Presidential Life Corp. has reported an increase income and revenue for the fourth quarter of 2010.
Presidential Life Corp., Nyack, N.Y. (Nasdaq:PLFE)
4Q 2010 Results
NET INCOME: $15 million
REVENUE: $89 million
4Q 2009 Results
NET INCOME: $10 million
REVENUE: $79 million
- Presidential Life says the low interest rate environment has hurt annuity sales. The company hopes to increase sales by adding indexed annuities.
- The company’s investment spread, or the difference between the rates it earns and the rates it pays to customers, has increased to 0.94 percentage points for all of 2010, from 0.77 percentage points in 2009.
- Although annuity sales are down, annuity surrenders fell to less than $33 million in the fourth quarter of 2010, down 7% from the total for the fourth quarter of 2009.
- Allison Bell
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