Spreadsheet: b30d4e46-12bd-4609-858d-1e39fa2429fb
Sheet: Quarterly Trend

Universal American Corp
MD&A
2011-12-31 00:00:00
Consolidated Results
For the quarter ended December 31, 2011 |  |  |  | Total |  |  | Q4 |  |  | Q3 |  |  | Q2 |  |  | Q1 |  |  | Total |  |  | Q4 |  |  | Q3 |  |  | Q2 |  |  | Q1
In thousands |  | Link Codes:  Do not delete |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2010 |  |  | 2010 |  |  | 2010 |  |  | 2010 |  |  | 2010
Continuing Operations:
 | Total Senior Managed Care - Medicare Advantage |  |  | 67964 |  |  | 19803.55622000009 |  |  | 21407.20416999977 |  |  | 20346.86757461573 |  |  | 6406 |  |  | 149071.1310700001 |  |  | 12963.12854000034 |  |  | 36883.9412599998 |  |  | 51620.72618000009 |  |  | 47603.33508999992
 | Total Traditional Insurance |  |  | 13168 |  |  | 4588.307398523268 |  |  | 6680.797299999975 |  |  | 1976.817369999998 |  |  | -78 |  |  | 1167.522840000016 |  |  | -501.5979000000098 |  |  | 3510.719740000021 |  |  | 3857.495509999994 |  |  | -5699.094509999989
 | Total Corporate & Other |  |  | -77893 |  |  | -45803.48698669308 |  |  | -8081.057929999999 |  |  | -17164.58364588704 |  |  | -6843.461429999999 |  |  | -37600.00277559282 |  |  | -22365.59523087334 |  |  | -6272.467944719495 |  |  | -3922.380599999993 |  |  | -5039.558999999999
Realized gains (losses) |  |  |  | 841 |  |  | -1562.875770000001 |  |  | 408.6445699999986 |  |  | 1991.074770000002 |  |  | 4.614000000000004 |  |  | 6574.837319999998 |  |  | -330.3708600000021 |  |  | 7084.38794 |  |  | 104.54924 |  |  | -283.729
 | Income from continuing operations before income taxes |  |  |  |  |  | -22974.49913816973 |  |  | 20415.58810999974 |  |  | 7150.176068728688 |  |  | -510.8474299999993 |  |  | 119213.4884544073 |  |  | -10234.43545087301 |  |  | 41206.58099528033 |  |  | 51660.39033000009 |  |  | 36580.95257999993
 | Provision for income taxes |  |  | 3821 |  |  | -4378.505162043444 |  |  | 6311.552361397464 |  |  | 3194.841601985492 |  |  | -1307.404246004819 |  |  | 38182.14708392662 |  |  | -306.5557652929158 |  |  | 7511.234955259321 |  |  | 18284.55646454015 |  |  | 12692.91142942006
Income from continuing operations |  |  |  |  |  |  | -18595.99397612628 |  |  | 14104.03574860228 |  |  | 3955.334466743196 |  |  | 796.5568160048201 |  |  | 81031.34137048072 |  |  | -9927.879685580094 | 0 |  | 33695.34604002101 |  |  | 33375.83386545994 |  |  | 23888.04115057987
Discontinued Operations:
 | Total Medicare Part D |  |  | -43224.42923999998 |  |  | 0 |  |  | 1.40630618261639e-10 |  |  | 175.0064799998314 |  |  | -43399.43571999995 |  |  | 184776.1944799999 |  |  | 180725.4013300001 |  |  | 50483.7016099996 |  |  | -14446.23938999992 |  |  | -31986.66906999995
 | Corporate |  |  | -24093.96149411295 |  |  | -225 |  |  | 0 |  |  | -16301.43083411295 |  |  | -7567.53066 |  |  | -28096.03125440718 |  |  | -9903.938249126664 |  |  | -6080.539035280513 |  |  | -6091.553970000001 |  |  | -6020
Realized gains (losses) |  |  |  | -11925.493 |  |  | 0 |  |  | 0 |  |  | -11684.879 |  |  | -240.614 |  |  | -1580.264 |  |  | 29.7360000000001 |  |  | -1610 |  |  | 0 |  |  | 0
 | Income from discontinued operations before income taxes |  |  | -79243.88373411293 |  |  | -225 |  |  | 1.40630618261639e-10 |  |  | -27811.30335411312 |  |  | -51207.58037999996 |  |  | 155099.8992255927 |  |  | 170851.1990808735 |  |  | 42793.16257471908 |  |  | -20537.79335999992 |  |  | -38006.66906999995
 | Provision for income taxes |  |  | -35968.51378043953 |  |  | 1178.519 |  |  | 0 |  |  | -18964.07409435955 |  |  | -18182.95868607998 |  |  | 48452.08605088018 |  |  | 56396.79437378031 |  |  | 15745.98682835988 |  |  | -8170.899571839952 |  |  | -15519.79557942006
Income from discontinued operations |  |  |  | -43275.3699536734 |  |  | -1403.519 |  |  | 1.40630618261639e-10 |  |  | -8847.22925975357 |  |  | -33024.62169391998 |  |  | 106647.8131747125 |  |  | 114454.4047070932 |  |  | 27047.17574635921 |  |  | -12366.89378815996 |  |  | -22486.87349057988
 | Net income |  | $ | -43015.43689844938 |  | $ | -19999.51297612628 |  | $ | 14104.03574860242 |  | $ | -4891.894793010375 |  | $ | -32228.06487791516 |  | $ | 187679.1545451932 |  | $ | 104526.5250215131 |  | $ | 60742.52178638022 |  | $ | 21008.94007729997 |  | $ | 1401.167659999985
Per Share Data (Diluted)
 | Income from continuing operations |  | $ | 0.003225823865059801 |  | $ | -0.2310328648491154 |  | $ | 0.1746582537443455 |  | $ | 0.04930959156385353 |  | $ | 0.009961330677121386 |  | $ | 1.036055767628635 |  | $ | -0.1254938939662273 |  | $ | 0.4275333916886907 |  | $ | 0.4264744019911086 |  | $ | 0.3057174120068167
 | Income for discontinued operations |  |  | -0.5370564395726466 |  |  | -0.01743703594744398 |  |  | 1.741508504826336e-15 |  |  | -0.1102949105665473 |  |  | -0.4129889677298083 |  |  | 1.363584510337306 |  |  | 1.446767022080441 |  |  | 0.3431800572312459 |  |  | -0.1580234265922331 |  |  | -0.2877853702750298
 | Net Income |  | $ | -0.5338306157075867 |  | $ | -0.2484699007965595 |  | $ | 0.1746582537443473 |  | $ | -0.06098531900269376 |  | $ | -0.403027637052687 |  | $ | 2.399640277965941 |  | $ | 1.321273128114214 |  | $ | 0.7707134489199368 |  | $ | 0.2684509753988755 |  | $ | 0.01793204173178696
 | Weighted Average shares O/S - Diluted |  |  | 80578812.14143719 |  |  | 80490686.8478261 |  |  | 80752185.7469555 |  |  | 80214301.95018406 |  |  | 79964900.45595075 |  |  | 78211370.3743462 |  |  | 79110460.05355343 |  |  | 78813366.8505508 |  |  | 78259876.11363314 |  |  | 78137653.31118016
Effective Tax Rates for continuing operations |  |  |  | 0.9362974381466737 |  |  | 0.1905810932247492 |  |  | 0.3091535902561635 |  |  | 0.4468199903437539 |  |  | 2.559285158789624 |  |  | 0.3202837831436265 |  |  | 0.02995336350152721 |  |  | 0.1822824115429434 |  |  | 0.3539376367027174 |  |  | 0.3469814352609208
Effective Tax Rates for discontinued operations |  |  |  | 0.4538964029214509 |  |  | -5.237862222222223 |  |  | 0 |  |  | 0.6818836878263341 |  |  | 0.3550833402232311 |  |  | 0.3123927629405268 |  |  | 0.3300930556951171 |  |  | 0.367955670508497 |  |  | 0.3978470047202766 |  |  | 0.4083440080170141
Overall Effective Tax Rates |  |  |  | 0.4277081790275569 |  |  | 0.1379334158459724 |  |  | 0.3091535902561613 |  |  | 0.7632319512173532 |  |  | 0.3768552865467473 |  |  | 0.3158221108620111 |  |  | 0.3492178359271255 |  |  | 0.2768725331195599 |  |  | 0.3249618565715771 |  |  | 1.982781408385038
Consolidated Segments- Check totals only
For the quarter ended December 31, 2011 |  |  |  | Total |  |  | Q4 |  |  | Q3 |  |  | Q2 |  |  | Q1 |  |  | Total |  |  | Q4 |  |  | Q3 |  |  | Q2 |  |  | Q1
In thousands |  |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2010 |  |  | 2010 |  |  | 2010 |  |  | 2010 |  |  | 2010
Continuing Operations:
Gross premiums and policyholder fees; |  |  |  | 2350073.19795 |  |  | 545653.1793600001 |  |  | 593962.7757999998 |  |  | 596797.24279 |  |  | 613660 |  |  | 3621280.80373 |  |  | 904860.0384900004 |  |  | 908242.9455099998 |  |  | 909432.04849 |  |  | 898745.77124
Ceded premiums and policyholder fees: |  |  |  | -130552.7794781699 |  |  | -30726.9527381699 |  |  | -28535.19534 |  |  | -37744.6314 |  |  | -33546 |  |  | -175622.87179 |  |  | -41476.90987 |  |  | -43129.23814000002 |  |  | -46607.60817 |  |  | -44409.11561
 | Net premiums |  |  | 2219520.41847183 |  |  | 514926.2266218301 |  |  | 565427.5804599999 |  |  | 559052.6113900001 |  |  | 580114 |  |  | 3445657.93194 |  |  | 863383.1286200004 |  |  | 865113.7073699997 |  |  | 862824.4403199999 |  |  | 854336.65563
Net investment income |  |  |  | 47424.37725000001 |  |  | 11007.58517 |  |  | 11498.09655 |  |  | 11850.68762 |  |  | 13068.00791 |  |  | 39759.97086 |  |  | 9807.017530000001 |  |  | 9856.411619999999 |  |  | 10396.29626 |  |  | 9700.245450000002
Other income |  |  |  | 14939.39407 |  |  | 4706.582229999999 |  |  | 4576.067010000002 |  |  | 4455.74483 |  |  | 1201 |  |  | 9805.19917 |  |  | 2506.213690000001 |  |  | 1558.71384 |  |  | 930.9342999999991 |  |  | 4809.337340000001
 | Total revenue |  |  | 2281884.18979183 |  |  | 530640.39402183 |  |  | 581501.7440199999 |  |  | 575359.04384 |  |  | 594383.00791 |  |  | 3495223.101969999 |  |  | 875696.3598400004 |  |  | 876528.8328299997 |  |  | 874151.6708799999 |  |  | 868846.2384200001
Policyholder benefits |  |  | 0.8167633815904037 | 1812823.0025 |  | 0.7917027366512409 | 407668.50279 |  | 0.8069453794220746 | 456269.1734500002 |  | 0.8221969040036251 | 459651.3262599998 |  | 0.8433411363973288 | 489234 |  | 0.8302217944772509 | 2860660.31141 |  | 0.8402541401979332 | 725461.2484 |  | 0.8366520651607696 | 723799.16987 |  | 0.8178097821710993 | 705626.2675899998 |  | 0.8261071568204604 | 705773.6255500001
Change in deferred acquisition costs |  |  |  | 3237.163139999999 |  |  | 1003.533979999998 |  |  | 87.36814000000163 |  |  | -152.738980000001 |  |  | 2299 |  |  | 5647.868449999999 |  |  | 2120.889 |  |  | 411.7529999999999 |  |  | 130.8359999999993 |  |  | 2984.39045
Amortization of present value of future profits and goodwill |  |  | 0.1909175138442862 | 4411.691563306902 |  | 0.20513647501116 | 1089.148113306901 |  | 0.1844357498712029 | 940.5672300000003 |  | 0.1955802331186952 | 1208.97622 |  | 0.1801205786104111 | 1173 |  | 0.1494349122768809 | 7022.54863 |  | 0.1834368167629313 | 1762.92327 |  | 0.1351118890140624 | 1720.32269 |  | 0.1336146781809325 | 1683.55228 |  | 0.1455540741235092 | 1855.75039
Impairment of intangible assets |  |  |  | 15622.0464666931 |  |  | 15622.0464666931
Restructure Costs |  |  |  | 22042.169 |  |  | 22042.169 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0
Commissions and general expenses, net of allowances |  |  | 0.189459017173988 | 420508.1570812715 |  | 0.2031875861643369 | 104626.61704 |  | 0.1842812329303616 | 104197.69166 |  | 0.1958534435051385 | 109492.3790412715 |  | 0.1761575644442299 | 102191.46934 |  | 0.1477957860021436 | 509253.7223455929 |  | 0.1809803302626797 | 156255.3637608734 |  | 0.1346359365508287 | 116475.3942147195 |  | 0.133463041308023 | 115155.17392 |  | 0.1420608487885864 | 121367.79045
 | Total benefits and expenses |  |  | 2278644.229751271 |  |  | 552052.0173899999 |  |  | 561494.8004800001 |  |  | 570199.9425412713 |  |  | 594897.46934 |  |  | 3382584.450835593 |  |  | 885600.4244308735 |  |  | 842406.6397747195 |  |  | 822595.8297899998 |  |  | 831981.55684
 | Segment income |  | $ | 3239.960040558595 |  | $ | -21411.62336816988 |  | $ | 20006.94353999977 |  | $ | 5159.101298728725 |  | $ | -514.4614299999084 |  | $ | 112638.6511344074 |  | $ | -9904.06459087308 |  | $ | 34122.19305528025 |  | $ | 51555.84109000012 |  | $ | 36864.68158000009
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | Realized gains (losses) |  |  | 841.4575700000005 |  |  | -1562.875770000001 |  |  | 408.6445699999986 |  |  | 1991.074770000002 |  |  | 4.614000000000004 |  |  | 6574.837319999998 |  |  | -330.3708600000021 |  |  | 7084.38794 |  |  | 104.54924 |  |  | -283.729
 | Pre-tax income from Continuing Operations |  |  | 4081.417610558596 |  |  | -22974.49913816988 |  |  | 20415.58810999977 |  |  | 7150.176068728728 |  |  | -509.8474299999084 |  |  | 119213.4884544074 |  |  | -10234.43545087308 |  |  | 41206.58099528025 |  |  | 51660.39033000012 |  |  | 36580.95258000009
Discontinued Operations:
Income from discontinued operations, pre-tax |  |  |  | -63052.67022411298 |  |  | -225 |  |  | 1.40630618261639e-10 |  |  | -13354.33023411311 |  |  | -49473.33999000001 |  |  | 155099.8992255926 |  |  | 170851.1990808735 |  |  | 42793.16257471907 |  |  | -20537.79336000012 |  |  | -38006.66906999995
Expenses of transactions, pre-tax |  |  |  | -16190.77779 |  |  | 0 |  |  | 0 |  |  | -14456.97312 |  |  | -1733.80467 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0
Pre-tax income from discontinued operations |  |  |  | -79243.44801411299 |  |  | -225 |  |  | 1.40630618261639e-10 |  |  | -27811.30335411312 |  |  | -51207.14466000001 |  |  | 155099.8992255926 |  |  | 170851.1990808735 |  |  | 42793.16257471907 |  |  | -20537.79336000012 |  |  | -38006.66906999995
 | Pre-tax Income |  | $ | -75162.0304035544 |  | $ | -23199.49913816988 |  | $ | 20415.58810999991 |  | $ | -20661.12728538439 |  | $ | -51716.99208999991 |  | $ | 274313.3876799999 |  | $ | 160616.7636300005 |  | $ | 83999.74356999932 |  | $ | 31122.59697 |  | $ | -1425.716489999853
Senior Managed Care - Medicare Advantage - Total Segment
For the quarter ended December 31, 2011 |  |  |  | Total |  |  | Q4 |  |  | Q3 |  |  | Q2 |  |  | Q1 |  |  | Total |  |  | Q4 |  |  | Q3 |  |  | Q2 |  |  | Q1
In thousands |  |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2010 |  |  | 2010 |  |  | 2010 |  |  | 2010 |  |  | 2010
Gross premiums and policyholder fees; |  |  |  | 1965070.94853 |  |  | 453956.1252900001 |  |  | 502156.9618299999 |  |  | 496619.86141 |  |  | 512338 |  |  | 3193558.66087 |  |  | 803157.4440900004 |  |  | 803444.1399399998 |  |  | 800174.89848 |  |  | 786782.17836
Ceded premiums and policyholder fees: |  |  |  | -4870.38393 |  |  | -1677.46803 |  |  | -1033.24108 |  |  | -1073.67482 |  |  | -1086 |  |  | -37752.96483 |  |  | -8957.617209999999 |  |  | -9478.164130000001 |  |  | -10366.34069 |  |  | -8950.8428
 | Net premiums |  |  | 1960200.5646 |  |  | 452278.6572600001 |  |  | 501123.7207499999 |  |  | 495546.18659 |  |  | 511252 |  |  | 3155805.69604 |  |  | 794199.8268800003 |  |  | 793965.9758099997 |  |  | 789808.55779 |  |  | 777831.33556
Net investment income |  |  |  | 26322.50619 |  |  | 6066.635649999998 |  |  | 6143.01562 |  |  | 6835.854920000002 |  |  | 7277 |  |  | 24517.30051 |  |  | 5778.983769999999 |  |  | 6080.356869999999 |  |  | 6271.876289999999 |  |  | 6386.083580000001
Other income |  |  |  | 1845.42116 |  |  | 394.6070300000001 |  |  | 294.0401299999999 |  |  | 628.774 |  |  | 528 |  |  | 2112.39244 |  |  | 509.39292 |  |  | 511.8111799999999 |  |  | 261.6784400000001 |  |  | 829.5099
 | Total revenue |  |  | 1988368.49195 |  |  | 458739.8999400001 |  |  | 507560.7764999999 |  |  | 503010.81551 |  |  | 519057 |  |  | 3182435.38899 |  |  | 800488.2035700004 |  |  | 800558.1438599997 |  |  | 796342.1125200001 |  |  | 785046.92904
Policyholder benefits |  |  | 0.8228853835674483 | 1613020.39347 |  | 0.7958183109513549 | 359931.6371000001 |  | 0.8157825828882402 | 408808.0032600001 |  | 0.8278173946466164 | 410221.7531099998 |  | 0.8490118376065032 | 434059 |  | 0.8361054584098689 | 2638586.36814 |  | 0.8443852540795455 | 670610.6226100001 |  | 0.8471470121421905 | 672605.90415 |  | 0.8255174459674043 | 652000.7434299998 |  | 0.8271318839151758 | 643369.0979500001
Amortization of present value of future profits and goodwill |  |  |  | 3993.91516 |  |  | 998.4606000000003 |  |  | 918.4606000000003 |  |  | 1077.99396 |  |  | 999 |  |  | 4293.57519 |  |  | 1037.30634 |  |  | 1016.40934 |  |  | 1099.99839 |  |  | 1139.86112
 | Comms |  | 0.01688596416064385 | 33182.11761 |  | 0.0172058217410555 | 7810.68817 |  | 0.01310025036001999 | 6578.38192 |  | 0.01799776491947614 | 8938.04752 |  | 0.01923534853944076 | 9855 |  | 0.02490434587737719 | 79533.48947 |  | 0.02371221837030736 | 19044.64470000001 |  | 0.02411553995707397 | 19375.48925999999 |  | 0.02740642423507381 | 21929.93273 |  | 0.02438212672786601 | 19183.42278
 | Allows |  | -0.4356082170302332 | 2121.57926 |  | -0.2176598382026986 | 365.1174199999996 |  | -1.678995147966823 | 1734.80676 |  | -0.008061174425232402 | 8.655080000000003 |  | -0.01197053406998158 | 13 |  | 0.06463671716879037 | -2440.22771 |  | 0.0633683307393753 | -567.6292500000001 |  | 0.06487795859681955 | -614.9239400000002 |  | 0.06485920925294225 | -672.3526599999999 |  | 0.06539293260741884 | -585.3218600000001
 | Expenses |  | 0.1364255365364442 | 268085.8584853845 |  | 0.1538264086323108 | 69830.44043000002 |  | 0.1356426873815985 | 68113.91978999999 |  | 0.1256846596673945 | 62417.49826538449 |  | 0.1321861739710894 | 67724 |  | 0.09813223620092358 | 313391.0528300001 |  | 0.1212715281999995 | 97400.13063000003 |  | 0.08873214732180876 | 71291.32379 |  | 0.08793460602633325 | 70363.06445 |  | 0.09448172061414764 | 74336.53396
Commissions and general expenses, net of allowances |  |  | 0.1547747515404345 | 303389.5553553845 |  | 0.1724738604571314 | 78006.24602000002 |  | 0.1525114563637427 | 76427.10846999998 |  | 0.1440111997560968 | 71364.2008653845 |  | 0.1517685994382418 | 77592 |  | 0.1237352207963854 | 390484.3145900001 |  | 0.1459042701321421 | 115877.14608 |  | 0.1134203377142573 | 90051.88910999999 |  | 0.1160036107691312 | 91620.64452 |  | 0.1194791603671915 | 92934.63488
 | Total benefits and expenses |  |  | 1920403.863985385 |  |  | 438936.3437200001 |  |  | 486153.5723300001 |  |  | 482663.9479353844 |  |  | 512650 |  |  | 3033364.25792 |  |  | 787525.0750300002 |  |  | 763674.2026 |  |  | 744721.3863399997 |  |  | 737443.5939500001
 | Segment income |  | $ | 67964.62796461536 |  | $ | 19803.55622000009 |  | $ | 21407.20416999975 |  | $ | 20346.86757461558 |  | $ | 6407 |  | $ | 149071.1310700006 |  | $ | 12963.12854000018 |  | $ | 36883.94125999976 |  | $ | 51620.72618000035 |  | $ | 47603.33508999983
Traditional Insurance - Total Segment
For the quarter ended December 31, 2011 |  |  |  | Total |  |  | Q4 |  |  | Q3 |  |  | Q2 |  |  | Q1 |  |  | Total |  |  | Q4 |  |  | Q3 |  |  | Q2 |  |  | Q1
In thousands |  |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2010 |  |  | 2010 |  |  | 2010 |  |  | 2010 |  |  | 2010
Gross premiums and policyholder fees |  |  |  | 376653.86804 |  |  | 91697.05407 |  |  | 91805.81396999999 |  |  | 91829 |  |  | 101322 |  |  | 427722.14286 |  |  | 101702.5944 |  |  | 104798.80557 |  |  | 109257.15001 |  |  | 111963.59288
Ceded premiums and policyholder fees |  |  | 0.3115179450532264 | -117334.4389681699 |  | 0.3167984511911802 | -29049.4847081699 |  | 0.2995665859352546 | -27501.95426 |  | 0.3084319768264927 | -28323 |  | 0.3203647776396044 | -32460 |  | 0.3223352105133517 | -137869.90696 |  | 0.3197488997389825 | -32519.29266000001 |  | 0.3211016941173331 | -33651.07401000001 |  | 0.3317061398424079 | -36241.26747999999 |  | 0.3166946674175002 | -35458.27281
 | Net premiums |  | 0.6884820549467736 | 259319.4290718301 |  | 0.6832015488088198 | 62647.56936183009 |  | 0.7004334140647454 | 64303.85970999999 |  | 0.6915680231735073 | 63506 |  | 0.6796352223603955 | 68862 |  | 0.6776647894866483 | 289852.2359 |  | 0.6802511002610174 | 69183.30174 |  | 0.6788983058826669 | 71147.73156000001 |  | 0.6682938601575921 | 73015.88252999999 |  | 0.6833053325824998 | 76505.32007000002
Net investment income |  |  |  | 21029.82608 |  |  | 4947.46869 |  |  | 5349.38842 |  |  | 4994.968970000001 |  |  | 5738 |  |  | 14891.38006 |  |  | 3938.353470000001 |  |  | 3676.43211 |  |  | 4033.43261 |  |  | 3243.16187
Other income |  |  |  | 734.62778 |  |  | 281.2774699999999 |  |  | 222.68202 |  |  | 218.66829 |  |  | 12 |  |  | 2706.927909999999 |  |  | 1392.486569999999 |  |  | 454.44859 |  |  | 319.27531 |  |  | 540.7174400000001
 | Total revenue |  |  | 281083.8829318301 |  |  | 67876.3155218301 |  |  | 69875.93014999999 |  |  | 68719.63726 |  |  | 74611 |  |  | 307450.54387 |  |  | 74514.14177999999 |  |  | 75278.61226000001 |  |  | 77368.59044999999 |  |  | 80289.19938
Policyholder benefits |  |  | 0.770488388568277 | 199802.6090299999 |  | 0.7619907073216002 | 47736.86568999993 |  | 0.7380765385474871 | 47461.17019000001 |  | 0.7783449304002771 | 49429.57315 |  | 0.8012401614823851 | 55175 |  | 0.7661626020598172 | 222073.94327 |  | 0.7928304144276882 | 54850.62579 |  | 0.7195347567311813 | 51193.26572 |  | 0.7344364308404671 | 53625.52416 |  | 0.8156887330567572 | 62404.52760000001
Change in deferred acquisition costs |  |  | -0.01248330351330259 | 3237.163139999999 |  | -0.01601872171933667 | 1003.533979999998 |  | -0.001358676452611364 | 87.36814000000163 |  | 0.002405111013132633 | -152.738980000001 |  | -0.03338561180331678 | 2299 |  | -0.01948533683883167 | 5647.868449999999 |  | -0.03065608241668751 | 2120.889 |  | -0.005787296249252333 | 411.7529999999999 |  | -0.001791884114339683 | 130.8359999999993 |  | -0.03900892705591421 | 2984.39045
Amortization of present value of future profits and goodwill |  |  |  | 417.776403306901 |  |  | 90.68751330690104 |  |  | 22.10662999999995 |  |  | 130.98226 |  |  | 174 |  |  | 2728.97344 |  |  | 725.6169299999999 |  |  | 703.9133499999998 |  |  | 583.5538900000001 |  |  | 715.88927
 | Comms |  | 0.07262580385101731 | 27354.78994 |  | 0.06085642005183774 | 5580.354439999997 |  | 0.06064442140689845 | 5567.510470000004 |  | 0.07079381273889511 | 6500.925029999999 |  | 0.09579360849568702 | 9706 |  | 0.1070626497936273 | 45793.06599 |  | 0.1052965165065641 | 10708.92891 |  | 0.1122344868915856 | 11762.04017 |  | 0.1080583702661054 | 11806.14957 |  | 0.1028543926090557 | 11515.94734
 | Allows |  | -0.01028862719774445 | 1207.210299999999 |  | -0.04277771645465744 | 1242.670619999999 |  | -0.1210669928588558 | 3329.5789 |  | -0.02757337782014617 | 780.9607799999999 |  | 0.1277264325323475 | -4146 |  | 0.1445439182444778 | -19928.25656 |  | 0.1424631746587319 | -4632.801669999998 |  | 0.1417427476039122 | -4769.795690000001 |  | 0.1381906864257387 | -5008.20563 |  | 0.15560412656208 | -5517.453570000001
 | Expenses |  | 0.0953045750911758 | 35896.83685 |  | 0.08325126643842246 | 7633.89588 |  | 0.07327856732688363 | 6727.398519999998 |  | 0.1094811274216206 | 10053.54245 |  | 0.1133218846844713 | 11482 |  | 0.1168221642814389 | 49967.42644 |  | 0.1105427131561946 | 11242.48072 |  | 0.1189585692527087 | 12466.71597 |  | 0.1132487617411539 | 12373.23695 |  | 0.1240134622589471 | 13884.9928
Commissions and general expenses, net of allowances |  |  | 0.2485692542233126 | 64458.83709 |  | 0.2307658714818122 | 14456.92094 |  | 0.2429790056221184 | 15624.48789 |  | 0.2729730775044878 | 17335.42826 |  | 0.2474804681827423 | 17042 |  | 0.2616237740396882 | 75832.23587 |  | 0.2503293067030196 | 17318.60796 |  | 0.27350078524415 | 19458.96045 |  | 0.2625617910202365 | 19171.18089 |  | 0.2598967830185825 | 19883.48657
 | Total benefits and expenses |  |  | 267916.3856633068 |  |  | 63288.00812330682 |  |  | 63195.13285000001 |  |  | 66743.24468999999 |  |  | 74689 |  |  | 306283.02103 |  |  | 75015.73968 |  |  | 71767.89252 |  |  | 73511.09494000001 |  |  | 85988.29389
 | Segment income |  | $ | 13167.49726852326 |  | $ | 4588.307398523277 |  | $ | 6680.797299999977 |  | $ | 1976.392570000011 |  | $ | -78 |  | $ | 1167.522839999991 |  | $ | -501.5979000000079 |  | $ | 3510.719740000015 |  | $ | 3857.495509999979 |  | $ | -5699.094509999995
Corporate & Other
For the quarter ended December 31, 2011 |  |  |  | Total |  |  | Q4 |  |  | Q3 |  |  | Q2 |  |  | Q1 |  |  | Total |  |  | Q4 |  |  | Q3 |  |  | Q2 |  |  | Q1
In thousands |  |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2010 |  |  | 2010 |  |  | 2010 |  |  | 2010 |  |  | 2010
Interest expense |  |  | $ | 2285.234555555556 |  | $ | 849.9999799999999 |  | $ | 850.00027 |  | $ | 585.5555555555557 |  | $ | -0.3212499999999636 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0
Amortization of capitalized loan origination fees |  |  |  | 122.5 |  |  | 45.9375 |  |  | 45.9375 |  |  | 30.625 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0
Stock-based compensation expense |  |  |  | 17013.38988153784 |  |  | 1918.531167061564 |  |  | 2124.127676435179 |  |  | 10188.1357780411 |  |  | 2782.59526 |  |  | 9995.223041245627 |  |  | 2947.601948819223 |  |  | 2938.456223865088 |  |  | 1297.629241713186 |  |  | 2811.53562684813
Additional allowance on agent receivables (2009)/Early extinguishment of debt |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 15000 |  |  | 15000 |  |  | 0 |  |  | 0 |  |  | 0
Other parent company expense, net of revenue |  |  |  | 58292.85886548673 |  |  | 43070.91089963152 |  |  | 5140.48167356482 |  |  | 6220.270962290389 |  |  | 3861.19533 |  |  | 13318.5956243472 |  |  | 4241.843832054117 |  |  | 3145.643880854405 |  |  | 2365.643538286806 |  |  | 3565.46437315187
Net (gain)/loss - Senior Administrative Services |  |  |  | 178.6146000000007 |  |  | -81.89255999999921 |  |  | -79.48919000000029 |  |  | 139.9963500000002 |  |  | 200 |  |  | -713.6148900000019 |  |  | 176.1494499999974 |  |  | 188.3678400000005 |  |  | 259.3088200000008 |  |  | -1337.441000000001
 | Segment loss |  | $ | 77892.59790258014 |  | $ | 45803.48698669308 |  | $ | 8081.057929999999 |  | $ | 17164.58364588704 |  | $ | 6843.46934 |  | $ | 37600.20377559282 |  | $ | 22365.59523087334 |  | $ | 6272.467944719494 |  | $ | 3922.581599999993 |  | $ | 5039.558999999999
Corporate & Other - Consolidated
For the quarter ended December 31, 2011
Net investment income |  |  |  | 72.04497999999998 |  |  | -6.519170000000021 |  |  | 5.692510000000017 |  |  | 19.86372999999999 |  |  | 53.00791 |  |  | 351.29029 |  |  | 89.68028999999996 |  |  | 99.62263999999999 |  |  | 90.98736000000001 |  |  | 71
Other income |  |  |  | 12359.34513 |  |  | 4030.697729999999 |  |  | 4059.344860000002 |  |  | 3608.30254 |  |  | 661 |  |  | 4985.878820000001 |  |  | 604.334200000002 |  |  | 592.4540699999998 |  |  | 349.980549999999 |  |  | 3439.110000000001
 | Total revenue |  |  | 12431.39011 |  |  | 4024.178559999999 |  |  | 4065.037370000001 |  |  | 3628.16627 |  |  | 714.00791 |  |  | 5337.169110000002 |  |  | 694.0144900000021 |  |  | 692.0767099999998 |  |  | 440.967909999999 | 0 |  | 3510.110000000001
Debt Service |  |  |  | 2407.734555555556 |  |  | 895.9374799999999 |  |  | 895.93777 |  |  | 616.1805555555557 |  |  | -0.3212499999999636 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0
Impairment of intangible assets |  |  |  | 15622.0464666931 |  |  | 15622.0464666931
Restructure costs |  |  |  | 22042.169 |  |  | 22042.169
Stock-based compensation expense |  |  |  | 17013.38988153784 |  |  | 1918.531167061564 |  |  | 2124.127676435179 |  |  | 10188.1357780411 |  |  | 2782.59526 |  |  | 9995.223041245627 |  |  | 2947.601948819223 |  |  | 2938.456223865088 |  |  | 1297.629241713186 |  |  | 2811.53562684813
Other parent company expense |  |  |  | 33238.64019879363 |  |  | 9348.981432938415 |  |  | 9126.02985356482 |  |  | 9988.433582290392 |  |  | 4775.19533 |  |  | 32941.9488443472 |  |  | 20112.00777205412 |  |  | 4026.088430854406 |  |  | 3065.719268286806 |  |  | 5738.13337315187
 | Total benefits and expenses |  |  | 90323.98010258013 |  |  | 49827.66554669308 |  |  | 12146.0953 |  |  | 20792.74991588705 |  |  | 7557.46934 |  |  | 42937.17188559283 |  |  | 23059.60972087334 |  |  | 6964.544654719494 |  |  | 4363.348509999992 |  |  | 8549.669
 | Segment income (loss) |  |  | -77892.58999258012 |  |  | -45803.48698669308 |  |  | -8081.057929999997 |  |  | -17164.58364588705 |  |  | -6843.461429999999 |  |  | -37600.00277559282 |  |  | -22365.59523087334 |  |  | -6272.467944719494 |  |  | -3922.380599999993 |  |  | -5039.558999999999