Life and health earnings reports continued to pour out onto the wires this week.
LIFE AND ANNUITY COMPANIES
MetLife Inc., New York (NYSE:MET)
4Q 2010 Results
NET INCOME: $51 million
REVENUE: $13 billion
4Q 2009 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.
Prudential Financial Inc., Newark, N.J. (NYSE:PRU)
4Q 2010 Results
NET INCOME: $177 million
REVENUE: $8.1 billion
4Q 2009 Results
NET INCOME: $1.9 billion
REVENUE: $8.6 billion
- Equity in earnings of operating joint ventures dropped to $51 million, from $1.5 billion.
- Gross U.S. annuity sales increased to $6.1 billion, from $4.8 billion.
- New individual life premiums fell to $67 million, from $91 million; new group insurance premiums rose to $109 million, from $62 million.
Principal Financial Group Inc., Des Moines, Iowa (NYSE:PFG)
4Q 2010 Results
NET INCOME: $199 million
REVENUE: $2.1 billion
4Q 2009 Results
NET INCOME: $142 million
REVENUE: $2 billion
- U.S. individual annuities increased operating earnings to $33 million, from $24 million, in part because of improved investment performance.
- Operating earnings on U.S. specialty benefits insurance operations increased to $30 million, from $25 million.
- A long-term interest rate assumption review led to an increase in U.S. individual life reserves, and that cut operating earnings for the product line to $22 million, from $30 million.
Protective Life Corp., Birmingham, Ala. (NYSE:PL)
4Q 2010 Results
NET INCOME: $131 million
REVENUE: $870 million
4Q 2009 Results
NET INCOME: $78 million
REVENUE: $791 million
- Sales of stable value products increased to $284 million in the latest quarter, from no sales in the fourth quarter of 2009.
Torchmark Corp., McKinney, Texas (NYSE:TMK)
4Q 2010 Results
NET INCOME: $155 million
REVENUE: $847 million
4Q 2009 Results
NET INCOME: $113 million
REVENUE: $779 million
Phoenix Companies Inc., Hartford (NYSE:PNX)
4Q 2010 Results
NET INCOME: $12 million loss
REVENUE: $541 million
4Q 2009 Results
NET INCOME: $106 million loss
REVENUE: $550 million
- The company is reporting $7.8 million in operating income; results for the latest quarter include $29 million in realized investment losses.
- Annuity deposits increased to $136 million in the latest quarter, from $12 million in the fourth quarter of 2009. Indexed annuities accounted for most of the new sales, the company says.
Allstate Corp., Northbrook, Ill. (NYSE:ALL)
4Q 2010 Results
NET INCOME: $296 million
REVENUE: $8.1 billion
4Q 2009 Results
NET INCOME: $518 million
REVENUE: $8.1 billion
- Life and annuity premiums and contract charges increased to $531 million, from $498 million.
- The Allstate Financial unit is reporting $104 million in operating income for the latest quarter on $962 million in premiums and deposits, compared with $95 million in operating income on $1.2 billion in revenue for the fourth quarter of 2009.
Primerica Inc., Duluth, Ga. (NYSE:PRI) DONE
4Q 2010 Results
NET INCOME: $53 million
REVENUE: $279 million
4Q 2009 Results
NET INCOME: $126 million
REVENUE: $579 million
- Primerica went public through an initial public offering (IPO) April 1, 2010.
- The company is reporting $69 million in pretax income for the latest quarter on $265 million in operating revenue, compared with $67 million in pretax income on $250 million in operating revenue for the fourth quarter of 2009. The operating results reflect a number of changes meant to adjust for the effects of the IPO and related moves on the structure of the company.
- Term life sales were down slightly but persistency was up.
HEALTH INSURERS
Humana Inc., Louisville, Ky. (NYSE:HUM)
4 Q 2010 Results
NET INCOME: $107 million
HEALTH PLAN MEMBERS: 10 million
REVENUE: $8.4 billion
4 Q 2009 Results
NET INCOME: $251 million
HEALTH PLAN MEMBERS: 10 million
REVENUE: $7.6 billion
- Enrollment in fully insured employer-sponsponsored group medical plans fell 13%, to $1.3 million.
- Enrollment in commercial individual health products increased 1.3%, to 372,300.
- Enrollment in employer-sponsored, self-insured, "administrative services only" plans fell 7.5%, to 1.5 million.
- Dental plan enrollment increased 1.2%, to 3.9 million.
- The commercial benefit ratio increased to 88.1% for the latest quarter, from 84.4% for the fourth quarter of 2009.
Coventry Health Care Inc., Bethesda, Md. (NYSE:CVH)
4Q 2010 Results
NET INCOME: $150 million
HEALTH PLAN MEMBERS: 5.1 million
REVENUE: $3 billion
4Q 2009 Results
NET INCOME: $110 million
HEALTH PLAN MEMBERS: 5.3 million
REVENUE: $3.4 billion
- Insured commercial health plan enrollment increased to 1.6 million, from 1.4 million.
- Insured Medicaid enrollment incrreased to 468,000, from 402,000, and Medicare Advantage managed care plan enrollment increased to 224,000, from 186,000.
- Coventry left the Medicare Advantage private fee-for-service market, and enrollment there fell to 0, from 329,000.
- The commercial health plan medical loss ratio fell to 81.3%, from 81.9%.
Centene Corp., St. Louis (NYSE:CNC)
4Q 2010 Results
NET INCOME: $26 million
HEALTH PLAN MEMBERS: 1.5 million
REVENUE: $1.2 billion
4Q 2009 Results
NET INCOME: $24 million
HEALTH PLAN MEMBERS: 1.5 million
REVENUE: $1.1 billion
- Centene runs health plans for Medicaid, Medicare and other government programs.
Triple-S Management Corp., San Juan, Puerto Rico (NYSE:GTS)
4Q 2010 Results
NET INCOME: $14 million
HEALTH PLAN MEMBERS: 2.4 million
REVENUE: $424 million
4Q 2009 Results
NET INCOME: $24 million
HEALTH PLAN MEMBERS: 4 million
REVENUE: $510 million
- Triple-S is the Blue Cross and Blue Shield licensee in Puerto Rico.
- Commercial plan enrollment held steady at about 2.2 million; Medicare enrollment fell to 191,530, from 206,626.
- Medicaid enrollment fell to 0, from 1.6 million, because of the termination of Medicaid contracts.
- The commercial plan medical loss ratio fell to 87.5%, from 89.8%.
DISTRIBUTORS
National Financial Partners Corp., New York (NYSE:NFP)
4Q 2010 Results
NET INCOME: $15 million
REVENUE: $284 million
4Q 2009 Results
NET INCOME: $1.9 million
REVENUE: $277 million
- NFP, a financial services distributor, says corporate benefits revenue increased 1.4%, to about $109 million. Corporate benefits earnings before taxes, interest and depreciation increased 14%, to $20 million.
- Individual client group revenue fell to $117 million, from $122 million. Individual client group earnings before taxes, interest and depreciation increased to $13 million, from $7.8 million.
Brown & Brown Inc., Daytona Beach, Fla. (NYSE:BRO)
4Q 2010 Results
NET INCOME: $32 million
REVENUE: $230 million
4Q 2009 Results
NET INCOME: $24 million
REVENUE: $214 million
- Allison Bell
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