Protective Life Corporation (NYSE: PL) today reported results
for the first quarter of 2010. Net income available to PL’s common
shareowners for the first quarter of 2010 was $69.8 million, or
$0.80 per diluted share, compared to net income available to PL’s
common shareowners of $22.1 million, or $0.31 per diluted share, in
the first quarter of 2009. Operating income, after tax, for the
first quarter of 2010 was $67.7 million, or $0.78 per diluted
share, compared to $61.6 million, or $0.86 per average diluted
share, in the first quarter of 2009.
John D. Johns, Protective’s Chairman, President and Chief
Executive Officer commented:
“Protective delivered solid financial results in the first
quarter. Across the board, our operating segments produced
results that were in line with or exceeded our expectations. As
compared to the first quarter of last year, total life insurance
sales increased 17%, universal life sales increased 65% (and
exceeded term sales in this quarter), annuity sales increased 30%
and extended service contract sales increased 9.3%. Mortality also
continued to trend favorably in the quarter. As we look to the
remainder of the year, we expect to enjoy continued positive
momentum as we move forward with our plans to introduce innovative,
differentiated products to our markets, invest excess liquidity,
optimize capital deployment and grow our distribution
networks.”
Net income available to PL’s common shareowners for the first
quarter of 2010 included:
- Net realized investment gains,
after tax, of $2.0 million, or $0.02 per diluted share, compared to
net realized investment losses, after tax, of $39.4 million, or
$0.55 per diluted share, in the first quarter of 2009.
- Pre-tax other-than-temporary
impairments of $11.9 million, or $0.09 per diluted share, are
included in the $0.02 per share of net realized investment gains in
the first quarter of 2010.
Business Segment Results
The table below sets forth business segment operating income
before income tax for the periods shown:
Operating Income Before Income Tax ($ in thousands)
1Q10
1Q09 $ Var
% Var Life Marketing $ 40,678 $ 42,510 $
(1,832 ) -4.3 % Acquisitions 31,369 33,621 (2,252 ) -6.7 %
Annuities 18,187 (575 ) 18,762 n/m Stable Value Products 11,027
20,207 (9,180 ) -45.4 % Asset Protection 13,067 6,280 6,787 108.1 %
Corporate & Other (16,132 ) (9,247 )
(6,885 ) 74.5 %
$ 98,196 $
92,796 $ 5,400 5.8
%
The following table reconciles segment operating income to
consolidated net income available to PL’s common shareowners:
($ in thousands)
1Q10
1Q09 Operating income
before income tax $ 98,196 $ 92,796
Realized investment gains (losses) 3,409 (58,324 ) Less: Periodic
settlements on derivatives 42 2,238
Related amortization of deferred
policy acquisition costs, value of businesses acquired
214 78 Income tax expense 31,570 10,021
Net
Income available to PL's common shareowners $
69,779 $ 22,135
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 profitability of the business segments 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)
1Q10 1Q09 $ Var % Var Life Marketing $
43.0 $ 36.6 $ 6.4 17.5 % Annuities 568.0 436.7 131.3 30.1 % Stable
Value Products 151.0 - 151.0 n/m Asset Protection 71.7 68.3 3.4 5.0
%
Review of Business Segment Results for First Quarter
Life Marketing
Life Marketing segment pre-tax operating income was $40.7
million in the first quarter of 2010 compared to $42.5 million in
the first quarter of 2009. The decrease was primarily due to lower
allocated investment income on the traditional line of business and
higher operating expenses, partially offset by more favorable
mortality results. Favorable mortality of $14.5 million is included
in the results of the first quarter of 2010 as compared to $2.0
million of favorable mortality included in the results of the first
quarter of 2009.
Sales were $43.0 million in the first quarter of 2010, an
increase of 17.5% compared to $36.6 million in the first quarter of
2009. Universal life insurance sales (including variable universal
life) exceeded term insurance sales in the current quarter and were
$22.2 million, compared to $13.5 million in the first quarter of
2009. Term insurance sales in the current quarter were $20.8
million compared to $23.2 million in the prior year’s quarter.
Acquisitions
Acquisitions segment pre-tax operating income was $31.4 million
in the first quarter of 2010 compared to $33.6 million in the first
quarter of 2009, primarily due to expected runoff of the blocks of
business and less favorable mortality results.
Annuities
Annuities segment pre-tax operating income was $18.2 million in
the first quarter of 2010 compared to an operating loss of $0.6
million in the first quarter of 2009. The current quarter included
$4.1 million of positive fair value changes, representing an
unfavorable $7.4 million variance compared to the prior year’s
quarter. The segment experienced continued growth in the single
premium deferred annuity and variable annuity lines during the
first quarter. The first quarter of 2009 included a $19.2 million
unlocking charge related to the variable annuity line of
business.
Annuity account values reached a record $10.9 billion as of
March 31, 2010, an increase of 27.1% over the prior year. Net cash
flows for the segment remained positive during the quarter.
Sales in the first quarter of 2010 were $568.0 million compared
to $436.7 million in the first quarter of 2009. The increase was
primarily due to record variable annuity sales, partially offset by
lower fixed annuity sales. Variable annuity sales were $349.9
million in the first quarter of 2010, an increase of approximately
151.7%, compared to $139.1 million in the first quarter of 2009.
Fixed annuity sales were $218.0 million in the first quarter of
2010 compared to $297.7 million in the prior year’s first
quarter.
Stable Value
Products
Stable Value Products segment pre-tax operating income was $11.0
million in the first quarter of 2010 compared to $20.2 million in
the first quarter of 2009. The decrease was a result of an expected
decline in average account values and a decline in operating
spreads. Included in operating income during the first quarter of
2009 was $1.5 million of other income resulting from the early
retirement of funding agreements. There were no early funding
agreement retirements in the first quarter of 2010. Excluding the
effect of this gain, the spread decreased 39 basis points to 126
basis points for the three months ended March 31, 2010, compared to
the prior year’s quarter.
Deposit balances as of March 31, 2010 were $3.5 billion. Total
sales were $151.0 million for the three months ended March 31,
2010.
Asset
Protection
Asset Protection segment pre-tax operating income was $13.1
million in the first quarter of 2010 compared to $6.3 million in
the first quarter of 2009. The current quarter earnings included a
$7.8 million reserve release related to a final settlement in
Lender’s Indemnity, a runoff line of business.
Sales in the first quarter of 2010 were $71.7 million, an
increase of $3.4 million, or 5.0%, compared to the first quarter of
2009. The increase in sales was driven by a $4.5 million increase
in service contract sales. Credit insurance sales decreased $0.8
million compared to the prior year’s quarter. The decline in the
other products line was primarily the result of the discontinuation
of the Inventory Protection Product.
Corporate &
Other
Corporate & Other segment pre-tax operating loss was $16.1
million in the first quarter of 2010 compared to a $9.2 million
loss in the first quarter of 2009. The variance was primarily due
to an increase in interest expense of $11.9 million. Partially
offsetting this decrease was an improvement in investment income
compared to the first quarter of 2009. The trading portfolio
positively impacted operating income by $7.5 million for the three
months ended March 31, 2010, a $0.7 million more favorable impact
than in the prior year’s quarter.
Investments
- Total cash and investments were
$30.2 billion as of March 31, 2010. This includes $0.9 billion of
cash and short-term investments.
- The net unrealized gain position
on investments was a positive $4 million, after tax and DAC
offsets, an improvement of $1.6 billion or approximately 100.3%,
compared to March 31, 2009.
- During the first quarter of
2010, the Company recorded an $11.9 million pre-tax loss on credit
related other-than-temporary impairments.
- Delinquent mortgage loans and
foreclosed properties were $45.2 million as of March 31, 2010,
representing 0.9% of the commercial mortgage loan portfolio. This
amount includes $16.1 million of loans that were being restructured
under the terms of a pooling and servicing agreement.
Net Realized
Investment/Derivative Activity
($ per average diluted share)
1Q 2010 1Q 2009
Impairments/Credit related losses $ (0.09 ) $ (0.82 ) Modco net
realized gain 0.10 0.12 Net realized gains/(losses)-excluding Modco
0.05 0.06 Interest rate related derivatives (0.02 ) 0.14 Credit
default swaps - (0.04 ) All other (0.02 ) (0.01 )
Total $ 0.02 $ (0.55
)
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 available to PL’s common shareowners:
Consolidated Results
1Q 2010
1Q 2009 ($ in thousands; net of income
tax)
After-tax Operating Income $ 67,730 $ 61,551
Realized investment gains (losses)
and related amortization
Investments 23,280 (85,636 ) Derivatives (21,231 )
46,220
Net Income available to PL's common
shareowners $ 69,779 $
22,135 1Q 2010 1Q 2009 ($
per average diluted share; net of income tax)
After-tax
Operating Income $ 0.78 $ 0.86
Realized investment gains (losses)
and related amortization
Investments 0.26 (1.20 ) Derivatives (0.24 ) 0.65
Net Income available to PL's common shareowners
$ 0.80 $ 0.31
For information relating to non-GAAP measures (operating income,
total Protective Life Corporation’s shareowners’ equity per share
excluding other comprehensive income (loss), operating return on
average equity, and net income available to PL’s common shareowners
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 Ended
March 31, 2010
2009 Operating Income Return on Average Equity 12.2 %
10.0 %
Net Income available to PL's
common shareowners Return on Average Equity
11.9 % -2.2 %
Operating income return on average equity and net
income available to PL’s common shareowners 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, 2010 was calculated by
dividing operating income for this period by the average ending
balance of total Protective Life Corporation’s shareowners’ equity
(excluding accumulated other comprehensive income (loss)) for the
five most recent quarters. Net income available to PL’s common
shareowners return on average equity for the twelve months ended
March 31, 2010, was calculated by dividing net income available to
PL’s common shareowners for this period by the average ending
balance of total Protective Life Corporation’s shareowners’ equity
(excluding accumulated other comprehensive income (loss)) for the
five most recent quarters.
Reconciliation of Total Protective
Life Corporation's Shareowners' Equity, Excluding Accumulated Other
Comprehensive Income (Loss) ($ in thousands)
March 31, December 31,
2010 2009 Total Protective Life Corporation's
shareowners' equity $ 2,821,033 $ 2,478,821
Less: Accumulated other
comprehensive income (loss)
(55,716 ) (321,169 )
Total Protective Life
Corporation's shareowners' equity excluding accumulated other
comprehensive income (loss) $ 2,876,749
$ 2,799,990
Reconciliation of Total Protective Life Corporation's
Shareowners' Equity per share, Excluding Accumulated Other
Comprehensive Income (Loss) per share ($ per common share
oustanding)
March 31, December 31, 2010
2009 Total Protective Life Corporation's shareowners' equity
$ 32.96 $ 28.96
Less: Accumulated other
comprehensive income (loss)
(0.65 ) (3.76 )
Total Protective Life
Corporation's shareowners' equity excluding accumulated other
comprehensive income (loss) $ 33.61
$ 32.72
2010 Guidance
Protective will not provide 2010 earnings guidance but will
discuss the outlook for the remainder of 2010 during its first
quarter 2010 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
6, 2010 at 9:00 a.m. Eastern. Analysts and professional investors
may access this call by dialing 1-866-831-6267 (international
callers 1-617-213-8857) and entering the conference passcode:
90696661. A recording of the call will be available from 12:00 p.m.
Eastern May 6, 2010 until midnight May 20, 2010. The
recording may be accessed by calling 1-888-286-8010 (international
callers 1-617-801-6888) and entering the passcode: 40123083.
The public may access a live webcast of the call, along with a
call presentation, on the Company's website at
www.protective.com.
A recording of the webcast will also be available from
12:00 p.m. Eastern May 6, 2010 until midnight May 20,
2010.
Supplemental financial information and the conference call
presentation are 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 fair 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 total Protective Life Corporation’s shareowners’
equity. The fair value of fixed maturities generally increase or
decrease as interest rates change. The Company believes that an
insurance company’s shareowners’ 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, 2010
($ in thousands)
Twelve Three Months Ended Months
Ended NUMERATOR: 6/30/2009 9/30/2009
12/31/2009 3/31/2010 3/31/2010 Net
Income available to PLC's common shareowners $ 90,757 $ 27,585
$ 131,011 $ 69,779 $ 319,132 Net of:
Realized investment gains
(losses), net of income tax
Investments 82,439 87,495 (6,251 ) 23,420 187,103 Derivatives
(72,400 ) (108,339 ) 2,692 (21,204 ) (199,251 )
Related amortization of DAC and
VOBA, net of income tax
612 507 2,313 (140 ) 3,292 Add back:
Derivative gains related to Corp.
debt and investments, net of income tax
756 - - 27 783
Operating Income $ 80,862 $
47,922 $ 132,257 $ 67,730
$
328,771 Total Protective
Life Corporation's Total Shareowners'
Protective Life Accumulated Equity Excluding
Corporation's Other Accumulated Other
Shareowners' Comprehensive Comprehensive
DENOMINATOR: Equity Income (Loss) Income
(Loss) March 31, 2009
$
783,178
$
(1,660,204 )
$
2,443,382 June 30, 2009 1,628,375 (1,031,719 ) 2,660,094 September
30, 2009 2,302,799 (375,472 ) 2,678,271 December 31, 2009 2,478,821
(321,169 ) 2,799,990 March 31, 2010 2,821,033 (55,716 )
2,876,749 Total $ 13,458,486 Average
$ 2,691,697 Operating Income Return
on Average Equity 12.2 %
Calculation of Operating Income
Return on Average Equity
Rolling Twelve Months Ended
March 31, 2009
Twelve
Three Months Ended Months Ended NUMERATOR:
6/30/2008 9/30/2008 12/31/2008
3/31/2009 3/31/2009 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
Shareowners' Accumulated
Equity Excluding Other Accumulated Other
Shareowners' Comprehensive Comprehensive
DENOMINATOR: Equity Income (Loss) Income
(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
Available to PLC’s common shareowners Return on Average
Equity
Rolling Twelve Months Ended
March 31, 2010
($ in thousands)
Twelve
Three Months Ended Months Ended NUMERATOR:
6/30/2009 9/30/2009 12/31/2009
3/31/2010 3/31/2010 Net Income available to
PLC's common shareowners $ 90,757 $ 27,585 $ 131,011 $ 69,779
$ 319,132 Total
Protective Life Corporation's Total
Shareowners' Protective Life Accumulated
Equity Excluding Corporation's Other
Accumulated Other Shareowners' Comprehensive
Comprehensive DENOMINATOR: Equity Income
(Loss) Income (Loss) March 31, 2009
$
783,178
$
(1,660,204 )
$
2,443,382 June 30, 2009 1,628,375 (1,031,719 ) 2,660,094 September
30, 2009 2,302,799 (375,472 ) 2,678,271 December 31, 2009 2,478,821
(321,169 ) 2,799,990 March 31, 2010 2,821,033 (55,716 )
2,876,749 Total $ 13,458,486 Average
$ 2,691,697 Net Income available to
PLC's common shareowners Return on Average Equity 11.9
%
Calculation of Net Income
(Loss) Return on Average Equity
Rolling Twelve Months Ended
March 31, 2009
($ in thousands)
Twelve
Three Months Ended Months Ended NUMERATOR:
6/30/2008 9/30/2008 12/31/2008
3/31/2009 3/31/2009 Net Income (Loss) $
38,184 $ (100,008 ) $ (15,913 ) $ 22,135
$
(55,602 ) Shareowners'
Accumulated Equity Excluding Other
Accumulated Other Shareowners' Comprehensive
Comprehensive DENOMINATOR: Equity Income
(Loss) Income (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 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 and
man-made catastrophes, 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 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
Company’s valuation of its investments could be adversely impacted
by results that differ from its expectations or assumptions; 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 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; 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 its 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; deterioration of
general economic conditions could result in a severe and extended
economic recession, which could materially adversely affect the
Company’s business and results of operations; 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; and the Company operates as a holding company and depends
on the ability of its subsidiaries to transfer funds to it to meet
its obligations and to pay dividends. Please refer to Part I, Item
1A, Risk Factors and Cautionary Factors that may Affect Future
Results of the Company’s most recent Form 10-K and Part II, Item
1A, Risk Factors, of the Company’s subsequent
quarterly reports on Form 10-Q for more information
about these factors.
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