Presidential Life Corp. (PLFE, Financial) filed Amended Quarterly Report for the period ended 2010-09-30.
Presidential Life Corp. has a market cap of $308.7 million; its shares were traded at around $9.47 with a P/E ratio of 8.4 and P/S ratio of 1. The dividend yield of Presidential Life Corp. stocks is 2.4%.
The Corporations earnings per share were $0.06 for the three months ended September 30, 2010, as compared to $0.05 for the same period in 2009. The improved results in 2010 primarily reflect an increase in investment income and realized investment gains and a decrease in OTTI. Our total revenues in the three months ended September 30, 2010 were $77.8 million, compared to $62.6 million in the three month period ended September 30, 2009. Benefits and expenses in the quarter ended September 30, 2010 were $75.3 million, compared to $60.3 million for the same three month period in 2009. Net income for the three month period ended September 30, 2010 was $1.7 million as compared to $1.5 million for the same period in 2009.
Total annuity considerations and life and accident and health insurance premiums increased from approximately $36.9 million for the nine months ended September 30, 2009 to approximately $53.3 million for the nine months ended September 30, 2010. Life insurance and accident and health premiums were $13.0 million and $10.5 million for the first nine months of 2010 and 2009, respectively. Annuity considerations were approximately $40.3 million for the nine months ended September 30, 2010 as compared to approximately $26.4 million for the nine months ended September 30, 2009. The increase is primarily due to increased sales in our immediate annuities with life contingencies. These amounts do not include consideration from the sales of deferred annuities or immediate annuities without life contingencies. Under GAAP, such sales are reported as additions to policyholder account balances. Consideration from such sales was approximately $66.3 million and $148.7 million in the first nine months of 2010 and 2009, respectively. The decrease was primarily due to the low interest rate environment that continued into the third quarter of 2010.
Net investment income and equity in earnings (losses) from limited partnerships totaled approximately $141.6 million during the first nine months of 2010, as compared to approximately $150.3 million during the first nine months of 2009. This represents a decrease of approximately $8.7 million or 5.8%. The decrease was primarily attributable to equity in losses from the limited partnerships of $6.0 million for the first nine months of 2010 compared to a gain of $2.5 million for the same period in 2009. The Company's ratios of net investment income to average cash and invested assets (based on book value and excluding limited partnerships) for the nine month periods ended September 30, 2010 and September 30, 2009 were 5.95% and 5.93%, respectively.
Realized investment gains, including OTTI losses, amounted to approximately $7.9 million during the first nine months of 2010, as compared to realized investment losses of approximately $18.2 million during the first nine months of 2009. The improvement of approximately $26.1 million was primarily due to realized gains on fixed maturities and limited partnerships of approximately $1.7 million and $6.6 million, respectively, in the first nine months of 2010 as opposed to realized losses on fixed maturities of approximately $6.9 million and a realized loss on limited partnerships of approximately $16.1 million in the first nine months of 2009, including $18.1 million in OTTI losses. During the first nine months of 2010 and 2009, payor swaptions had realized losses of $390,000 and realized gains of $477,000, respectively. The change in the fair value of the derivative instruments is reflected in the income statement as a realized loss or gain. The Company had no write-downs attributable to other than temporary impairments for the nine months ended September 30, 2010. For the nine months ended September 30, 2009, the Company had approximately $9.9 million in write-downs attributable to other than temporary impairments in fixed maturities and $18.1 million for limited partnerships.
Interest credited and benefits paid to policyholders amounted to $173.6 million in the first nine months of 2010 as compared to $156.2 million in the first nine months of 2009. This represents an increase of approximately 11%. This increase was primarily due to an increase in the liability for future policy benefits as well as an increase in claims under the new dental insurance program. For the three month period ended September 30, interest credited and benefits paid to policyholders increased from $54.4 million in 2009 to $66.7 million in the same period of 2010, an increase of approximately $12.3 million. This increase was primarily due to an increase in the liability for future policy benefits of approximately $12.2 million. This was attributable to: (1) an increase in sales of the immediate annuities with life contingencies of approximately $9.9 million and, (2) the strengthening of the GAAP benefit reserves for approximately $1.2 million during the third quarter, associated with the issuance of immediate annuities with life contingencies.
Read the The complete Report
Presidential Life Corp. has a market cap of $308.7 million; its shares were traded at around $9.47 with a P/E ratio of 8.4 and P/S ratio of 1. The dividend yield of Presidential Life Corp. stocks is 2.4%.
Highlight of Business Operations:
The Corporations earnings per share were $0.23 for the first nine months of 2010, as compared to ($0.08) per share for the same period in 2009. The improved results in 2010 primarily reflect an increase in realized investment gains and a decrease in other than temporary impairments (OTTI) losses. Our total revenues in the first nine months of 2010 were $208.2 million, compared to $173.5 million in the first nine months of 2009. Benefits and expenses in the first nine months in 2010 were $197.6 million, compared to $177.2 million for the same nine month period in 2009. Net income in the first nine months of 2010 was $6.9 million as compared to a loss of $2.5 million for the same period in 2009.The Corporations earnings per share were $0.06 for the three months ended September 30, 2010, as compared to $0.05 for the same period in 2009. The improved results in 2010 primarily reflect an increase in investment income and realized investment gains and a decrease in OTTI. Our total revenues in the three months ended September 30, 2010 were $77.8 million, compared to $62.6 million in the three month period ended September 30, 2009. Benefits and expenses in the quarter ended September 30, 2010 were $75.3 million, compared to $60.3 million for the same three month period in 2009. Net income for the three month period ended September 30, 2010 was $1.7 million as compared to $1.5 million for the same period in 2009.
Total annuity considerations and life and accident and health insurance premiums increased from approximately $36.9 million for the nine months ended September 30, 2009 to approximately $53.3 million for the nine months ended September 30, 2010. Life insurance and accident and health premiums were $13.0 million and $10.5 million for the first nine months of 2010 and 2009, respectively. Annuity considerations were approximately $40.3 million for the nine months ended September 30, 2010 as compared to approximately $26.4 million for the nine months ended September 30, 2009. The increase is primarily due to increased sales in our immediate annuities with life contingencies. These amounts do not include consideration from the sales of deferred annuities or immediate annuities without life contingencies. Under GAAP, such sales are reported as additions to policyholder account balances. Consideration from such sales was approximately $66.3 million and $148.7 million in the first nine months of 2010 and 2009, respectively. The decrease was primarily due to the low interest rate environment that continued into the third quarter of 2010.
Net investment income and equity in earnings (losses) from limited partnerships totaled approximately $141.6 million during the first nine months of 2010, as compared to approximately $150.3 million during the first nine months of 2009. This represents a decrease of approximately $8.7 million or 5.8%. The decrease was primarily attributable to equity in losses from the limited partnerships of $6.0 million for the first nine months of 2010 compared to a gain of $2.5 million for the same period in 2009. The Company's ratios of net investment income to average cash and invested assets (based on book value and excluding limited partnerships) for the nine month periods ended September 30, 2010 and September 30, 2009 were 5.95% and 5.93%, respectively.
Realized investment gains, including OTTI losses, amounted to approximately $7.9 million during the first nine months of 2010, as compared to realized investment losses of approximately $18.2 million during the first nine months of 2009. The improvement of approximately $26.1 million was primarily due to realized gains on fixed maturities and limited partnerships of approximately $1.7 million and $6.6 million, respectively, in the first nine months of 2010 as opposed to realized losses on fixed maturities of approximately $6.9 million and a realized loss on limited partnerships of approximately $16.1 million in the first nine months of 2009, including $18.1 million in OTTI losses. During the first nine months of 2010 and 2009, payor swaptions had realized losses of $390,000 and realized gains of $477,000, respectively. The change in the fair value of the derivative instruments is reflected in the income statement as a realized loss or gain. The Company had no write-downs attributable to other than temporary impairments for the nine months ended September 30, 2010. For the nine months ended September 30, 2009, the Company had approximately $9.9 million in write-downs attributable to other than temporary impairments in fixed maturities and $18.1 million for limited partnerships.
Interest credited and benefits paid to policyholders amounted to $173.6 million in the first nine months of 2010 as compared to $156.2 million in the first nine months of 2009. This represents an increase of approximately 11%. This increase was primarily due to an increase in the liability for future policy benefits as well as an increase in claims under the new dental insurance program. For the three month period ended September 30, interest credited and benefits paid to policyholders increased from $54.4 million in 2009 to $66.7 million in the same period of 2010, an increase of approximately $12.3 million. This increase was primarily due to an increase in the liability for future policy benefits of approximately $12.2 million. This was attributable to: (1) an increase in sales of the immediate annuities with life contingencies of approximately $9.9 million and, (2) the strengthening of the GAAP benefit reserves for approximately $1.2 million during the third quarter, associated with the issuance of immediate annuities with life contingencies.
Read the The complete Report
