage-Backed Securities

 

1,182.1

 

1,161.4

 

1,106.3

 

1,108.5

 

1,124.3

 

5

%

Asset-Backed Securities

 

1,102.1

 

1,163.9

 

1,175.6

 

1,176.9

 

1,120.8

 

5

%

U.S. Government-related Bonds

 

534.7

 

495.5

 

498.9

 

889.4

 

811.3

 

3

%

Other Government-related Bonds

 

160.3

 

315.3

 

409.0

 

538.5

 

608.5

 

3

%

States, Municipals and Political Subdivisions

 

29.8

 

30.1

 

186.4

 

273.7

 

400.2

 

2

%

Total Fixed Income Portfolio

 

$

20,099.0

 

$

19,571.8

 

$

20,561.8

 

$

22,560.2

 

$

22,830.4

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income - Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

35.2

%

33.7

%

24.2

%

22.5

%

19.9

%

 

 

AA

 

6.6

%

6.1

%

6.7

%

6.1

%

4.9

%

 

 

A

 

19.8

%

19.0

%

20.2

%

20.1

%

18.7

%

 

 

BBB

 

33.0

%

33.6

%

36.0

%

38.3

%

42.9

%

 

 

Below investment grade

 

5.4

%

7.6

%

12.9

%

13.0

%

13.6

%

 

 

 

 

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

 

 

 

Note:  Prior periods restated to be consistent with current quarter presentation.

 

 


 

Draft

2/10/2010

Page 9

 

Invested Asset Summary - Mortgages

 

(Dollars In Millions)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Loans - Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

65.2

%

64.8

%

64.6

%

64.7

%

64.5

%

Apartments

 

10.1

%

10.7

%

10.7

%

10.5

%

11.3

%

Office Buildings

 

14.3

%

14.4

%

14.4

%

14.6

%

14.4

%

Warehouses

 

7.9

%

7.7

%

7.8

%

7.8

%

7.4

%

Miscellaneous

 

2.5

%

2.4

%

2.5

%

2.4

%

2.4

%

 

 

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Problem Mortgage Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60 Days Past Due

 

$

—

 

$

0.7

 

$

4.0

 

$

14.3

 

$

5.9

 

90 Days Past Due

 

7.4

 

10.7

 

8.8

 

7.1

 

6.5

 

Renegotiated Loans

 

—

 

—

 

—

 

—

 

—

 

Foreclosed Real Estate

 

7.8

 

—

 

2.7

 

5.0

 

10.7

 

 

 

$

15.2

 

$

11.4

 

$

15.5

 

$

26.4

 

$

23.1

 

 

 


 

Draft

2/10/2010

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Invested Asset Summary - Trading Portfolios

 

(Dollars In Millions)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading Portfolio Composition
(excl. Modco Trading Portfolio)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

148.6

 

$

138.7

 

$

52.0

 

$

23.9

 

$

21.6

 

AA

 

—

 

3.6

 

40.2

 

16.3

 

6.2

 

A

 

55.3

 

48.6

 

65.3

 

88.8

 

43.2

 

BBB

 

137.5

 

134.5

 

113.9

 

132.2

 

120.3

 

Below investment grade

 

—

 

5.8

 

56.8

 

61.2

 

81.3

 

Total

 

$

341.4

 

$

331.2

 

$

328.2

 

$

322.4

 

$

272.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Modco Trading Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

1,357.1

 

$

1,079.0

 

$

878.4

 

$

838.2

 

$

834.7

 

AA

 

147.3

 

134.1

 

164.6

 

166.0

 

73.2

 

A

 

591.5

 

563.6

 

600.5

 

568.7

 

544.1

 

BBB

 

743.5

 

837.2

 

822.8

 

872.5

 

950.3

 

Below investment grade

 

55.6

 

112.1

 

280.5

 

351.2

 

281.5

 

Short-term investments

 

80.4

 

125.4

 

243.3

 

242.7

 

250.8

 

Total

 

$

2,975.4

 

$

2,851.4

 

$

2,990.1

 

$

3,039.3

 

$

2,934.6

 

 

GRAPHIC

 


 

Draft

2/10/2010

Page 11

 

Invested Asset Summary - MBS - Alt-A

 

Mortgage-backed Securities Collateralized by Alt-A Mortgage Loans as of December 31, 2009:

 

(Dollars In Millions)

 

2005 and

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Prior

 

2006

 

2007

 

2008

 

2009

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Fair Value of Security by Year of Security Origination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

6.0

 

$

—

 

$

—

 

$

—

 

$

—

 

$

6.0

 

A

 

4.5

 

—

 

—

 

—

 

—

 

4.5

 

BBB

 

31.3

 

—

 

—

 

—

 

—

 

31.3

 

Below investment grade

 

45.8

 

220.2

 

158.8

 

—

 

—

 

424.8

 

Total mortgage-backed securities collateralized by Alt-A mortgage loans

 

$

87.6

 

$

220.2

 

$

158.8

 

$

—

 

$

—

 

$

466.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Unrealized Gain (Loss) of Security by Year of Security Origination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

(0.6

)

$

—

 

$

—

 

$

—

 

$

—

 

$

(0.6

)

A

 

0.7

 

—

 

—

 

—

 

—

 

0.7

 

BBB

 

(4.3

)

—

 

—

 

—

 

—

 

(4.3

)

Below investment grade

 

(3.1

)

(52.0

)

(32.7

)

—

 

—

 

(87.8

)

Total mortgage-backed securities collateralized by Alt-A mortgage loans

 

$

(7.3

)

$

(52.0

)

$

(32.7

)

$

—

 

$

—

 

$

(92.0

)

 


 

Draft

2/10/2010

Page 12

 

Invested Asset Summary - MBS - Sub-prime

 

Mortgage-backed Securities Collateralized by Sub-prime Loans as of December 31, 2009:

 

(Dollars In Millions)

 

2005 and

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Prior

 

2006

 

2007

 

2008

 

2009

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Fair Value of Security by Year of Security Origination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

0.3

 

$

—

 

$

—

 

$

—

 

$

—

 

$

0.3

 

AA

 

0.8

 

1.2

 

—

 

—

 

—

 

2.0

 

A

 

3.0

 

—

 

—

 

—

 

—

 

3.0

 

BBB

 

0.1

 

—

 

—

 

—

 

—

 

0.1

 

Below investment grade

 

1.2

 

16.9

 

11.7

 

—

 

—

 

29.8

 

Total mortgage-backed securities collateralized by sub-prime mortgage loans

 

$

5.4

 

$

18.1

 

$

11.7

 

$

—

 

$

—

 

$

35.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Unrealized Gain (Loss) of Security by Year of Security Origination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

AA

 

(0.5

)

(0.2

)

—

 

—

 

—

 

(0.7

)

A

 

(0.3

)

—

 

—

 

—

 

—

 

(0.3

)

BBB

 

—

 

—

 

—

 

—

 

—

 

—

 

Below investment grade

 

(1.3

)

(9.2

)

(23.1

)

—

 

—

 

(33.6

)

Total mortgage-backed securities collateralized by sub-prime mortgage loans

 

$

(2.1

)

$

(9.4

)

$

(23.1

)

$

—

 

$

—

 

$

(34.6

)

 


 

Draft

2/10/2010

Page 13

 

Invested Asset Summary - MBS - Prime

 

Mortgage-backed Securities Collateralized by Prime Loans as of December 31, 2009:

 

(Dollars In Millions)

 

2005 and

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Prior

 

2006

 

2007

 

2008

 

2009

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Fair Value of Security by Year of Security Origination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

1,167.8

 

$

201.3

 

$

19.8

 

$

—

 

$

—

 

$

1,388.9

 

AA

 

202.7

 

—

 

—

 

—

 

—

 

202.7

 

A

 

250.7

 

66.2

 

1.0

 

—

 

—

 

317.9

 

BBB

 

283.2

 

71.5

 

26.5

 

—

 

—

 

381.2

 

Below investment grade

 

283.0

 

581.6

 

260.4

 

—

 

—

 

1,125.0

 

Total mortgage-backed securities collateralized by prime loans

 

$

2,187.4

 

$

920.6

 

$

307.7

 

$

—

 

$

—

 

$

3,415.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Includes $917.3 million of agency mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Unrealized Gain (Loss) of Security by Year of Security Origination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

21.6

 

$

(2.5

)

$

0.9

 

$

—

 

$

—

 

$

20.0

 

AA

 

(6.7

)

—

 

—

 

—

 

—

 

(6.7

)

A

 

(5.2

)

(6.0

)

0.2

 

—

 

—

 

(11.0

)

BBB

 

(51.5

)

(3.3

)

(1.1

)

—

 

—

 

(55.9

)

Below investment grade

 

(41.9

)

(134.2

)

(60.7

)

—

 

—

 

(236.8

)

Total mortgage-backed securities collateralized by prime loans

 

$

(83.7

)

$

(146.0

)

$

(60.7

)

$

—

 

$

—

 

$

(290.4

)

 


 

Draft

2/10/2010

Page 14

 

Invested Asset Summary - External CMBS

 

External Commercial Mortgage-backed Securities as of December 31, 2009:

 

(Dollars In Millions)

 

2005 and

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Prior

 

2006

 

2007

 

2008

 

2009

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Fair Value of Security by Year of Security Origination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

214.7

 

$

14.3

 

$

—

 

$

44.6

 

$

—

 

$

273.6

 

BBB

 

6.2

 

—

 

—

 

—

 

—

 

6.2

 

Total external commercial mortgage-backed securities

 

$

220.9

 

$

14.3

 

$

—

 

$

44.6

 

$

—

 

$

279.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Unrealized Gain (Loss) of Security by Year of Security Origination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

7.6

 

$

0.5

 

$

—

 

$

0.5

 

$

—

 

$

8.6

 

BBB

 

(0.9

)

—

 

—

 

—

 

—

 

(0.9

)

Total external commercial mortgage-backed securities

 

$

6.7

 

$

0.5

 

$

—

 

$

0.5

 

$

—

 

$

7.7

 

 


 

Draft

2/10/2010

Page 15

 

Invested Asset Summary - ABS*

 

Asset-backed Securities* as of December 31, 2009:

 

(Dollars In Millions)

 

2005 and

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Prior

 

2006

 

2007

 

2008

 

2009

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Fair Value of Security by Year of Security Origination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

704.3

 

$

33.6

 

$

273.2

 

$

55.6

 

$

—

 

$

1,066.7

 

AA

 

17.2

 

6.2

 

—

 

—

 

—

 

23.4

 

A

 

1.3

 

4.9

 

—

 

—

 

—

 

6.2

 

BBB

 

2.7

 

4.1

 

11.0

 

—

 

—

 

17.8

 

Below investment grade

 

—

 

0.7

 

6.0

 

—

 

—

 

6.7

 

Total asset-backed securities

 

$

725.5

 

$

49.5

 

$

290.2

 

$

55.6

 

$

—

 

$

1,120.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Unrealized Gain (Loss) of Security by Year of Security Origination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

(50.5

)

$

(1.2

)

$

(12.2

)

$

0.1

 

$

—

 

$

(63.8

)

AA

 

1.8

 

0.8

 

—

 

—

 

—

 

2.6

 

A

 

—

 

0.1

 

—

 

—

 

—

 

0.1

 

BBB

 

—

 

(1.8

)

—

 

—

 

—

 

(1.8

)

Below investment grade

 

—

 

(0.3

)

(17.3

)

—

 

—

 

(17.6

)

Total asset-backed securities

 

$

(48.7

)

$

(2.4

)

$

(29.5

)

$

0.1

 

$

—

 

$

(80.5

)

 

*  Excludes Residential and Commercial mortgage-backed securities

 


 

Draft

2/10/2010

Page 16

 

Invested Asset Summary - Other

 

(Dollars In Millions)
(Unaudited)
(Excludes Modco portfolio)

 

GAAP
Amortized
Cost

 

Market
Value

 

Unrealized
Gain / (Loss)

 

Hybrid / Preferred Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Exposure

 

 

 

 

 

 

 

Tier 1

 

$

996.4

 

$

898.1

 

$

(98.3

)

Preferred Stock

 

136.1

 

131.4

 

(4.7

)

Total Domestic Exposure

 

$

1,132.5

 

$

1,029.5

 

$

(103.0

)

 

 

 

 

 

 

 

 

European Exposure

 

 

 

 

 

 

 

Upper Tier 2

 

$

53.3

 

$

52.6

 

$

(0.7

)

Tier 1

 

217.4

 

168.5

 

(48.9

)

Preferred Stock

 

64.5

 

65.5

 

1.0

 

Total European Exposure

 

$

335.2

 

$

286.6

 

$

(48.6

)

 

 

 

 

 

 

 

 

Other Foreign Exposure

 

 

 

 

 

 

 

Tier 1

 

$

65.1

 

$

63.1

 

$

(2.0

)

Preferred Stock

 

0.1

 

0.1

 

—

 

Total Other Foreign Exposure

 

$

65.2

 

$

63.2

 

$

(2.0

)

 

 

 

 

 

 

 

 

Total Domestic, European and Other Exposure

 

 

 

 

 

 

 

Upper Tier 2

 

$

53.3

 

$

52.6

 

$

(0.7

)

Tier 1

 

1,278.9

 

1,129.7

 

(149.2

)

Preferred Stock

 

200.7

 

197.0

 

(3.7

)

Total Domestic, European and Other Exposure

 

$

1,532.9

 

$

1,379.3

 

$

(153.6

)

 


 

Draft

2/10/2010

Page 17

 

Life Marketing Quarterly Trends

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Premiums and Policy Fees

 

$

391,302

 

$

375,658

 

$

397,195

 

$

379,823

 

$

412,468

 

$

1,500,566

 

$

1,565,144

 

Reinsurance Ceded

 

(254,723

)

(207,164

)

(241,002

)

(202,708

)

(260,829

)

(924,026

)

(911,703

)

Net Premiums and Policy Fees

 

136,579

 

168,494

 

156,193

 

177,115

 

151,639

 

576,540

 

653,441

 

Net investment income

 

89,283

 

93,527

 

90,833

 

89,035

 

88,713

 

350,053

 

362,108

 

Other income

 

22,184

 

19,830

 

20,168

 

19,587

 

21,262

 

96,746

 

80,847

 

Total Revenues

 

248,046

 

281,851

 

267,194

 

285,737

 

261,614

 

1,023,339

 

1,096,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BENEFITS & EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and settlement expenses

 

153,115

 

195,410

 

189,101

 

215,567

 

182,294

 

704,955

 

782,372

 

Amortization of deferred policy acquisition costs and value of businesses acquired

 

35,256

 

35,728

 

33,404

 

40,142

 

34,851

 

94,422

 

144,125

 

Other operating expenses

 

7,938

 

8,203

 

7,510

 

3,484

 

12,876

 

35,427

 

32,073

 

Total Benefits and Expenses

 

196,309

 

239,341

 

230,015

 

259,193

 

230,021

 

834,804

 

958,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAX

 

$

51,737

 

$

42,510

 

$

37,179

 

$

26,544

 

$

31,593

 

$

188,535

 

$

137,826

 

 

Life Marketing Key Data

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY PRODUCT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Traditional

 

$

22,274

 

$

23,151

 

$

26,102

 

$

25,589

 

$

22,090

 

$

99,202

 

$

96,932

 

Universal life

 

14,496

 

12,819

 

12,796

 

15,383

 

21,027

 

52,832

 

62,025

 

Variable universal life

 

1,162

 

642

 

854

 

912

 

1,235

 

5,667

 

3,643

 

Total

 

$

37,932

 

$

36,612

 

$

39,752

 

$

41,884

 

$

44,352

 

$

157,701

 

$

162,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY DISTRIBUTION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokerage general agents

 

$

20,549

 

$

21,464

 

$

25,783

 

$

26,301

 

$

27,833

 

$

89,295

 

$

101,381

 

Independent agents

 

7,515

 

7,280

 

7,084

 

6,923

 

6,478

 

33,101

 

27,765

 

Stockbrokers/banks

 

8,205

 

7,173

 

6,509

 

7,753

 

8,696

 

30,546

 

30,131

 

BOLI/other

 

1,663

 

695

 

376

 

907

 

1,345

 

4,759

 

3,323

 

Total

 

$

37,932

 

$

36,612

 

$

39,752

 

$

41,884

 

$

44,352

 

$

157,701

 

$

162,600

 

 


 

Draft

2/10/2010

Page 18

 

Annuities Quarterly Trends

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Premiums and Policy Fees

 

$

10,013

 

$

10,985

 

$

7,406

 

$

7,416

 

$

8,176

 

$

34,538

 

$

33,983

 

Reinsurance Ceded

 

(206

)

(42

)

(42

)

(29

)

(39

)

(206

)

(152

)

Net Premiums and Policy Fees

 

9,807

 

10,943

 

7,364

 

7,387

 

8,137

 

34,332

 

33,831

 

Net investment income

 

95,516

 

102,982

 

108,588

 

113,272

 

115,255

 

347,551

 

440,097

 

RIGL - Derivatives

 

(22,496

)

19,088

 

13,393

 

(28,864

)

19,003

 

(40,971

)

22,620

 

RIGL - All Other Investments

 

387

 

(6,448

)

925

 

(482

)

717

 

(12,917

)

(5,288

)

Other income

 

3,137

 

3,380

 

4,215

 

4,737

 

5,264

 

12,761

 

17,596

 

Total Revenues

 

86,351

 

129,945

 

134,485

 

96,050

 

148,376

 

340,756

 

508,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BENEFITS & EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and settlement expenses

 

90,101

 

85,808

 

78,759

 

96,118

 

90,165

 

310,800

 

350,850

 

Amortization of deferred policy acquisition costs and value of businesses acquired

 

(15,558

)

45,085

 

26,568

 

(20,176

)

30,451

 

616

 

81,928

 

Other operating expenses

 

6,225

 

5,975

 

6,068

 

6,855

 

7,396

 

25,622

 

26,294

 

Total Benefits and Expenses

 

80,768

 

136,868

 

111,395

 

82,797

 

128,012

 

337,038

 

459,072

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAX

 

5,583

 

(6,923

)

23,090

 

13,253

 

20,364

 

3,718

 

49,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to Reconcile to Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: RIGL - Derivatives

 

(22,496

)

19,088

 

13,393

 

(28,864

)

19,003

 

(40,971

)

22,620

 

Add back: Derivative gains related to annuities

 

(22,496

)

19,088

 

13,393

 

(28,864

)

19,003

 

(40,971

)

22,620

 

Less: RIGL - All Other Investments

 

387

 

(6,448

)

925

 

(482

)

717

 

(12,917

)

(5,288

)

Add back: Related amortization of deferred acquisition costs

 

979

 

(100

)

(670

)

2,340

 

—

 

2,072

 

1,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRE-TAX OPERATING INCOME (LOSS)

 

$

6,175

 

$

(575

)

$

21,495

 

$

16,075

 

$

19,647

 

$

18,707

 

$

56,642

 

 

Annuities Key Data

 

 

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

 

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SALES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable Annuity

 

$

111,794

 

$

139,056

 

$

177,306

 

$

194,429

 

$

285,454

 

$

452,408

 

$

796,245

 

Immediate Annuity

 

47,642

 

26,043

 

17,918

 

20,498

 

11,886

 

349,859

 

76,345

 

Single Premium Deferred Annuity

 

400,638

 

151,016

 

264,326

 

165,990

 

202,483

 

726,851

 

783,815

 

Market Value Adjusted Annuity

 

411,145

 

117,305

 

150,129

 

71,447

 

22,409

 

1,066,073

 

361,290

 

Equity Indexed Annuity

 

4,911

 

3,316

 

—

 

212

 

233

 

17,374

 

3,761

 

Total

 

$

976,130

 

$

436,736

 

$

609,679

 

$

452,576

 

$

522,465

 

$

2,612,565

 

$

2,021,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRE-TAX OPERATING INCOME (LOSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable Annuity

 

$

(7,056

)

$

(5,841

)

$

15,230

 

$

285

 

$

11,607

 

$

(3,289

)

$

21,281

 

Fixed Annuity

 

13,231

 

5,266

 

6,265

 

15,790

 

8,040

 

21,996

 

35,361

 

Total

 

$

6,175

 

$

(575

)

$

21,495

 

$

16,075

 

$

19,647

 

$

18,707

 

$

56,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPOSIT BALANCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VA Fixed Annuity

 

$

202,395

 

$

226,707

 

$

242,491

 

$

240,899

 

$

291,733

 

 

 

 

 

VA Separate Account Annuity

 

2,098,203

 

1,786,993

 

2,128,899

 

2,554,411

 

2,808,123

 

 

 

 

 

Sub-total

 

2,300,598

 

2,013,700

 

2,371,390

 

2,795,310

 

3,099,856

 

 

 

 

 

Fixed Annuity

 

6,195,293

 

6,530,391

 

6,882,551

 

7,074,803

 

7,252,246

 

 

 

 

 

Total

 

$

8,495,891

 

$

8,544,091

 

$

9,253,941

 

$

9,870,113

 

$

10,352,102

 

 

 

 

 

 


 

Draft

2/10/2010

Page 19

 

Stable Value Products Quarterly Trends

 

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

83,991

 

$

63,176

 

$

57,550

 

$

54,024

 

$

46,938

 

$

328,353

 

$

221,688

 

RIGL - Derivatives

 

(1,451

)

707

 

247

 

87

 

529

 

(4,073

)

1,570

 

RIGL - All Other Investments

 

(17,216

)

1,155

 

(647

)

(5,036

)

261

 

(2,354

)

(4,267

)

Other income

 

6,360

 

1,526

 

340

 

—

 

—

 

9,360

 

1,866

 

Total Revenues

 

71,684

 

66,564

 

57,490

 

49,075

 

47,728

 

331,286

 

220,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BENEFITS & EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and settlement expenses

 

60,066

 

42,585

 

39,206

 

37,972

 

34,792

 

237,608

 

154,555

 

Amortization of deferred policy acquisition costs and value of businesses acquired

 

1,094

 

927

 

844

 

893

 

807

 

4,467

 

3,471

 

Other operating expenses

 

1,325

 

983

 

864

 

820

 

898

 

5,827

 

3,565

 

Total Benefits and Expenses

 

62,485

 

44,495

 

40,914

 

39,685

 

36,497

 

247,902

 

161,591

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAX

 

9,199

 

22,069

 

16,576

 

9,390

 

11,231

 

83,384

 

59,266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to Reconcile to Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: RIGL-Derivatives

 

(1,451

)

707

 

247

 

87

 

529

 

(4,073

)

1,570

 

Less: RIGL-All Other Investments

 

(17,216

)

1,155

 

(647

)

(5,036

)

261

 

(2,354

)

(4,267

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRE-TAX OPERATING INCOME

 

$

27,866

 

$

20,207

 

$

16,976

 

$

14,339

 

$

10,441

 

$

89,811

 

$

61,963

 

 

Stable Value Products Key Data

 

 

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

 

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SALES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GIC

 

$

58,339

 

$

—

 

$

—

 

$

—

 

$

—

 

$

166,284

 

$

—

 

GFA - Direct Institutional

 

—

 

—

 

—

 

—

 

—

 

1,061,651

 

—

 

GFA - Registered - Institutional

 

—

 

—

 

—

 

—

 

—

 

450,000

 

—

 

GFA - Registered - Retail

 

—

 

—

 

—

 

—

 

—

 

290,848

 

—

 

Total

 

$

58,339

 

$

—

 

$

—

 

$

—

 

$

—

 

$

1,968,783

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPOSIT BALANCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter End Balance

 

$

4,960,405

 

$

4,360,658

 

$

4,138,131

 

$

3,863,329

 

$

3,581,150

 

 

 

 

 

Average Daily Balance

 

$

5,666,809

 

$

4,523,563

 

$

4,224,897

 

$

4,025,344

 

$

3,602,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING SPREAD

 

1.52

%(1)

1.65

%(1)

1.57

%(1)

1.42

%

1.16

%

 

 

 

 

 

(1) Excludes one-time funding agreement retirement gains

 


 

Draft

2/10/2010

Page 20

 

Asset Protection Quarterly Trends

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Premiums and Policy Fees

 

$

87,961

 

$

86,935

 

$

84,240

 

$

83,020

 

$

85,321

 

$

363,169

 

$

339,516

 

Reinsurance Ceded

 

(40,229

)

(41,485

)

(37,698

)

(36,600

)

(36,439

)

(170,875

)

(152,222

)

Net Premiums and Policy Fees

 

47,732

 

45,450

 

46,542

 

46,420

 

48,882

 

192,294

 

187,294

 

Net investment income

 

9,348

 

8,932

 

8,407

 

8,038

 

7,780

 

38,656

 

33,157

 

Other income

 

13,311

 

12,473

 

13,199

 

15,161

 

15,719

 

62,271

 

56,552

 

Total Revenues

 

70,391

 

66,855

 

68,148

 

69,619

 

72,381

 

293,221

 

277,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BENEFITS & EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and settlement expenses

 

26,288

 

34,110

 

29,363

 

31,009

 

32,832

 

106,737

 

127,314

 

Amortization of deferred policy acquisition costs and value of businesses acquired

 

13,877

 

13,683

 

14,104

 

13,446

 

13,887

 

57,704

 

55,120

 

Other operating expenses

 

24,139

 

12,782

 

20,025

 

19,433

 

19,100

 

97,991

 

71,340

 

Total Benefits and Expenses

 

64,304

 

60,575

 

63,492

 

63,888

 

65,819

 

262,432

 

253,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAX

 

$

6,087

 

$

6,280

 

$

4,656

 

$

5,731

 

$

6,562

 

$

30,789

 

$

23,229

 

 

Asset Protection Key Data

 

 

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

 

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SALES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit insurance

 

$

10,518

 

$

8,483

 

$

8,721

 

$

10,345

 

$

7,830

 

$

67,317

 

$

35,379

 

Service contracts

 

53,517

 

48,076

 

56,368

 

64,865

 

57,526

 

279,862

 

226,835

 

Other products

 

12,025

 

11,781

 

11,091

 

11,026

 

8,892

 

63,468

 

42,790

 

Total

 

$

76,060

 

$

68,340

 

$

76,180

 

$

86,236

 

$

74,248

 

$

410,647

 

$

305,004

 

 


 

Draft

2/10/2010

Page 21

 

Acquisitions Quarterly Trends

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Premiums and Policy Fees

 

$

191,053

 

$

178,676

 

$

184,484

 

$

175,521

 

$

185,807

 

$

764,438

 

$

724,488

 

Reinsurance Ceded

 

(126,071

)

(109,607

)

(115,482

)

(112,325

)

(125,558

)

(487,698

)

(462,972

)

Net Premiums and Policy Fees

 

64,982

 

69,069

 

69,002

 

63,196

 

60,249

 

276,740

 

261,516

 

Net investment income

 

127,156

 

123,541

 

119,515

 

118,202

 

118,485

 

530,028

 

479,743

 

RIGL - Derivatives

 

27,737

 

57,684

 

(146,462

)

(156,504

)

(6,818

)

209,800

 

(252,100

)

RIGL - All Other Investments

 

(72,964

)

(52,463

)

157,871

 

163,529

 

13,026

 

(306,581

)

281,963

 

Other income

 

1,862

 

1,403

 

1,592

 

1,519

 

1,545

 

6,735

 

6,059

 

Total Revenues

 

148,773

 

199,234

 

201,518

 

189,942

 

186,487

 

716,722

 

777,181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BENEFITS & EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and settlement expenses

 

137,897

 

138,731

 

135,773

 

131,786

 

126,702

 

580,271

 

532,992

 

Amortization of deferred policy acquisition costs and value of businesses acquired

 

19,406

 

17,741

 

14,560

 

12,427

 

14,297

 

74,384

 

59,025

 

Other operating expenses

 

1,322

 

4,098

 

4,463

 

2,523

 

3,684

 

21,145

 

14,768

 

Total Benefits and Expenses

 

158,625

 

160,570

 

154,796

 

146,736

 

144,683

 

675,800

 

606,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAX

 

(9,852

)

38,664

 

46,722

 

43,206

 

41,804

 

40,922

 

170,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to Reconcile to Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: RIGL - Derivatives

 

27,737

 

57,684

 

(146,462

)

(156,504

)

(6,818

)

209,800

 

(252,100

)

Less: RIGL - All Other Investments

 

(72,964

)

(52,463

)

157,871

 

163,529

 

13,026

 

(306,581

)

281,963

 

Add back: Related amortization of deferred policy acquisition costs and value of businesses acquired

 

(7

)

178

 

(272

)

(3,120

)

(3,559

)

(1,224

)

(6,773

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRE-TAX OPERATING INCOME

 

$

35,368

 

$

33,621

 

$

35,041

 

$

33,061

 

$

32,037

 

$

136,479

 

$

133,760

 

 


               

Draft

2/10/2010

Page 22

 

Corporate & Other Quarterly Trends

 

(Dollars In Thousands)

 

4TH QTR

 

1ST QTR

 

2ND QTR

 

3RD QTR

 

4TH QTR

 

YEAR

 

(Unaudited)

 

2008

 

2009

 

2009

 

2009

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Premiums and Policy Fees

 

$

6,483

 

$

6,898

 

$

6,664

 

$

6,717

 

$

6,289

 

$

29,842

 

$

26,568

 

Reinsurance Ceded

 

(1

)

(1

)

(1

)

(2

)

—

 

(5

)

(4

)

Net Premiums and Policy Fees

 

6,482

 

6,897

 

6,663

 

6,715

 

6,289

 

29,837

 

26,564

 

Net investment income

 

(1,058

)

29,527

 

46,251

 

27,385

 

25,080

 

80,523

 

128,243

 

RIGL - Derivatives

 

(42,554

)

14,954

 

34,832

 

(10,259

)

10,430

 

(48,099

)

49,957

 

RIGL - All Other Investments

 

(3,141

)

(73,913

)

(31,322

)

(23,403

)

(23,621

)

(262,640

)

(152,259

)

Other income

 

203

 

51

 

72

 

218

 

134,887

 

619

 

135,228

 

Total Revenues

 

(40,068

)

(22,484

)

56,496

 

656

 

153,065

 

(199,760

)

187,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BENEFITS & EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and settlement expenses

 

8,215

 

7,715

 

5,946

 

8,766

 

7,469

 

36,170

 

29,896

 

Amortization of deferred policy acquisition costs and value of businesses acquired

 

516

 

484

 

469

 

508

 

439

 

2,149

 

1,900

 

Other operating expenses

 

40,212

 

39,761

 

38,086

 

47,870

 

53,943

 

184,400

 

179,660

 

Total Benefits and Expenses

 

48,943

 

47,960

 

44,501

 

57,144

 

61,851

 

222,719

 

211,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAX

 

(89,011

)

(70,444

)

11,995

 

(56,488

)

91,214

 

(422,479

)

(23,723

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to Reconcile to Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: RIGL-Derivatives

 

(42,554

)

14,954

 

34,832

 

(10,259

)

10,430

 

(48,099

)

49,957

 

Less: RIGL-All Other Investments, net of participating income

 

(3,141

)

(73,913

)

(31,322

)

(23,403

)

(23,621

)

(262,640

)

(152,259

)

Add back: Derivative gains related to corporate debt and investments

 

1,569

 

2,238

 

1,163

 

—

 

—

 

5,754

 

3,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRE-TAX OPERATING INCOME (LOSS)

 

$

(41,747

)

$

(9,247

)

$

9,648

 

$

(22,826

)

$

104,405

 

$

(105,986

)

$

81,980