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2009 Y
2010 Y
2011 Y
2012 Y
Period Ended
12/31/2009
12/31/2010
12/31/2011
12/31/2012
Revenue ($000)
P&C Net Premiums Earned
95,596
98,580
97,041
97,092
L&H Net Premiums Earned
99,726
105,437
112,704
124,279
L&H Fees
-
-
-
-
L&H Policy Revenue
99,726
105,437
112,704
124,279
Managed Care Premiums Earned
1,673,762
1,697,083
1,844,723
2,031,983
Total Policy Income
1,869,084
1,901,100
2,054,468
2,253,354
Investment Income from Securities
61,969
54,700
47,430
46,790
Partnership Income
-
-
-
-
Net Investment Income
61,969
54,700
47,430
46,790
Realized Gain on Derivative Securities
-
-
-
-
Other Realized Security Gains
-
-
-
-
Realized Gain on Securities
1,278
2,410
12,126
5,197
Total Asset Management and Administration Fees
-
-
-
-
Broker Commissions
-
-
-
-
Asset Management and Brokerage Fees
-
-
-
-
Insurance Management Servicing Revenue
48,643
39,546
38,459
110,110
Other Noninterest Income
1,237
889
716
6,552
Nonrecurring Revenue
-
-
-
-
Total Revenue
1,982,211
1,998,645
2,153,199
2,422,003
Expense ($000)
P&C Losses & LAE
47,334
49,229
48,162
49,282
L&H Total Claims & Policy Benefits
52,018
51,492
59,549
69,336
Managed Care Policy Expense
1,508,185
1,497,756
1,610,546
1,806,395
Total Policy Expense
1,607,537
1,598,477
1,718,257
1,922,753
DAC Amortization
35,923
42,324
39,378
38,739
VOBA Amortization
9,205
8,506
7,204
6,504
Policy Acquisition Costs
45,128
50,830
46,582
45,243
Amortization of Intangibles
1,737
4,040
9,251
10,443
Impairment of Goodwill
-
-
-
-
Amrt of Intang & Goodwill Impair
1,737
4,040
9,251
10,443
SG&A
-
-
-
-
Other Underwriting Expense
228,653
250,125
291,317
369,487
Underwriting & Other Expense
275,518
304,995
347,150
425,173
Interest Expense
11,605
10,970
8,852
7,705
Nonrecurring Expense
3,900
-
440
-
Total Expense
1,898,560
1,914,442
2,074,699
2,355,631
Net Income ($000)
Net Income before Taxes
83,651
84,203
78,500
66,372
Provision for Taxes
14,871
17,402
20,464
12,472
Effective Tax Rate
17.78
20.67
26.07
18.79
Net Income after Taxes
68,780
66,801
58,036
53,900
Other After-tax Items
-
-
-
-
Total Minority Interest Expense
-
-
-
-
Net Income before Extra
68,780
66,801
58,036
53,900
Extraordinary Items
-
-
-
-
Net Income
68,780
66,801
58,036
53,900
Net Income Attributable to Noncontrolling Int
-
-
-
(132)
Net Income Attributable to Parent
68,780
66,801
58,036
54,032
Preferred Dividends
-
-
-
-
Other Preferred Dividends after Net Income
-
-
-
-
Net Income Avail to Common
68,780
66,801
58,036
54,032
Operating Income ($000)
Net Income before Extra
68,780
66,801
58,036
53,900
Realized Gains, after Tax
-
-
-
-
Other After-tax Operating Income Adjustments
-
-
-
-
Operating Income after Taxes
-
-
-
-
Comprehensive Income ($000)
Net Income
68,780
66,801
58,036
53,900
Change in Unrealized Gain
3,539
23,602
35,394
34,378
Change in Foreign Currency Translations
-
-
-
-
Pension Fund Liability Adjustments
2,823
(6,297)
(21,991)
(3,531)
Change in Fair Value of Effective Hedges
-
-
-
-
Total Other Comprehensive Income
6,089
17,040
13,099
30,541
Comprehensive Income
74,869
83,841
71,135
84,441
Comprehensive Income: Noncontrolling Interests
-
-
-
(132)
Comprehensive Income: Parent Company
74,869
83,841
71,135
84,573
Share and Per Share Info ($)
Basic EPS before Extra
2.33
2.30
2.02
1.91
Basic EPS after Extra
2.33
2.30
2.02
1.91
Avg Basic Shares Out
29,494,468
29,034,442
28,665,045
28,340,122
Diluted EPS before Extra
2.33
2.28
2.01
1.90
Diluted EPS after Extraordinary
2.33
2.28
2.01
1.90
Operating EPS
-
-
-
-
Avg Diluted Shares Out
29,563,330
29,242,353
28,832,009
28,455,581
Common Dividends Declared per Share
-
-
-
-
P&C GAAP Underwriting Ratios (%)
Loss Ratio
85.90
84.00
83.50
85.20
Expense Ratio
14.50
15.70
16.60
18.00
Combined Ratio
100.40
99.70
100.10
103.20
Managed Care Ratios (%)
Reported Medical Care Ratio
89.90
88.10
87.20
88.80
Reported Administrative Ratio
10.70
11.60
12.90
14.50
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