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April 29, 2011 at 08:00 PM
Many life and health insurers and distributors released earnings reports this week.
LIFE/ANNUITY/MULTILINE
Ameriprise Inc., Minneapolis (NYSE:AMP)
1Q 2011 Results
NET INCOME: $223 million
REVENUE: $2.7 billion
1Q 2010 Results
NET INCOME: $296 million
REVENUE: $2.3 billion
- Operating net revenue per advisor increased to $95,000, up 23% from the average recorded in the first quarter of 2010.
- Variable annuity sales through the Ameriprise channel were strong.
- “The company discontinued sales of variable annuities through non-Ameriprise channels in the fourth quarter of 2010 to further strengthen the risk return characteristics of the business,” the company says.
Lincoln National Corp., Radnor, Pa. (NYSE:LNC)
1Q 2011 Results
NET INCOME: $339 million
REVENUE: $2.7 billion
1Q 2010 Results
NET INCOME: $283 million
REVENUE: $2.5 billion
- Individual annuity operating income increased to $147 million, from $119 million in the first quarter of 2010, and annuity account values increased 14%.
Torchmark Corp., McKinney, Texas (NYSE:TMK)
1Q 2011 Results
NET INCOME: $106 million
REVENUE: $829 million
1Q 2010 Results
NET INCOME: $122 million
REVENUE: $846 million
- Life insurance premium revenue increased 4%, to $431 million.
Symetra Financial Corp., Bellevue, Wash. (NYSE:SYA)
1Q 2011 Results
NET INCOME: $55 million
REVENUE: $491 million
1Q 2010 Results
NET INCOME: $46 million
REVENUE: $453 million
- Income annuity sales fell to $65 million, from $66 million in the first quarter of 2010; income annuity operating income increased to $8.9 million, from $6.4 million.
REINSURANCE
Reinsurance Group of America Inc., Chesterfield, Mo. (NYSE:RGA)
1Q 2011 Results
NET INCOME: $51 million
REVENUE: $13 billion
1Q 2010 Results
NET INCOME: $289 million
REVENUE: $12 billion
- Net derivatives losses increased to $1.5 billion in the latest quarter, from $782 million in the fourth quarter of 2009.
- U.S. retirement product fees increased 23%.
- U.S. variable annuity sales climbed 38%, to $5.1 billion, and total annuity sales increased 28%.
- Revenue from corporate benefit funding fell to $513 million, from $930 million, partly because fewer companies needed products for backing terminated pension plans.
DISABILITY/SPECIALTY HEALTH
Aflac Inc., Columbus, Ga. (NYSE:AFL)
1Q 2011 Results
NET INCOME: $395 million
REVENUE: $5.1 billion
1Q 2010 Results
NET INCOME: $636 million
REVENUE: $5.1 billion
- Net results for the latest quarter include the effects of efforts to reduce the level of risk in the investment portfolio.
- Sales were strong in Japan despite the effects of the Great Tohoku Earthquake.
- U.S. premium revenue increased 2.5%, to $1.2 billion.
Assurant Inc., New York (NYSE:AIZ)
1Q 2011 Results
NET INCOME: $142 million
REVENUE: $2.0 billion
1Q 2010 Results
NET INCOME: $157 million
REVENUE: $2.2 billion
- Net earned premiums, fees and other revenue fell 9% at Assurant Health, to $435 million, and 6% at Assurant Employee Benefits, to $274 million.
- The health unit had to revamp its product line due to changes resulting from the federal Patient Protection and Affordable Care Act of 2010 (PPACA).
Universal American Corp., Rye Brook, N.Y. (NYSE:UAM)
1Q 2011 Results
NET INCOME: $32 million loss
REVENUE: $1.2 billion
1Q 2010 Results
NET INCOME: $1.4 million
REVENUE: $1.5 billion
- The company now has completed selling its Part D Medicare business to CVS Caremark Corp., Woonsocket, R.I.
Magellan Health Services Inc., Avon, Conn. (Nasdaq:MGLN)
1Q 2011 Results
NET INCOME: $34 million
REVENUE: $693 million
1Q 2010 Results
NET INCOME: $25 million
REVENUE: $728 million
- Magellan manages behavioral health care and other forms of health care, such as radiology services.
- Radiology benefits management increased to $109 million, from $89 million in the first quarter of 2010.
