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August 06, 2010 at 08:00 PM
Many life, health and distribution companies reported earnings this week, and most posted profits.
LIFE AND ANNUITY
Prudential Financial Inc., Newark, N.J. (NYSE:PRU)
2 Q 2010 Results
NET INCOME: $1.1 billion
REVENUE: $8.7 billion
2 Q 2009 Results
NET INCOME: $163 million
REVENUE: $6.3 billion
- Net U.S. variable annuity sales increased to $3.5 billion, from $2 billion.
- Total U.S. annuity account value increased to $87 billion, from $68 billion.
Hartford Financial Services Group Inc., Hartford (NYSE:HIG)
2 Q 2010 Results
NET INCOME: $76 million
REVENUE: $3.3 billion
2 Q 2009 Results
NET INCOME: $15 million loss
REVENUE: $7.6 billion
- Retirement plan deposits increased 12%, to $2 billion, and retirement plan assets increased 13%, to $44 billion.
- U.S. annuity assets increased 1%, to $88 billion.
Ameriprise Financial Inc., Minneapolis (NYSE:AMP)
2 Q 2010 Results
NET INCOME: $398 million
REVENUE: $2.6 billion
2 Q 2009 Results
NET INCOME: $87 million
REVENUE: $1.9 billion
- The number of advisors fell 7%, to 11,684, because low-producing advisors left. The productivity of the remaining advisors increased 32%.
Principal Financial Group Inc., Des Moines, Iowa (NYSE:PFG)
2 Q 2010 Results
NET INCOME: $144 million
REVENUE: $2.2 billion
2 Q 2009 Results
NET INCOME: $164 million
REVENUE: $2.2 billion
- Terry Lillis, chief financial officer, says the economy looks stronger. “Sales pipelines continue to build, and retirement plan terminations continue to decline, suggesting increasing stability among small and medium-sized businesses,” Lillis says. “And in specialty benefits, premium and fees increased sequentially for the first time since fourth quarter 2008.”
Protective Life Corp., Birmingham, Ala. (NYSE:PL)
2 Q 2010 Results
NET INCOME: $41 million
REVENUE: $712 million
2 Q 2009 Results
NET INCOME: $91 million
REVENUE: $785 million
- Annuity sales increased to $738 million, from $610 million.
The Phoenix Companies Inc., Hartford (NYSE:PNX)
2 Q 2010 Results
NET INCOME: $10 million
REVENUE: $528 million
2 Q 2009 Results
NET INCOME: $14 million
REVENUE: $519 million
- Annuity deposits increased to $27 million, from $18 million.
FBL Financial Group Inc., West Des Moines, Iowa (NYSE:FBL)
2 Q 2010 Results
NET INCOME: $22 million
DERIVATIVE INCOME: $54 million loss
REVENUE: $198 million
2 Q 2009 Results
NET INCOME: $24 million
DERIVATIVE INCOME: $17 million gain
REVENUE: $304 million
- Farm Bureau Life unit variable annuity sales increased 19%.
Primerica Inc., Duluth, Ga. (NYSE:PRI)
2 Q 2010 Results
NET INCOME: $36 million
REVENUE: $234 million
2 Q 2009 Results
NET INCOME: $198 million
REVENUE: $548 million
- Primerica went public April 1.
- Operating revenue increased to $234 million in the latest quarter, from $227 million in the second quarter of 2009.
- The life licensed sales force fell 2.9%, to 60,406, but the number of recruits increased about 14%.
American Equity Investment Life Holding Company, West Des Moines, Iowa (NYSE:AEL)
2 Q 2010 Results
NET INCOME: $1.5 million loss
CHANGE IN FAIR VALUE OF DERIVATIVES: $209 million loss
REVENUE: $67 million
2 Q 2009 Results
NET INCOME: $9 million
CHANGE IN FAIR VALUE OF DERIVATIVES: $30 million gain
REVENUE: $279 million
- The indexed annuity player says its investment spread – the difference between what it pays annuity holders and what it earns on its own investments – increased to 3.23 percentage points, from 2.97.
- The company helped win the battle to keep the U.S. Securities and Exchange Commission from regulating indexed annuities as securities, but it also registered its first SEC-registered indexed annuity contract during the quarter.
