Life and health insurers have come out with another solid batch of earnings reports.
Prudential Financial Inc., Newark, N.J. (NYSE:PRU)
4 Q 2009 Results
NET INCOME: $1.9 billion
REVENUE: $8.6 billion
4 Q 2008 Results
NET INCOME: $1.6 billion loss
REVENUE: $6.9 billion
- U.S. sales of individual universal life increased to $27 million, from $23 million in the fourth quarter of 2008, and U.S. sales of term life increased to $56 million, from $53 million.
- U.S. sales of group life and disability products fell to $62 million, from $102 million,
Hartford Financial Services Group Inc., Hartford (NYSE:HIG)
4 Q 2009 Results
NET INCOME: $557 million
NET LIFE REALIZED INVESTMENT CHANGE: $576 million loss
REVENUE: $6.4 billion
4 Q 2008 Results
NET INCOME: $806 million loss
NET LIFE REALIZED INVESTMENT CHANGE: $309 million loss
REVENUE: $565 million
- The life operations are reporting $118 million in income before income taxes on $3.3 billion in revenue, up from $807 million in net losses on $2.2 billion in negative revenue.
- Hartford is including $203 million in other-than-temporary impairment losses in "other comprehensive income" rather than including it in net income.
Lincoln National Corp., Radnor, Pa. (NYSE:LNC)
4 Q 2009 Results
NET INCOME: $102 million
NET REALIZED INVESTMENT CHANGE: 89 million loss
REVENUE: $2.4 billion
4 Q 2008 Results
NET INCOME: $505 million loss
NET REALIZED INVESTMENT CHANGE: $456 million loss
REVENUE: $2.2 million
- Lincoln is is including $15 million in other-than-temporary impairment losses in "other comprehensive income" rather than including it in net income.
- Variable annuity product deposits increased 9% from the total for the fourth quarter of 2008, to $2.1 billion, and net VA flows increased 42%, to $838 million.
Principal Financial Group Inc., Des Moines, Iowa (NYSE:PFG)
4 Q 2009 Results
NET INCOME: $155 million
NET REALIZED INVESTMENT CHANGE: $113 million loss
REVENUE: $2.2 billion
4 Q 2008 Results
NET INCOME: $3.6 million loss
NET REALIZED INVESTMENT CHANGE: $226 million loss
REVENUE: $2.3 billion
- U.S. individual annuities earned $24 million, up from a loss of $100,000 in the fourth quarter of 2008.
- Average U.S. individual annuity account values were 9% higher than they were a year earlier.
Protective Life Corp., Birmingham, Ala. (NYSE:PL)
4 Q 2009 Results
NET INCOME: $131 million
REVENUE: $870 million
4 Q 2008 Results
NET INCOME: $16 million loss
REVENUE: $585 million
Torchmark Corp., McKinney, Texas (NYSE:TMK)
4 Q 2009 Results
NET INCOME: $113 million
REVENUE: $808 million
4 Q 2008 Results
NET INCOME: $137 million
REVENUE: $840 million
Phoenix Companies Inc., Hartford, (NYSE:PNX)
4 Q 2009 Results
NET INCOME: $106 million loss
NET REALIZED INVESTMENT CHANGE: $6.8 million loss
REVENUE: $550 million
4 Q 2008 Results
NET INCOME: $378 million loss
NET REALIZED INVESTMENT CHANGE: $48 million loss
REVENUE: $556 million
- Excluding unusual items, operating income was $22 million.
- The company says it has cut expenses by about $110 million per year.
Allstate Corp., Northbrook, Ill. (NYSE:ALL)
4 Q 2009 Results
NET INCOME: $518 million
REVENUE: $8.1 billion
4 Q 2008 Results
NET INCOME: $1.1 billion loss
REVENUE: $6.6 billion
- Life and annuity premiums and contract charges fell to $498 million, from $504 million.
Symetra Financial Corp., Bellevue, Wash. (NYSE:SYA)
4 Q 2009 Results
NET INCOME: $32 million
REVENUE: $440 million
4 Q 2008 Results
NET INCOME: $4.9 million loss
REVENUE: $344 million
- Income annuity sales increased to $84 million, from $34 million in the fourth quarter of 2008.
FBL Financial Group Inc., West Des Moines, Iowa (NYSE:FFG)
4 Q 2009 Results
NET INCOME: $31 million
NET REALIZED INVESTMENT CHANGE: $17 million loss
REVENUE: $279 million
4 Q 2008 Results
NET INCOME: $19 million loss
NET REALIZED INVESTMENT CHANGE: $25 million loss
REVENUE: $200 million
- FBL is best known for selling indexed products, and it says it plans to stop selling variable products this year. Instead, the company will offer its exclusive agents variable products from another insurer. FBL believes its variable products business is too small for the company to be competitive in that market. But FBL will continue to keep existing variable business on its books, and it will administer those contracts and policies itself, the company says.
Coventry Health Care Inc., Bethesda, Md. (NYSE:CVH)
4 Q 2009 Results
NET INCOME: $109 million
HEALTH PLAN MEMBERS: 5.3 million
REVENUE: $3.4 billion
4 Q 2008 Results
NET INCOME: $88 million
HEALTH PLAN MEMBERS: 4.6 million
REVENUE: $3 billion
- Commercial health plan enrollment fell to 1.4 million, from 1.6 million.
- Insured Medicaid enrollment incrreased to 402,000, from 371,000, and Medicare Advantage enrollment increased to 186,000, from 137,000.
Triple-S Management Corp., San Juan, Puerto Rico (NYSE:GTS)
4 Q 2009 Results
NET INCOME: $28 million
HEALTH PLAN MEMBERS: 1.3 million
REVENUE: $2 million
4 Q 2008 Results
NET INCOME: $ million
HEALTH PLAN MEMBERS: 1.2 million
REVENUE: $460 million
- Triple-S is the Blue Cross and Blue Shield licensee in Puerto Rico.
Centene Corp., St. Louis (NYSE:CNC)
4 Q 2009 Results
NET INCOME: $24 million
HEALTH PLAN MEMBERS: 1.5 million
REVENUE: $1 billion
4 Q 2008 Results
NET INCOME: $21 million
HEALTH PLAN MEMBERS: 1.2 million
REVENUE: $903 million
- Centene runs health plans for Medicaid, Medicare and other government programs.
HealthSpring Inc., Nashville, Tenn. (NYSE:HS)
4 Q 2009 Results
NET INCOME: $38 million
HEALTH PLAN MEMBERS: 190,000
REVENUE: $664 million
4 Q 2008 Results
NET INCOME: $28 million
HEALTH PLAN MEMBERS: 163,000
REVENUE: $529 million
- HealthSpring runs Medicare Advantage plans and Medicare prescription drug plans. It also has 722 commercial health insurance enrollees.
National Financial Partners Corp., New York (NYSE:NFP)
4 Q 2009 Results
NET INCOME: $1.9 million
REVENUE: $277 million
4 Q 2008 Results
NET INCOME: $12 million loss
REVENUE: $299 million
- NFP, a financial services distributor, took about $607 million in goodwill impairment charges during the first quarter of the year, and it is reporting a $493 million net loss for the year.
- Cash earnings fell to $26 million in the fourth quarter of 2009, from $28 million in the comparable quarter in 2008.
- To reduce expenses, the company subleased one floor of its corporate headquarters.
- Expense reductions and dispositions of operations cut operating expenses 8%.
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