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Life Health > Life Insurance

Earnings: Ameriprise, Coventry

By Staff Writer

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Variable annuity inflow and in-force life insurance were 2 bright spots at Ameriprise Financial Inc. during the second quarter.

Here is a summary of the latest insurance industry earnings news:

Ameriprise Financial Inc., Minneapolis

2 Q 2008 Results

NET INCOME: $210 million

REVENUE: $2 billion

NET REALIZED INVESTMENT CHANGE: $27 million loss

2 Q 2007 Results

NET INCOME: $196 million

REVENUE: $2.2 billion

NET REALIZED INVESTMENT CHANGE: $1.3 million gain

- Ameriprise is increasing its quarterly cash dividend to 17 cents per common share, from 15 cents.

- The company’s variable annuities attracted $800 million more assets than they lost. Fixed annuities experienced $400 million in net asset outflow.

- Life insurance in force increased 5%, to $191 billion.

- Revenue at the annuity, wealth management and asset management operations fell, but revenue from sales of protection products, such as life insurance, increased 1%, to $490 million.

Coventry Health Care Inc., Bethesda, Md.

2 Q 2008 Results

NET INCOME: $83 million

REVENUE: $3 billion

HEALTH CARE MEMBERS: 4.8 million

2 Q 2007 Results

NET INCOME: $151 million

REVENUE: $2.3 billion

HEALTH CARE MEMBERS: 4.7 million

- Enrollment in small group commercial and individual plans grew steadily.

- The company bought back 1 million shares during the quarter, bringing the total number of shares bought back during the first half to 4.2 million shares.

- The company has the authority to buy back 9.9 million shares, and it plans to use free cash to buy back shares throughout the rest of the year.

- The company has about 151 million shares of stock outstanding.

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