Prudential Financial, Inc. Announces Second Quarter 2017 Results
- Net income attributable to
Prudential Financial of$491 million or$1.12 per Common share versus$921 million or$2.04 per share for year-ago quarter. - After-tax adjusted operating income of
$919 million or$2.09 per Common share versus $829 million or$1.84 per share for year-ago quarter. - Significant items in 2Q17, reflecting an annual review of actuarial assumptions and other refinements and the impact of market performance on Annuities, resulted in a net charge to net income of
65 cents per Common share for ongoing businesses and a net charge to adjusted operating income of84 cents per Common share, as discussed later in this release. - In the year-ago quarter, significant items, reflecting an annual review of actuarial assumptions and other refinements, the impact of market performance on Annuities, and early debt extinguishment in Corporate and Other, resulted in a net benefit to net income of
88 cents per Common share for ongoing businesses and a net charge to adjusted operating income of 62 cents per Common share.
“We delivered solid underlying results in the second quarter, as we continue to benefit from our high quality and balanced collection of businesses. This includes strong core earnings overall and record assets under management and account values in Asset Management, Retirement and Individual Annuities. While we experienced some volatility in reported results following our annual review of actuarial assumptions, the earnings power and capital position of our combined businesses are largely unaffected. In addition, our strong cash flows and capital position enabled us to return approximately
SECOND QUARTER BUSINESS HIGHLIGHTS
-
International Insurance constant dollar basis sales of$835 million , up 14% from the year-ago quarter, primarily reflecting increased sales inJapan . Life Planner count atJune 30 , up 2% from a year earlier, includes an increase of 6% inJapan . - Higher Individual Annuities net fees and return on assets, after adjusting for significant items, reflect record-high separate account balances and more favorable estimates of the profitability of the business as compared to the year-ago quarter. Consistent with industry trends, gross sales of
$1.5 billion were below the year-ago quarter total of$2.3 billion . - Record-high Retirement account values of
$401.3 billion atJune 30 , up 7% from a year earlier. Gross deposits and sales were$7.3 billion including a$1.6 billion new pension risk transfer case. - Record-high Asset Management segment assets under management of
$1.1 trillion includes a record-high$564.6 billion of unaffiliated third-party institutional and retail assets under management atJune 30 , up 12% from a year earlier. Unaffiliated third-party net inflows, excluding money market, totaled$7.7 billion for the current quarter. -
U.S. Individual Life sales, based on annualized new business premiums, of$153 million , down 4% from the year-ago quarter, primarily reflecting the impact of pricing actions. -
Group Insurance total benefits ratio in the quarter, excluding the impact of the annual assumption updates, was lower than the long-term expected range, driven by favorable underwriting results in group life. Sales of$70 million in current quarter increased 56% compared to the year-ago quarter, driven by higher group life sales.
OTHER FINANCIAL HIGHLIGHTS
- Book value per Common share, based on generally accepted accounting principles (GAAP), was
$111.35 atJune 30, 2017 , compared to$104.91 atDecember 31, 2016 . Adjusted book value per Common share amounted to$80.62 atJune 30, 2017 , an increase of$1.67 fromDecember 31, 2016 , after payment of two quarterly Common Stock dividends totaling$1.50 per share. - Returned approximately
$640 million to shareholders through Common Stock repurchases and dividends. - During the second quarter of 2017, the Company acquired 2.9 million shares of its Common Stock at a total cost of
$312.5 million , for an average price of$106.17 per share, under theDecember 2016 authorization by Prudential’s Board of Directors to repurchase, at management’s discretion, up to$1.25 billion of the Company’s outstanding Common Stock during the period fromJanuary 1, 2017 , throughDecember 31, 2017 . From the commencement of repurchases inJuly 2011 , throughJune 30, 2017 , the Company has acquired 96 million shares of its Common Stock at a total cost of$7 billion , for an average price of$73.19 per share. - Excluding holdings of the Closed Block division, net unrealized gains on general account fixed maturity investments of
$29.9 billion atJune 30, 2017 , compared to$27.6 billion atDecember 31, 2016 ; gross unrealized losses of$2.3 billion atJune 30, 2017 , compared to$3.8 billion atDecember 31, 2016 .
SIGNIFICANT ITEMS IN THE QUARTER
- The Company completed its annual review and update of actuarial assumptions. This review resulted in a pre-tax charge to net income from updates of reserves and related items and adjustments to amortization of deferred policy acquisition and related costs of
$492 million for ongoing businesses. This represents a pre-tax charge to adjusted operating income of $622 million, partially offset by a pre-tax benefit of$130 million to net realized investment losses and related charges and adjustments. - Net income and adjusted operating income each include a pre-tax benefit of
$54 million in Individual Annuities to reflect the impact of market performance on deferred policy acquisition and other costs and reserves for guaranteed minimum benefits, with a favorable impact of 8 cents per Common share.
Adjusted operating income does not equate to net income as determined in accordance with GAAP, but is the measure used by the Company to evaluate segment performance and to allocate resources, and is the measure of segment performance presented below. Consolidated adjusted operating income is a non-GAAP measure of financial performance. Adjusted book value is a non-GAAP measure of financial position. These measures are discussed later in this press release under “Forward-Looking Statements and Non-GAAP Measures.” Reconciliations of these measures to the most comparable GAAP measures are provided in the tables that accompany this release.
RESULTS OF ONGOING OPERATIONS
The Company’s ongoing operations include the
The
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AND INVESTMENT MANAGEMENT DIVISION ($ millions) | 2Q:17 | 2Q:16 | ||
Individual Annuities: | ||||
Adjusted operating income | |
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Significant items included above: | ||||
Impact from annual review of actuarial assumptions | |
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Impact from updated estimates of profitability driven by market performance in relation to our assumptions | |
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The Individual Annuities segment reported adjusted operating income of
Excluding these significant items, results for the Individual Annuities segment increased
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AND INVESTMENT MANAGEMENT DIVISION ($ millions) | 2Q:17 | 2Q:16 | ||
Retirement: | ||||
Adjusted operating income | |
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Significant items included above: | ||||
Impact from annual review of actuarial assumptions | |
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The Retirement segment reported adjusted operating income of
Excluding these significant items, results increased
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AND INVESTMENT MANAGEMENT DIVISION ($ millions) | 2Q:17 | 2Q:16 | ||
Asset Management: | ||||
Adjusted operating income | |
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The Asset Management segment reported adjusted operating income of
The
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GROUP INSURANCE DIVISION ($ millions) | 2Q:17 | 2Q:16 | ||
Individual Life: | ||||
Adjusted operating income | |
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Significant items included above: | ||||
Impact from annual review of actuarial assumptions | |
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The Individual Life segment reported a loss, on an adjusted operating income basis of
Excluding these significant items, Individual Life results decreased by
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GROUP INSURANCE DIVISION ($ millions) | 2Q:17 | 2Q:16 | ||
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Adjusted operating income | |
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Significant items included above: | ||||
Impact from annual review of actuarial assumptions | |
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The
Excluding these significant items,
The
INTERNATIONAL INSURANCE SEGMENT ($ millions) | 2Q:17 | 2Q:16 | ||
Life Planner Operations: | ||||
Adjusted operating income | |
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Significant items included above: | ||||
Impact from annual review of actuarial assumptions | |
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Adjusted operating income of the segment’s Life Planner operations was
Excluding these significant items, results increased
INTERNATIONAL INSURANCE SEGMENT ($ millions) | 2Q:17 | 2Q:16 | ||
Gibraltar Life and Other Operations: | ||||
Adjusted operating income | |
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Significant items included above: | ||||
Impact from annual review of actuarial assumptions | |
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Adjusted operating income of the segment’s Gibraltar Life and Other operations was
Excluding these significant items, results decreased by
Corporate and Other operations resulted in a loss, on an adjusted operating income basis, of
CORPORATE AND OTHER OPERATIONS ($ millions) | 2Q:17 | 2Q:16 | ||
Adjusted operating income | |
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Significant items included above: | ||||
Early debt extinguishment costs | |
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Impact from annual review of actuarial assumptions | |
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Current quarter results include a net charge of
Excluding these significant items, the loss from Corporate and Other operations decreased $68 million, primarily reflecting lower expenses, higher investment income, primarily from the absence of charges of approximately
ASSETS UNDER MANAGEMENT
Assets under management amounted to
NET INCOME AND INVESTMENT PORTFOLIO
Net income attributable to
Current quarter net income includes
Net income for the current quarter reflects pre-tax increases of
Net income for the current quarter also reflects pre-tax income of
Net income for the year-ago quarter included
Excluding holdings of the Closed Block division, gross unrealized losses on general account fixed maturity investments at
FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES
Certain of the statements included in this release constitute forward-looking statements within the meaning of the
Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon
Consolidated adjusted operating income and adjusted book value are non-GAAP measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in this release.
Adjusted operating income excludes “Realized investment gains (losses), net,” as adjusted, and related charges and adjustments. A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as our tax and capital profile.
Realized investment gains (losses) within certain of our businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. However, the effectiveness of our hedging program will ultimately be reflected in adjusted operating income over time. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are classified as other trading account assets.
Adjusted operating income also excludes investment gains and losses on trading account assets supporting insurance liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. In addition, adjusted operating income excludes the results of divested businesses, which are not relevant to our ongoing operations. Discontinued operations and earnings attributable to noncontrolling interests, each of which is presented as a separate component of net income under GAAP, are also excluded from adjusted operating income. The tax effect associated with pre-tax adjusted operating income is based on applicable
Adjusted book value is calculated as total equity (GAAP book value) excluding both accumulated other comprehensive income (loss) and the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses. These items are excluded in order to highlight the book value attributable to our core business operations separate from the portion attributable to external and potentially volatile capital and currency market conditions.
We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company’s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, adjusted operating income and adjusted book value are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this release provide a reconciliation of adjusted operating income to income from continuing operations in accordance with GAAP and a reconciliation of adjusted book value to GAAP book value. The information referred to above, as well as the risks of our businesses described in our Annual Report on Form 10-K for the year ended
EARNINGS CONFERENCE CALL
Members of Prudential’s senior management will host a conference call on
Financial Highlights | ||||||||||||||||
(in millions, unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
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2017 | 2016 | 2017 | 2016 | |||||||||||||
Income Statement Data: | ||||||||||||||||
Net income attributable to |
$ | 491 | $ | 921 | $ | 1,860 | $ | 2,257 | ||||||||
Income attributable to noncontrolling interests | 5 | 4 | 8 | 37 | ||||||||||||
Net income | 496 | 925 | 1,868 | 2,294 | ||||||||||||
Less: Earnings attributable to noncontrolling interests | 5 | 4 | 8 | 37 | ||||||||||||
Income attributable to |
491 | 921 | 1,860 | 2,257 | ||||||||||||
Less: Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests | 8 | 11 | 30 | (17 | ) | |||||||||||
Income (after-tax) before equity in earnings of operating joint ventures | 483 | 910 | 1,830 | 2,274 | ||||||||||||
Less: Reconciling Items: | ||||||||||||||||
Realized investment gains (losses), net, and related charges and adjustments | (679 | ) | 360 | (641 | ) | 698 | ||||||||||
Investment gains on trading account assets supporting insurance liabilities, net | 201 | 108 | 245 | 324 | ||||||||||||
Change in experience-rated contractholder liabilities due to asset value changes | (145 | ) | (133 | ) | (157 | ) | (263 | ) | ||||||||
Divested businesses: | ||||||||||||||||
Closed Block division | (18 | ) | (32 | ) | 16 | (105 | ) | |||||||||
Other divested businesses | 35 | (11 | ) | 41 | 20 | |||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | (14 | ) | (8 | ) | (42 | ) | 17 | |||||||||
Total reconciling items, before income taxes | (620 | ) | 284 | (538 | ) | 691 | ||||||||||
Less: Income taxes, not applicable to adjusted operating income | (184 | ) | 203 | (212 | ) | 243 | ||||||||||
Total reconciling items, after income taxes | (436 | ) | 81 | (326 | ) | 448 | ||||||||||
After-tax adjusted operating income (1) | 919 | 829 | 2,156 | 1,826 | ||||||||||||
Income taxes, applicable to adjusted operating income | 309 | 228 | 732 | 556 | ||||||||||||
Adjusted operating income before income taxes (1) | $ | 1,228 | $ | 1,057 | $ | 2,888 | $ | 2,382 | ||||||||
See footnotes on last page. | ||||||||||||||||
Financial Highlights | ||||||||||||||||
(in millions, except per share data, unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
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2017 | 2016 | 2017 | 2016 | |||||||||||||
Earnings per share of Common Stock (diluted): | ||||||||||||||||
Net income attributable to |
$ | 1.12 | $ | 2.04 | $ | 4.21 | $ | 4.97 | ||||||||
Less: Reconciling Items: | ||||||||||||||||
Realized investment gains (losses), net, and related charges and adjustments | (1.55 | ) | 0.80 | (1.46 | ) | 1.55 | ||||||||||
Investment gains on trading account assets supporting insurance liabilities, net | 0.46 | 0.24 | 0.56 | 0.72 | ||||||||||||
Change in experience-rated contractholder liabilities due to asset value changes | (0.33 | ) | (0.30 | ) | (0.36 | ) | (0.58 | ) | ||||||||
Divested businesses: | ||||||||||||||||
Closed Block division | (0.04 | ) | (0.07 | ) | 0.04 | (0.23 | ) | |||||||||
Other divested businesses | 0.08 | (0.02 | ) | 0.09 | 0.04 | |||||||||||
Difference in earnings allocated to participating unvested share-based payment awards | 0.01 | - | 0.01 | (0.01 | ) | |||||||||||
Total reconciling items, before income taxes | (1.37 | ) | 0.65 | (1.12 | ) | 1.49 | ||||||||||
Less: Income taxes, not applicable to adjusted operating income | (0.40 | ) | 0.45 | (0.45 | ) | 0.54 | ||||||||||
Total reconciling items, after income taxes | (0.97 | ) | 0.20 | (0.67 | ) | 0.95 | ||||||||||
After-tax adjusted operating income | $ | 2.09 | $ | 1.84 | $ | 4.88 | $ | 4.02 | ||||||||
Weighted average number of outstanding Common shares (basic) | 428.3 | 441.1 | 429.1 | 443.2 | ||||||||||||
Weighted average number of outstanding Common shares (diluted) | 437.2 | 449.3 | 438.1 | 451.3 | ||||||||||||
Earnings related to interest, net of tax, on exchangeable surplus notes | $ | 5 | $ | 5 | $ | 9 | $ | 9 | ||||||||
Earnings allocated to participating unvested share-based payment awards | ||||||||||||||||
for earnings per share calculation: | ||||||||||||||||
Net income | $ | 7 | $ | 11 | $ | 23 | $ | 25 | ||||||||
After-tax adjusted operating income | $ | 11 | $ | 9 | $ | 26 | $ | 20 | ||||||||
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GAAP book value (total PFI equity) at end of period | $ | 48,444 | $ | 55,149 | ||||||||||||
Less: Accumulated other comprehensive income (AOCI) | 16,362 | 24,667 | ||||||||||||||
GAAP book value excluding AOCI | 32,082 | 30,482 | ||||||||||||||
Less: Cumulative effect of foreign exchange remeasurement and currency translation adjustments corresponding to realized gains/losses |
(2,889 | ) | (3,509 | ) | ||||||||||||
Adjusted book value | 34,971 | 33,991 | ||||||||||||||
Number of diluted shares at end of period | 433.8 | 444.0 | ||||||||||||||
GAAP book value per common share - diluted (2) | 111.35 | 123.77 | ||||||||||||||
GAAP book value excluding AOCI per share - diluted | 73.96 | 68.65 | ||||||||||||||
Adjusted book value per common share - diluted | 80.62 | 76.55 | ||||||||||||||
Adjusted operating income before income taxes, by Segment (1): | ||||||||||||||||
Individual Annuities | $ | 612 | $ | 427 | $ | 1,080 | $ | 755 | ||||||||
Retirement | 308 | 236 | 705 | 455 | ||||||||||||
Asset Management | 218 | 207 | 414 | 372 | ||||||||||||
Total |
1,138 | 870 | 2,199 | 1,582 | ||||||||||||
Individual Life | (557 | ) | (290 | ) | (439 | ) | (170 | ) | ||||||||
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136 | 89 | 170 | 115 | ||||||||||||
Total |
(421 | ) | (201 | ) | (269 | ) | (55 | ) | ||||||||
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823 | 803 | 1,622 | 1,582 | ||||||||||||
Total International Insurance Division | 823 | 803 | 1,622 | 1,582 | ||||||||||||
Corporate and Other operations | (312 | ) | (415 | ) | (664 | ) | (727 | ) | ||||||||
Adjusted operating income before income taxes | 1,228 | 1,057 | 2,888 | 2,382 | ||||||||||||
Reconciling Items: | ||||||||||||||||
Realized investment gains (losses), net, and related charges and adjustments | (679 | ) | 360 | (641 | ) | 698 | ||||||||||
Investment gains on trading account assets supporting insurance liabilities, net | 201 | 108 | 245 | 324 | ||||||||||||
Change in experience-rated contractholder liabilities due to asset value changes | (145 | ) | (133 | ) | (157 | ) | (263 | ) | ||||||||
Divested businesses: | ||||||||||||||||
Closed Block division | (18 | ) | (32 | ) | 16 | (105 | ) | |||||||||
Other divested businesses | 35 | (11 | ) | 41 | 20 | |||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | (14 | ) | (8 | ) | (42 | ) | 17 | |||||||||
Total reconciling items, before income taxes | (620 | ) | 284 | (538 | ) | 691 | ||||||||||
Income before income taxes and equity in earnings of operating joint ventures for |
$ | 608 | $ | 1,341 | $ | 2,350 | $ | 3,073 | ||||||||
See footnotes on last page. | ||||||||||||||||
Financial Highlights | |||||||||||||||
(in millions, or as otherwise noted, unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
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2017 | 2016 | 2017 | 2016 | ||||||||||||
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Fixed and Variable Annuity Sales and Account Values: | |||||||||||||||
Gross sales | $ | 1,507 | $ | 2,281 | $ | 2,947 | $ | 4,298 | |||||||
Net sales (redemptions) | $ | (900 | ) | $ | 341 | $ | (1,813 | ) | $ | 579 | |||||
Total account value at end of period | $ | 162,694 | $ | 154,677 | |||||||||||
Retirement Segment: | |||||||||||||||
Full Service: | |||||||||||||||
Deposits and sales | $ | 4,771 | $ | 4,699 | $ | 11,507 | $ | 11,355 | |||||||
Net additions (withdrawals) | $ | (1,015 | ) | $ | 186 | $ | (969 | ) | $ | 1,556 | |||||
Total account value at end of period | $ | 214,731 | $ | 194,007 | |||||||||||
Institutional Investment Products: | |||||||||||||||
Gross additions | $ | 2,557 | $ | 3,421 | $ | 6,599 | $ | 5,482 | |||||||
Net additions (withdrawals) | $ | (1,614 | ) | $ | 302 | $ | (1,813 | ) | $ | (420 | ) | ||||
Total account value at end of period | $ | 186,610 | $ | 180,882 | |||||||||||
Asset Management Segment: | |||||||||||||||
Assets managed by Investment Management and Advisory Services (in billions, | |||||||||||||||
as of end of period): | |||||||||||||||
Institutional customers | $ | 461.2 | $ | 418.8 | |||||||||||
Retail customers | 231.2 | 202.1 | |||||||||||||
General account | 412.3 | 426.3 | |||||||||||||
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$ | 1,104.7 | $ | 1,047.2 | |||||||||||
Institutional Customers - Assets Under Management (in billions): | |||||||||||||||
Gross additions, other than money market | $ | 17.2 | $ | 14.8 | $ | 33.1 | $ | 27.3 | |||||||
Net additions (withdrawals), other than money market | $ | 6.5 | $ | 2.0 | $ | 7.0 | $ | (0.6 | ) | ||||||
Retail Customers - Assets Under Management (in billions): | |||||||||||||||
Gross additions, other than money market | $ | 10.8 | $ | 11.5 | $ | 23.8 | $ | 21.7 | |||||||
Net additions, other than money market | $ | 1.2 | $ | 1.6 | $ | 1.3 | $ | 1.1 | |||||||
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Individual Life Insurance Annualized New Business Premiums (3): | |||||||||||||||
Term life | $ | 54 | $ | 50 | $ | 103 | $ | 98 | |||||||
Guaranteed Universal life | 40 | 61 | 93 | 112 | |||||||||||
Other Universal life | 33 | 23 | 54 | 43 | |||||||||||
Variable life | 26 | 25 | 49 | 51 | |||||||||||
Total | $ | 153 | $ | 159 | $ | 299 | $ | 304 | |||||||
Group Insurance Annualized New Business Premiums (3): | |||||||||||||||
Group life | $ | 56 | $ | 24 | $ | 242 | $ | 256 | |||||||
Group disability | 14 | 21 | 129 | 100 | |||||||||||
Total | $ | 70 | $ | 45 | $ | 371 | $ | 356 | |||||||
International Insurance Division: | |||||||||||||||
International Insurance Annualized New Business Premiums (3) (4): | |||||||||||||||
Actual exchange rate basis | $ | 840 | $ | 738 | $ | 1,662 | $ | 1,482 | |||||||
Constant exchange rate basis | $ | 835 | $ | 734 | $ | 1,660 | $ | 1,498 | |||||||
See footnotes on last page. | |||||||||||||||
Financial Highlights | ||||||
(in billions, as of end of period, unaudited) | ||||||
Three Months Ended | ||||||
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2017 | 2016 | |||||
Assets and Asset Management Information: | ||||||
Total assets | $ | 812.6 | $ | 796.5 | ||
Assets under management (at fair market value): | ||||||
Managed by |
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Asset Management Segment - Investment Management and | ||||||
Advisory Services | $ | 1,104.7 | $ | 1,047.2 | ||
Non-proprietary assets under management | 173.4 | 169.8 | ||||
Total managed by |
1,278.1 | 1,217.0 | ||||
Managed by |
26.8 | 25.7 | ||||
Managed by International Insurance Division | 28.7 | 25.0 | ||||
Total assets under management | 1,333.6 | 1,267.7 | ||||
Client assets under administration | 188.3 | 171.7 | ||||
Total assets under management and administration | $ | 1,521.9 | $ | 1,439.4 | ||
See footnotes on last page. | ||||||
(1) | Adjusted operating income is a non-GAAP measure of performance. See FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES within the earnings release for additional information. Adjusted operating income, when presented at the segment level, is also a segment performance measure. This segment performance measure, while not a traditional |
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(2) | Book value per share of Common Stock including accumulated other comprehensive income as of |
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(3) | Premiums from new sales that are expected to be collected over a one year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our |
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(4) | Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to |
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