felanders/preprocessed huggingface dataset:
Fixed maturity securities for which we may not have the intent to hold until maturity are classified as available-for-sale and reported at fair value. Unrealized gains and losses are included in other comprehensive income in the consolidated statements of operations and comprehensive income and in accumulated other comprehensive income in the consolidated statements of shareholders’ equity, net of deferred taxes. Fixed maturity securities for which we have the intent to sell prior to maturity or for which we have elected the fair value measurement attributes of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, “Financial Instruments” are classified as trading securities and reported at fair value, with mark-to-market adjustments included in net realized gains or losses on investments in the consolidated statements of operations and the related deferred income tax included in income tax expense.
In 2009 we adopted additional guidance under FASB ASC 320, “Investments - Debt and Equity Securities” (“ASC 320”). In accordance with this additional guidance, we recognize the portion of OTTI related to a credit loss in net income and the portion of OTTI related to all other factors in other comprehensive income or loss. The amount of the credit loss of an impaired debt security is the difference between the amortized cost and the greater of (i) the present value of expected future cash flows and (ii) the fair value of the security. The effect of adoption resulted in a cumulative adjustment to debt securities that were impaired prior to 2009, net of deferred tax, of $14.2 million that was recorded in accumulated other comprehensive income in the consolidated statement of shareholders’ equity.
The 625,000 shares of 1998 Series A Participating Preferred Stock issued in 1998 have participating dividend rights with the shares of Common Stock, when and as such dividends are declared. The preferred shares are convertible into shares of Common Stock on a one for one basis upon the earlier of the initial public offering of our Common Stock or December 31, 2003.
In September, 1999, American Equity Capital Trust I ("Trust I"), our wholly-owned subsidiary, issued $25,970,000 of 8% Convertible Trust Preferred Securities (the "8% Trust Preferred Securities"). In connection with Trust I's issuance of the 8% Trust Preferred Securities and the related purchase by us of all of Trust I's common securities, we issued $26,773,000 in principal amount of our 8% Convertible Junior Subordinated Debentures, due September 30, 2029 (the "8% Debentures") to Trust I. The sole assets of Trust I are the 8% Debentures and any interest accrued thereon. Each 8% Trust Preferred Security is convertible into one share of our common stock at a conversion price equal to the lesser of (i) $30 per share or (ii) 90% of the initial price per share to the public of common stock sold in connection with our initial public offering of such common stock (the "IPO"), upon the earlier of the 91st day following the IPO or September 30, 2002. The interest payment dates on the 8% Debentures correspond to the distribution dates on the 8% Trust Preferred Securities. The 8% Trust Preferred Securities, which have a liquidation value of $30 per share plus accrued and unpaid distributions, mature simultaneously with the 8% Debentures. As of December 31, 1999, 865,671.33 shares of 8% Trust Preferred Securities were outstanding, all of which are unconditionally guaranteed by us to the extent of the assets of Trust I.
Realized investment losses were $466,000 and $114,000 in 1996 and 1995, respectively. The Company sold two foreclosed real estate properties that resulted in approximately $357,000 in realized losses in 1996. The Company had other gains and losses during the period that comprised the remaining amount reported but were immaterial in nature on an individual basis.
The Company experienced an increase of 6% in mortality during 1995 compared to 1994. The increase in mortality is due primarily to settlement expenses discussed in the following paragraph:
Commissions and amortization of deferred policy acquisition costs increased 21% in 1995 compared to 1994. The increase is directly attributed to the amortization of a larger asset. The increase is also caused by the reduction in first year premium production. To a lesser extent the increase in amortization of deferred policy acquisition costs is directly related to the change in products that is currently marketed. The Company revised its portfolio of products as previously discussed in premium income. These new products pay lower first year commissions than the products sold in prior periods. The asset increased due to first year premium production by the agency force. The Company did benefit from improved persistency.
Memorial Service Life Insurance Company leases approximately 25,000 square feet in an office building which houses our executive offices located at 10 S. Brentwood, St. Louis, Missouri under the terms of a lease that expires in June 2002. Memorial Service Life Insurance Company also leases approximately 10,000 square feet of property at 1250 Capital of Texas Highway, Building 3, Suite 100, Austin, Texas under the terms of a lease that expires in August 2002. Memorial Service Life Insurance Company entered into a Sublease Agreement with North America Life, effective December 18, 2000, under which North America Life subleases approximately 4,800 square feet of our office space in Austin, Texas. This agreement will terminate concurrent with the expiration of Memorial's lease in August 2002. Negotiations are currently underway for new office space for both locations. As our operation expands, the leasing of additional space in Austin, Texas and St. Louis, Missouri may be necessary. We currently do not foresee any material difficulties with leasing additional space that may be required in the foreseeable future.
Fixed assets increased approximately $173,000 from $6.1 million at December 31, 2000 to $6.3 million at December 31, 2001.
You should read the following analysis of the Company’s financial condition and results of operations in conjunction with the Forward-Looking Statements included below the Table of Contents, “Risk Factors”, and the Financial Statements included in this Annual Report on Form 10-K.
The selected consolidated financial data of the Company appears in a separate section of this Annual Report on Form 10-K on page 21.
Selected financial data for the Company and its subsidiaries for each of the last five fiscal years is set forth under the caption "Financial Highlights" on page 1 of the Company's 1997 Annual Report to Stockholders. Such information is incorporated herein by reference and should be read in conjunction with the Consolidated Financial Statements and the Notes thereto contained on pages 31 to 51 of such Annual Report.
Following is a discussion and analysis of the financial statements and other statistical data that management believes will enhance the understanding of AFEI's financial condition and results of operations. This discussion should be read in conjunction with the financial statements beginning on page.
For the year ended December 31, 1996, the Account's recorded equity in earnings of its unconsolidated joint ventures (N/S Associates, Monmouth Associates and 1225 Connecticut) was $2,167,460, compared to $1,924,741 for the year ended December 31, 1995. However, after eliminating the effect of the recognition in the first quarter of 1995 of income attributable to certain lease termination fees received by N/S Associates, the equity in earnings of unconsolidated joint ventures showed an increase for 1996 of approximately 12.9 percent compared to the recorded equity increase in earnings for 1995. The increase is due primarily to (I) an increase in interest earned which is currently being paid from Monmouth Associates, (ii) an increase in rental income at 1225 Connecticut due to the property being 100 percent leased, and (iii) lower interest expense from N/S Associates in 1996 as a result of prepayment charges incurred in the first quarter of 1995 in connection with the repayment and refinancing of the mortgage loans on Northridge and Southridge Malls. The increase in earnings was partially offset by lower rental income achieved at Southridge and Northridge Malls due to lower occupancy.
The Account's policy is to consolidate the underlying assets, liabilities and operations of property investments where 50 percent or greater ownership position is maintained. Investments in unconsolidated joint ventures with less than 50 percent ownership interest are accounted for on the equity method of accounting.
An unaffiliated third party leases and operates the entire parking garage (subject to certain parking rights provided for tenants of the property) for a term extending until November 2000. The lease provides for a fixed rent payment of $577,560 a year, provides that the lessee shall pay the operating expenses of the parking garage and does not provide such lessee with an option to extend the term of the lease.
1225 Investment Corporation had entered into a management agreement with JMB Properties Company. During December 1994, JMB Properties Company assigned the management agreement to Heitman Washington D.C. Properties, Ltd. ("Office Manager"). The Office Manager is entitled to receive a fee of 2.5% of gross receipts from the operations of the Property. Management fees earned by the Office Manager are included in property operating expenses and aggregated approximately $197,000 and $188,000 for the years ended December 31, 1997 and 1996, respectively.
Part 1 -Participation in Mortgage Part 2 - Interest Earned on Loan on Real Estate at Close of Year on Participation in Mortgage
"Selected Financial Data" appearing on page 8 of the Registrant's 1996 Annual Report to Shareholders is incorporated herein by reference.
The information contained in Selected Financial Data on page 40 of the Annual Report is incorporated herein by reference.
Service and fee income. We currently generate policy service and fee income from installment fees, late payment fees, and other finance and processing fees related to policy cancellation, policy reinstatement, and insufficient fund check returns. These fees are generally designed to offset expenses incurred in the administration of our insurance business, and are generated as follows. Installment fees are charged to permit a policyholder to pay premiums in installments rather than in a lump sum. Late payment fees are charged when premiums are remitted after the due date and any applicable grace periods. Policy cancellation fees are charged to policyholders when a policy is terminated by the policyholder prior to the expiration of the policy’s term or renewal term, as applicable. Reinstatement fees are charged to reinstate a policy that has lapsed, generally as a result of non-payment of premiums. Insufficient fund fees are charged when the customer’s payment is returned by the financial institution.
Net premium written. Net premium written increased by $158.9 million, or 5.2%, from $3,042.3 million for the year ended December 31, 2017 to $3,201.2 million for the year ended December 31, 2018, primarily as a result of organic growth ($440.6 million), partially offset by premium ceded to the Quota Shares ($289.6 million).
Service and fee income. Service and fee income increased by $15.7 million, or 11.3%, from $138.9 million for the year ended December 31, 2016 to $154.6 million for the year ended December 31, 2017, primarily due to growth in our domestic business.
Accident and health insurance premiums increased to $325 million in 1994 from $313 million in 1993, but down from $430 million in 1992. The increase in premiums from 1993 to 1994 is attributable to moderate growth in the group accident and health insurance line. The decrease in premiums in 1993 from 1992 is attributable to changing the health insurance plan for Nationwide Insurance Enterprise employees from an indemnity plan to an administrative services only basis during 1993 and effective January 1, 1993 National Casualty Company ceded 100% of all written premiums to Nationwide Mutual Insurance Company, the majority shareholder of Nationwide Corporation. National Casualty Company reported accident and health insurance premiums in 1992 of $76 million. In 1992, West Coast Life Insurance Company exited the credit life and accident and health insurance business and ceded substantially all of its credit life and accident and health insurance policies to an unaffiliated insurer. West Coast Life Insurance Company earned $27 million of ceding commissions on this transaction. See note 12 to the consolidated financial statements for additional disclosures regarding this transaction.
See note 7 to the consolidated financial statements for analysis of Federal income tax expense.
Revenues decreased by $21 million, from $165 million in 2007 to $144 million in 2008.
contractholders in connection with surrenders, withdrawals and net policy loan activity. Other uses of liquidity include commissions, general and administrative expenses, purchases of investments, and payments in connection with financing activities.
Our consolidated investment portfolio at December 31, 2016, contained $1.4 billion in fixed maturity securities, $90.6 million in equity securities and $2.9 million of short-term investments, all carried at fair value with unrealized gains and losses reported in accumulated other comprehensive income, a separate component of shareholders' equity, on an after-tax basis. At December 31, 2016, we had pre-tax net unrealized losses of $2.5 million on fixed maturities and pre-tax net unrealized gains of $13.6 million on equity securities. Combined, the pre-tax net unrealized gain increased by $0.1 million for the twelve months ended December 31, 2016.
It is our policy to close the books on the last Friday of the month, which resulted in 2016 being a 53-week year. Excluding the impact of this extra week, gross written premium would have decreased 0.3% for the year.
The consolidated financial statements and supplementary data from pages 28 through 51, but not including the Report of Management from page 51 included in the Registrant's Annual Report for the year ended December 31, 1999, is attached as Exhibit 13 hereto and are incorporated herein by reference.
Asset/Liability Management. A significant aspect of the Company's continued profitability is its ability to manage risks associated with interest-sensitive assets and liabilities. The Company prices its annuity products based on assumptions concerning prevailing and expected interest rates and other factors to achieve a positive difference, or spread, between its expected return on investments and the crediting rate. The Company achieves this spread by active portfolio management focusing on matching the durations of invested assets and related liabilities to minimize the exposure to fluctuations in interest rates and by the adjustment of the crediting rate on annuity products. The results of this asset/liability matching are analyzed periodically through cash flow analysis under multiple interest rate scenarios. The Company believes that it will continue to achieve a positive spread and that the amount of lapses and surrender rates will remain consistent with those assumed in the pricing of the products.
The Company will now focus on its continuing COVER-ALL software operations which management believes have a favorable outlook for 1996 and beyond.
The Company has standby letters of credit of less than $25,000. These letters are used to guarantee obligations of the property/casualty subsidiary under assumed reinsurance contracts. The letters of credit are secured by certain invested assets of the Company. The Company also routinely incurs liability for declared but unpaid dividends. Long term liquidity needs of the Company constitute only those items which are directly related to the principal business operations of the Company.
Years of Issue Interest Rate 1947 - 1968 4% 1969 - 1978 6% graded to 5% 1979 - 1999 7% graded to 6%
Reserves, Life Dep*-: Premium Reserve Annuity Fund Reserve for outstanding losses '. ...
On 31st December, 1966, Mr. P. Guggenbiihl and Mr. M. Klaas retired as General Managers; at the last General Meeting they were elected to the Board of Directors. Having attained the retirement age, Mr. Guggenbiihl withdrew from the active management of the Company. Mr. Klaas reaches retirement age at the end of 1967; until then he is continuing to supervise our North American subsidiary companies. Both gentlemen have given many years of devoted and successful service to our Company and have contributed in large measure to the development of the Swiss Re Group throughout the world. We are grateful to them for their achievements and are glad that through their election to the Board of Directors we shall still be able to draw upon their wide knowledge and great experience.
Investment Income (less Interest on Life Assurance and Annuity Funds and other technical reserves) 70,610,304 65,312,689
The company's own production of premium income again increased sharply. However, modifications in the exchange of business with the parent company caused the gross pre­ mium to remain unaltered. — Non-Life business once more showed a slight deficit; in Life business the mortality was appreciably lower than in the previous year. Smaller net realized capital gains brought lower financial results. The dividend remained unchanged at Rand 27,900.
• The recognition of $1.146 million of income, reflected as negative health care expense, in connection with the expiration of certain notice periods for certain insurance provided by our Health Care Assurance Company, Ltd. subsidiary;
• The recognition of a gain of $580,000 in connection with the settlement of a dispute involving a Services Agreement for Back Office Administration that we had previously entered into for the benefit of our subsidiaries.
Incorporated by reference to "11-Year Summary of Selected Financial Data" on pages 32-33 of the 1996 Annual Report.
1998 primarily due to dividends paid on the Capital Trust Pass-Through Securities issued in November 1997 which replaced previously outstanding preferred stock, the method used by the Corporation to settle tax matters with its subsidiaries and expenses associated with the Corporation's long term incentive plan. The 1996 results also included a benefit from the satisfactory resolution of prior years' tax matters of $68.4 million. Excluding the unusual items in 1997 and 1996, unallocated and other expenses decreased $2.4 million (2%) in 1997.
New long-term investments acquired in 1998 totaled $5.7 billion. Of that amount, 89% was in taxable, fixed maturity securities and 11% was invested principally in common and preferred stocks, mortgage loans and loans to our life insurance policyholders. The average yield on new fixed maturity securities was 6.6%. During 1998, we committed to or funded $1.9 billion of new private placement securities.
The projected total cost associated with required modifications to become ready for the Year 2000 is between $35 million and $40 million. These costs are being expensed as incurred and funded through operations. At this time there can be no assurance that these estimates will not be exceeded and actual results may differ significantly from those projected. Some factors that may cause actual expenditures to differ include the availability and cost of trained personnel and the ability to locate and correct all relevant computer problems. This estimate includes internal costs, but excludes the costs to upgrade and replace systems in the normal course of business. The total amount expended on the project through December 31, 1998, was $21 million. Transamerica does not expect the project to have a significant effect on its financial condition or results of operations.
Our Form S-1 registration statement for the registration of 1,000,000 preferred shares was approved by the Securities and Exchange Commission in June 2010. Upon making application to the state of Kentucky to register these preferred shares our application was rejected. However, since that time the FullCircle balance sheet has significantly improved, it is our intention that we will re-file with the Commonwealth of Kentucky in early 2011. Our ability to raise capital was severely impacted by the Kentucky decision.
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
The Company's agencies are primarily located in leased locations pursuant to leases expiring at various times through February 2016. The aggregate annual rental for the facilities is approximately $495,000. Two locations are owned by 21st Century Holding Company.
The Company offers income tax preparation software and service through its 80% owned subsidiary, Express Tax. Currently, Express Tax has 850 licensees in 32 states.
NET INVESTMENT INCOME. Net investment income increased 43.6% or $372,000 to $1.2 million for the year ended December 31, 2000 from $854,000 for the year ended December 31, 1999 because the Company had additional funds invested from the increase in premiums written by Federated National and third party insurers for which Assurance MGA is the managing general agent.
The Company provides medical services in medical centers owned or leased ranging in size from approximately 1,200 to 80,000 square feet. The Company's administrative market offices are generally leased, with square footage ranging from 500 to 75,000. The following chart lists the location of properties used in the operation of the Company at December 31, 1994:
The effect of inflation on the revenues and net income of the Company during all three periods discussed above was not significant.
"Management Discussion and Analysis of Financial Condition and Results of Operations" on pages 17 through 20 of the Company's 1996 Annual Report to Stockholders is incorporated herein by reference.
The Company's physical properties consist primarily of leases of commercial office space. At December 31, 1996, the Company leased approximately 276,000 square feet of office space, including 94,000 square feet at its headquarters in Minneapolis and 102,000 square feet at its office in San Antonio. The Company considers its properties to be adequate for its present and reasonably foreseeable requirements.
available data. If evidence does not exist to support a realizable
On March 28, 1994, the Community College District No. 508, County of Cook and State of Illinois (The City Colleges) filed a complaint in the United States District Court for the Northern District of Illinois, Eastern Division, against National Western Life Insurance Company and subsidiaries of the The Westcap Corporation. The suit seeks recession of securities purchase transactions by The City Colleges from Westcap between September 9, 1993 and November 3, 1993, alleged compensatory damages, punitive damages, injunctive relief, declaratory relief, fees and costs. Neither Westcap nor the Company has been formally served with the complaint, no discovery has occurred, no judicial proceedings or hearings have occurred, and no answers or responses have been prepared or filed. Westcap and the Company are of the opinions that Westcap has adequate documentation to validate all of such securities purchase transactions by The City Colleges, and that Westcap and the Company each have adequate defenses to the litigation. Although the alleged damages would be material to the Company's financial position, a reasonable estimate of any actual losses which may result from this suit cannot be made at this time.
CNP Assurances – July 2O20. Strategic Marketing, Communication and Sponsorship department.
Personal insurers such as CNP Assurances also need to stay one step ahead of changes in society. Here I’m thinking about an ageing population, loss of independent living skills and the divisions that are emerging within society, and insurers need to provide constructive, effective solutions over the long term that are affordable for as many people as possible.
the world of the future, CNP Assurances is completely clear about a number of things.
At the height of the COVID-19 crisis, the French Red Cross decided to set up an H4D Consult Station® in its health centre in Villeneuve-la-Garenne, an area identified as a medical desert, with just 11 general practitioners covering a population of 25,000. This provided a perfect opportunity to demonstrate how the connected telemedicine booth, an innovation by the H4D startup we have supported, can ease the burden on hospitals running at full tilt and give everyone access to a doctor in real time, while limiting face-to-face contact.
During the first quarter of 2020, the pandemic brought the economy to a standstill and sent all the world’s stock markets into a tailspin, causing investors to switch into lower-risk life insurance vehicles.
largest private owner of woodland, with 56,537 hectares at year-end 2019. It has entrusted Société Forestière with managing them sustainably. As a result, it stored between 14 and 16 million tonnes of CO2 by year-end 2019
In France, the Anticipa supplementary health and personal risk protection plan was developed specially to cover civil servants working for four major
In 70% of cases, their insurance application was accepted straight away. For applications requiring closer analysis, we undertook to get back to them within 24 hours. Using the electronically signed remote health questionnaire, a tried and tested solution for term creditor insurance, we were able to rise to the challenge and provide over 100,000 businesses with PGE loan insurance cover.
Vita set up a dedicated phone line and online banking service as new channels of interaction for the bancassurance sector. Today, our subsidiary is incorporating these in its processes and training its advisors in its new relationship mix.
,9 employees were s ud d e n ly o b li g e d t o w o r k f r o m h o m e , b u t t h e y k e p t t h e b u s in e s s r u n n in g f o r o ur partners and our customers.
T h e p a n -d e m ic c risis b ro u g h t in t o r e lie f t h e s o urces of vulnerability
As previously stated, this annual report contains forward-looking statements relating to us that are based on the beliefs of our management as well as assumptions made by, and information currently available to, our management. When used in this Report, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan” and similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. These statements reflect management’s current view of us concerning future events and are subject to certain risks, uncertainties and assumptions, including among many others: our potential inability to raise additional capital, the possibility that third parties hold proprietary rights that preclude us from marketing our products, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, changes in economic conditions, a general economic downturn, a downturn in the securities markets, Securities and Exchange Commission regulations which affect trading in the securities of “penny stocks,” and other risks and uncertainties. Should any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Report as anticipated, estimated or expected.
The Company's carrying value for investments in the held-to-maturity and available-for-sale categories is reduced to its estimated realizable value if a decline in the market value is deemed other than temporary. Such reductions in carrying values are recognized as realized losses and charged to income.
In June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards (SFAS) No. 130, "Reporting Comprehensive Income." This statement establishes standards for reporting and display of comprehensive income and its components in a full set of financial statements. The Company will be required to reclassify items or other comprehensive income by nature in the financial statements, and display the accumulated balance of other comprehensive income separately from retained earnings and additional paid-in capital in the equity section of the balance sheet. This will have no impact on net income.
The DAC balance associated with the variable and universal life policies of our Individual Life segment as of December 31, 2007 was $140 billion. The following table provides a demonstration of the sensitivity of that DAC balance relative to our future mortality assumptions by quantifying the adjustments that would be required, assuming both an increase and decrease
"Financial Year" is the total claims and claims expense incurred for the period under review, and includes the current accident year estimate of the incurred claims and claims expense, as well as the current period change in the estimate for all prior accident years claims and claims expense. The "Accident Year" is the estimate of incurred claims and claims expense for the current accident year only.
current period change in the estimate for all prior accident years claims and claims expense. The "Accident Year" is the estimate of incurred claims and claims expense for the current accident year only.
The carrying amount of the Company's commercial paper borrowings approximates its fair value. The fair value of publicly traded debt is based on its quoted market price.
Financial Statements and Supplementary Data The consolidated financial statements of the Corporation and notes to such financial statements on pages 6 through 29 of the Form 8-K filed on February 26, 1998 are incorporated herein by reference.
Consolidated Statements of Cash Flows for the years ended December 31, 1998, 1999 and 2000.
Interest Income. Interest income increased to $5.1 million for the year ended December 31, 2006 from $2.3 million in the prior year. The increase was primarily due to an increase in the rate of return available in the marketplace and increase in average funds available for investment.
Net Income. Net income for year ended December 31, 2005 increased by $6.6 million over the same period in 2004 to $23.0 million. The increase in net income was primarily a function of increased gross margins in the PBM segment and an increase in interest income. PBM segment gross margins increased to $56.7 million in 2005 from $38.9 million in 2004, largely attributable to the $175.7 million increase in PBM revenues from the year ended December 31, 2004 to the year ended December 31, 2005. Segment operating information for 2005 and 2004 is as follows (in thousands):
From December 31, 2004 to December 31, 2005 there was an increase of $1.787 billion in total assets, from $27.887 billion to $29.674 billion. The largest increase was in separate account assets, which increased $1.767 billion, from $17.327 billion at December 31, 2004 to $19.094 billion at December 31, 2005, primarily due to market performance and positive net sales, in 2005. Commercial loans increased $267 million, from $2 million at December 31, 2004, to $269 million at December 31, 2005, during the current year as additional funds were invested in commercial loans.
Policy Acquisition Costs consist of commissions, premium taxes, inspection fees, and certain other underwriting costs that are related to and vary with the production of Crusader insurance policies. These costs include both Crusader expenses and allocated expenses of other Unico subsidiaries. On certain reinsurance treaties, Crusader receives a ceding commission from its reinsurer that represents a reimbursement of the acquisition costs related to the premium ceded. No ceding commission is received on provisionally rated ceded premium. Policy acquisition costs, net of ceding commission, are deferred and amortized as the related premiums are earned. The ratio of policy acquisition cost to net earned premium increased in 1999 primarily due to an increase in provisionally rated ceded premium. The provisionally rated reinsurance contract was cancelled on a run off basis on December 31, 1997. Policy acquisition costs, net of ceding commission, are as follows:
NOTE 10 - NOTE PAYABLE - BANK - ----------------------------- Unico has a $2,000,000 line of credit with Union Bank. Interest on this line is referenced to LIBOR and is payable monthly. The agreement contains certain covenants including maintenance of certain financial ratios. This credit line expires September 5, 2000, at which time it is expected to be renewed. As of December 31, 1999 and 1998, no amounts were borrowed.
In 1998, the National Association of Insurance Commissioners ("NAIC") approved codified accounting practices that changed the definition of what constitutes prescribed statutory accounting practices and will result in changes to the accounting policies that insurance enterprises use to prepare statutory financial statements commencing in 2001. The Company is currently evaluating the impact of these rules. No assurance can be given that future legislation or regulatory changes resulting from such activities will not adversely affect the Company.
NOTE 16 - TAXES ON INCOME (continued) - ------------------------------------ Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized. The amount of the deferred tax assets considered realizable could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced.
NOTE 18 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) - ------------------------------------------------------- Summarized unaudited quarterly financial data for each of the calendar years 1999 and 1998 is set forth below:
Revenue. Revenue from operations for year ended December 31, 2005 was $694.5 million, consisting of $650.9 million generated from the PBM segment and $43.6 million from the supplemental benefits segment. The PBM revenue increased by $175.7 million, including: $165.1 million of revenue from increased prescription volume, which includes increases associated with a full year of activity on the State of Louisiana contract, a full year of MHS operations, and less than a month of EBRx operations; $8.7 million from an increase in the proportionate amount of prescription costs paid by the plan sponsor; and $1.9 million of all other revenue increases. Total claims processed increased to approximately 17.1 million in 2005 from approximately 12.8 million in 2004. A significant contributor to the increase in revenue and prescription volume was a contract with the State of Louisiana, currently covering about 145,000 members, which commenced on July 1, 2004. This contract generated 20.0% and 11.8% of the Company’s total revenue and 21.3% and 13.0% of the Company’s PBM revenue, in 2005 and 2004, respectively. Supplemental benefits revenue decreased by $2.5 million, due to decreased membership. Revenue for the year ended December 31, 2004 was $521.3 million, consisting of approximately $475.2 million and $46.1 million attributable to the PBM and supplemental benefits segments, respectively.
In 2001, the Company incurred $575,000 litigation settlement expense, which was awarded to the Class Counsel. The Company paid this expense in December 2002.
Management's Discussion and Analysis of Financial Condition and Results of Operations is included on Pages 3 through 5 of Tenere's 1996 Annual Report to Stockholders and is incorporated by reference herein.
Operating income, excluding non-recurring operating charges, for the company's underwritten segment was $25.0 million in 1995 compared to a loss of $11.0 million in 1996. The losses in 1996 are primarily attributable to softer pricing in a competitive environment and higher outpatient utilization trends and drug costs.
The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. Application of those accounting principles includes the use of estimates and assumptions that are made by management, and which the Company believes are reasonable based on the information available. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses in the accompanying consolidated financial statements. The Company believes the most critical accounting policies used to prepare the accompanying consolidated financial statements are the following:
Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") addresses the consolidated financial condition of Pruco Life Insurance Company of New Jersey as of December 31, 2004, compared with December 31, 2003, and its consolidated results of operations for the years ended December 31, 2004 and 2003.
For our fixed maturity investments classified as available for sale, the impact of changes in fair value is recorded as an unrealized gain or loss in "Accumulated other comprehensive income (loss), net," a separate component of equity. In addition, investments classified as available for sale are subject to our impairment review to identify when a decline in value is other than temporary. Factors we consider in determining whether a decline in value is other than temporary include: the extend (generally if greater than 20%) and the duration (generally greater than six months) of the decline; the reasons for the decline in value (credit event or interest rate related); our ability and intent to hold the investment for a period of time that
Asset management fees increased by $1 million in 2004 as a result of an increase in average separate account balances from continued market appreciation and positive cash flows.
The following table summarizes the changes in the results of our operations (in thousands) for the periods indicated:
The following table presents a breakdown of the amortized cost, aggregate fair value and unrealized gains and losses by investment type as of December 31, 2012 and 2011:
Our reinsurance treaties for both our Personal Lines business, which primarily consists of homeowners’ policies, and Commercial Lines business, other than commercial auto, were renewed as of July 1, 2012. The treaties, which are annual, provide for the following material terms as of July 1, 2012:
If we lose key personnel or are unable to recruit qualified personnel, our ability to implement our business strategies could be delayed or hindered; KICO’s Chief Executive Officer transitioned his duties and responsibilities effective January 1, 2012.
The "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 10 - 21 of our 1999 Annual Report is incorporated herein by reference and included as part of Exhibit 13 to this Form 10-K.
Fire and Marine and its subsidiary, St. Paul Properties, Inc., own a portfolio of income-producing properties in various locations across the United States that they have purchased for investment. A portion of the real estate investment portfolio of the former USF&G is being integrated into The St. Paul's portfolio, with the remainder being held for sale to third parties.
The St. Paul's operating subsidiaries rent or lease office space in most cities in which they operate.
The "Six-Year Summary of Selected Financial Data" included in The St. Paul's 1998 Annual Report to Shareholders is incorporated herein by reference.
turn, have an adverse effect on earnings. Sales under the Company's monthly premium plan represented 97.3% of new insurance written in 1998 compared to 94.3% in 1997.
(ii) on the date on which the Trustee receives written notice from MetLife, Inc. that the Board of Directors of MetLife, Inc. has determined, as a result of any amendment of, or change (including any announced prospective change) in the laws (or any regulations thereunder) of the United States or any State, Commonwealth or other political subdivision or authority thereof or therein, or any official administrative pronouncement or judicial decision interpreting or applying such law or regulation, or any changes in the facts or circumstances relating to the Trust, that maintaining the Trust is or is reasonably expected to become burdensome to MetLife, Inc. or the Beneficiaries,
Our company-wide employee reductions, excluding the effects of acquisitions and divestures, were nearly 2,200 in 2008, which represent a 25.7% reduction since December 31, 2007. Our decrease in employee counts since December 31, 2005, when the real estate market downturn began, has been approximately 4,000, or 40.4%.
Retention by agencies. The amounts retained by agencies, as a percentage of revenues generated by them, were 81.9%, 81.0% and 80.7% in the years 2008, 2007 and 2006, respectively. Amounts retained by title agencies are based on agreements between agencies and our title underwriters. This retention percentage may vary from year-to-year because of the geographical mix of agency operations, the volume of title revenues and, in some states, laws or regulations.
Net investment income for 2018 increased 21.8% to $22.0 million compared to $18.1 million for 2017. The increase reflected an increase in average funds invested resulting from positive cash flow, as well as higher interest rates, which led to higher reinvestment yields for our short-duration fixed income portfolio.
We have audited the accompanying consolidated balance sheets of Protective Insurance Corporation and subsidiaries (the Company) as of December 31, 2019 and 2018, the related consolidated statements of operations, comprehensive income (loss), shareholders' equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in conformity with U.S. generally accepted accounting principles.
During 2004, the Company took significant steps to reduce the level of general operating expenses. Subsequent to the changes in the Board and management in late 2003 and early 2004 as previously described, a comprehensive review of the Company’s staffing and operational structure was performed. This review identified numerous opportunities in these areas for reductions in the Company’s cost structure, given the current levels of sales and business in force. Accordingly, significant reductions in staffing levels were achieved in late 2003 and during 2004. The Company also closed its Seattle branch office and records storage facility, upgraded various operating and accounting systems, and restructured employee benefit programs.
Year ended December 31, 2018 compared with the year ended December 31, 2017
The growth of Fee income and Premiums earned over the past three years has been primarily due to the strong growth in Program Business, which has compensated for the decline in Corporate Risk Management business.
Operating income from the Career Agency segment increased by $17.2 million, reflecting the impact of a full year's results in 2000 compared to five months in 1999.
Net investment income increased by approximately 15% over 1998 to $9.4 million, as a result of the increase in the average invested assets for the comparable periods. Average invested assets increased as a result of earnings for the year.
The National Association of Insurance Commissioners ("NAIC") imposes regulatory risk-based capital ("RBC") requirements on life insurance enterprises and at December 31, 2000 all of the Insurance Subsidiaries maintained ratios of total adjusted capital to RBC in excess of the Authorized Control Level.
PennCorp Life of Canada and Pennsylvania Life's Canadian branch report to Canadian regulatory authorities based upon Canadian statutory accounting principles that vary in some respects from U.S. statutory accounting principles. Canadian net assets based upon Canadian statutory accounting principles were $56.5 million as of December 31, 2000. PennCorp Life of Canada maintained a Minimum Continuing Capital and Surplus Requirement Ratio ("MCCSR") in excess of the minimum requirement and Pennsylvania Life's Canadian branch maintained a Test of Adequacy of Assets in Canada and Margin Ratio ("TAAM") in excess of the minimum requirement at December 31, 2000.
Legacy Marketing's revenue decreased $34.0 million (50%) in 2004 compared to 2003 primarily due to decreased marketing allowances and commissions. Marketing allowances and commissions decreased $28.8 million (56%) primarily due to decreased sales of fixed annuity products issued by Legacy Marketing's carriers. The low interest rate environment continues to cause many carriers that issue declared rate fixed annuity products, such as American National, to reduce crediting rates and compensation paid to Legacy Marketing and its network of Producers on certain products. As a result, sales of the affected products were lower in 2004 than in 2003. The affected products accounted for
During 2003, combined net income from Legacy Advisory Services and Legacy Re was $122,000, compared to combined net income of $61,000 in 2002. This favorable change of $61,000 was primarily due to increased advisory fee revenues.
During 2003, we began construction of a new building in Rome, Georgia and established a $2.7 million loan facility to finance construction costs. During April 2004, we refinanced our construction loan replacing it with a $2.9 million variable interest rate note indexed to LIBOR plus 1.9%. The note is payable over ten years in monthly installments of principal, amortized on the basis of a 20-year term, and interest. At the end of the ten years, we must pay the balance of the principal due on the note. The outstanding balance of the note as of December 31, 2004 was $2.8 million. To manage interest expense, we entered into an interest rate swap agreement for the notional amount of the note, to modify its interest characteristics from a variable rate to a fixed rate. The swap agreement involves the exchange of interest obligations from April 2004 through April 2014 whereby we pay a fixed rate of 6.8% in exchange for LIBOR plus 1.9%.
Refer to the consolidated financial statements and supplementary data included on pages 33 through 67, of the 2011 Financial Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein. (See also Index to Financial Statement Schedules on page 49).
We own 82 buildings located throughout the United States. About 60% of these buildings are claims offices. Our owned facilities, which contain approximately 4.9 million square feet of space, are generally not segregated by segment. We own significant locations in Mayfield Village, Ohio and surrounding suburbs (including our corporate headquarters); Colorado Springs, Colorado; St. Petersburg, Florida; and Tampa, Florida.
A major objective of the Company is to maintain sufficient liquidity to fund growth and meet all cash requirements with cash and short term equivalents plus funds generated from operating cash flow.
o improve its ability to raise capital by providing an established revenue base, seasoned management and significantly greater technological resources; and
Consolidated Statements of Operations Years ended December 31, 1999, 1998 and 1997
We own a 130,000 square foot office facility in Woodland Hills, California which is the corporate home office of Zenith National and its subsidiaries. We also own a 120,000 square foot branch office facility in Sarasota, Florida. In the regular conduct of business, we lease offices in various cities. See Notes to Consolidated Financial Statements - Note 11 - "Commitments and Contingencies - Leases" in our 2007 Annual Report to Stockholders, which is hereby incorporated by reference. We consider our owned and leased facilities to be adequate for the needs of our organization.