PACIFIC MUTUAL Report to Members

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "PACIFIC MUTUAL. 2013 Report to Members"

Transcription

1 PACIFIC MUTUAL 2013 Report to Members T H E VA L U E S T H AT D E F I N E U S P E O P L E A C C O U N T A B I L I T Y C U S T O M E R F O C U S I N T E G R I T Y F I N A N C I A L S T R E N G T H I N N O V A T I O N C O M M U N I T Y

2 PACIFIC MUTUAL HOLDING COMPANY Pacific Mutual Holding Company (Pacific Mutual) is the parent company of Pacific LifeCorp, which is the parent company of Pacific Life Insurance Company. Policyholders of Pacific Life Insurance Company are members of Pacific Mutual and, as such, are able to attend an annual meeting of Pacific Mutual and to elect its board of directors. Through its direct and indirect subsidiaries, Pacific Mutual is engaged in a wide variety of insurance, financial services, and other investment-related businesses. PACIFIC LIFE INSURANCE COMPANY Offering insurance since 1868, Pacific Life 1 provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. 2 PACIFIC LIFE & ANNUITY COMPANY Pacific Life & Annuity Company offers a wide range of products, including life insurance, annuities, structured settlement annuities, and other investment products and services for individuals and businesses. 1 Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. 2 Client count as of May 2013 is compiled by Pacific Life using the 2013 FORTUNE 500 list. Pacific Life Insurance Company, a subsidiary of Pacific Mutual Holding Company, is licensed in all states except New York. In New York, individual life insurance and annuity products are available through Pacific Life & Annuity Company, a subsidiary of Pacific Life Insurance Company. Product availability and features vary by state. Insurance product and rider guarantees are backed by the financial strength and claims-paying ability of the issuing company and do not protect the value of the variable investment options. Each company is solely responsible for the financial obligations accruing under the policies it issues. Variable products are issued by Pacific Life Insurance Company and Pacific Life & Annuity Company. These products and mutual funds are distributed by Pacific Select Distributors, Inc. (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company and an affiliate of Pacific Life & Annuity Company, and are available through licensed third-party broker-dealers. For current ratings, visit us online at

3 Pacific Mutual Holding Company 2013 Financial Summary Dollars In Millions December 31, % Change Company Assets $ 129,921 $ 123,697 5% Policyholder & Other Liabilities $ 120,948 $ 114,198 6% Equity 1 $ 8,132 $ 7,412 10% Operating Revenues 2 $ 7,521 $ 7,250 4% Operating Income 3 $ 541 $ 522 4% Company Assets IN BILLIONS OF DOLLARS Equity IN BILLIONS OF DOLLARS Operating Revenue IN BILLIONS OF DOLLARS Operating Income IN MILLIONS OF DOLLARS Excludes accumulated other comprehensive income and noncontrolling interest. 2 Excludes net realized investment gain (loss) (NRIGL) and other than temporary impairments (OTTI). 3 Excludes NRIGL (net of an estimate of related amortization of deferred policy acquisition costs (DAC) for variable annuity products), adjustments to variable annuity DAC resulting from true-ups, assumption unlockings and modeling refinements, OTTI, and discontinued operations, net of taxes. 1

4 TO OUR MEMBERS Throughout Pacific Life s history, we have been defined by our people and our purpose. In 1868, our founders among them Leland Stanford, Mark Hopkins, and Charles Crocker launched a California-based life insurance company. Our experience and evolution, spanning nearly 150 years, have provided us with a strong foundation of integrity and financial strength. As a mutual company, we make decisions based on what is best for our policyholders, and we continue to focus on our long-term vision, not short-term gains. These values, along with innovation and focus, help us to provide security and prosperity to our customers and to maintain our reputation as a leader in our industry. People. Accountability. Customer Focus. Integrity. Financial Strength. Innovation. Community. These are the values that define us and that have guided us in achieving another very successful year FINANCIAL REVIEW We are pleased to report that Pacific Life ended 2013 with some of our strongest financial results to date. Company assets grew 5 percent to $129.9 billion, and our net income was $720 million, compared to $460 million in We generated a return on equity of more than 9 percent. Company equity ended the year at $8.1 billion, the highest level ever. These results were driven by strong sales throughout the company, positive equity markets, increasing interest rates, and investment gains. Our Life Insurance Division remains an industry leader in indexed universal life, universal life, and variable universal life, and we finished 2013 ranked fifth in overall life insurance sales. 1 Pacific PremierCare SM, a universal life insurance product that offers long-term care insurance benefits, achieved a 116 percent sales increase year over year. Responding to the changing market environment, we introduced Pacific PRIME Term, an innovative term life insurance product designed for a new generation of customers who want a cost-effective, fast, and simple way to get protection for their families and businesses. We also implemented a state-of-the-art automated underwriting system that streamlines the traditional underwriting process. The Retirement Solutions Division continued to focus on diversifying its product mix to meet evolving consumer needs. Two new annuities were launched in 2013: a low-cost variable annuity that gives clients both value 1 LIMRA International, 2013 Confidential Annual Sales Survey of Participating Companies. Sales rankings for Pacific Life Insurance Company are based on planned recurring premiums as measured against 80 participating companies. 2

5 and flexibility by allowing them to customize features and fees to fit their personal needs, and Pacific Income Advantage, a deferred fixed annuity for customers concerned about market volatility, short-term interest-rate fluctuations, and taxation while assets accumulate. Pacific Life Funds, our mutual fund complex, reached over $2 billion in sales and achieved $5.4 billion in assets under management. Pacific Life s investment areas continued to outperform the industry average with strong credit performance. In 2013, we had no net credit losses in our bond portfolio. We 2013 HIGHLIGHTS Total consolidated assets of Pacific Mutual Holding Company reached $129.9 billion. Net income increased to $720 million, compared to $460 million in Equity of Pacific Mutual Holding Company reached $8.1 billion, compared to $7.4 billion in Life Insurance Division sales were $290 million, an 8 percent increase over Retirement Solutions Division sales were $9.9 billion, a 23 percent increase over Revenues in Aviation Capital Group were $765 million, a 12 percent increase over Pacific Life Re generated net income of $100 million, compared to $72 million in originated $2.2 billion of new commercial mortgage loans and real estate securities investments at very favorable yields. Pacific Asset Management achieved over $1 billion in sales of their fixed income mutual funds. Aviation Capital Group, our aircraft leasing subsidiary, continued to expand its jet aircraft portfolio, raising over $2.5 billion in debt capital to grow to 261 aircraft owned and managed, with an additional 140 new jet aircraft on order. Our global presence in over 40 countries and with 90 different airlines adds further diversification to our company and improves our risk profile. Pacific Life Re, our international reinsurance business, grew net income to $100 million, a 39 percent increase over In the leading independent survey of the U.K. and Ireland life reinsurance market, U.K. respondents gave Pacific Life Re the top rating for overall business capability. Pacific Global Advisors, our pension advisory business, achieved $20 billion in assets under advisement and management. CEO David Oaten was named by Institutional Investor magazine as one of the 40 most influential people in shaping the future of pensions. 3

6 TO OUR MEMBERS continued ACKNOWLEDGMENTS In May 2013, Thomas C. Sutton retired from the board of directors. After retiring in 2007 as CEO of Pacific Life, Tom served an additional six years on the board. We thank him for the nearly 50 years of outstanding service he has given to the company. Our senior vice president of brand management and public affairs, Robert G. Haskell, retired at the end of 2013, following 30 years of service to Pacific Life. He was instrumental in the development and recognition of the Pacific Life brand and the humpback whale icon. We are grateful to Bob for his significant contributions to Pacific Life. COMPANY OF CHOICE We understand that you have a choice when choosing a company to protect your financial future. For generations, we have dedicated ourselves to meeting the needs of our customers, giving them the power to help them succeed. Pacific Life s values represent what is most important to us, what is essential to our success, and what makes Pacific Life a unique organization. These values guide how we behave and make decisions. We remain committed to you, our policyholders and clients, and we thank you for making us your Company of Choice. James T. Morris Chairman and Chief Executive Officer 4

7 Financial Statements 6 Summary Consolidated Financial Statements 12 Notes to Summary Consolidated Financial Statements 44 Independent Auditors Report 46 Statement of Management s Responsibility 47 Directors 48 Senior Management 49 Contact Information 5

8 Pacific Mutual Holding Company and Subsidiaries Summary Consolidated Statements of Financial Condition (In Millions) DECEMBER 31, ASSETS (As Adjusted) Investments: Fixed maturity securities available for sale, at estimated fair value $ 34,000 $ 33,548 Equity securities available for sale, at estimated fair value Mortgage loans 8,454 7,729 Policy loans 7,155 6,998 Other investments (includes VIE assets of $127 and $441) 1,722 2,512 TOTAL INVESTMENTS 51,521 50,989 Cash and cash equivalents (includes VIE assets of $14 and $14) 2,268 2,438 Restricted cash (includes VIE assets of $194 and $198) Deferred policy acquisition costs 4,497 4,567 Aircraft leasing portfolio, net (includes VIE assets of $1,398 and $1,559) 7,296 6,760 Other assets (includes VIE assets of $27 and $26) 3,158 3,339 Separate account assets 60,864 55,302 TOTAL ASSETS $ 129,921 $ 123,697 LIABILITIES AND EQUITY Liabilities: Policyholder account balances $ 36,751 $ 34,983 Future policy benefits 11,712 12,275 Debt (includes VIE debt of $659 and $865) 8,669 8,616 Other liabilities (includes VIE liabilities of $277 and $282) 2,952 3,022 Separate account liabilities 60,864 55,302 TOTAL LIABILITIES 120, ,198 Commitments and contingencies (Note 10) Members Equity: Members capital 8,132 7,412 Accumulated other comprehensive income 804 1,668 Total Members Equity 8,936 9,080 Noncontrolling interest TOTAL EQUITY 8,973 9,499 TOTAL LIABILITIES AND EQUITY $ 129,921 $ 123,697 The abbreviation VIE above means variable interest entity. See Notes to Summary Consolidated Financial Statements. 6

9 Pacific Mutual Holding Company and Subsidiaries Summary Consolidated Statements of Operations (In Millions) YEARS ENDED DECEMBER 31, REVENUES (As Adjusted) Policy fees and insurance premiums $ 3,823 $ 3,721 $ 3,343 Net investment income 2,352 2,330 2,216 Net realized investment gain (loss) 616 (312) (639) OTTI, consisting of $37, $117 and $415 in total, net of $6, $53 and $256 recognized in OCI (31) (64) (159) Investment advisory fees Aircraft leasing revenue Other income TOTAL REVENUES 8,106 6,874 5,862 BENEFITS AND EXPENSES Policy benefits paid or provided 2,690 2,760 2,148 Interest credited to policyholder account balances 1,252 1,253 1,318 Commission expenses 1, Operating and other expenses 1,893 1,684 1,512 TOTAL BENEFITS AND EXPENSES 7,223 6,401 5,134 INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION (BENEFIT) FOR INCOME TAXES Provision (benefit) for income taxes 144 (55) 81 INCOME FROM CONTINUING OPERATIONS Discontinued operations, net of taxes (27) Net income Less: net income attributable to the noncontrolling interest from continuing operations (19) (68) (71) NET INCOME ATTRIBUTABLE TO THE COMPANY $ 720 $ 460 $ 549 The abbreviation OTTI above means other than temporary impairment losses. The abbreviation OCI above means other comprehensive income (loss). See Notes to Summary Consolidated Financial Statements. 7

10 Pacific Mutual Holding Company and Subsidiaries Summary Consolidated Statements of Comprehensive Income (Loss) (In Millions) YEARS ENDED DECEMBER 31, (As Adjusted) NET INCOME $ 739 $ 528 $ 620 Other comprehensive income (loss), net of tax: Unrealized gains (losses) on securities: Unrealized holding gains (losses) arising during period (820) Reclassification adjustment for gains (losses) included in net income (44) (81) 46 Unrealized gains (losses) on securities (864) Foreign currency translation adjustments (4) 22 (8) Holding loss on other securities (8) Other 4 (1) (2) Other comprehensive income (loss) (864) Comprehensive income (loss) (125) 1,198 1,290 Less: comprehensive income attributable to the noncontrolling interest (19) (69) (71) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY ($ 144) $ 1,129 $ 1,219 See Notes to Summary Consolidated Financial Statements. 8

11 Pacific Mutual Holding Company and Subsidiaries Summary Consolidated Statements of Equity Accumulated Other Comprehensive Income (Loss) Unrealized Gain (Loss) On Derivatives and Securities Total Non- Members Available for Other, Members Controlling Total (In Millions) Capital Sale, Net Net Equity Interest Equity BALANCES,, (As Adjusted) JANUARY 1, 2011 $ 6,403 $ 366 ($ 37) $ 6,732 $ 251 $ 6,983 Comprehensive income: Net income Other comprehensive income (loss) 688 (18) Total comprehensive income 1, ,290 Change in equity of noncontrolling interest BALANCES,, (As Adjusted) DECEMBER 31, ,952 1,054 (55) 7, ,285 Comprehensive income: Net income Other comprehensive income Total comprehensive income 1, ,198 Change in equity of noncontrolling interest BALANCES,, (As Adjusted) DECEMBER 31, ,412 1,703 (35) 9, ,499 Comprehensive loss: Net income Other comprehensive loss (864) (864) (864) Total comprehensive loss (144) 19 (125) Change in equity of noncontrolling interest (21) (21) Deconsolidation of Investment Funds (380) (380) BALANCES, DECEMBER 31, 2013 $ 8,132 $ 839 ($ 35) $ 8,936 $ 37 $ 8,973 See Notes to Summary Consolidated Financial Statements. 9

12 Pacific Mutual Holding Company and Subsidiaries Summary Consolidated Statements of Cash Flows (In Millions) YEARS ENDED DECEMBER 31, CASH FLOWS FROM OPERATING ACTIVITIES (As Adjusted) Income from continuing operations $ 739 $ 528 $ 647 Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Net accretion on fixed maturity securities (84) (121) (115) Depreciation and amortization Deferred income taxes 149 (55) 84 Net realized investment (gain) loss (616) Other than temporary impairments Net change in deferred policy acquisition costs 310 (280) (706) Interest credited to policyholder account balances 1,252 1,253 1,318 Net change in future policy benefits and other insurance liabilities 1,225 1,769 1,261 Other operating activities, net 257 (134) 54 NET CASH PROVIDED BY OPERATING ACTIVITIES BEFORE DISCONTINUED OPERATIONS 3,702 3,725 3,670 Net cash used in operating activities of discontinued operations (2) (20) NET CASH PROVIDED BY OPERATING ACTIVITIES 3,702 3,723 3,650 CASH FLOWS FROM INVESTING ACTIVITIES Fixed maturity and equity securities available for sale: Purchases (6,960) (6,996) (6,521) Sales 1,956 3,184 4,126 Maturities and repayments 2,723 2,114 2,311 Repayments of mortgage loans ,172 Fundings of mortgage loans and real estate (1,345) (1,157) (2,177) Proceeds from sale of real estate Net change in policy loans (157) (186) (122) Change in restricted cash (15) (4) (72) Purchases of derivative instruments (3) (79) Terminations of derivative instruments, net (35) Proceeds from nonhedging derivative settlements Payments for nonhedging derivative settlements (640) (706) (513) Net change in collateral received or pledged (139) (554) 508 Purchases of and advance payments on aircraft leasing portfolio (1,143) (1,388) (1,397) Proceeds from sale of aircraft See Notes to Summary Consolidated Financial Statements. (continued) 10

13 Pacific Mutual Holding Company and Subsidiaries Summary Consolidated Statements of Cash Flows (In Millions) YEARS ENDED DECEMBER 31, CASH FLOWS FROM INVESTING ACTIVITIES (continued) (As Adjusted) Acquisition of retrocession business $ 712 Acquisition of pension advisory business (45) Other investing activities, net $ 25 ($ 163) (68) NET CASH USED IN INVESTING ACTIVITIES BEFORE DISCONTINUED OPERATIONS (4,255) (4,158) (1,387) Net cash used in investing activities of discontinued operations (51) NET CASH USED IN INVESTING ACTIVITIES (4,255) (4,158) (1,438) CASH FLOWS FROM FINANCING ACTIVITIES Policyholder account balances: Deposits 6,223 5,453 4,521 Withdrawals (5,894) (6,224) (6,599) Net change in short-term debt (272) 292 Issuance of long-term debt 1,661 1,130 1,124 Partial retirement of surplus notes (478) Payments of long-term debt (836) (761) (768) Other financing activities, net (21) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES BEFORE DISCONTINUED OPERATIONS 383 (93) (1,710) Net cash provided by financing activities of discontinued operations 41 NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 383 (93) (1,669) Net change in cash and cash equivalents (170) (528) 543 Cash and cash equivalents, beginning of year 2,438 2,966 2,423 CASH AND CASH EQUIVALENTS, END OF YEAR $ 2,268 $ 2,438 $ 2,966 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Income taxes paid (received), net $ 137 $ 146 ($ 7) Interest paid $ 334 $ 330 $ 297 See Notes to Summary Consolidated Financial Statements. 11

14 Pacific Mutual Holding Company and Subsidiaries Notes to Summary Consolidated Financial Statements 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ORGANIZATION AND DESCRIPTION OF BUSINESS Pacific Mutual Holding Company (PMHC), a Nebraska mutual holding company, is the parent of Pacific LifeCorp, an intermediate Delaware stock holding company. Pacific LifeCorp owns 100% of Pacific Life Insurance Company (Pacific Life), a Nebraska domiciled stock life insurance company. PMHC and its subsidiaries and affiliates have primary business operations consisting of life insurance, annuities, mutual funds, aircraft leasing and reinsurance. BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The accompanying summary consolidated financial statements of PMHC and its subsidiaries (the Company) have been derived from the audited consolidated financial statements which were prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). These summary consolidated financial statements have been prepared with less detail than required by U.S. GAAP. More specifically, the notes to the summary consolidated financial statements provide a representation consistent with the original disclosures, but do not include all the disclosures that are required by U.S. GAAP. Most significantly, the Company has summarized the disclosures related to variable interest entities, investments, derivatives and hedging activities and the estimated fair value of financial instruments. The summary consolidated financial statements should be read in conjunction with the audited consolidated financial statements that are available at The preparation of financial statements consistent with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In developing these estimates, management makes subjective and complex judgments that are inherently uncertain and subject to material change as facts and circumstances develop. Management has identified the following estimates as critical, as they involve a higher degree of judgment and are subject to a significant degree of variability: 12

15 The fair value of investments in the absence of quoted market values Other than temporary impairment losses (OTTI) of investments Application of the consolidation rules to certain investments The fair value of and accounting for derivatives Aircraft valuation and impairment The capitalization and amortization of deferred policy acquisition costs (DAC) The liability for future policyholder benefits Accounting for income taxes Accounting for reinsurance transactions Litigation and other contingencies Certain reclassifications have been made to the 2012 and 2011 summary consolidated financial statements to conform to the 2013 financial statement presentation. The Company has evaluated events subsequent to December 31, 2013 through March 7, 2014, the date the summary consolidated financial statements were available to be issued. INVESTMENTS Fixed maturity and equity securities available for sale are reported at estimated fair value, with unrealized gains and losses, net of adjustments related to DAC, future policy benefits and deferred income taxes, recognized as a component of other comprehensive income (OCI). For mortgage-backed securities and asset-backed securities included in fixed maturity securities available for sale, the Company recognizes income using a constant effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. For fixed rate securities, the net investment in the securities is adjusted to the amount that would have existed had the new effective yield been applied since the acquisition of the securities. These adjustments are reflected in net investment income. Investment income consists primarily of interest and dividends, net investment income from partnership interests, prepayment fees on fixed maturity securities and mortgage loans, and income from certain derivatives. Interest is recognized on an accrual basis and dividends are recorded on the ex-dividend date. Amortization of premium and accretion of discount on fixed maturity securities is recorded using the effective interest method. The Company s available for sale securities are regularly assessed for OTTI. If a decline in the estimated fair value of an available for sale security is deemed to be other than temporary, the OTTI is recognized equal to the difference between the estimated fair value and net carrying amount of the 13

16 security. If the OTTI for a fixed maturity security is attributable to both credit and other factors, then the OTTI is bifurcated and the non credit related portion is recognized in OCI while the credit portion is recognized in earnings. If the OTTI is related to credit factors only, it is recognized in earnings. The evaluation of OTTI is a quantitative and qualitative process subject to significant estimates and management judgment. The Company has controls and procedures in place to monitor securities and identify those that are subject to greater analysis for OTTI. The Company has an investment impairment committee that reviews and evaluates securities for potential OTTI at least on a quarterly basis. In evaluating whether a decline in value is other than temporary, the Company considers many factors including, but not limited to, the following: the extent and duration of the decline in value; the reasons for the decline (credit event, currency, interest rate related, or spread widening); the ability and intent to hold the investment for a period of time to allow for a recovery of value; and the financial condition of and near-term prospects of the issuer. Analysis of the probability that all cash flows will be collected under the contractual terms of a fixed maturity security and determination as to whether the Company does not intend to sell the security and that it is more likely than not that the Company will not be required to sell the security before recovery of the investment are key factors in determining whether a fixed maturity security is other than temporarily impaired. For mortgage-backed and asset-backed securities, the Company evaluates the performance of the underlying collateral and projected future discounted cash flows. In projecting future discounted cash flows, the Company incorporates inputs from third-party sources and applies reasonable judgment in developing assumptions used to estimate the probability and timing of collecting all contractual cash flows. In evaluating investment grade perpetual preferred securities, which do not have final contractual cash flows, the Company applies OTTI considerations used for debt securities, placing emphasis on the probability that all cash flows will be collected under the contractual terms of the security and the Company s intent and ability to hold the security to allow for a recovery of value. Perpetual preferred securities are reported as equity securities as they are structured in equity form, but have significant debt-like characteristics, including periodic dividends, call features, and credit ratings and pricing similar to debt securities. Realized gains and losses on investment transactions are determined on a spe- 14

17 cific identification basis and are included in net realized investment gain (loss). Mortgage loans on real estate are carried at their unpaid principal balance, net of deferred origination fees and write-downs. Mortgage loans are considered to be impaired when management estimates that based upon current information and events, it is probable that the Company will not be able to collect all amounts due according to the contractual terms of the mortgage loan agreement. For mortgage loans deemed to be impaired, an impairment loss is recorded when the carrying amount is greater than the Company s estimated fair value of the underlying collateral of the loan. When the underlying collateral of the mortgage loan is greater than the carrying amount, the mortgage loan is not considered to have an impaired loss and no write-down is recorded. Policy loans are stated at unpaid principal balances. Other investments primarily consist of partnerships and joint ventures, hedge funds, real estate investments, derivative instruments, non-marketable equity securities, low income housing investments qualifying for tax credits (LIHTC), trading securities, and securities of consolidated investment fund companies that operate under the Investment Company Act of 1940 (40 Act Funds). Partnerships, joint venture interests and hedge funds are recorded under the cost or equity method of accounting. Non-marketable equity securities are carried at estimated fair value with unrealized gains or losses recognized in OCI. Trading securities and the securities of the 40 Act Funds are reported at estimated fair value with changes in estimated fair value included in net realized investment gain (loss). Real estate investments are carried at depreciated cost, net of write-downs, or, for real estate acquired in satisfaction of debt, at estimated fair value at the date of acquisition, if lower than the related unpaid balance. Real estate investments are evaluated for impairment based on the future estimated undiscounted cash flows expected to be received during the estimated holding period. When the future estimated undiscounted cash flows are less than the current carrying value of the property (gross cost less accumulated depreciation), the property is considered impaired and is written-down to its estimated fair value. Investments in LIHTC are recorded under the effective interest method since they meet certain requirements, including a projected positive yield based solely on guaranteed credits. The amortization of the original investment and the tax credits are recorded in the provision for income taxes. All derivatives, whether designated in hedging relationships or not, are required to be recorded at estimated fair value. If the derivative is designated 15

18 as a cash flow hedge, the effective portion of changes in the estimated fair value of the derivative is recorded in OCI and recognized in earnings when the hedged item affects earnings. If the derivative is designated as a fair value hedge, changes in the estimated fair value of the hedging derivative, including amounts measured as ineffectiveness, and changes in the estimated fair value of the hedged item related to the designated risk being hedged, are reported in net realized investment gain (loss). The change in estimated value of the hedged item associated with the risk being hedged is reflected as an adjustment to the carrying amount of the hedged item. For derivative instruments not designated as hedges, the change in estimated fair value of the derivative is recorded in net realized investment gain (loss). The periodic cash flows for all hedging derivatives are recorded consistent with the hedged item on an accrual basis. For derivatives that are hedging securities, these amounts are included in net investment income. For derivatives that are hedging liabilities, these amounts are included in interest credited to policyholder account balances or interest expense, which is included in operating and other expenses. For derivatives not designated as hedging instruments, the periodic cash flows are reflected in net realized investment gain (loss) on an accrual basis. Upon termination of a cash flow hedging relationship, the accumulated amount in OCI is amortized into net investment income or interest credited to policyholder account balances over the remaining life of the hedged item. Upon termination of a fair value hedging relationship, the accumulated adjustment to the carrying value of the hedged item is amortized into net investment income or interest expense, which is included in operating and other expenses, or interest credited to policyholder account balances over its remaining life. CASH AND CASH EQUIVALENTS Cash and cash equivalents include all investments with a maturity of three months or less from purchase date. Cash equivalents consist primarily of U.S. Treasury bills and money market securities. RESTRICTED CASH Restricted cash primarily consists of liquidity reserves related to VIEs, security deposits, commitment fees, maintenance reserve payments and rental payments received from certain lessees related to the aircraft leasing business. DEFERRED POLICY ACQUISITION COSTS The direct and incremental costs associated with the successful acquisition of new or renewal insurance business; principally commissions, medical examinations, underwriting, policy issue and other expenses; are deferred and recorded as an asset referred to as DAC. DAC related to internally replaced contracts (as defined in the Accounting Standards Codification s (Codification) Financial Services Insurance Topic), is immediately written off to expense and any new deferrable expenses 16

19 associated with the replacement are deferred if the contract modification substantially changes the contract. However, if the contract modification does not substantially change the contract, the existing DAC asset remains in place and any acquisition costs associated with the modification are immediately expensed. The Company defers sales inducements and amortizes them over the life of the policy using the same methodology and assumptions used to amortize DAC. For universal life (UL), variable annuities and other investment-type contracts, acquisition costs are amortized through earnings in proportion to the present value of estimated gross profits (EGPs) from projected investment, mortality and expense margins, and surrender charges over the estimated lives of the contracts. Actual gross margins or profits may vary from management s estimates, which can increase or decrease the rate of DAC amortization. DAC related to traditional policies is amortized through earnings over the premium-paying period of the related policies in proportion to premium revenues recognized, using assumptions and estimates consistent with those used in computing policy reserves. DAC related to certain unrealized components in OCI, primarily unrealized gains and losses on securities available for sale, is adjusted with corresponding charges or benefits, respectively, directly to equity through OCI. During reporting periods of negative actual gross profits (AGPs), DAC amortization may be negative, which would result in an increase to the DAC balance. Negative amortization is only recorded when the increased DAC balance is determined to be recoverable and is also limited to amounts originally deferred plus interest. Significant assumptions in the development of EGPs include investment returns, surrender and lapse rates, rider utilization, expenses, interest spreads, and mortality margins. The Company s long-term assumption for the underlying separate account investment return ranges from 6.75% to 7.75% depending on the product. A change in the assumptions utilized to develop EGPs results in a change to amounts expensed in the reporting period in which the change was made by adjusting the DAC balance to the level DAC would have been had the EGPs been calculated using the new assumptions over the entire amortization period. In general, favorable experience variances result in increased expected future profitability and may lower the rate of DAC amortization, whereas unfavorable experience variances result in decreased expected future profitability and may increase the rate of DAC amortization. All critical assumptions utilized to develop EGPs are evaluated at least annually and necessary revisions are made to certain assumptions to the extent that actual or anticipated experience necessitates such a prospective change. The Company may also identify 17

20 and implement actuarial modeling refinements to projection models that may result in increases or decreases to the DAC asset. The DAC asset is reviewed periodically to ensure that the unamortized balance does not exceed expected recoverable EGPs. AIRCRAFT LEASING PORTFOLIO Aircraft are recorded at depreciated cost, which includes certain acquisition costs. Depreciation to estimated residual values is computed using the straight-line method over the estimated useful lives of the aircraft. Major improvements to aircraft are capitalized when incurred and depreciated over the shorter of the remaining useful life of the aircraft or the useful life of the improvement. The Company evaluates carrying values of aircraft generally quarterly or based upon changes in market and other physical and economic conditions that indicate the carrying amount of the aircraft may not be recoverable. The Company will record impairments to recognize a loss in the value of the aircraft when management believes that, based on future estimated undiscounted cash flows, the recoverability of the Company s investment in an aircraft has been impaired. POLICYHOLDER ACCOUNT BALANCES Policyholder account balances on UL and certain investment-type contracts, such as funding agreements and guaranteed interest contracts (GICs), are valued using the retrospective deposit method and are equal to accumulated account values, which consist of deposits received, plus interest credited, less withdrawals and assessments. Other investment-type contracts such as payout annuities without life contingencies are valued using a prospective method that estimates the present value of future contract cash flows at the assumed credited or contract rate. Interest credited to these contracts primarily ranged from 0.2% to 8.5%. FUTURE POLICY BENEFITS Annuity reserves, which primarily consist of group retirement, structured settlement and immediate annuities with life contingencies, are equal to the present value of estimated future payments using pricing assumptions, as applicable, for interest rates, mortality, morbidity, retirement age and expenses. Interest rates used in establishing such liabilities ranged from 0.6% to 11.0%. The Company offers variable annuity contracts with guaranteed minimum benefits, including guaranteed minimum death benefits (GMDBs) and riders with guaranteed living benefits (GLBs) that guarantee net principal over a ten-year holding period or a minimum withdrawal benefit over specified periods, subject to certain restrictions. If the guarantee includes a benefit that is only attainable upon annuitization or is wholly life contingent (e.g. GMDBs or guaranteed minimum withdrawal benefits for life), it is accounted for as an insurance liability. All other GLB guarantees are accounted for as embedded derivatives (Note 5). 18

21 Policy charges assessed against policyholders that represent compensation to the Company for services to be provided in future periods, or for consideration for origination of the contract, are deferred as unearned revenue reserves (URR), and recognized in revenue over the expected life of the contract using the same methods and assumptions used to amortize DAC. Unearned revenue related to certain unrealized components in OCI, primarily unrealized gains and losses on securities available for sale, is recorded to equity through OCI. Life insurance reserves are composed of benefit reserves and additional liabilities. Benefit reserves are valued using the net level premium method on the basis of actuarial assumptions appropriate at policy issue. Mortality and persistency assumptions are generally based on the Company s experience, which, together with interest and expense assumptions, include a margin for possible unfavorable deviations. Interest rate assumptions ranged from 3.0% to 9.3%. Future dividends for participating business are provided for in the liability for future policy benefits. Additional liabilities are held for certain insurance benefit features that have amounts assessed in a manner that is expected to result in profits in earlier years and subsequent losses. The additional liability is valued using a range of scenarios, rather than a single set of best estimate assumptions, which are consistent with assumptions used in estimated gross profits for purposes of amortizing capitalized acquisition costs. As of December 31, 2013 and 2012, participating experience rated policies paying dividends represent less than 1% of direct life insurance in force. Estimates of future policy benefit reserves and liabilities are continually reviewed and, as experience develops, are adjusted as necessary. Such changes in estimates are included in earnings for the period in which such changes occur. REINSURANCE The Company has ceded reinsurance agreements with other insurance companies to limit potential losses, reduce exposure arising from larger risks, provide additional capacity for future growth and also assumes reinsurance. As part of a strategic alliance, the Company also reinsures risks associated with policies written by an independent producer group through modified coinsurance and yearly renewable term (YRT) arrangements with this producer group s reinsurance company. The ceding of risk does not discharge the Company from its primary obligations to contract owners. To the extent that the assuming companies become unable to meet their obligations under reinsurance contracts, the Company remains contingently liable. Each reinsurer is reviewed to evaluate its financial stability before entering into each reinsurance contract and throughout the period that the reinsurance contract is in place. 19

22 All assets associated with business reinsured on a modified coinsurance basis remain with, and under the control of, the Company. As part of its risk management process, the Company routinely evaluates its reinsurance programs and may change retention limits, reinsurers or other features at any time. Reinsurance accounting is utilized for ceded and assumed transactions when risk transfer provisions have been met. To meet risk transfer requirements, a reinsurance contract must include insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss to the reinsurer. Reinsurance premiums ceded and reinsurance recoveries on benefits and claims incurred are deducted from their respective revenue and benefit and expense accounts. Prepaid reinsurance premiums, included in other assets, are premiums that are paid in advance for future coverage. Amounts receivable and payable to reinsurers are offset for account settlement purposes for contracts where the right of offset exists, with net reinsurance recoverables included in other assets and net reinsurance payables included in other liabilities. Reinsurance recoverables and payables may include balances due from reinsurance companies for paid and unpaid losses. REVENUES, BENEFITS AND EXPENSES Premiums from annuity contracts with life contingencies and traditional life and term insurance contracts are recognized as revenue when due. Benefits and expenses are provided against such revenues to recognize profits over the estimated lives of the contracts by providing for liabilities for future policy benefits, expenses of contract administration and DAC amortization. Receipts for UL and investment-type contracts are reported as deposits to either policyholder account balances or separate account liabilities and are not included in revenue. Policy fees consist of mortality charges, surrender charges and expense charges that have been earned and assessed against related account values during the period and also include the amortization of URR. The timing of policy fee revenue recognition is determined based on the nature of the fees. Benefits and expenses include policy benefits and claims incurred in the period that are in excess of related policyholder account balances, interest credited to policyholder account balances, expenses of contract administration and the amortization of DAC. Investment advisory fees are primarily fees earned by Pacific Life Fund Advisors LLC (PLFA), a wholly owned subsidiary of Pacific Life, which serves as the investment advisor for the Pacific Select Fund, an investment vehicle provided to the Company s variable universal life (VUL) and variable annuity contract holders, and the Pacific Life Funds, the investment vehicle for the 20

23 Company s mutual fund products. These fees are based upon the net asset value of the underlying portfolios and are recorded as earned. Related subadvisory expense is included in operating and other expenses and recorded when incurred. Aircraft leases, which are structured as triple net leases, are accounted for as operating leases. Aircraft leasing revenue is recognized ratably over the term of the lease agreements. INCOME TAXES PMHC and its includable subsidiaries are included in the consolidated Federal income tax return and the combined California franchise tax return of the Company and are allocated tax expense or benefit based principally on the effect of including their operations in these returns under a tax sharing agreement. Certain of the Company s non-insurance subsidiaries also file separate state tax returns, if necessary. Generally, a life insurance company cannot be treated as an includable corporation in a consolidated return with nonlife companies unless it has been a member of the affiliated group for five taxable years. For this reason, the Company s life insurance companies meeting this criteria file separate Federal income tax returns. The Company s non-us subsidiaries are subject to tax in the United Kingdom (UK) and Singapore. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the differences are expected to be recovered or settled. CONTINGENCIES Each reporting cycle, the Company evaluates all identified contingent matters on an individual basis. A loss is recorded if probable and reasonably estimable. The Company establishes reserves for these contingencies at the best estimate, or, if no one amount within the range of possible losses is more probable than any other, the Company records an estimated reserve at the low end of the range of losses. The Company does not record gain contingencies. SEPARATE ACCOUNTS Separate accounts primarily include variable annuity and life contracts, as well as other guaranteed and non-guaranteed accounts. Separate account assets are recorded at estimated fair value and represent legally segregated contract holder funds. A separate account liability is recorded equal to the amount of separate account assets. Deposits to separate accounts, investment income and realized and unrealized gains and losses on the separate account assets accrue directly to contract holders and, accordingly, are not reflected in the summary consolidated statements of operations or cash flows. Amounts charged to the separate account for mor- 21

24 tality, surrender and expense charges are included in revenues as policy fees. For separate account funding agreements in which the Company provides a guarantee of principal and interest to the contract holder and bears all the risks and rewards of the investments underlying the separate account, the related investments and liabilities are recognized as investments and liabilities in the summary consolidated statements of financial condition. Revenue and expenses are recognized within the respective revenue and benefit and expense lines in the summary consolidated statements of operations. Separate account funding agreement liabilities were $64 million and $106 million as of December 31, 2013 and 2012, respectively. ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value of financial instruments has been determined using available market information and appropriate valuation methodologies. However, considerable judgment is often required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented may not be indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts. 2. STATUTORY FINANCIAL INFORMATION AND DIVIDEND RESTRICTIONS STATUTORY ACCOUNTING PRACTICES The Company s principal life insurance subsidiary, Pacific Life, prepares its regulatory financial statements in accordance with statutory accounting practices prescribed or permitted by the Nebraska Department of Insurance (NE DOI), which is a comprehensive basis of accounting other than U.S. GAAP. Statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, recognizing certain policy fees as revenue when billed, establishing future policy benefit liabilities using different actuarial assumptions, reporting surplus notes as surplus instead of debt, as well as the valuation of investments and certain assets and accounting for deferred income taxes on a different basis. As of December 31, 2013 and 2012, Pacific Life had two permitted practices approved by the Director of the NE DOI. Under the first permitted practice, Pacific Life utilizes book value accounting for certain guaranteed separate account funding agreements. The underlying separate account assets are recorded at book value instead of at fair value as required by National Association of Insurance Commissioners (NAIC) Accounting Practices and Procedures Manual (NAIC SAP). As of December 31, 2013 and 2012, the underlying separate account assets had unrealized gains of $7 million and 22

25 zero, respectively. Under the second permitted practice, investments in Working Capital Finance Notes (WCFN) are treated as admitted assets provided they are designated by the NAIC Securities Valuation Office as an NAIC 1 or 2 investment. As of December 31, 2013 and 2012, admitted WCFN investments totaled $146 million and $92 million, respectively. The NE DOI has a prescribed accounting practice for certain synthetic GIC reserves that differs from NAIC SAP. The NE DOI reserve method is based on an annual accumulation of 30% of the contract fees on synthetic GICs and is subject to a maximum of 150% of the annualized contract fees. This reserve amounted to $54 million and $43 million as of December 31, 2013 and 2012, respectively, and has been recorded by Pacific Life. The NAIC SAP basis for this reserve equals the excess, if any, of the value of guaranteed contract liabilities over the market value of the assets in the segregated portfolio less deductions based on asset valuation reserve factors. As of December 31, 2013 and 2012, the reserve for synthetic GICs using the NAIC SAP basis was zero. STATUTORY NET INCOME (LOSS) AND SURPLUS Statutory net income (loss) of Pacific Life was $521 million, $962 million and ($735) million for the years ended December 31, 2013, 2012 and 2011, respectively. Statutory capital and surplus of Pacific Life was $6,503 million and $6,175 million as of December 31, 2013 and 2012, respectively. AFFILIATED REINSURANCE Pacific Life cedes certain statutory reserves to affiliated special purpose financial insurance companies and affiliated captive reinsurance companies that are supported by a combination of cash, invested and other assets and third-party letters of credit or note facilities. As of December 31, 2013, Pacific Life s total statutory reserve credit was $1,570 million, of which $1,051 million was supported by third-party letters of credit and note facilities, as described below. Pacific Life utilizes affiliated reinsurers to mitigate the statutory capital impact of NAIC Model Regulation Valuation of Life Insurance Policies (Regulation XXX) and NAIC Actuarial Guideline 38 on the Company s UL products with flexible duration no lapse guarantee rider (FDNLGR) benefits. Pacific Alliance Reinsurance Company of Vermont (PAR Vermont) and Pacific Baleine Reinsurance Company (PBRC) are Vermont based special purpose financial insurance companies subject to regulatory supervision by the Vermont Department of Financial Regulation (Vermont Department). PAR Vermont and PBRC are wholly owned subsidiaries of Pacific Life and accredited authorized reinsurers in Nebraska. PAR Vermont was formed in 2007 and PBRC was formed in August Pacific Life cedes certain level term life insurance to PBRC and FDNLGR benefits to PAR Vermont and PBRC. In 2011, Pacific Life entered into an excess of loss indemnity reinsurance agreement with Pacific Alliance Excess Reinsur- 23

PACIFIC MUTUAL HOLDING COMPANY AND SUBSIDIARIES

PACIFIC MUTUAL HOLDING COMPANY AND SUBSIDIARIES PACIFIC MUTUAL HOLDING COMPANY AND SUBSIDIARIES Consolidated Financial Statements as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011 and Independent Auditors' Report

More information

AN INTRODUCTION TO PACIFIC LIFE THE VALUES THAT DEFINE US

AN INTRODUCTION TO PACIFIC LIFE THE VALUES THAT DEFINE US AN INTRODUCTION TO PACIFIC LIFE THE VALUES THAT DEFINE US PEOPLE ACCOUNTABILITY CUSTOMER FOCUS INTEGRITY FINANCIAL STRENGTH INNOVATION COMMUNITY 2013 FINANCIAL SUMMARY Pacific Mutual Holding Company DOLLARS

More information

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY INDEX TO FINANCIAL STATEMENTS

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY INDEX TO FINANCIAL STATEMENTS PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY INDEX TO FINANCIAL STATEMENTS Statements of Financial Position - December 31, 2010 and 2009 B-1 Statements of Operations and Comprehensive Income Years ended

More information

NEW YORK LIFE INSURANCE COMPANY FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2014 and 2013

NEW YORK LIFE INSURANCE COMPANY FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2014 and 2013 NEW YORK LIFE INSURANCE COMPANY FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2014 and 2013 Table of Contents Independent Auditor's Report 1 Statutory Statements of Financial Position 3 Statutory

More information

ANNUAL REPORT. Pacific Life Funding, LLC

ANNUAL REPORT. Pacific Life Funding, LLC ANNUAL REPORT Pacific Life Funding, LLC (Incorporated with limited liability in the Cayman Islands under company registration number 79187) This report (the Annual Report ) has been created in accordance

More information

TIAA-CREF LIFE INSURANCE COMPANY

TIAA-CREF LIFE INSURANCE COMPANY Audited Statutory Basis Financial Statements as of December 31, 2015 and 2014 and for the three years ended December 31, 2015 INDEX TO STATUTORY - BASIS FINANCIAL STATEMENTS Page Independent Auditor s

More information

Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm Report of Independent Registered Public Accounting Firm The Board of Directors of Massachusetts Mutual Life Insurance Company and Policy owners of Massachusetts Mutual Variable Life Separate Account II:

More information

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONSOLIDATED STATUTORY FINANCIAL STATEMENTS As of and for the years ended December 31, 2013 and 2012 CONSOLIDATED STATUTORY FINANCIAL STATEMENTS

More information

SEMI-ANNUAL REPORT. Pacific Life Funding, LLC

SEMI-ANNUAL REPORT. Pacific Life Funding, LLC SEMI-ANNUAL REPORT Pacific Life Funding, LLC (Incorporated with limited liability in the Cayman Islands under company registration number 79187) This report (the Semi-annual Report ) has been created in

More information

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONSOLIDATED STATUTORY FINANCIAL STATEMENTS As of and for the years ended December 31, 2014 and 2013 CONSOLIDATED STATUTORY FINANCIAL STATEMENTS

More information

CUNA Mutual Holding Company and Subsidiaries

CUNA Mutual Holding Company and Subsidiaries CUNA Mutual Holding Company and Subsidiaries Consolidated Financial Statements As of December 31, 2015 and 2014 and for the Three Years Ended December 31, 2015 And Independent Auditors Report Table of

More information

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONSOLIDATED STATUTORY FINANCIAL STATEMENTS As of and for the years ended December 31, 2005 and 2004 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

More information

NEW YORK LIFE INSURANCE COMPANY FINANCIAL STATEMENTS. DECEMBER 31, 2013 and 2012

NEW YORK LIFE INSURANCE COMPANY FINANCIAL STATEMENTS. DECEMBER 31, 2013 and 2012 NEW YORK LIFE INSURANCE COMPANY FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2013 and 2012 Table of Contents Independent Auditor's Report 1 Statutory Statements of Financial Position 3 Statutory

More information

SEMI-ANNUAL REPORT. Pacific Life Funding, LLC

SEMI-ANNUAL REPORT. Pacific Life Funding, LLC SEMI-ANNUAL REPORT Pacific Life Funding, LLC (Incorporated with limited liability in the Cayman Islands under company registration number 79187) This report (the Semi-annual Report ) has been created in

More information

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions. Notes to the Consolidated Financial Statements (Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.) 1. Significant

More information

MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations

MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations General Management s Discussion and Analysis of Financial Condition and

More information

American International Group, Inc.

American International Group, Inc. Financial Supplement Fourth Quarter 2013 All financial information in this document is unaudited. This report should be read in conjunction with AIG s Annual Report on Form 10-K for the year ended December

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

MINNESOTA LIFE INSURANCE COMPANY AND SUBSIDIARIES. Consolidated Financial Statements And Supplementary Schedules. December 31, 2015, 2014 and 2013

MINNESOTA LIFE INSURANCE COMPANY AND SUBSIDIARIES. Consolidated Financial Statements And Supplementary Schedules. December 31, 2015, 2014 and 2013 MINNESOTA LIFE INSURANCE COMPANY AND SUBSIDIARIES Consolidated Financial Statements And Supplementary Schedules December 31, 2015, 2014 and 2013 KPMG LLP 4200 Wells Fargo Center 90 South Seventh Street

More information

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (A wholly owned subsidiary of New York Life Insurance Company)

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (A wholly owned subsidiary of New York Life Insurance Company) NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (A wholly owned subsidiary of New York Life Insurance Company) FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2011 and 2010 NEW YORK LIFE INSURANCE

More information

FINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations

FINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 2012 FINANCIAL REVIEW 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 88

More information

KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE

KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE Statutory Basis Financial Statements and Supplementary Information Years Ended December 31, 2010 and 2009 with Independent

More information

Financial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations

Financial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations 2011 Financial Review 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 90

More information

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (A wholly owned subsidiary of New York Life Insurance Company)

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (A wholly owned subsidiary of New York Life Insurance Company) NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (A wholly owned subsidiary of New York Life Insurance Company) FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2010 and 2009 J pwc To the Board of Directors

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY

TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED

More information

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATUTORY FINANCIAL STATEMENTS As of and for the years ended December 31, 2010 and 2009 Index to Condensed Consolidated

More information

TIAA-CREF LIFE INSURANCE COMPANY

TIAA-CREF LIFE INSURANCE COMPANY Audited Statutory Basis Financial Statements as of December 31, 2014 and 2013 and for the three years ended December 31, 2014 December 31, 2014 INDEX TO STATUTORY - BASIS FINANCIAL STATEMENTS Page Report

More information

North Carolina Insurance Underwriting Association

North Carolina Insurance Underwriting Association North Carolina Insurance Underwriting Association Statutory Financial Statements and Supplemental Schedules (With Independent Auditor s Report Thereon) December 31, 2014 and 2013 Contents Independent Auditor

More information

Forward Looking Statements 2. Condensed Consolidated Financial Statements

Forward Looking Statements 2. Condensed Consolidated Financial Statements Mutual of Omaha Insurance Company and Subsidiaries Executive Summary and Analysis of Financial Condition as of March 31, 2015 and December 31, 2014 and Results of Operations for the Three Months Ended

More information

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report Minnesota Workers' Compensation Assigned Risk Plan Financial Statements Together with Independent Auditors' Report December 31, 2012 CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Balance

More information

Forward Looking Statements 2. Condensed Consolidated Financial Statements

Forward Looking Statements 2. Condensed Consolidated Financial Statements Mutual of Omaha Insurance Company and Subsidiaries Executive Summary and Analysis of Financial Condition as of September 30, 2015 and December 31, 2014 and Results of Operations for the Nine Months Ended

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended

More information

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA Audited Statutory Basis Financial Statements as of December 31, 2014 and 2013 and for the three years ended December 31, 2014 December 31, 2014 INDEX

More information

American Automobile Association of Northern California, Nevada & Utah (AAA NCNU) Consolidated Financial Statements December 31, 2014 and 2013

American Automobile Association of Northern California, Nevada & Utah (AAA NCNU) Consolidated Financial Statements December 31, 2014 and 2013 American Automobile Association of Northern California, Nevada & Utah (AAA NCNU) Consolidated Financial Statements Index Page(s) Independent Auditor s Report... 1 2 Consolidated Financial Statements Statements

More information

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014 Consolidated financial statements Contents Page Management s statement of responsibility for financial reporting 1 Independent auditor s report 2 Consolidated statement of financial position 3 Consolidated

More information

Protective Reports First Quarter of 2011 Results and Announces Completion of Coinsurance Agreement

Protective Reports First Quarter of 2011 Results and Announces Completion of Coinsurance Agreement Protective Life Corporation Post Office Box 2606 Birmingham, AL 35202 205-268-1000 FOR IMMEDIATE RELEASE Protective Reports First Quarter of 2011 Results and Announces Completion of Coinsurance Agreement

More information

CONSOLIDATED FINANCIAL STATEMENTS. For the year 2008 CANADA LIFE FINANCIAL CORPORATION

CONSOLIDATED FINANCIAL STATEMENTS. For the year 2008 CANADA LIFE FINANCIAL CORPORATION CONSOLIDATED FINANCIAL STATEMENTS For the year 2008 CANADA LIFE FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (in $ millions except per share amounts) % Change For the years ended December 31 Premiums and

More information

Starr Insurance & Reinsurance Limited and Subsidiaries

Starr Insurance & Reinsurance Limited and Subsidiaries Starr Insurance & Reinsurance Limited and Subsidiaries Financial Statements Table of Contents Page Independent Auditors Report 1 Financial Statements Consolidated Balance Sheet 2 Consolidated Statement

More information

Mutual of Omaha Insurance Company

Mutual of Omaha Insurance Company Mutual of Omaha Insurance Company Statutory Financial Statements as of and for the Years Ended December 31, 2014 and 2013, Supplemental Schedules as of and for the Year Ended December 31, 2014, and Independent

More information

Jackson National Life Global Funding U.S. $9,000,000,000

Jackson National Life Global Funding U.S. $9,000,000,000 BASE PROSPECTUS SUPPLEMENT Jackson National Life Global Funding U.S. $9,000,000,000 GLOBAL DEBT ISSUANCE PROGRAM This supplement (this Base Prospectus Supplement ) is supplemental to and must be read in

More information

Forward Looking Statements 2. Condensed Consolidated Financial Statements

Forward Looking Statements 2. Condensed Consolidated Financial Statements Mutual of Omaha Insurance Company and Subsidiaries Executive Summary and Analysis of Financial Condition as of March 31, 2016 and December 31, 2015 and Results of Operations for the Three Months Ended

More information

Consolidated Financial Statements. For the years ended December 31, 2012, 2011 and 2010

Consolidated Financial Statements. For the years ended December 31, 2012, 2011 and 2010 Consolidated Financial Statements For the years ended December 31, 2012, 2011 and 2010 1 Table of Contents Report of Independent Auditors... 3 Consolidated Balance Sheets December 31, 2012 and 2011...

More information

Sentinel Security Life Insurance Company

Sentinel Security Life Insurance Company Sentinel Security Life Insurance Company STATUTORY FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT AND OTHER LEGAL AND REGULATORY INFORMATION C O N T E N T S Page Independent Auditor s Report...

More information

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements FUJIFILM Holdings Corporation and Subsidiaries March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements March 31, 2015 Contents Report of Independent

More information

GE Financial Assurance Holdings, Inc. (Exact name of registrant as specified in its charter)

GE Financial Assurance Holdings, Inc. (Exact name of registrant as specified in its charter) SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A1 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported)

More information

MITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006

MITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 2005 2006 ASSETS Investments - other than investments in affiliates: Securities available for sale: Fixed maturities, at fair value 3,043,851 3,193,503

More information

CONTACTS: PRESS RELATIONS BETSY CASTENIR (212) 339-3424 INVESTOR RELATIONS ROBERT TUCKER (212) 339-0861 FSA HOLDINGS FIRST QUARTER 2004 RESULTS

CONTACTS: PRESS RELATIONS BETSY CASTENIR (212) 339-3424 INVESTOR RELATIONS ROBERT TUCKER (212) 339-0861 FSA HOLDINGS FIRST QUARTER 2004 RESULTS FOR IMMEDIATE RELEASE CONTACTS: PRESS RELATIONS BETSY CASTENIR (212) 339-3424 INVESTOR RELATIONS ROBERT TUCKER (212) 339-0861 FSA HOLDINGS FIRST QUARTER 2004 RESULTS NET INCOME $84 Million in Q1 04 (+28%

More information

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements This component of the toolkit contains sample financial

More information

Sentinel Security Life Insurance Company

Sentinel Security Life Insurance Company Sentinel Security Life Insurance Company STATUTORY FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT AND OTHER LEGAL AND REGULATORY INFORMATION For the Years Ended December 31, 2013 and 2012 C O N

More information

Statutory Financial Statements and Report of Independent Certified Public Accountants. Massachusetts Catholic Self-Insurance Group, Inc.

Statutory Financial Statements and Report of Independent Certified Public Accountants. Massachusetts Catholic Self-Insurance Group, Inc. Statutory Financial Statements and Report of Independent Certified Public Accountants Massachusetts Catholic Self-Insurance Group, Inc. Contents Page Report of Independent Certified Public Accountants

More information

PROTECTIVE LIFE INSURANCE CO 10-Q. Quarterly report pursuant to sections 13 or 15(d) Filed on 11/14/2011 Filed Period 09/30/2011

PROTECTIVE LIFE INSURANCE CO 10-Q. Quarterly report pursuant to sections 13 or 15(d) Filed on 11/14/2011 Filed Period 09/30/2011 PROTECTIVE LIFE INSURANCE CO 10-Q Quarterly report pursuant to sections 13 or 15(d) Filed on 11/14/2011 Filed Period 09/30/2011 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549

More information

Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2007

Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2007 NAIC Group Code 0008 NAIC Company Code 60186 Employer s ID Number 36-2554642 Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2007 The Allstate

More information

Kansas City 2Life Insurance Company

Kansas City 2Life Insurance Company Kansas City 2Life Insurance Company 2012 Second Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Starr Insurance & Reinsurance Limited and Subsidiaries

Starr Insurance & Reinsurance Limited and Subsidiaries Starr Insurance & Reinsurance Limited and Subsidiaries Consolidated Financial Statements December 31,2014 and 2013 Table of Contents December 31, 2014 and 2013 Page Independent Auditors' Report 1 Consolidated

More information

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INDEX Page INDEPENDENT AUDITORS' REPORT 1-2 CONSOLIDATED FINANCIAL STATEMENTS Statement 1 - Consolidated Balance Sheet 3 Statement 2 - Consolidated General Reserve and

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

Kansas City 2Life Insurance Company

Kansas City 2Life Insurance Company Kansas City 2Life Insurance Company 2011 Second Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Kansas City 4Life Insurance Company

Kansas City 4Life Insurance Company Kansas City 4Life Insurance Company 2010 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014 Consolidated financial statements 2014 Annual Report 2014 2 Annual results 2014 Consolidated financial statements Contents Consolidated income statements 3 Consolidated statements of comprehensive income

More information

THE YARMOUTH MUTUAL FIRE INSURANCE COMPANY Financial Statements For the year ended December 31, 2014

THE YARMOUTH MUTUAL FIRE INSURANCE COMPANY Financial Statements For the year ended December 31, 2014 Financial Statements For the year ended Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 2 Statement of Financial Position 3 Statement of Comprehensive Income

More information

Jackson National Life Global Funding U.S. $10,750,000,000

Jackson National Life Global Funding U.S. $10,750,000,000 BASE PROSPECTUS SUPPLEMENT Jackson National Life Global Funding U.S. $10,750,000,000 GLOBAL DEBT ISSUANCE PROGRAM This supplement (this Base Prospectus Supplement ) is supplemental to and must be read

More information

COLLEGE ACCESS FOUNDATION OF CALIFORNIA

COLLEGE ACCESS FOUNDATION OF CALIFORNIA CONSOLIDATED FINANCIAL STATEMENTS C O N T E N T S Page Independent Auditors Report 1 Consolidated Statements of Financial Position 2 Consolidated Statements of Activities and Changes in Net Assets 3 Consolidated

More information

The Kings Mutual Insurance Company Consolidated Financial Statements December 31, 2014

The Kings Mutual Insurance Company Consolidated Financial Statements December 31, 2014 Consolidated Financial Statements Contents Page Independent Auditor s Report 3 Consolidated Statement of Operations 5 Consolidated Statement of Comprehensive Income and Accumulated Other Comprehensive

More information

The Farmers Automobile Insurance Association

The Farmers Automobile Insurance Association The Farmers Automobile Insurance Association Report on Audits of Financial Statements - Statutory Basis For the Years Ended December 31, 2015 and 2014 Table of Contents Page(s) Independent Auditor s Report...

More information

American International Group, Inc.

American International Group, Inc. Financial Supplement First Quarter 2012 This report should be read in conjunction with AIG s Report on Form 10-Q for the quarter ended March 31, 2012 filed with the Securities and Exchange Commission.

More information

Financial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations

Financial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations Financial Review 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations 80 Quantitative and Qualitative Disclosures About Market Risk 86 Consolidated

More information

Samsung Life Insurance Co., Ltd. Separate Financial Statements March 31, 2013 and 2012

Samsung Life Insurance Co., Ltd. Separate Financial Statements March 31, 2013 and 2012 Separate Financial Statements Index Page(s) Report of Independent Auditors 1-2 Separate Financial Statements Statements of Financial Position 3 Statements of Comprehensive Income 4 5 Statements of Changes

More information

ANNUAL REPORT PEKIN LIFE INSURANCE COMPANY 2013

ANNUAL REPORT PEKIN LIFE INSURANCE COMPANY 2013 ANNUAL REPORT PEKIN LIFE INSURANCE COMPANY 2013 Table of Contents Letter to Shareholders....................................................1 Significant Figures.......................................................2

More information

Lincoln Life & Annuity Company of New York

Lincoln Life & Annuity Company of New York Lincoln Life & Annuity Company of New York Lincoln Life & Annuity Company of New York Financial Statements December 31, 2015 and 2014 Report of Independent Registered Public Accounting Firm The Board of

More information

S TATUTORY-BASIS F INANCIAL S TATEMENTS

S TATUTORY-BASIS F INANCIAL S TATEMENTS S TATUTORY-BASIS F INANCIAL S TATEMENTS AND O THER F INANCIAL I NFORMATION Financial Guaranty Insurance Company Years Ended December 31, 2008 and 2007 With Report of Independent Auditors Statutory-Basis

More information

London Life Insurance Company ANNUAL REPORT

London Life Insurance Company ANNUAL REPORT London Life Insurance Company 2007 ANNUAL REPORT CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This report contains some forward-looking statements about the Company, including its business operations,

More information

ACE BERMUDA INSURANCE LTD. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2014 AND 2013

ACE BERMUDA INSURANCE LTD. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2014 AND 2013 CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2014 AND 2013 CONSOLIDATED BALANCE SHEETS December 31, 2014 and 2013 2014 2013 (in thousands of U.S. dollars, except share and per share data) Assets Investments

More information

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATUTORY FINANCIAL STATEMENTS As of June 30, 2015 and December 31, 2014 and for the six months ended June 30, 2015 and

More information

CALIFORNIA EARTHQUAKE AUTHORITY. Financial Statements. December 31, 2001 and 2000. (With Independent Auditors Report Thereon)

CALIFORNIA EARTHQUAKE AUTHORITY. Financial Statements. December 31, 2001 and 2000. (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Three Embarcadero Center San Francisco, CA 94111 Independent Auditors Report The Board of Directors California Earthquake Authority: We have

More information

The Wawanesa Life Insurance Company. Financial Statements December 31, 2011

The Wawanesa Life Insurance Company. Financial Statements December 31, 2011 The Wawanesa Life Insurance Company Financial Statements February 21, 2012 Appointed Actuary s Report To the Shareholder and Policyholders of The Wawanesa Life Insurance Company I have valued the insurance

More information

VII. Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors. 283 Consolidated statements of income

VII. Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors. 283 Consolidated statements of income VII Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors 283 Consolidated statements of income 284 Consolidated balance sheets 286 Statements of changes in shareholder

More information

American International Group, Inc. Financial Supplement Fourth Quarter 2005

American International Group, Inc. Financial Supplement Fourth Quarter 2005 Financial Supplement Fourth Quarter 2005 This report should be read in conjunction with AIG's Annual Report on Form 10-K for the year ended December 31, 2005 filed with the Securities and Exchange Commission.

More information

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report Financial Statements With Independent Auditors Report The reader is advised that these financial statements have been prepared originally in Chinese. These financial statements do not include additional

More information

Controls and accounting policies

Controls and accounting policies Controls and accounting policies Controls and procedures Management s responsibility for financial information contained in this Annual Report is described on page 92. In addition, the Bank s Audit and

More information

GE Financial Assurance Holdings, Inc. (Exact name of registrant as specified in its charter)

GE Financial Assurance Holdings, Inc. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Financial Statements MNP INDEPENDENT AUDITOR'S REPORT To the Policyholders of Grenville Mutual Insurance Company We have audited the accompanying financial statements of Grenville Mutual Insurance Company,

More information

Kansas City 4Life Insurance Company

Kansas City 4Life Insurance Company Kansas City 4Life Insurance Company 2012 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

S TATUTORY- B ASIS F INANCIAL S TATEMENTS Financial Guaranty Insurance Company March 31, 2015

S TATUTORY- B ASIS F INANCIAL S TATEMENTS Financial Guaranty Insurance Company March 31, 2015 S TATUTORY- B ASIS F INANCIAL S TATEMENTS Financial Guaranty Insurance Company March 31, 2015 Statutory-Basis Financial Statements March 31, 2015 Statutory-Basis Financial Statements Contents Statutory-Basis

More information

PRICOA Global Funding I. $15,000,000,000 Global Medium Term Note Program

PRICOA Global Funding I. $15,000,000,000 Global Medium Term Note Program PRICOA Global Funding I $15,000,000,000 Global Medium Term Note Program This base prospectus supplement, including Annex 1 attached hereto (this "First Base Prospectus Supplement"), supplements and must

More information

PREMERA. Consolidated Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors Report

PREMERA. Consolidated Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors Report PREMERA Consolidated Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors Report PREMERA TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 2 CONSOLIDATED

More information

ACE LIMITED AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2014

ACE LIMITED AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2014 ACE LIMITED AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2014 F-1 ACE Limited INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Management's Responsibility for Financial Statements and

More information

PART III. Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Independent Auditors Report 47

PART III. Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Independent Auditors Report 47 PART III Item 17. Financial Statements Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Schedule: Page Number Independent Auditors Report 47 Consolidated Balance Sheets as of March

More information

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements Report of Independent Public Accountants To the Board of Directors of Sumitomo Densetsu Co., Ltd. : We have audited the consolidated

More information

Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2008

Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2008 NAIC Group Code 0008 NAIC Company Code 60186 Employer s ID Number 36-2554642 Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2008 The Allstate

More information

Consolidated Balance Sheets

Consolidated Balance Sheets Consolidated Balance Sheets March 31 2015 2014 2015 Assets: Current assets Cash and cash equivalents 726,888 604,571 $ 6,057,400 Marketable securities 19,033 16,635 158,608 Notes and accounts receivable:

More information

MassMutual Whole Life Insurance

MassMutual Whole Life Insurance A Technical Overview for Clients and their Advisors MassMutual Whole Life Insurance The product design and pricing process Contents 1 Foreword 2 A Brief History of Whole Life Insurance 3 Whole Life Basics

More information

Kansas City 1Life Insurance Company

Kansas City 1Life Insurance Company Kansas City 1Life Insurance Company 2011 First Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Report of Independent Auditors and Consolidated Statements of Financial Condition for. Davidson Companies and Subsidiaries

Report of Independent Auditors and Consolidated Statements of Financial Condition for. Davidson Companies and Subsidiaries Report of Independent Auditors and Consolidated Statements of Financial Condition for Davidson Companies and Subsidiaries REPORT OF INDEPENDENT AUDITORS To the Board of Directors Davidson Companies We

More information

National Safety Council. Consolidated Financial Report June 30, 2014 and 2013

National Safety Council. Consolidated Financial Report June 30, 2014 and 2013 Consolidated Financial Report June 30, 2014 and 2013 Contents Independent Auditor s Report 1 2 Financial Statements Consolidated statements of financial position 3 Consolidated statements of activities

More information

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars)

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars) A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, and January 1, (in thousands of dollars) February 12, 2013 Independent Auditor s Report To the Shareholders of A&W Food Services

More information

THE EMPIRE LIFE INSURANCE COMPANY

THE EMPIRE LIFE INSURANCE COMPANY THE EMPIRE LIFE INSURANCE COMPANY Condensed Interim Consolidated Financial Statements For the nine months ended September 30, 2013 Unaudited Issue Date: November 6, 2013 These condensed interim consolidated

More information

Notes to Consolidated Financial Statements Note 1: Basis of Presentation

Notes to Consolidated Financial Statements Note 1: Basis of Presentation NOTES TO CONSOLIDATED FINANCIAL STATEMENTS to Consolidated Financial Statements Note 1: Basis of Presentation Bank of Montreal ( the bank ) is a public company incorporated in Canada having its registered

More information