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8-K - FORM 8-K - Symetra Financial CORP | v59656e8vk.htm |
EX-99.2 - EX-99.2 - Symetra Financial CORP | v59656exv99w2.htm |
Exhibit 99.1
Investor Relations Contact:
Jim Pirak
(425) 256-8284
jim.pirak@symetra.com
Jim Pirak
(425) 256-8284
jim.pirak@symetra.com
Media Relations Contact:
Diana McSweeney
(425) 256-6167
diana.mcsweeney@symetra.com
Diana McSweeney
(425) 256-6167
diana.mcsweeney@symetra.com
SYMETRA FINANCIAL REPORTS SECOND QUARTER 2011 RESULTS
BELLEVUE, Wash.(July 27, 2011)Symetra Financial Corp. (NYSE: SYA) today reported second
quarter 2011 net income of $59.4 million, or $0.43 per diluted share. This compares with $35.8
million, or $0.26 per diluted share, in second quarter 2010.
Adjusted operating income1 was $49.8 million, or $0.36 per diluted share, in second
quarter 2011, compared with $41.5 million, or $0.30 per diluted share, in the same period a year
ago.
Three Months Ended | Six Months Ended | |||||||||||||||
Summary Financial Results | June 30 | June 30 | ||||||||||||||
(In millions, except per share data) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Net Income |
$ | 59.4 | $ | 35.8 | $ | 114.3 | $ | 82.1 | ||||||||
Per Diluted Share of Common Stock |
$ | 0.43 | $ | 0.26 | $ | 0.83 | $ | 0.61 | ||||||||
Adjusted Operating Income |
$ | 49.8 | $ | 41.5 | $ | 94.9 | $ | 83.4 | ||||||||
Per Diluted Share of Common Stock |
$ | 0.36 | $ | 0.30 | $ | 0.69 | $ | 0.62 |
Symetras second quarter performance reflected solid operating results, bolstered by net
gains in our investment portfolio, said Tom Marra, Symetra president and chief executive officer.
Our Group loss ratio improved to target levels, Deferred Annuities account values hit a new
record, and earnings in our Income Annuities segment increased on favorable mortality results.
While Life earnings declined from year-ago levels, single premium life (SPL) sales accelerated for
the fourth consecutive quarter.
Second Quarter 2011 Summary
| Group loss ratio improved to 62.4% from 67.6% in first quarter 2011 and 63.8% in second quarter 2010. | ||
| Deferred Annuities total account values grew to $10.9 billion; higher account values drove earnings increase over second quarter 2010. | ||
| Income Annuities results benefitted from mortality gains. | ||
| Life earnings, despite favorable individual claims experience, declined on lower BOLI return on assets and higher administrative expenses versus second quarter 2010. | ||
| Investment portfolio generated net realized investment gains of $14.1 million, compared with net losses of $10.0 million in second quarter 2010. |
1
On the product development front, Symetra achieved several milestones during second quarter 2011.
The company rolled out an updated SPL product, launched the Symetra Edge Pro fixed indexed annuity,
and appointed a new product leader to continue building out its group life business.
On July 1, 2011, Symetra acquired the renewal rights for medical stop-loss policies issued by
American United Life Insurance Company (AUL) in a deal valued at $26 million. This
transaction supports our capital deployment strategy to invest in smart growth opportunities in our
core lines of business, said Marra. As we transition AUL customers to Symetra, we look forward to
achieving greater operating efficiencies over time and strengthening our leadership position in the
stop-loss industry.
Symetra also recently announced new sales and product leadership to expand individual life
distribution with brokerage general agencies and independent life professionals, and to develop new
registered investment products, focusing initially on lower-cost variable annuities that do not
offer living benefit guarantees.
With these additional pieces in place, we can build on the momentum of our Grow and Diversify
strategy, Marra said.
BUSINESS SEGMENT RESULTS
Three Months Ended | Six Months Ended | |||||||||||||||
Segment Pretax Adjusted Operating Income (Loss) | June 30 | June 30 | ||||||||||||||
(In millions) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Group |
$ | 19.0 | $ | 18.2 | $ | 32.8 | $ | 33.9 | ||||||||
Deferred Annuities |
23.0 | 20.6 | 46.2 | 37.9 | ||||||||||||
Income Annuities |
12.6 | 6.4 | 21.5 | 12.8 | ||||||||||||
Life |
17.4 | 19.0 | 34.3 | 42.3 | ||||||||||||
Other |
(2.4 | ) | (5.0 | ) | (3.8 | ) | (8.9 | ) | ||||||||
Subtotal |
$ | 69.6 | $ | 59.2 | $ | 131.0 | $ | 118.0 | ||||||||
Less: Income Taxes* |
19.8 | 17.7 | 36.1 | 34.6 | ||||||||||||
Adjusted Operating Income |
$ | 49.8 | $ | 41.5 | $ | 94.9 | $ | 83.4 | ||||||||
* Represents the total provision for income taxes adjusted for the tax effect on net realized investment gains (losses) and on net realized and unrealized investment gains (losses) on fixed indexed annuity (FIA) options at the U.S. federal income tax rate of 35%. |
Group Division
The Group segment, which consists of medical stop-loss insurance, limited benefit medical, and
group life and disability income insurance, reported second quarter 2011 pretax adjusted operating
income of $19.0 million, compared with $18.2 million in second quarter 2010. Operating income
increased over year-ago levels as a result of premium growth and an
improved loss ratio, partially offset by higher administrative expenses, including those related to
the expansion of Symetras group life and disability income insurance business.
2
Groups loss ratio was 62.4% for second quarter 2011, compared with 63.8% in second quarter 2010.
This result brought the year-to-date Group loss ratio back within the companys long-term target
range of 63%65%.
Group sales in second quarter 2011 were $23.4 million, up from $20.6 million in second quarter
2010. Driving the improvement were medical stop-loss sales, which were $4.2 million higher in
second quarter 2010.
Retirement Division
The Deferred Annuities segment, which includes fixed and variable deferred annuities, generated
$23.0 million in pretax adjusted operating income in second quarter 2011, compared with $20.6
million in second quarter 2010. Solid interest spreads on significantly higher account values
contributed to the increase in earnings. Total account values were a record $10.9 billion at June
30, 2011, up from $9.3 billion at the end of the same quarter in 2010. Fixed account values topped the
$10 billion mark in second quarter 2011, another company record.
Sales of deferred annuities (predominately fixed annuities) were $446.5 million in second quarter
2011, compared with particularly strong sales of $623.9 million in second quarter 2010. Continued
low interest rates affected fixed annuity sales.
The Income Annuities segment, which includes single premium immediate annuities (SPIAs) and
structured settlements, produced pretax adjusted operating income of $12.6 million in second
quarter 2011, compared with $6.4 million in second quarter 2010. Second quarter results were driven
by mortality gains of $4.9 million, compared with mortality losses of $1.8 million in second
quarter 2010.
Income Annuities sales were $38.7 million in second quarter 2011, compared with sales of $67.8
million in second quarter 2010. Lower sales were expected given the low interest rate environment
and the companys corresponding shift in focus to shorter-duration products.
Life Division
The Life segment, which includes term life, universal life and bank-owned life insurance (BOLI),
reported pretax adjusted operating income of $17.4 million in second quarter 2011, compared with
$19.0 million in the same quarter of 2010. Lower BOLI return on assets (ROA) and higher
administrative expenses led to the earnings decline. However, individual life claims experience was
more favorable than expected and better than second quarter 2010 results.
Life sales were $2.9 million in second quarter 2011, up from $2.4 million in second quarter 2010.
SPL sales increased $1.4 million over year-ago levels, marking the fourth quarter of sequential SPL
sales improvement and a 31% increase over first quarter 2011 results. The SPL sales growth was
driven by accelerated production by new bank partners. There were no BOLI sales in the second
quarter of 2011 or 2010.
Other
The Other segment, which includes unallocated corporate income and expenses, interest expense on
debt and other income outside of Symetras four business segments, had a pretax adjusted operating
loss of $2.4 million in second quarter 2011, compared with a pretax adjusted
operating loss of $5.0 million in the same quarter a year ago. Second quarter 2011 results improved
largely due to an overall increase in investment income.
3
Investment Portfolio
Net realized investment gains were $14.1 million in second quarter 2011, up from net losses of
$10.0 million in second quarter 2010. The improvement primarily stemmed from portfolio gains from
the sale of mortgage-backed securities. Impairment losses were $2.8 million in second quarter 2011,
compared with impairment losses of $1.5 million in second quarter 2010.
Symetras equity portfolio posted net investment losses of $6.9 million in second quarter 2011,
compared with net losses of $8.8 million in second quarter 2010. The companys equity portfolio had
negative returns of -2.4% in second quarter 2011, compared with the S&P 500 Total Return Index
result of 0.1%.
Stockholders Equity
Total stockholders equity, or book value, as of June 30, 2011 was $2,647.3 million, or $19.25 per
share, compared with $2,431.0 million, or $17.68 per share, as of March 31, 2011.
Adjusted book value per share, as converted,1 was $16.49 per share as of June 30, 2011,
up from $16.11 per share as of March 31, 2011.
Symetra Life Insurance Company ended second quarter 2011 with an estimated risk-based capital (RBC)
ratio of 466% and statutory capital and surplus, including asset valuation reserve (AVR), of
$2,040.7 million.
2011 Earnings Guidance
Symetra affirmed its previous guidance for full-year 2011 adjusted operating income per share of
$1.30 to $1.50. Some of the factors that could drive actual results toward the lower end, middle or
upper end of the guidance range include: changes in the interest rate environment; Group loss ratio
relative to long-term target; timing and success of product launches; amount of issuance and yields
on commercial mortgage loans; returns on alternative investment portfolio; and achievement of
target cash balances.
Additional Financial Information
This press release and the second quarter 2011 financial supplement are posted on the companys
website at http://investors.symetra.com. Investors are encouraged to review all of these materials.
Management to Review Results on Conference Call and Webcast
Symetras senior management team will discuss the companys second quarter 2011 performance with
investors and analysts on Thursday, July 28, 2011 at 10 a.m., Eastern Time (7 a.m., Pacific Time).
To listen by phone, dial 1-888-713-4213. For international callers, dial 617-213-4865. The access
code is 51460140. Participants may pre-register for the call at www.symetra.com/earnings.
Pre-registrants will be issued a PIN to use when dialing into the live call, which will provide
quick access to the conference by bypassing the operator.
The conference call will be broadcast live on the Internet at http://investors.symetra.com and
archived later in the day for replay. Those who wish to listen to the call by phone or via the
Internet should dial in or go to Symetras website at least 15 minutes before the call to register
and/or test the compatibility of their computer.
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A replay of the call can be accessed by phone at approximately 1 p.m., Eastern Time (10 a.m.,
Pacific Time) on July 28, 2011 by dialing 1-888-286-8010. For international callers, dial
617-801-6888. The access code is 37018275. The replay will be available by phone until Aug. 4,
2011. To access a replay of the conference call over the Internet, visit
http://investors.symetra.com.
Use of Non-GAAP Measures
1 Symetra uses both U.S. generally accepted accounting principles (GAAP) and non-GAAP
financial measures to track the performance of its operations and financial condition. Definitions
of each non-GAAP measure are provided below, and reconciliations to the most directly comparable
GAAP measures are included in the tables at the end of this press release. These measures are not
substitutes for GAAP financial measures. For more information about these non-GAAP measures, please
see Symetras 2010 Annual Report on Form 10-K.
This press release may include non-GAAP financial measures entitled adjusted operating income,
adjusted operating income per diluted share, adjusted book value, adjusted book value, as
converted and adjusted book value per share, as converted. The company defines adjusted
operating income as net income, excluding after-tax net investment gains (losses) and including
after-tax net investment gains (losses) on fixed indexed annuity (FIA) options. Adjusted operating
income per diluted share is defined as adjusted operating income divided by diluted common shares
outstanding. Adjusted book value is defined as stockholders equity, less accumulated other
comprehensive income (loss), or AOCI. Adjusted book value, as converted, is defined as
stockholders equity, less AOCI plus the assumed proceeds from exercising the outstanding warrants.
Adjusted book value per share, as converted, is calculated as adjusted book value, as converted,
divided by the sum of outstanding common shares and shares subject to outstanding warrants.
Definition of Selected Operating Performance Measures
The company reports selected operating performance measures, which are commonly used in the
insurance industry. These measures are described here:
Loss ratio Represents policyholder benefits and claims incurred divided by premiums earned.
Sales For the Group segment, sales represent annualized first-year premiums for new policies.
For the Deferred Annuities and Income Annuities segments, sales represent deposits for new
policies. For the Life segment, sales represent annualized first-year premiums for recurring
premium products, and 10% of new deposits for BOLI and other single-premium products. All sales
figures are net of first-year surrenders.
About Symetra Financial
Symetra Financial Corporation (NYSE: SYA) is a diversified financial services company based in
Bellevue, Wash. In business since 1957, Symetra provides employee benefits, annuities and life
insurance through a national network of benefit consultants, financial institutions, and
independent agents and advisors. For more information, visit www.symetra.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release may contain forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of current or historical facts included or referenced in this
release that address activities, events or developments that we expect or anticipate will or may
occur in the future, are forward-looking statements. The words will, believe, intend, plan,
expect, anticipate, project, estimate, predict, potential and similar expressions also
are
5
intended to identify forward-looking statements. These forward-looking statements include,
among others, statements with respect to Symetras:
| estimates or projections of revenues, net income (loss), net income (loss) per share, adjusted operating income (loss), adjusted operating income (loss) per share, market share or other financial forecasts; | ||
| trends in operations, financial performance and financial condition; | ||
| financial and operating targets or plans; and | ||
| business and growth strategy, including prospective products, services and distribution partners. |
These statements are based on certain assumptions and analyses made by Symetra in light of its
experience and perception of historical trends, current conditions and expected future
developments, as well as other factors believed to be appropriate under the circumstances. Whether
actual results and developments will conform to Symetras expectations and predictions is subject
to a number of risks, uncertainties and contingencies that could cause actual results to differ
materially from expectations, including, among others:
| general economic, market or business conditions, including further economic downturns or other adverse conditions in the global and domestic capital and credit markets; | ||
| the availability of capital and financing; | ||
| potential investment losses; | ||
| the effects of fluctuations in interest rates and a prolonged low interest rate environment; | ||
| recorded reserves for future policy benefits and claims subsequently proving to be inadequate or inaccurate; | ||
| deviations from assumptions used in setting prices for insurance and annuity products; | ||
| continued viability of certain products under various economic and other conditions; | ||
| market pricing and competitive trends related to insurance products and services; | ||
| changes in amortization of deferred policy acquisition costs and deferred sales inducements; | ||
| financial strength or credit ratings downgrades; | ||
| the continued availability and cost of reinsurance coverage; | ||
| changes in laws or regulations, or their interpretation, including those that could increase Symetras business costs and required capital levels; | ||
| the ability of subsidiaries to pay dividends to Symetra; | ||
| the ability of the new executive leadership team to successfully implement business strategies; | ||
| the effects of implementation of the Patient Protection and Affordable Care Act; | ||
| the effects of implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and | ||
| the risks that are described from time to time in Symetras filings with the U.S. Securities and Exchange Commission, including those in Symetras 2010 Annual Report on Form 10-K. |
Consequently, all of the forward-looking statements made in this press release are qualified
by these cautionary statements, and there can be no assurance that the actual results or
developments anticipated by Symetra will be realized or, even if substantially realized, that they
will have the expected consequences to, or effects on, Symetra or its business or operations.
Symetra assumes no obligation to update publicly any such forward-looking statements, whether as a
result of new information, future events or otherwise.
6
Symetra Financial Corporation
Consolidated Income Statement Data
(in millions, except per share data)
(unaudited)
Consolidated Income Statement Data
(in millions, except per share data)
(unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues |
||||||||||||||||
Premiums |
$ | 119.4 | $ | 115.5 | $ | 240.3 | $ | 234.5 | ||||||||
Net investment income |
312.2 | 297.1 | 622.2 | 584.0 | ||||||||||||
Policy fees, contract charges and other |
45.9 | 41.8 | 90.6 | 82.3 | ||||||||||||
Net realized investment gains (losses): |
||||||||||||||||
Total other-than-temporary impairment losses on securities |
(3.1) | (2.7) | (4.0) | (20.6) | ||||||||||||
Less: portion of losses recognized in other comprehensive income |
0.3 | 1.2 | 0.3 | 9.4 | ||||||||||||
Net impairment losses recognized in earnings |
(2.8) | (1.5) | (3.7) | (11.2) | ||||||||||||
Other net realized investment gains (losses) |
16.9 | (8.5) | 33.4 | 8.0 | ||||||||||||
Total net realized investment gains (losses) |
14.1 | (10.0) | 29.7 | (3.2) | ||||||||||||
Total revenues |
491.6 | 444.4 | 982.8 | 897.6 | ||||||||||||
Benefits and expenses |
||||||||||||||||
Policyholder benefits and claims |
83.7 | 83.3 | 176.0 | 169.5 | ||||||||||||
Interest credited |
225.1 | 221.5 | 453.4 | 440.0 | ||||||||||||
Other underwriting and operating expenses |
70.5 | 64.2 | 136.5 | 123.8 | ||||||||||||
Interest expense |
8.0 | 7.9 | 16.0 | 15.9 | ||||||||||||
Amortization of deferred policy acquisition costs |
20.0 | 17.0 | 40.1 | 32.4 | ||||||||||||
Total benefits and expenses |
407.3 | 393.9 | 822.0 | 781.6 | ||||||||||||
Income from operations before income taxes |
84.3 | 50.5 | 160.8 | 116.0 | ||||||||||||
Provision (benefit) for income taxes |
||||||||||||||||
Current |
31.1 | 17.4 | 42.3 | 27.3 | ||||||||||||
Deferred |
(6.2) | (2.7) | 4.2 | 6.6 | ||||||||||||
Total provision for income taxes |
24.9 | 14.7 | 46.5 | 33.9 | ||||||||||||
Net income |
$ | 59.4 | $ | 35.8 | $ | 114.3 | $ | 82.1 | ||||||||
Net income per common share |
||||||||||||||||
Basic |
$ | 0.43 | $ | 0.26 | $ | 0.83 | $ | 0.61 | ||||||||
Diluted |
$ | 0.43 | $ | 0.26 | $ | 0.83 | $ | 0.61 | ||||||||
Weighted-average number of common shares outstanding |
||||||||||||||||
Basic |
137.523 | 137.019 | 137.408 | 134.035 | ||||||||||||
Diluted |
137.532 | 137.038 | 137.417 | 134.056 | ||||||||||||
Cash dividends declared per common share |
$ | 0.06 | $ | 0.05 | $ | 0.11 | $ | 0.05 | ||||||||
Non-GAAP financial measures |
||||||||||||||||
Adjusted operating income |
$ | 49.8 | $ | 41.5 | $ | 94.9 | $ | 83.4 | ||||||||
Reconciliation to net income |
||||||||||||||||
Net income |
$ | 59.4 | $ | 35.8 | $ | 114.3 | $ | 82.1 | ||||||||
Less: Net realized investment gains (losses) (net of taxes)* |
9.2 | (6.6) | 19.3 | (2.1) | ||||||||||||
Add: Net investment losses on FIA options (net of taxes)** |
(0.4) | (0.9) | (0.1) | (0.8) | ||||||||||||
Adjusted operating income |
$ | 49.8 | $ | 41.5 | $ | 94.9 | $ | 83.4 | ||||||||
*Net realized investment gains (losses) are reported net of taxes of $4.9, $(3.4), $10.4 and $(1.1) for the three and six months ended June 30, 2011 and 2010, respectively. |
**Net investment losses on FIA options are reported net of taxes of $(0.2), $(0.4), $0.0 and $(0.4) for the three and six months ended June 30, 2011 and 2010, respectively. |
8
Symetra Financial Corporation Consolidated Balance Sheet Data (in millions, except per share data) (unaudited) |
June 30 | December 31 | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Total investments |
$ | 24,941.5 | $ | 23,500.2 | ||||
Other assets |
1,114.0 | 1,255.0 | ||||||
Separate account assets |
887.3 | 881.7 | ||||||
Total assets |
$ | 26,942.8 | $ | 25,636.9 | ||||
Liabilities and stockholders equity |
||||||||
Policyholder liabilities |
$ | 22,557.1 | $ | 21,591.5 | ||||
Notes payable |
449.1 | 449.0 | ||||||
Other liabilities |
402.0 | 334.1 | ||||||
Separate account liabilities |
887.3 | 881.7 | ||||||
Total liabilities |
24,295.5 | 23,256.3 | ||||||
Common stock and additional paid-in capital |
1,453.5 | 1,451.4 | ||||||
Retained earnings |
595.9 | 496.7 | ||||||
Accumulated other comprehensive income, net of taxes |
597.9 | 432.5 | ||||||
Total stockholders equity |
2,647.3 | 2,380.6 | ||||||
Total liabilities and stockholders equity |
$ | 26,942.8 | $ | 25,636.9 | ||||
Book value per share* |
$ | 19.25 | $ | 17.35 | ||||
Non-GAAP financial measures |
||||||||
Adjusted book value |
$ | 2,049.4 | $ | 1,948.1 | ||||
Reconciliation to stockholders equity |
||||||||
Total stockholders equity |
$ | 2,647.3 | $ | 2,380.6 | ||||
Less: AOCI |
597.9 | 432.5 | ||||||
Adjusted book value |
2,049.4 | 1,948.1 | ||||||
Add: Assumed proceeds from exercise of warrants |
218.1 | 218.1 | ||||||
Adjusted book value, as converted |
$ | 2,267.5 | $ | 2,166.2 | ||||
Adjusted book value per share, as converted** |
$ | 16.49 | $ | 15.79 | ||||
*Book value per share is calculated based on stockholders equity divided by outstanding common shares plus shares subject to outstanding warrants, totaling 137.547 and 137.192 as of June 30, 2011 and December 31, 2010, respectively. |
**Adjusted book value per share, as converted, is calculated based on adjusted book value, as converted, divided by outstanding common shares plus shares subject to outstanding warrants, totaling 137.547 and 137.192 as of June 30, 2011 and December 31, 2010, respectively. |
9
Symetra Financial Corporation
Reconciliation of Segment Pretax Adjusted Operating Income, Operating Revenues and Operating ROAE
(in millions)
(unaudited)
Reconciliation of Segment Pretax Adjusted Operating Income, Operating Revenues and Operating ROAE
(in millions)
(unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Segment pretax adjusted operating income (loss) |
||||||||||||||||
Group |
$ | 19.0 | $ | 18.2 | $ | 32.8 | $ | 33.9 | ||||||||
Deferred Annuities |
23.0 | 20.6 | 46.2 | 37.9 | ||||||||||||
Income Annuities |
12.6 | 6.4 | 21.5 | 12.8 | ||||||||||||
Life |
17.4 | 19.0 | 34.3 | 42.3 | ||||||||||||
Other |
(2.4) | (5.0) | (3.8) | (8.9) | ||||||||||||
Subtotal |
69.6 | 59.2 | 131.0 | 118.0 | ||||||||||||
Add: Net realized investment gains (losses) |
14.1 | (10.0) | 29.7 | (3.2) | ||||||||||||
Less: Net investment losses on FIA options |
(0.6) | (1.3) | (0.1) | (1.2) | ||||||||||||
Income from operations before income taxes |
$ | 84.3 | $ | 50.5 | $ | 160.8 | $ | 116.0 | ||||||||
Reconciliation of revenues to operating revenues |
||||||||||||||||
Revenues |
$ | 491.6 | $ | 444.4 | $ | 982.8 | $ | 897.6 | ||||||||
Less: Net realized investment gains (losses) |
14.1 | (10.0) | 29.7 | (3.2) | ||||||||||||
Add: Net investment losses on FIA options |
(0.6) | (1.3) | (0.1) | (1.2) | ||||||||||||
Operating revenues |
$ | 476.9 | $ | 453.1 | $ | 953.0 | $ | 899.6 | ||||||||
Twelve Months Ended | ||||||||
June 30 | ||||||||
2011 | 2010 | |||||||
ROE |
9.3% | 9.9% | ||||||
Average stockholders equity* |
$ | 2,502.6 | $ | 1,598.4 | ||||
Non-GAAP financial measures |
||||||||
Operating ROAE |
9.6% | 9.6% | ||||||
Average adjusted book value** |
$ | 1,945.6 | $ | 1,598.8 |
*Average stockholders equity is derived by averaging ending stockholders equity for the most recent five quarters. |
**Average adjusted book value is derived by averaging ending adjusted book value for the most recent five quarters. |
10