Protective Life Corporation (NYSE: PL) today reported results
for the third quarter of 2010. Net income available to common
shareowners for the third quarter of 2010 was $70.4 million
compared to $27.6 million in the third quarter of 2009, an increase
of 155%. Net income available to common shareowners per average
diluted share was $0.80 for the third quarter of 2010 compared to
$0.32 in the prior year’s quarter. Operating income, after tax, for
the third quarter of 2010 was $62.8 million compared to $47.9
million in the third quarter of 2009, an increase of 31%. Operating
income per average diluted share for the third quarter of 2010 was
$0.71 compared to $0.55 in the prior year’s quarter.
John D. Johns, Protective’s Chairman, President and Chief
Executive Officer commented:
“Our results in the third quarter were very positive. We are
reporting solid operating and net earnings; strong sales of
variable annuity, universal life and asset protection products;
much reduced impairments in our investment portfolio; and higher
net investment income. In addition, we announced in the quarter two
significant acquisitions that we expect to be highly accretive to
earnings and returns on capital in 2011 and for many years to come.
We are well on our way to successfully executing our business plan
for 2010.”
“As we look to the future, we are excited about our prospects
for creating meaningful shareholder value by improving returns and
growing earnings while reducing risk throughout our corporate
enterprise.”
Business Segment Results
The table below sets forth business segment operating income
before income tax for the periods shown:
Operating
Income Before Income Tax ($ in thousands)
3Q10
3Q09
Increase/(Decrease)
% Change Life Marketing $ 30,868 $ 26,544 $ 4,324 16.3 %
Acquisitions 27,866 33,061 (5,195 ) -15.7 % Annuities 22,704 16,075
6,629 41.2 % Stable Value Products 8,339 14,339 (6,000 ) -41.8 %
Asset Protection 5,154 5,731 (577 ) -10.1 % Corporate & Other
405 (22,826 ) 23,231 101.8 %
$
95,336 $ 72,924 $ 22,412
The following table reconciles segment operating income to
consolidated net income available to PL’s common shareowners:
($ in thousands)
3Q10
3Q09 Operating income before income tax $
95,336 $ 72,924 Realized investment gains
(losses) 13,386 (32,068 ) Less: Periodic settlements on derivatives
42 -
Related amortization of deferred policy
acquisition costs and value of businesses acquired
1,606 (780 ) Income tax expense 36,626 14,051
Net income available to PL's common shareowners $
70,448 $ 27,585
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)
3Q10 3Q09
Increase/(Decrease)
% Change Life Marketing $ 39.8 $ 41.9 $ (2.1 ) -5.0 %
Annuities 677.2 452.6 224.6 49.6 % Stable Value Products 66.5 -
66.5 n/m Asset Protection 97.3 86.2 11.1 12.9 %
Review of Business Segment Results for Third Quarter
Life Marketing
Life Marketing segment pre-tax operating income was $30.9
million in the third quarter of 2010 compared to $26.5 million in
the third quarter of 2009. The increase was primarily due to more
favorable mortality, partially offset by higher operating expenses.
Favorable mortality of $3.3 million is included in the results of
the third quarter of 2010 compared to $3.6 million of unfavorable
mortality included in the results of the third quarter of 2009. The
third quarter of 2010 also included $2.7 million of favorable
prospective DAC unlocking.
Sales were $39.8 million in the third quarter of 2010, a
decrease of 5.0% compared to $41.9 million in the third quarter of
2009. Universal life insurance sales (including variable universal
life) represented 79.2% of total sales in the current quarter and
were $31.5 million, compared to $16.3 million in the third quarter
of 2009. Term insurance sales in the current quarter were $8.3
million compared to $25.6 million in the prior year’s quarter.
Acquisitions
Acquisitions segment pre-tax operating income was $27.9 million
in the third quarter of 2010 compared to $33.1 million in the third
quarter of 2009. The decrease was primarily due to unfavorable DAC
unlocking of $2.0 million in the current quarter compared to
favorable DAC unlocking of $1.7 million in the prior year’s
quarter.
Annuities
Annuities segment pre-tax operating income was $22.7 million in
the third quarter of 2010 compared to $16.1 million in the third
quarter of 2009. The current quarter included $2.5 million of
negative fair value changes, which includes $1.5 million related to
equity indexed annuities (“EIA”) and $1.0 million related to
derivatives associated with the variable annuity guaranteed minimum
withdrawal benefits (“GMWB”) rider. The impact of these negative
fair value changes during the third quarter was mitigated to a
large degree by a program initiated in the third quarter of 2010 of
transacting in equity and interest rate futures to mitigate the
risk related to certain guaranteed minimum benefits, including
GMWB. The third quarter of 2010 also included $5.1 million of
favorable prospective DAC unlocking.
The segment experienced continued growth in the account balance
for the single premium deferred annuity and variable annuity lines
during the third quarter of 2010. Annuity account values reached a
record $11.9 billion as of September 30, 2010, an increase of 20.7%
over the past twelve months. Net cash flows for the segment
remained positive during the quarter.
Sales in the third quarter of 2010 were $677.2 million compared
to $452.6 million in the third quarter of 2009. The increase was
primarily due to record variable annuity sales, partially offset by
lower fixed annuity sales. Variable annuity sales were a record
$436.4 million in the third quarter of 2010, an increase of
approximately 124.4%, compared to $194.4 million in the third
quarter of 2009. Fixed annuity sales were $240.9 million in the
third quarter of 2010 compared to $258.1 million in the prior
year’s third quarter.
Stable Value Products
Stable Value Products segment pre-tax operating income was $8.3
million in the third quarter of 2010 compared to $14.3 million in
the third quarter of 2009. The decrease was primarily a result of
an expected decline in average account values and lower operating
spreads. The spread was 100 basis points for the three months ended
September 30, 2010, a decrease of 42 basis points from the third
quarter of 2009.
Deposit balances as of September 30, 2010 were $3.1 billion.
Total sales were $66.5 million for the three months ended September
30, 2010.
Asset Protection
Asset Protection segment pre-tax operating income was $5.2
million in the third quarter of 2010 compared to $5.7 million in
the third quarter of 2009. The decrease was primarily the result of
a $0.6 million decrease in service contract earnings due to higher
loss ratios in certain product lines and a $0.9 million decrease in
credit insurance earnings due to lower volume and higher expenses.
Earnings from other products increased $1.0 million due to
favorable loss experience in the guaranteed asset protection
(“GAP”) product line.
Sales in the third quarter of 2010 were $97.3 million, an
increase of $11.1 million, or 12.9%, compared to the third quarter
of 2009. Service contract sales increased $6.5 million while credit
insurance sales decreased $0.2 million compared to the prior year’s
quarter. Sales of the GAP product increased $4.8 million, or
43.7%.
Corporate & Other
Corporate & Other segment pre-tax operating income was $0.4
million in the third quarter of 2010 compared to a $22.8 million
loss for the third quarter of 2009. This improvement was primarily
due to a $20.2 million increase in net investment income, which
includes the favorable impact of the trading portfolio. The third
quarter of 2010 also included a $3.9 million pre-tax gain on the
repurchase of non-recourse funding obligations.
Investments
- Total cash and investments were $31.7
billion as of September 30, 2010. This includes $0.6 billion of
cash and short-term investments.
- The net unrealized gain position on
investments was a positive $663 million, after tax and DAC offsets,
an improvement of $919.7 million compared to December 31,
2009.
- During the third quarter of 2010, the
Company recorded $7.6 million of pre-tax other-than-temporary
impairment losses recognized in earnings.
- Delinquent mortgage loans and
foreclosed properties were $55.5 million as of September 30, 2010,
representing 1.1% of the commercial mortgage loan portfolio. This
amount includes $35.7 million of loans, representing 0.7% of the
commercial mortgage loan portfolio, that were restructured pursuant
to the terms of a pooling and servicing agreement.
- Net realized investment gains, after
tax, of $7.6 million, or $0.09 per average diluted share, were
recorded in the third quarter of 2010, compared to net realized
investment losses, after tax, of $20.3 million, or $0.23 per
average diluted share, in the third quarter of 2009.
Net
Realized Investment/Derivative Activity ($ per average diluted
share)
3Q 2010 3Q 2009 Impairments $ (0.06 ) $
(0.23 ) Modco net realized gain 0.08 0.05 Net realized
gains/(losses)-excluding Modco 0.13 0.03 Derivative gains/(losses)
- interest rate related (0.03 ) (0.06 ) All other (0.03 )
(0.02 )
Total $ 0.09 $
(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 available to PL’s common shareowners:
Consolidated Results
3Q 2010 3Q
2009 ($ in thousands; net of income tax)
After-tax
Operating Income $ 62,818 $ 47,922
Realized investment gains (losses) and
related amortization
Investments 66,018 88,002 Derivatives (58,388 )
(108,339 )
Net income available to PL's common shareowners
$ 70,448 $ 27,585
3Q 2010 3Q 2009 ($ per average diluted share;
net of income tax)
After-tax Operating Income $ 0.71 $ 0.55
Realized investment gains (losses) and
related amortization
Investments 0.76 1.01 Derivatives (0.67 ) (1.24 )
Net income available to PL's common shareowners $
0.80 $ 0.32
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 and to the
Company’s Supplemental Financial Information located on the
Company’s website at www.protective.com. All per share results used
throughout this press release are presented on a diluted basis,
unless otherwise noted.
Rolling Twelve Months Ended
September 30, 2010 2009
Operating Income Return on Average Equity 11.1% 9.8% Net
income available to PL's common shareowners' Return on Average
Equity 11.0% 4.9%
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 September 30, 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
September 30, 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)
September 30, December
31, 2010 2009 Total Protective Life Corporation's
shareowners' equity $ 3,571,392 $ 2,478,821
Less: Accumulated other comprehensive
income (loss)
601,964 (321,169 )
Total Protective Life
Corporation's shareowners' equity excluding accumulated other
comprehensive income (loss) $ 2,969,428 $
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 outstanding)
September 30, December 31, 2010
2009 Total Protective Life Corporation's shareowners' equity
$ 41.69 $ 28.96
Less: Accumulated other comprehensive
income (loss)
7.03 (3.76 )
Total Protective Life Corporation's
shareowners' equity excluding accumulated other comprehensive
income (loss) $ 34.66 $ 32.72
Conference Call
There will be a conference call for management to discuss the
quarterly results with analysts and professional investors on
November 4, 2010 at 9:00 a.m. Eastern. Analysts and professional
investors may access this call by dialing 1-866-730-5768
(international callers 1-857-350-1592) and entering the conference
passcode: 14039343. A recording of the call will be available from
12:00 p.m. Eastern November 4, 2010 until midnight
November 17, 2010. The recording may be accessed by calling
1-888-286-8010 (international callers 1-617-801-6888) and entering
the passcode: 18290526.
The public may access a live webcast of the call, along with a
call presentation, on the Company's website at
www.protective.com.
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.
Investor Conference
There will be an Investor Conference for analysts and
professional investors held in New York, New York on December 1,
2010 from 9:00 a.m. Eastern until 12:30 p.m. Eastern. The public
may access a live webcast of the conference, along with the
conference presentations, on the Company's website at
www.protective.com.
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 September
30, 2010
(Dollars In Thousands) Three
Months Twelve Months 12/31/2009
3/31/2010 6/30/2010
9/30/2010 9/30/2010 NUMERATOR: Net income
available to PLC's common shareowners $ 131,011 $ 69,779 $
41,371 $ 70,448 $ 312,609 Less: Realized investment gains (losses),
net of income tax Investments (6,251 ) 23,420 33,089 67,062 117,320
Derivatives 2,692 (21,204 ) (45,806 ) (58,361 ) (122,679 ) Related
amortization of DAC and VOBA, net of income tax 2,313 (140 ) (212 )
(1,044 ) 917 Add back:
Derivative gains related to Corp. debt and
investments, net of income tax
- 27
27 27 81
Operating
Income $ 132,257 $ 67,730
$ 54,327 $ 62,818
$
317,132 Total Protective Life
Corporation's Total Shareowners' Protective
Life Accumulated Equity Excluding
Corporation's Other Accumulated Other
Shareowners' Comprehensive Comprehensive
Equity Income (Loss) Income (Loss)
DENOMINATOR: 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 June 30,
2010 3,085,599 177,490 2,908,109 September 30, 2010 3,571,392
601,964 2,969,428 Total $ 14,232,547
Average
$ 2,846,509 Operating Income
Return on Average Equity 11.1 %
Calculation of Operating Income Return
on Average Equity
Rolling Twelve Months Ended September
30, 2009
(Dollars In Thousands)
Three
Months Twelve Months 12/31/2008
3/31/2009 6/30/2009
9/30/2009 9/30/2009 NUMERATOR: Net income
(loss) available to PLC's common shareowners $ (15,913 ) $
22,135 $ 90,757 $ 27,585 $ 124,564 Less: Realized investment gains
(losses), net of income tax Investments (60,407 ) (85,585 ) 82,439
87,495 23,942 Derivatives (10,574 ) 47,675 (72,400 ) (108,339 )
(143,638 ) Related amortization of DAC and VOBA, net of income tax
(632 ) (51 ) 612 507 436 Add back:
Derivative gains related to Corp. debt and
investments, net of income tax
1,020 1,455
756 - 3,231
Operating Income $ 56,720 $
61,551 $ 80,862 $ 47,922
$ 247,055 Total Protective
Life Corporation's Total Shareowners'
Protective Life Accumulated Equity Excluding
Corporation's Other Accumulated Other
Shareowners' Comprehensive Comprehensive
Equity Income (Loss) Income (Loss)
DENOMINATOR: 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 June 30,
2009 1,628,375 (1,031,719 ) 2,660,094 September 30, 2009 2,302,799
(375,472 ) 2,678,271 Total $ 12,662,758
Average
$ 2,532,552 Operating Income
Return on Average Equity 9.8 %
Calculation of Net Income Available to
PLC’s common shareowners Return on Average Equity
Rolling Twelve Months Ended September
30, 2010
(Dollars In Thousands)
Three Months Twelve Months 12/31/2009
3/31/2010 6/30/2010
9/30/2010 9/30/2010 NUMERATOR: Net income
available to PLC's common shareowners $ 131,011
$ 69,779 $ 41,371 $ 70,448 $ 312,609
Total Protective Life
Corporation's Total Shareowners' Protective
Life Accumulated Equity Excluding
Corporation's Other Accumulated Other
Shareowners' Comprehensive Comprehensive
Equity Income (Loss) Income (Loss)
DENOMINATOR: 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 June 30,
2010 3,085,599 177,490 2,908,109 September 30, 2010 3,571,392
601,964 2,969,428 Total $ 14,232,547
Average
$ 2,846,509 Net income
available to PLC's common shareowners Return on Average Equity
11.0 %
Calculation of Net Income (Loss)
available to PLC’s common shareowners Return on Average
Equity
Rolling Twelve Months Ended September
30, 2009
(Dollars In Thousands)
Three Months Twelve Months 12/31/2008
3/31/2009 6/30/2009
9/30/2009 9/30/2009 NUMERATOR: Net income
(loss) available to PLC's common shareowners $ (15,913 )
$ 22,135 $ 90,757 $ 27,585
$ 124,564 Total Protective
Life Corporation's Total Shareowners'
Protective Life Accumulated Equity Excluding
Corporation's Other Accumulated Other
Shareowners' Comprehensive Comprehensive
Equity Income (Loss) Income (Loss)
DENOMINATOR: 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 June 30,
2009 1,628,375 (1,031,719 ) 2,660,094 September 30, 2009 2,302,799
(375,472 ) 2,678,271 Total $ 12,662,758
Average
$ 2,532,552 Net income
(loss) available to PLC's common shareowners Return on Average
Equity 4.9 %
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 and interest rate 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; 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; and the Company’s strategies for
mitigating risks arising from its day-to-day operations may prove
ineffective. 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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