Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

Charges Cut AmerUs Net

Your article was successfully shared with the contacts you provided.

NU Online News Service, May 4, 2004, 2:08 p.m. EDT – Special charges cut first-quarter earnings at AmerUs Group Company Inc., Des Moines, Iowa.[@@]

The life insurer is reporting $26.4 million in net income for the latest quarter on $396.7 million in revenue, down from $35.8 million in net income on $408 million in revenue for the first quarter of 2003.

Sales of the company’s equity-indexed life insurance and annuity products were strong, but AmerUs is recognizing a $7.9 million loss on the sale of an office building in Indianapolis. AmerUs acquired the building in 2001 when it bought Indianapolis Life Insurance Company.

AmerUs also is taking a $7.3 million charge to increase policy reserve liabilities as a result of a change in accounting rules.

The change, required by Statement of Position 03-1 from the American Institute of Certified Public Accountants, New York, affects the way insurers account for financial exposure to the guarantees built into policyholders’ separate accounts.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.