UnumProvident Corporation reported financial results for the third quarter of 2005. Net income was $52.6 million, down from $167.6 million in the third quarter of 2004, due to realized investment losses and a $75 million charge related to an insurance settlement. Excluding these items, income was $135.7 million. Several segments saw lower earnings compared to last year, while the Unum Limited and Colonial segments reported increased profits. The company also provided an overview of business segment results and sales figures.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
1. NEWS RELEASE
For additional Thomas A. H. White
information contact: Senior Vice President, Investor Relations
FOR IMMEDIATE RELEASE
423.294.8996
Linnea R. Olsen
Director, Investor Relations
410.872.8970
November 1, 2005 Jim Sabourin
Vice President, Corporate Communications
423.294.6043
UnumProvident Corporation Reports
Third Quarter 2005 Results
Chattanooga, TN – UnumProvident Corporation (NYSE: UNM) announced today its results for the
third quarter of 2005.
The Company reported net income of $52.6 million ($0.17 per diluted common share) for the third
quarter of 2005, compared to $167.6 million ($0.55 per diluted common share) for the third quarter of 2004.
Included in the results for the third quarter of 2005 are net realized after tax investment losses of $46.3
million ($0.14 per diluted common share), compared to net realized after tax investment gains of $41.8
million ($0.14 per diluted common share) in the third quarter of 2004. Included in net realized after tax
investment gains and losses are after tax losses of $47.6 million in the third quarter of 2005 and after tax gains
of $54.5 million in the third quarter of 2004 reflecting the change in the fair value of DIG Issue B36
derivatives. Excluding the DIG Issue B36 derivatives, net realized after tax investment gains were $1.3
million in the third quarter of 2005 compared to losses of $12.7 million in the third quarter of 2004.
Also included in the third quarter of 2005 is a charge of $75.0 million before tax, or $51.6 million
after tax ($0.16 per diluted common share), related to the settlement of the California Department of
Insurance market conduct examination and related matters, which was previously announced on October 3,
2005, a gain of $5.7 million before tax, or $4.0 million after tax ($0.01 per diluted common share), from the
sale of Unum Limited’s European branch based in the Netherlands, and an income tax benefit of $10.8
2. million ($0.03 per diluted common share) related to the finalization of income tax reviews of the Company’s
U.K. subsidiaries.
Income excluding net realized after tax investment gains and losses, the charge related to the
settlement, the gain on the Netherlands branch, and the income tax benefit was $135.7 million ($0.43 per
diluted common share) in the third quarter of 2005, compared to $125.8 million ($0.41 per diluted common
share) in the third quarter of 2004. (See discussion of non-GAAP financial measures and the related
reconciliation below.)
“I am pleased with our results for the third quarter which reflect continued progress in areas that we
had targeted for improvement this year,” said Thomas R. Watjen, president and chief executive officer.
“Specifically, in our U.S. Brokerage segment we are seeing signs of improvement in the profitability of our
group income protection line of business, a line of business which has underperformed in the past, and we are
also seeing sales momentum building in areas targeted for growth. In addition, our primary operating
subsidiaries – Unum Limited and Colonial – again reported strong results. Although we still face challenges,
as we have continued to deliver gradual but steady improvement in our results, our confidence continues to
build.”
Results by Segment
Effective July 1, 2005, the Company modified its reporting segments to separate its United States
business from that of its United Kingdom subsidiary, Unum Limited, due to the continued growth in that
subsidiary and to recent organizational changes within the Company which established a separate
management team to focus solely on the U.S. Brokerage lines of business. The Company’s new reporting
segments are comprised of the following: U.S. Brokerage, Unum Limited (U.K. business), Colonial,
Individual Income Protection – Closed Block, Other, and Corporate.
The U.S. Brokerage segment includes the results of the Company’s U.S. group income protection
insurance, group life and accidental death and dismemberment products, and supplemental and voluntary lines
of business, including individual income protection – recently issued, group and individual long-term care,
and brokerage voluntary workplace benefits products. The Unum Limited segment is comprised primarily of
group income protection and group life products. The products now reported in the U.S. Brokerage segment
and the Unum Limited segment were previously combined and reported in the Income Protection and Life
and Accident segments.
The results of the disability management services business are now reported in the Other segment,
which has been redefined to include the disability management services business as well as results from U.S.
Brokerage insured products not actively marketed (with the exception of certain individual income protection
3. products). There were no changes to the Colonial, Individual Income Protection – Closed Block, or
Corporate segments. Segment information for the three and nine months ended September 30, 2004 has been
reclassified to conform to the current reporting segments.
In the following discussions of the Company’s segment operating results, “operating revenue”
excludes net realized investment gains and losses. “Operating income” or “operating loss” excludes income
tax and net realized investment gains and losses.
The U. S. Brokerage segment reported operating income of $71.9 million in the third quarter of 2005,
compared to $113.5 million in the third quarter of 2004. Excluding the charge of $40.7 million related to the
California settlement agreement and related matters, operating income was $112.6 million in the third quarter
of 2005.
Within this segment, the U. S. Brokerage group income protection line of business reported an
operating loss of $6.2 million in the third quarter of 2005, compared to income of $16.7 million in the third
quarter of 2004. Excluding the charge of $37.4 million related to the settlement agreement and related
matters, operating income was $31.2 million in the third quarter of 2005. The benefit ratio for group income
protection was 96.8 percent in the third quarter of 2005, and excluding the impact of the charge was 92.4
percent, compared to 92.9 percent in the third quarter of 2004 and 93.5 percent in the second quarter of 2005.
Claim recoveries and the timing of claim decisions continued to be adversely impacted by the implementation
of the organizational and procedural changes the Company made in response to the multistate regulatory
settlement agreements entered into during the fourth quarter of 2004 and other process improvement
initiatives. Certain of these procedural and organizational changes have been addressed, and while the
disruption has not been eliminated, progress was made during the third quarter in restoring operational
effectiveness. While the impact of the disruption reduced the operating income in the Company’s U.S. group
long-term income protection line of business in the third quarter of 2005 relative to the year ago quarter, the
impact of the disruption was reduced relative to the second quarter of 2005. Claim incidence and recovery
trends in the Company’s group long-term income protection line in the third quarter of 2005 were generally
flat with the second quarter of 2005 and compared favorably with the levels of the year ago quarter. Premium
income in this line of business declined 4.9 percent to $626.0 million in the third quarter of 2005, compared to
$658.2 million in the third quarter of 2004, reflecting lower sales and persistency in recent quarters as the
Company has focused on improving the profitability of the business. Sales of fully insured group long-term
income protection products in the third quarter of 2005 increased 16.0 percent to $27.6 million, compared to
$23.8 million in the year ago quarter, and sales of fully insured group short-term income protection products
in the third quarter of 2005 increased 38.6 percent to $11.5 million, compared to $8.3 million in the year ago
quarter. Premium persistency in the group long-term income protection line of business was 84.4 percent for
the first nine months of 2005, compared to 84.8 percent for full year 2004.
4. Also within this segment, the U. S. Brokerage group life and accidental death and dismemberment
lines of business reported operating income of $41.9 million in the third quarter of 2005, compared to
operating income of $54.6 million in the third quarter of 2004. The decline in earnings primarily reflects a
decline in revenue and a higher expense ratio, while the benefit ratio remained stable relative to the prior year
results. Premium income for this line of business declined 10.6 percent to $355.9 million in the third quarter
of 2005, compared to $398.3 million in the third quarter of 2004, reflecting lower sales and persistency in
recent quarters as the Company has focused on improving the profitability of the business in a competitive
market environment. Sales of group life products in the third quarter of 2005 declined 15.5 percent to $23.4
million, compared to $27.7 million in the year ago quarter, with a decline in large case sales offsetting
improved sales results in the small and mid-sized markets. Premium persistency in the group life line of
business was 77.3 percent for the first nine months of 2005, compared to 84.0 percent for full year 2004. The
decline in persistency was due to higher terminations of some larger cases which had been targeted for
significant rate increases.
Also within this segment, the U. S. Brokerage supplemental and voluntary lines of business reported
operating income of $36.2 million in the third quarter of 2005, compared to $42.2 million in the third quarter
of 2004. Excluding the charge of $3.3 million related to the settlement agreement and related matters,
operating income was $39.5 million in the third quarter of 2005. The decline in earnings is primarily driven
by a higher benefit ratio in the long-term care line of business. Premium income increased 6.7 percent to
$311.6 million in the third quarter of 2005, compared to $291.9 million in the third quarter of 2004, with
higher premium income in all product lines. New annualized sales in the voluntary workplace benefits line of
business increased 19.0 percent in the third quarter of 2005 relative to the third quarter of 2004, while long-
term care sales were flat with the year ago quarter and individual income protection – recently issued sales
declined 13.0 percent.
The Unum Limited segment reported operating income of $49.8 million in the third quarter of 2005,
compared to $38.1 million in the third quarter of 2004. Excluding the $5.7 million before tax gain on the sale
of the Netherlands branch, operating income was $44.1 million in the third quarter of 2005. The
improvement in operating income in this segment benefited from continued strong revenue growth, generally
stable benefit ratios resulting from favorable claims management results, and a lower expense ratio relative to
the year ago quarter. Premium income for this segment increased 19.9 percent to $204.0 million in the third
quarter of 2005, compared to $170.1 million in the third quarter of 2004. New annualized sales in this
segment declined 37.5 percent to $24.7 million in the third quarter of 2005 from $39.5 million in the third
quarter of 2004, primarily reflecting lower group life sales due to competitive pricing conditions in this
market.
5. The Colonial segment reported operating income of $42.0 million in the third quarter of 2005,
compared to $39.6 million in the third quarter of 2004. Improved results in the income protection and other
lines of business offset a decline in the life line of business. Premium income for this segment increased 5.9
percent to $197.4 million in the third quarter of 2005, compared to $186.4 million in the third quarter of 2004.
New annualized sales in this segment increased 1.1 percent to $61.9 million in the third quarter of 2005 from
$61.2 million in the third quarter of 2004.
The Individual Income Protection – Closed Block segment reported an operating loss of $4.6 million
in the third quarter of 2005, compared to income of $33.2 million in the third quarter of 2004. Excluding the
charge of $34.3 million related to the California settlement agreement and related matters, operating income
was $29.7 million in the third quarter of 2005. Claim incidence trends were generally lower than the levels of
the prior quarter and year ago quarter, however claim recovery experience was generally lower than the
experience of the prior quarter and year ago quarter. Premium income for this segment was $257.6 million in
the third quarter of 2005, compared to $246.8 million in the third quarter of 2004. The recapture during the
third quarter of a closed block of individual income protection business originally ceded to Centre Life
Reinsurance Ltd. in 1996 by Unum Life Insurance Company of America increased premium income by $24.5
million in the third quarter of 2005. Segment results were not materially impacted in the third quarter of 2005
from this recapture.
The Other segment reported operating income of $13.6 million in the third quarter of 2005, compared
to $11.7 million in the third quarter of 2004.
The Corporate segment, which includes investment earnings on corporate assets not specifically
allocated to a line of business, corporate interest expense, and certain other corporate expenses, reported a loss
of $33.0 million in the third quarter of 2005, compared to a loss of $44.8 million in the third quarter of 2004,
with the improvement partially attributable to a lower level of debt and reduced interest expense.
The Company’s average number of shares outstanding used to calculate the per diluted common
share results was 314,648,128 for the third quarter of 2005, compared to 303,628,576 for the third quarter of
2004.
Book value per common share at September 30, 2005 was $24.29, compared to $23.27 at September
30, 2004.
The Company analyzes its performance using non-GAAP financial measures which exclude certain
items and the related tax thereon from net income. The Company believes operating income or loss excluding
realized investment gains and losses, which are recurring, is a better performance measure and a better
indicator of the profitability and underlying trends in the business. Realized investment gains and losses are
dependent on market conditions and general economic events and are not necessarily related to decisions
6. regarding the Company’s underlying business. The Company believes that exclusion of the charges related to
the California settlement agreement and related matters, the gain on the sale of the Netherlands branch, and
the income tax benefit related to the finalization of income tax reviews of the Company’s U.K. subsidiaries
enhances the understanding and comparability of the Company’s performance, but this exclusion is not an
indication that similar items may not recur. For a reconciliation to the most directly comparable GAAP
measures, refer to the attached digest of earnings.
UnumProvident Corporation senior management will host a conference call on Wednesday,
November 2 at 9:00 a.m. (eastern) to discuss the results of operations for the third quarter and may include
forward-looking information, such as guidance on future results or trends in operations, as well as other
material information. The dial-in number is (877) 502-9276 for the U.S. and Canada. For International,
the dial-in number is (913) 981-5591. Alternatively, a live webcast of the call will be available at
www.unumprovident.com in a listen-only mode. About fifteen minutes prior to the start of the call, you
should access the “Investor and Shareholder Information” section of our website. A replay of the call will be
available by telephone and on our website through Tuesday, November 8. In addition, the Company’s
Statistical Supplement for the third quarter of 2005 is available on the Company’s website.
UnumProvident is the largest provider of group and individual income protection insurance in the
United States and United Kingdom. Through its subsidiaries, UnumProvident insures more than 25 million
people and provided $5.9 billion in total benefits to customers in 2004. With primary offices in Chattanooga,
Tennessee, and Portland, Maine, the Company employs more than 11,600 people worldwide. For more
information, visit www.unumprovident.com.
A “safe harbor” is provided for “forward-looking statements” under the Private Securities Litigation
Reform Act of 1995. Statements in this press release, which are not historical facts, are forward-looking
statements that involve risks and uncertainties that could cause actual results to differ materially from those
contained in the forward-looking statements. These risks and uncertainties include such general matters as
general economic or business conditions; events or consequences relating to terrorism and acts of war;
competitive factors, including pricing pressures; legislative, regulatory, or tax changes; and the interest rate
environment. More specifically, they include fluctuations in insurance reserve liabilities, projected new sales
and renewals, persistency rates, incidence and recovery rates, pricing and underwriting projections and
experience, retained risks in reinsurance operations, availability and cost of reinsurance, level and results of
litigation, rating agency actions, regulatory actions and investigations, negative media attention, the level of
pension benefit costs and funding, investment results, including credit deterioration of investments, and
effectiveness of product and customer support. For further information of risks and uncertainties that could
affect actual results, see the sections entitled “Cautionary Statement Regarding Forward-Looking Statements”
and “Risk Factors” in the Company’s Form 10-K for the fiscal year ended December 31, 2004 and
7. subsequently filed Form 10-Qs. The forward-looking statements are being made as of the date of this press
release and the Company expressly disclaims any obligation to update any forward-looking statement
contained herein.
###
8. DIGEST OF EARNINGS
(Unaudited)
UnumProvident Corporation (UNM:NYSE)
and Subsidiaries
($ in millions, except share data)
Three Months Ended September 30 Nine Months Ended September 30
2005 2004 2005 2004
Operating Revenue by Segment $ 2,615.3 $ 2,590.8 $ 7,781.6 $ 7,784.9
Net Realized Investment Gain (Loss) (71.4) 64.5 (9.1) 3.4
Total Revenue $ 2,543.9 $ 2,655.3 $ 7,772.5 $ 7,788.3
Operating Income (Loss) by Segment $ 139.7 $ 191.3 $ 524.8 $ (405.7)
Net Realized Investment Gain (Loss) (71.4) 64.5 (9.1) 3.4
Income Tax (Benefit) 15.7 88.2 139.6 (75.6)
Income (Loss) from Continuing Operations 52.6 167.6 376.1 (326.7)
Loss from Discontinued Operations, Net of Tax - - - (60.8)
Net Income (Loss) $ 52.6 $ 167.6 $ 376.1 $ (387.5)
PER SHARE INFORMATION
Assuming Dilution:
Income (Loss) from Continuing Operations $ 0.17 $ 0.55 $ 1.21 $ (1.11)
Loss from Discontinued Operations, Net of Tax - - - (0.20)
Net Income (Loss) $ 0.17 $ 0.55 $ 1.21 $ (1.31)
Basic:
Income (Loss) from Continuing Operations $ 0.18 $ 0.57 $ 1.27 $ (1.11)
Loss from Discontinued Operations, Net of Tax - - - (0.20)
Net Income (Loss) $ 0.18 $ 0.57 $ 1.27 $ (1.31)
Weighted Average Common Shares - Basic (000s) 295,767.2 295,265.0 295,628.6 295,154.6
Weighted Average Common Shares - Assuming Dilution (000s) 314,648.1 303,628.6 310,459.4 295,154.6
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Three Months Ended Three Months Ended
September 30, 2005 September 30, 2004
(in millions) Per Share * (in millions) Per Share *
After Tax Operating Income, excluding Net Realized Investment Gains and
Losses, the California Settlement Agreement and Related Matters, the
Gain on the Sale of the Netherlands Branch, and the Income Tax Benefit
Related to the Finalization of Income Tax Reviews of U.K. Subsidiaries $ 135.7 $ 0.43 $ 125.8 $ 0.41
California Settlement Agreement and Related Matters, After Tax (51.6) (0.16) - -
Gain on the Sale of the Netherlands Branch, After Tax 4.0 0.01 - -
Income Tax Benefit Related to the Finalization of Income Tax Review of
U.K. Subsidiaries 10.8 0.03 - -
After Tax Operating Income, excluding Net Realized Investment
98.9 0.31 125.8 0.41
Gains and Losses
(71.4) (0.22) 64.5 0.21
Net Realized Investment Gain (Loss)
Income Tax Benefit (Expense) on Net Realized Investment Gain (Loss) 25.1 0.08 (22.7) (0.07)
Net Income $ 52.6 $ 0.17 $ 167.6 $ 0.55
* Assuming Dilution
Three Months Ended
September 30, 2005
(in millions) Benefit Ratio**
U.S. Brokerage Group Income Protection
Premium Income $ 626.0
Benefits and Change in Reserves for Future Benefits 606.0 96.8%
California Settlement Agreement and Related Matters 27.3
Benefits and Change in Reserves for Future Benefits,
excluding California Settlement Agreement and Related Matters 578.7 92.4%
** Benefits and Change in Reserves for Future Benefits as a percent of Premium Income