Consolidated GAAP Balance Sheet - Unaudited (in thousands)
|
9/30/2011
(Unaudited) |
12/31/2010
(Audited) |
| ASSETS |
|
|
| Investments: |
|
|
Fixed Maturities:
 Available for sale at market
(Amortized cost of $3,198,134 and
$3,209,803 respectively) |
$3,521,326 |
$3,391,998 |
Common Stocks:
(Cost $748 and $472, respectively) |
1,229 |
1,279 |
| Derivative instruments, at fair value |
4,051 |
9,402 |
| Real Estate |
415 |
415 |
| Policy Loans |
18,336 |
19,607 |
| Short-Term Investments |
145,537 |
107,958 |
| Limited Partnerships |
208,252 |
195,501 |
| Total Investments |
3,899,146 |
3,726,160 |
| |
|
|
| Cash and cash equivalents |
3,687 |
5,924 |
| Accrued investment income |
46,063 |
42,757 |
| Deferred Policy Acquisition Costs |
41,709 |
57,298 |
| Furniture and Equipment, Net |
497 |
376 |
| Amounts Due from Reinsurers |
18,315 |
16,644 |
| Amounts due from investments transactions |
1,319 |
49,005 |
| Federal income tax recoverable |
- |
2,627 |
| Other Assets |
1,391 |
1,495 |
| TOTAL ASSETS |
$4,012,127 |
$3,902,286 |
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
| Liabilities: |
|
|
| Policy Liabilities: |
|
|
| Policyholders' Account Balances |
$2,349,930 |
$2,401,482 |
| Annuity |
640,911 |
663,456 |
| Life and Accident and Health |
83,632 |
81,081 |
| Other Policy Liabilities |
16,089 |
11,718 |
| Total Policy Liabilities |
3,090,562 |
3,157,737 |
| Deposits on Policies to be Issued |
836 |
1,166 |
| General Expenses and Taxes Accrued |
1,883 |
1,573 |
| Federal Income Taxes Payable |
5,988 |
- |
| Deferred Federal Income Taxes, Net |
92,166 |
45,157 |
| Amounts due for security transactions |
8,476 |
- |
| Other Liabilities |
13,723 |
14,745 |
| Total Liabilities |
$3,213,634 |
$3,220,378 |
|
|
|
| Commitments and Contingencies |
|
|
| Shareholders' Equity |
|
|
Capital Stock
($.01 par value; authorized 100,000,000 shares outstanding, 29,574,697 and 29,574,697 shares, respectively) |
296 |
296 |
| Additional Paid in Capital |
7,362 |
7,123 |
| Accumulated Other Comprehensive Gain |
216,320 |
118,609 |
| Retained Earnings |
574,515 |
555,880 |
| Total Shareholders' Equity |
798,493 |
681,908 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$4,012,127 |
$3,902,286 |
Condensed Consolidated Statements of Income - GAAP - Unaudited (in thousands, except per share data)
|
Three Months Ended
September 30 |
Three Months Ended
September 30 |
Nine Months
Ended
September 30 |
Nine Months
Ended
September 30 |
|
2011 |
2010 |
2011 |
2010 |
| REVENUES: |
|
|
|
|
| Insurance Revenues |
|
|
|
|
| Premiums |
$4,572 |
$4,274 |
$13,533 |
$13,031 |
| Annuity Considerations |
1,586 |
21,114 |
5,983 |
40,267 |
| Universal Life and Investment Type Policy Fee Income |
849 |
528 |
2,647 |
1,587 |
| Equity in Earnings (losses) on Limited Partnerships |
103 |
(845) |
2,067 |
(6,036) |
| Net Investment Income |
48,212 |
49,830 |
146,555 |
147,682 |
| Net Realized Investment Gains (losses) |
|
|
|
|
| Total Other-than-temporary-impairment ("OTTI") losses |
(3,971) |
- |
(10,687) |
- |
| Net OTTI losses recognized in other comprehensive income |
836 |
- |
3,924 |
- |
| Net OTTI losses recognized in earnings |
(3,135) |
- |
(6,763) |
- |
| Net Realized capital gains, excluding OTTI losses |
2,215 |
1,807 |
27,626 |
7,921 |
| Other Income |
257 |
1,124 |
2,201 |
3,739 |
| TOTAL REVENUES |
54,659 |
77,832 |
193,849 |
208,191 |
| BENEFITS AND EXPENSES: |
|
|
|
|
| Death and Other Life Insurance Benefits |
4,519 |
4,408 |
13,435 |
13,549 |
| Annuity Benefits |
20,426 |
19,991 |
62,284 |
60,670 |
| Interest Credited to Policyholders' Account Balances |
25,428 |
26,677 |
76,454 |
79,996 |
| Other Interest and Other Charges |
243 |
319 |
950 |
877 |
| Increase (decrease) in Liability for Future Policy Benefits |
(6,836) |
15,344 |
(21,293) |
18,540 |
| Commissions to Agents, Net |
700 |
2,117 |
3,064 |
5,578 |
| Costs Related to Consent Revocation Solicitation and related matters |
- |
297 |
- |
1,470 |
| General Expenses and Taxes |
4,460 |
5,237 |
17,583 |
13,966 |
| Change in Deferred Policy Acquisition Costs |
1,295 |
881 |
4,457 |
2,989 |
| TOTAL BENEFITS AND EXPENSES |
50,235 |
75,271 |
156,934 |
197,635 |
| Income Before Income Taxes |
4,424 |
2,561 |
36,915 |
10,556 |
| |
|
|
|
|
| Provision (Benefit) for Income Taxes: |
|
|
|
|
| Current |
16,051 |
181 |
18,341 |
6,565 |
| Deferred |
(14,525) |
710 |
(5,605) |
(2,906) |
|
1,526 |
891 |
12,736 |
3,659 |
| NET INCOME |
$2,898 |
$1,670 |
$24,179 |
$6,897 |
| |
|
|
|
|
| Earnings Per Common Share, Basic |
$ 0.10 |
$ 0.06 |
$ 0.82 |
$ 0.23 |
| Earnings Per Common Share, Diluted |
$ 0.10 |
$ 0.06 |
$ 0.82 |
$ 0.23 |
| Weighted Average Number of Shares Outstanding During the Period, Basic |
29,574,697 |
29,574,697 |
29,574,697 |
29,574,697 |
| Weighted Average Number of Shares Outstanding During the Period, Diluted |
29,574,697 |
29,574,697 |
29,574,697 |
29,574,697 |