Consolidated GAAP Balance Sheet - Unaudited(in thousands)
|
06/30/2010 |
12/31/2009 |
| ASSETS |
|
|
| Fixed Maturities |
3,368,248 |
3,087,021 |
| Common Stocks |
1,889 |
1,947 |
| Derivative Instruments |
- |
390 |
| Policy Loans |
19,209 |
18,959 |
| Cash and Short Term Investments |
164,825 |
301,899 |
| Other Invested Assets |
216,015 |
196,191 |
| Deferred Policy Acquisition Costs |
54,888 |
76,762 |
| Accrued Investment Income |
42,905 |
41,281 |
| Other Assets |
36,699 |
40,592 |
| TOTAL ASSETS |
3,904,678 |
3,765,042 |
| |
|
|
| Liabilities |
|
|
| Policy Liabilities |
3,165,903 |
3,177,834 |
| Other Liabilities |
67,995 |
18,828 |
| TOTAL LIABILITIES |
3,233,898 |
3,196,662 |
| |
|
|
| Shareholders' Equity |
|
|
| Capital Stock |
296 |
296 |
| Additional Paid in Capital |
6,926 |
6,639 |
| Accumulated Other Comprehensive Income (Loss) |
97,449 |
(4,448) |
| Retained Earnings |
566,109 |
565,893 |
| TOTAL SHAREHOLDERS' EQUITY |
670,780 |
568,380 |
| |
|
|
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
3,904,678 |
3,765,042 |
Condensed Consolidated Statements of Income - GAAP - Unaudited(in thousands, except per share data)
|
Six Months Ended |
Twelve Months Ended |
| REVENUES: |
06/30/2010 |
06/30/2009 |
12/31/2009 |
12/31/2008 |
| Insurance Revenues |
28,970 |
23,478 |
57,711 |
49,519 |
| Net Investment Income |
95,006 |
79,390 |
184,269 |
261,735 |
| Realized Investment Losses |
1,129 |
(4,160) |
(2,950) |
(47,893) |
| Other Income |
2,613 |
1,716 |
3,217 |
2,483 |
| TOTAL REVENUES |
127,718 |
100,424 |
242,247 |
265,844 |
| |
|
|
|
|
| BENEFITS AND EXPENSES: |
|
|
|
|
| Policyholder Benefits |
49,820 |
45,791 |
94,994 |
97,165 |
| Interest Credited to Policies, Inertest on Notes and Other Charges |
53,877 |
55,653 |
111,145 |
121,523 |
| Increase/Decrease in Liability for Future Policy Benefits |
3,196 |
1,114 |
9,172 |
(2,595) |
| Selling, General and Administrative Expenses |
14,851 |
13,228 |
30,021 |
32,867 |
| TOTAL BENEFIT AND EXPENSES |
121,744 |
115,786 |
245,332 |
248,960 |
| |
|
|
|
|
| Income (Loss) Before Taxes |
5,974 |
(15,362) |
(3,085) |
16,884 |
| Provision (Benefit) for Income Taxes |
2,061 |
(5,300) |
(5,305) |
(1,700) |
| NET INCOME |
3,913 |
(10,062) |
2,220 |
18,584 |
| |
|
|
|
|
| Earnings Per Share - Basic |
0.13 |
(0.34) |
$0.08 |
$0.63 |
| Weighted Average Number of Shares Outstanding, Basic |
29,574,697 |
29,574,416 |
29,574,558 |
29,563,262 |