May 3, 2009-Protective Life Corporation (NYSE:PL) today reported
results for the first quarter of 2009. Net income for the first
quarter of 2009 was $22.1 million, or $0.31 per diluted share,
compared to net income of $35.9 million, or $0.50 per diluted
share, in the first quarter of 2008. Operating income (after-tax)
for the first quarter of 2009 was $61.5 million, or $0.86 per
diluted share, compared to $52.1 million, or $0.73 per diluted
share, in the first quarter of 2008.
John D. Johns, Protective�s Chairman, President and Chief
Executive Officer commented:
�We are pleased to report positive net income and operating
earnings for the quarter, notwithstanding the challenging
conditions we encountered in the credit markets and the general
economy. Operating earnings were solid in our Life Marketing and
Acquisitions segments. The Annuities segment results were below our
expectations primarily due to unfavorable, off-cycle DAC unlocking
in the variable annuity lines. The Stable Value segment exceeded
our plan as a wider spread offset the expected decline in the
account balance. Our Asset Protection segment, which markets its
products primarily through auto and marine dealers, was negatively
impacted by distressed market conditions, but nevertheless produced
reasonable operating earnings for the quarter.
We were encouraged in the quarter by a number of developments,
including: our ability to stay generally on plan for life and
annuity sales; overall favorable mortality; net positive cash flows
for the annuities segment; the stabilization of our GAAP book value
per share; the continued solid performance of our commercial
mortgage portfolio; our continued strong liquidity; and the
progress we are making in expense management and efficiency
improvements.
As we look to the remainder of the year, we expect economic
conditions to remain difficult. We expect credit downgrades and
impairments to remain at an elevated level, and our stable value
account balance should decline. As a result, we will stay focused
on managing capital, liquidity, asset quality and expenses. At the
same time, we remain optimistic about our capacity to navigate
through this challenging environment, and we plan to push forward
and successfully execute our business plans for the remainder of
the year and remain a solid provider of quality service and
products to our customers in each of our business lines.�
Net income for the first quarter of 2009 included:
- Net realized investment losses
of $39.4 million, or $0.55 per diluted share, compared to net
realized investment losses of $16.3 million, or $0.23 per share, in
the first quarter of 2008
- Pre-tax other-than-temporary
impairments of $89.8 million, or $0.82 per diluted share, are
included in the $0.55 per share of net realized investment losses
in the first quarter of 2009
Operating income for the first quarter of 2009 included (on a
pre-tax basis):
- Unfavorable unlocking of $19.2
million on the variable annuity product line
- Positive fair value changes of
$11.5 million in the Annuity segment
- Positive fair value changes of
$6.8 million on a portfolio of securities designated for
trading
- Other income of $1.5 million
resulting from the early retirement of funding agreements in the
Stable Value Products segment
Business Segment Results
The table below sets forth business segment operating income
(loss) before income tax for the periods shown:
Operating Income (Loss) Before Income Tax ($ in thousands) �
1Q2009 �
1Q2008 �
$ Var �
% Var Life
Marketing $ 42,510 $ 46,449 $ (3,939 ) -8.5 % Acquisitions 33,621
33,576 45 0.1 % Annuities (575 ) 2,489 (3,064 ) n/m Stable Value
Products 20,207 16,216 3,991 24.6 % Asset Protection 6,280 9,852
(3,572 ) -36.3 % Corporate & Other � (9,247 ) � (29,973 ) �
20,726 � -69.1 %
$ 92,796 �
$ 78,609 �
$ 14,187 � �
In the Life Marketing and Asset Protection segments, pre-tax
operating income equals segment income before income tax for all
periods. In the Stable Value Products, Annuities, Acquisitions and
Corporate & Other segments, operating income (loss) excludes
realized investment gains (losses), periodic settlements on
derivatives, and related amortization of DAC and VOBA. A
reconciliation of operating income (loss) before income tax to
income (loss) before income tax is included below:
($ in thousands) �
1Q2009 �
1Q2008 Operating
income before income tax $ 92,796 $
78,609 Realized investment gains (losses) Stable Value
Products 1,862 5,433 Annuities (6,448 ) 20 Acquisitions 5,221
(7,728 ) Corporate & Other (58,959 ) (21,187 ) Less: Periodic
settlements on derivatives Corporate & Other 2,238 484
Related amortization of deferred
policy acquisition costs and value of businesses acquired
Annuities (100 ) (20 ) Acquisitions � 178 � � 1,094 �
Income
before income tax $ 32,156 �
$
53,589 � �
Income (loss) before income tax, unlike operating income (loss)
before income tax, does not exclude realized gains (losses), net of
the related amortization of DAC and VOBA, and participating income
from real estate ventures. Income before income tax for the
Acquisitions segment was $38.7 million for the first quarter of
2009 compared to $24.8 million for the first quarter of 2008. Loss
before income tax for the Annuities segment was $6.9 million for
the first quarter of 2009 compared to income before income tax of
$2.5 million for the first quarter of 2008. Income before income
tax for the Stable Value segment was $22.1 million for the first
quarter of 2009 and $21.6 million for the first quarter of 2008.
Loss before income tax for the Corporate & Other segment was
$70.4 million for the first quarter of 2009 and $51.6 million for
the first quarter of 2008.
Sales
The Company uses sales statistics to measure the relative
progress of its marketing efforts. The Company derives these
statistics from various sales tracking and administrative systems
and not from its financial reporting systems or financial
statements. These statistics measure only one of many factors that
may affect future business segments� profitability, and therefore
are not intended to be predictive of future profitability.
The table below sets forth business segment sales for the
periods shown:
($ in millions) �
1Q2009 �
1Q2008 �
$ Var �
% Var Life Marketing $ 36.6 $ 43.3 $ (6.7 ) -15.5 %
Annuities 436.7 612.0 (175.3 ) -28.6 % Stable Value Products -
637.6 (637.6 ) n/m Asset Protection 68.3 110.7 (42.4 ) -38.3 % �
Review of Business Segment Results
Life Marketing
Life Marketing pre-tax operating income was $42.5 million in the
first quarter of 2009 compared to $46.4 million in the first
quarter of 2008. The decrease was primarily due to lower investment
income on the term insurance block and less favorable mortality of
$0.9 million. Mortality had a $2.0 million favorable impact to
pre-tax operating earnings in the current quarter.
Sales were $36.6 million in the first quarter of 2009, down 6.7%
compared to $43.3 million in the first quarter of 2008. Term
insurance sales in the current quarter were $23.2 million compared
to $27.0 million in the prior year�s quarter. Universal life
insurance sales in the current quarter were $12.8 million compared
to $14.7 million in the first quarter of 2008.
Acquisitions
Acquisitions segment pre-tax operating income was $33.6 million
in the first quarter of 2009 compared to $33.6 million in the first
quarter of 2008. Pre-tax operating income was consistent due to the
expected runoff of the blocks of business, offset by lower
expenses. Mortality in the core Acquisitions block, excluding the
Chase Insurance Group block, was favorable by $1.6 million. The
Chase Insurance Group acquisition continues to perform consistent
with our expectations.
Annuities
Annuities segment pre-tax operating loss was $0.6 million in the
first quarter of 2009 compared to pre-tax operating income of $2.5
million in the first quarter of 2008. The decrease in pre-tax
operating income was primarily due to $19.2 million of unfavorable
off-cycle unlocking on the variable annuity product line and $1.9
million of unfavorable single premium immediate annuity (�SPIA�)
mortality, compared to the prior year�s quarter. These decreases
were offset by a $17.2 million increase in positive fair value
changes compared to the prior year�s quarter on the equity indexed
annuity product line ($5.9 million favorable) and embedded
derivatives associated with the variable annuity guaranteed minimum
withdrawal benefit (�GMWB�) rider ($11.3 million favorable).
Annuity account values were $8.5 billion as of March 31, 2009, an
increase of 9.4% over the prior year. Net cash flows for the
segment remained positive during the quarter.
Sales in the first quarter of 2009 were $436.7 million compared
to $612.0 million in the first quarter of 2008.�The decrease was
primarily due to a decline in fixed annuity sales resulting from a
lower interest rate environment, and non-recurring institutional
SPIA sales that occurred in the first quarter of 2008. Fixed
annuity sales were $297.6 million in the first quarter of 2009
compared to $519.2 million in the prior year�s quarter. Variable
annuity sales were $139.1 million in the first quarter of 2009
compared to $92.8 million in the first quarter of 2008.
Stable Value
Products
Stable Value Products segment pre-tax operating income was $20.2
million in the first quarter of 2009 compared to $16.2 million in
the first quarter of 2008. The increase was a result of the
combination of a higher operating spread and lower liability costs,
partially offset by a lower average liability balance compared to
the prior year�s quarter. Included in the $20.2 million of pre-tax
operating income during the first quarter of 2009 was $1.5 million
of other income resulting from the early retirement of funding
agreements. Excluding this $1.5 million operating gain, the spread
increased 39 basis points to 165 basis points for the three months
ended March 31, 2009, compared to the prior year�s quarter. Deposit
balances as of March 31, 2009 were $4.4 billion.
There were no sales during the first three months of 2009
compared to $637.6 million in the previous year�s quarter.
Asset
Protection
Asset Protection segment pre-tax operating income was $6.3
million in the first quarter of 2009 compared to $9.9 million in
the first quarter of 2008. The decrease was primarily the result of
a $3.0 million decrease in service contract income due to
significantly lower auto and marine sales volume. Sales in the
first quarter of 2009 were $68.3 million, down $42.4 million, or
38.3%, compared to the first quarter of 2008, driven by the
negative impact in all product lines of lower volume of automobile
and marine�units sold.
Corporate &
Other
This segment consists primarily of net investment income on
unallocated capital, interest expense on debt, various other items
not associated with the other segments and ancillary run-off lines
of business. Corporate & Other segment pre-tax operating loss
was $9.2 million in the first quarter of 2009 compared to a $30.0
million loss in the first quarter of 2008. The improvement in the
current quarter was primarily due to mark-to-market adjustments on
a portfolio of securities designated for trading, with a market
value of approximately $331.2 million as of March 31, 2009. The
mark-to-market on this trading portfolio positively impacted income
by approximately $6.8 million for the three months ended March 31,
2009, a $27.1 million more favorable impact than in the prior
year�s quarter. This increase was partially offset by lower net
investment income resulting from reduced yields on a large balance
of cash and short-term investments. Participating mortgage income
was $0.8 million in the first quarter of 2009 and excludes $2.0
million that was allocated to the other business segments.
Investments
- Total investments were $26.0
billion as of March 31, 2009. This includes $1.0 billion of cash
and short-term investments.
- Our net unrealized loss position
was $3.1 billion, prior to tax and DAC offsets, and $1.6 billion,
after tax and DAC offsets.
- During the first quarter of
2009, we recorded $89.8 million of pre-tax credit related loss
other-than-temporary impairments. In addition, $27.5 million of
pre-tax non-credit related losses were recorded as a component of
other comprehensive income.
- Problem loans and foreclosed
properties represented only 0.3% of our commercial mortgage loan
portfolio�as of March 31, 2009.
Net Realized
Investment/Derivative Activity
($ per diluted share) �
1Q 2009 �
1Q 2008 �
Impairments/Credit related losses $ (0.82 ) $ - Modco net realized
gains / (losses) 0.12 (0.07 )
Net realized gains (excl.
Modco)
0.06 0.08 Interest rate related derivatives 0.14 (0.09 ) Credit
default swaps (0.04 ) (0.14 ) All other � (0.01 ) � (0.01 )
Total $ (0.55 ) $ (0.23
) �
Operating income differs from the GAAP
measure, net income, in that it excludes realized investment gains
(losses) and related amortization. The tables below reconcile
operating income to net income:
Consolidated Results �
1Q 2009 �
1Q 2008 � ($
in thousands; net of income tax) �
After-tax Operating
Income $ 61,551 $ 52,145
Realized investment gains (losses)
and related amortization
Investments (85,636 ) (18,927 ) Derivatives � 46,220 � � 2,664 �
Net Income $ 22,135 �
$ 35,882 �
�
($ per diluted share; net of
income tax)
1Q 2009 1Q 2008 �
After-tax Operating Income $
0.86 $ 0.73
Realized investment gains (losses)
and related amortization
Investments (1.20 ) (0.27 ) Derivatives � 0.65 � � 0.04 �
Net
Income $ 0.31 �
$ 0.50 � �
For information relating to non-GAAP measures (operating income,
share owners� equity per share excluding other comprehensive income
(loss), operating return on average equity, and net income (loss)
return on average equity) in this press release, please refer to
the disclosure at the end of this press release. All per share
results used throughout this press release are presented on a
diluted basis, unless otherwise noted.
�
Rolling Twelve Months
EndedMarch 31,
2009 �
2008 � Operating Income Return on Average
Equity 10.0 % 10.1 % � Net Income (Loss) Return on Average Equity
(2.2 %) 9.5 % �
Operating income return on average equity and net
income (loss) return on average equity are measures used by
management to evaluate the Company�s performance. Operating income
return on average equity for the twelve months ended March 31, 2009
was calculated by dividing operating income for this period by the
average ending balance of share owners� equity (excluding
accumulated other comprehensive income (loss)) for the five most
recent quarters. Net income (loss) return on average equity for the
twelve months ended March 31, 2009, was calculated by dividing net
income (loss) for this period by the average ending balance of
share owners� equity (excluding accumulated other comprehensive
income (loss)) for the five most recent quarters.
Reconciliation of Share Owners' Equity, Excluding Accumulated
Other Comprehensive Income (Loss) ($ in thousands) �
As
ofMarch 31, �
2009 �
2008 Total share
owners' equity $ 783,178 $ 2,163,860
Less: Accumulated other
comprehensive income (loss)
� (1,660,204 ) � (379,948 )
Total share owners' equity excluding
accumulated other comprehensive income (loss) $
2,443,382 �
$ 2,543,808 � �
Reconciliation
of Share Owners' Equity per Share, Excluding Accumulated Other
Comprehensive Income (Loss) per Share
($ per common share
outstanding)
As ofMarch 31,
�
2009 2008 Total share owners' equity $ 11.19 $
30.99
Less: Accumulated other
comprehensive income (loss)
� (23.72 ) � (5.44 )
Total share owners' equity excluding
accumulated other comprehensive income (loss) $
34.91 �
$ 36.43 � �
2009 Guidance
Due to extraordinary market conditions and the potential impact
of fair value accounting on reported results, Protective will not
provide 2009 earnings guidance, but will discuss the outlook for
the remainder of the year during its first quarter 2009 earnings
call as scheduled below.
Conference Call
There will be a conference call for management to discuss the
quarterly results with analysts and professional investors on May
4, 2009 at 9:00 a.m. Eastern. Analysts and professional investors
may access this call by dialing 1-866-713-8563 (international
callers 1-617-597-5311) and entering the conference passcode:
71144244. A recording of the call will be available from 12:00 p.m.
Eastern May 4, 2009 until midnight May 18, 2009. The recording may
be accessed by calling 1-888-286-8010 (international callers
1-617-801-6888) and entering the passcode: 74573401.
The public may access a live webcast of the call, along with a
call presentation, on the Company's website at www.protective.com
in the Analyst/Investor section. A recording of the webcast will
also be available from 9:00�a.m. Eastern May 4, 2009 until midnight
May�18, 2009.
Supplemental financial information is also available on the
Company�s website at www.protective.com in the Analyst/Investor
section under Financial Information/Quarterly & Other
Reports.
Information Relating to Non-GAAP Measures
Throughout this press release, GAAP refers to accounting
principles generally accepted in the United States of America.
Consolidated and segment operating income (loss) are defined
as income (loss) before income tax excluding net realized
investment gains (losses) net of the related amortization of
deferred policy acquisition costs (�DAC�) and value of businesses
acquired (�VOBA�) and participating income from real estate
ventures. Periodic settlements of derivatives associated with
corporate debt and certain investments and annuity products are
included in realized gains (losses) but are considered part of
consolidated and segment operating income because the derivatives
are used to mitigate risk in items affecting consolidated and
segment operating income (loss). Management believes that
consolidated and segment operating income (loss) provides relevant
and useful information to investors, as it represents the basis on
which the performance of the Company�s business is internally
assessed. Although the items excluded from consolidated and segment
operating income (loss) may be significant components in
understanding and assessing the Company�s overall financial
performance, management believes that consolidated and segment
operating income (loss) enhances an investor�s understanding of the
Company�s results of operations by highlighting the income (loss)
attributable to the normal, recurring operations of the Company�s
business. As prescribed by GAAP, certain investments are recorded
at their market values with the resulting unrealized gains (losses)
affected by a related adjustment to DAC and VOBA, net of income
tax, reported as a component of share owners� equity. The market
values of fixed maturities increase or decrease as interest rates
change. The Company believes that an insurance company�s share
owners� equity per share may be difficult to analyze without
disclosing the effects of recording accumulated other comprehensive
income (loss), including unrealized gains (losses) on
investments.
Calculation of Operating Income
Return on Average Equity
Rolling Twelve Months Ended
March 31, 2009
� �
Numerator: ($ in thousands) �
Three Months Ended
�
�
June 30,2008 �
Sep. 30,2008 �
Dec.
31,2008 �
Mar. 31,2009
TwelveMonths
EndedMarch 31, 2009
Net income (loss) $ 38,184 $ (100,008 ) $ (15,913 ) $ 22,135
$(55,602 ) Net of:
Realized investment gains
(losses), net of income tax
Investments (73,068 ) (228,215 ) (60,407 ) (85,585) (447,275 )
Derivatives 43,510 66,543 (10,574 ) 47,675 147,154
Related amortization of DAC and
VOBA, net of income tax
322 457 (632 ) (51) 96 Add back:
Derivative gains related to Corp.
debt and investments, net of income tax
� 1,161 � � 1,245 � � 1,020 � � 1,455 4,881 �
Operating
Income $ 68,581 �
$ 62,452 �
$ 56,720 �
$ 61,551 $249,304 � �
Denominator: ($ in thousands)
Share
owners'Equity
AccumulatedOtherComprehensiveIncome
(Loss)
Share owners'Equity
ExcludingAccumulatedOtherComprehensiveIncome
(Loss)
March 31, 2008 $ 2,163,860 $ (379,948) $2,543,808 June 30, 2008
2,081,742 (486,222) 2,567,964 September 30, 2008 1,524,655
(928,205) 2,452,860 December 31, 2008 761,095 (1,667,056) 2,428,151
March 31, 2009 783,178 (1,660,204) 2,443,382 � Total $12,436,165 �
Average $2,487,233 � �
Operating Income Return on
Average Equity 10.0 % �
Calculation of Net Income
(Loss) Return on Average Equity
Rolling Twelve Months Ended
March 31, 2009
� �
Numerator: ($ in thousands) �
Three Months Ended
�
�
June 30,2008 �
Sep. 30,2008 �
Dec.
31,2008 �
Mar. 31,2009
TwelveMonths
EndedMarch 31, 2009
Net income (loss) $ 38,184 $ (100,008) $(15,913) $ 22,135 $
(55,602) �
Denominator: ($ in thousands)
�
Share owners'Equity
AccumulatedOtherComprehensiveIncome
(Loss)
Share owners'Equity
ExcludingAccumulatedOtherComprehensiveIncome
(Loss)
March 31, 2008 $ 2,163,860 $ (379,948) $ 2,543,808 June 30, 2008
2,081,742 (486,222) 2,567,964 September 30, 2008 1,524,655
(928,205) 2,452,860 December 31, 2008 761,095 (1,667,056) 2,428,151
March 31, 2009 783,178 (1,660,204) 2,443,382 Total $ 12,436,165
Average $ 2,487,233 �
Net Income (Loss) Return on
Average Equity (2.2%) �
Forward-Looking Statements
This release and the supplemental financial information provided
includes �forward-looking statements� which express expectations of
future events and/or results. All statements based on future
expectations rather than on historical facts are forward-looking
statements that involve a number of risks and uncertainties, and
the Company cannot give assurance that such statements will prove
to be correct. The factors which could affect the Company�s future
results include, but are not limited to, general economic
conditions and the following known risks and uncertainties: the
Company is exposed to the risks of natural disasters, pandemics,
malicious and terrorist acts that could adversely affect the
Company�s operations; the Company operates in a mature, highly
competitive industry, which could limit its ability to gain or
maintain its position in the industry and negatively affect
profitability; a ratings downgrade or other negative action by a
ratings organization could adversely affect the Company; the
Company�s policy claims fluctuate from period to period resulting
in earnings volatility; the Company�s results may be negatively
affected if actual experience differs from management�s
expectations, including, but not limited to, expectations of
mortality, morbidity, casualty losses, persistency, lapses,
customer mix and behavior, and projected level of used vehicle
values; the Company�s results may be negatively affected should
actual experience differ from management�s assumptions and
estimates which by their nature are imprecise and subject to
changes and revision over time; the use of reinsurance, and any
change in the magnitude of reinsurance, introduces variability in
the Company�s statements of income; the Company could be forced to
sell investments at a loss to cover policyholder withdrawals;
interest rate fluctuations could negatively affect the Company�s
spread income or otherwise impact its business, including, but not
limited to, the volume of sales, the profitability of products,
investment performance, and asset liability management; equity
market volatility could negatively impact the Company�s business,
particularly with respect to the Company�s variable products,
including an increase in the rate of amortization of DAC and
estimated cost of providing minimum death benefit and minimum
withdrawal benefit guarantees relating to the variable products;
insurance companies are highly regulated and subject to numerous
legal restrictions and regulations, including, but not limited to,
restrictions relating to premium rates, reserve requirements,
marketing practices, advertising, privacy, policy forms,
reinsurance reserve requirements, acquisitions, and capital
adequacy, and the Company cannot predict whether or when regulatory
actions may be taken that could adversely affect the Company or its
operations; changes to tax law or interpretations of existing tax
law could adversely affect the Company, including, but not limited
to, the demand for and profitability of its insurance products and
the Company�s ability to compete with non-insurance products; the
Company may be required to establish a valuation allowance against
its deferred tax assets, which could materially adversely affect
the Company�s results of operations, financial condition and
capital position; financial services companies are frequently the
targets of litigation, including, but not limited to, class action
litigation, which could result in substantial judgments, and the
Company, like other financial services companies, in the ordinary
course of business is involved in litigation and arbitration;
publicly held companies in general and the financial services
industry in particular are sometimes the target of law enforcement
investigations and the focus of increased regulatory scrutiny; the
Company�s ability to maintain competitive unit costs is dependent
upon the level of new sales and persistency of existing business,
and a change in persistency may result in higher claims and/or
higher or more rapid amortization of deferred policy acquisition
costs and thus higher unit costs and lower reported earnings; the
Company�s investments, including, but not limited to, the Company�s
invested assets, derivative financial instruments and commercial
mortgage loan portfolio, are subject to market, credit, and
regulatory risks, and these risks could be heightened during
periods of extreme volatility or disruption in financial and credit
markets; the Company may not realize its anticipated financial
results from its acquisitions strategy, which is dependent on
factors such as the availability of suitable acquisitions, the
availability of capital to fund acquisitions and the realization of
assumptions relating to the acquisition; the Company may not be
able to achieve the expected results from its recent acquisition;
the Company is dependent on the performance of others, including,
but not limited to, distributors, third-party administrators, fund
managers, reinsurers and other service providers, and, as with all
financial services companies, its ability to conduct business is
dependent upon consumer confidence in the industry and its
products; the Company�s reinsurers could fail to meet assumed
obligations, increase rates, or be subject to adverse developments
that could affect the Company, and the Company�s ability to compete
is dependent on the availability of reinsurance, which has become
more costly and less available in recent years, or other substitute
capital market solutions; the success of the Company�s captive
reinsurance program and related marketing efforts is dependent on a
number of factors outside the control of the Company, including,
but not limited to, continued access to capital markets, a
favorable regulatory environment, and the overall tax position of
the Company; computer viruses or network security breaches could
affect the data processing systems of the Company or its business
partners, and could damage the Company�s business and adversely
affect its financial condition and results of operations; the
Company�s ability to grow depends in large part upon the continued
availability of capital, which has been negatively impacted by
regulatory action and the volatility and disruption in the capital
and credit markets, and may be negatively impacted in the future by
an increase in guaranteed minimum death and withdrawal benefit
related policy liabilities in variable products resulting from
negative performance in the equity markets, and future marketing
plans are dependent on access to the capital markets through
securitization; and new GAAP and statutory accounting rules or
changes to existing GAAP and statutory accounting rules could
negatively impact the Company; the Company�s risk management
policies and procedures may leave it exposed to unidentified or
unanticipated risk, which could negatively affect our business or
result in losses; capital and credit market volatility or
disruption could adversely impact the Company�s financial condition
or results from operations in several ways, including but not
limited to the following: causing market price and cash flow
variability in the Company�s fixed income portfolio, defaults on
principal or interest payments by issuers of the Company�s fixed
income investments, other than temporary impairments of the
Company�s fixed income investments; adversely impacting the
Company�s ability to efficiently access the capital markets to
finance its reserve, capital and liquidity needs; difficult
conditions in the economy generally, including severe or extended
economic recession, could adversely affect the Company�s business
and results from operations; and there can be no assurance that the
actions of the U.S. Government or other governmental and regulatory
bodies for the purpose of stabilizing the financial markets will
achieve their intended effect; the Company may not be able to
protect its intellectual property and may be subject to
infringement claims; the Company could be adversely affected by an
inability to access its credit facility; the amount of statutory
capital the Company has and must hold to maintain its financial
strength and credit ratings and meet other requirements can vary
significantly and is sensitive to a number of factors. Please refer
to Part I, Item II, Risks and Uncertainties as well as Part II,
Item 1A, Risk Factors, of the Company�s most recent Form 10-K and
10-Q for more information about these factors which could affect
future results.
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