It is important to know that the company you trust to help you plan for your family's financial security is financially sound. With Presidential Life, you'll have no doubt.
Presidential Life is a New York-domiciled, New York-regulated life insurance and annuity company that has been helping people just like you achieve financial security since 1965. From its modest local beginnings in Rockland County, Presidential has developed into a company with a national network of regional sales directors supporting a field force of more than 16,500 independent financial services professionals active in 49 states and the District of Columbia. Annual sales of approximately $250 million in premium today, and the Company's assets exceed $3.7 billion (statutory), of which 442 million represents the Company's capital and surplus (IMR & AVR).
A.M. Best, the oldest insurance rating agency in the United States, has determined that Presidential Life is financially strong and has given it a rating of B+ (Good), citing the company as having ". . . A good ability to meet their ongoing obligations to policyholders.
To learn more
about Presidential Life's financial strength, click on one of the
hyperlinks listed below:
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*Including investment reserves (AVR and IMR)
PRESIDENTIAL
LIFE INSURANCE COMPANY as of 03/31/09
PARENT:
Presidential Life is a wholly-owned subsidiary of Presidential
Life Corporation, a publicly-owned
holding company.
A.M. BEST RATING:B+ (Good)
S&P RATING:BB+
FITCH RATING:Aq (Strong)
MOODYS RATING:Ba1 (Stable)
CAPITAL & SURPLUS TO LIABILITIES: 11.8%
INVESTMENT GRADE BONDS: 92.3%
STATES: Admitted to D.C. and all states except New Hampshire.
MARKETING
PROFILE:
A financially stable New York-domiciled company doing business in 49 states and the District of Columbia, Presidential Life offers a broad portfolio of Life Insurance and Annuities emphasizing substantial guarantees and highly competitive initial and renewal rates.
PRESIDENTIAL LIFE INSURANCE COMPANY is located in Nyack, New York
10960 1-800-926-7599 or 1-888-PRES LIF Fax:
845-353-0273
INVESTED ASSETS (in millions)
03/31/09
12/31/08
$
%
$
%
Cash/Short Term
247.2
6.97
291.4
8.08
U. S. Treasury/Agencies
328.7
9.27
332.0
9.20
Foreign Government
8.9
0.25
8.9
0.25
Public Utilities
418.7
11.80
422.7
11.72
Real Estate
0.4
0.01
0.4
0.01
Corporates
2,166.5
61.08
2,129.8
59.03
Preferred Stocks
108.3
3.05
110.2
3.05
Common Stocks
2.7
0.07
2.6
0.07
Payor Swaption
0.6
0.02
0.5
0.01
Other Invested Assets
246.1
6.94
290.7
8.06
Policy Loans
19.1
0.54
18.9
0.52
TOTAL
3,547.2
100%
3,608.1
100%
CREDIT QUALITY DISTRIBUTION
(in millions)
03/31/09
12/31/08
NAIC Rating
Equivalent Public Ratings Moody's/S&P
$
%
$
%
1
Aaa/AAA
402.2
12.66
436.6
13.68
Aa/A
251.9
7.93
304.3
9.54
A/A
1,183.5
37.26
92.26
1,196.4
37.49
94.66
2
Baa/BBB
1,092.9
34.41
1,083.4
33.95
3
Ba/BB
180.1
5.67
122.4
3.84
4
B/B
34.9
1.10
18.1
0.57
5
Caa
20.4
0.64
20.8
0.65
6
Ca + Lower
10.4
0.33
9.1
0.28
TOTAL
$3,176.3
100%
$3,191.1
100%
0
PRESIDENTIAL LIFE INSURANCE COMPANY
(in thousands)
03/31/2009
03/31/2008
ASSETS
Fixed Maturities
3,031,054
3,019,302
Common Stocks
2,715
5,153
Derivative Instruments
605
5,336
Policy Loans
19,064
19,043
Cash & Short Term Investments
246,723
474,098
Other Invested Assets
246,132
280,750
Other Assets
96,237
88,228
TOTAL ASSETS
3,642,530
3,891,910
LIABILITIES
Policy Reserves
3,279,529
3,368,038
Other Liabilities
(21,475)
28,159
TOTAL
3,258,054
3,396,197
CAPITAL, SURPLUS, AND INVESTMENT RESERVES
Asset Valuation Reserve
32,761
61,757
Interest Maintenance Reserve
70,296
73,484
Capital and Surplus
281,419
360,472
TOTAL
384,476
495,713
TOTAL LIABILITIES, CAPITAL AND SURPLUS
3,642,530
3,891,910
PRESIDENTIAL
LIFE INSURANCE COMPANY (in thousands)
Presidential Life Corporation (PLFE) had 2008 Operating income of $54.2 million ($1.84 per share) compared to $53.3 million ($1.81 per share) for 2007. Operating income for the 4th quarter 2008 was $13.6 million ($0.46 per share) compared with $13.7 million ($0.47 per share) for the same period in 2007.
Net income for 2008 was $18.6 million ($0.63 per share) compared to $63.7 million ($2.16 per share) for 2007. Net loss for the 4th quarter 2008 was $2.7 million ($0.09 per share), compared with net income of $4.0 million ($0.14 per share) for the same period in 2007.
2008
2007
Total (000)
Per Share
Total (000)
Per Share
Operating Income
First Quarter
$ 10,254
$ .35
$ 12,178
$ .42
Second Quarter
12,683
.43
11,532
.39
Third Quarter
17,663
.60
15,800
.53
Fourth Quarter
13,572
.46
13,741
.47
Twelve Months
$ 54,172
$ 1.84
$ 53,251
$ 1.81
Net Investment Gains *
First Quarter
$ 680
$ .02
$ 8,927
$ .30
Second Quarter
(2,932)
(.10)
12,430
.42
Third Quarter
(17,039)
(.58)
(1,182)
(.04)
Fourth Quarter
(16,297)
(.55)
(9,744)
(.33)
Twelve Months
$ (35,588)
$ (1.21)
$ 10,431
$ .35
Net Income
First Quarter
$ 10,934
$ .37
$ 21,105
$ .72
Second Quarter
9,751
.33
23,962
.81
Third Quarter
625
.02
14,618
.49
Fourth Quarter
(2,725)
(.09)
3,997
.14
Twelve Months
$ 18,585
$ .63
$ 63,682
$ 2.16
* Net of losses and tax effects. Quarterly results are unaudited.
Book value per share at December 31, 2008 … $14.88 (based on 29,574,315 shares outstanding).
For further discussion and analysis refer to Presidential’s website at www.presidentiallife.com. Access the Financial Data tab and select Recent SEC Filings to review the 10K.
PRESIDENTIAL LIFE CORPORATION AND SUBSIDIARIES
(In
thousands, except share data)
Three Months Ended
March 31 (unaudited)
Twelve Months Ended
December 31 (unaudited)
2009
2008
2008
2007
REVENUES:
Insurance revenues
8,581
11,680
49,519
43,022
Net investment income
35,840
65,620
261,735
294,860
Realized investment gains (losses)
(3,451)
1,038
(47,893)
24,833
Other income
129
526
2,483
1,410
Total Revenues
41,099
78,864
265,844
364,125
BENEFITS AND EXPENSES:
Benefits
23,063
25,836
97,165
91,044
Interest credited to policies, expenses on notes payable and other charges
27,918
30,745
121,523
138,984
Increase in liability for future policy benefits
(3,964)
(3,315)
(2,595)
(3,222)
Selling, General & Administrative expenses
6,959
8,905
32,867
40,659
Total Benefits and Expense
53,976
62,171
248,960
267,465
Income before taxes
(12,877)
16,693
16,884
96,660
PROVISION FOR INCOME TAXES
(4,443)
5,759
(1,700)
32,978
NET INCOME
(8,434)
10,934
18,584
63,682
Earnings per common share
$0.29
$0.37
$0.63
$2.16
Weighted average number of shares outstanding during the period, basic
FOUNDED:
Corporation, a publicly-owned
holding company.
