Unitrin, Inc. Reports Record Fourth Quarter and Full Year Operating Results.CHICAGO Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. -- Unitrin, Inc. (NYSE NYSE See: New York Stock Exchange :UTR UTR Untranslated Region (genetics) UTR Unicode Technical Report UTR Unique Taxpayer Reference (UK Inland Revenue) UTR Unable to Reach UTR Unable to Reproduce UTR University Technical Representative ) reported today net income of $86.7 million ($1.26 per common share) for the fourth quarter of 2005, compared to $73.3 million ($1.07 per common share) for the fourth quarter of 2004. For the year ended December December: see month. 31, 2005, Unitrin reported net income of $255.5 million ($3.70 per common share), compared to $240.2 million ($3.51 per common share) in the same period in 2004. Net income increased due primarily to improved operating results, partially offset by lower net realized investment gains. Dick Vie, Unitrin Chairman and Chief Executive Officer, commented, "We are pleased to report record fourth quarter and full year operating results. This year's fourth quarter was impacted by several significant items. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. loss and loss adjustment expenses (LAE) reserve development was $13.9 million for the fourth quarter of 2005 compared to $4.9 million for the same period in 2004. The impact of positive reserve development was partially offset by $4.2 million higher after-tax catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). losses, largely the result of Hurricane Wilma Hurricane Wilma was the most intense hurricane ever recorded in the Atlantic basin. Exceeding the 21 storms of the 1933 season, Wilma was the twenty-second storm (including the subtropical storm discovered in reanalysis), thirteenth hurricane, sixth major hurricane, and fourth . We also recognized a tax benefit of about $14 million in the fourth quarter of 2005 related to prior years Federal Income Taxes. Our operating results exclude gains on sales of investments and net income from our Investee - Intermec Intermec Inc. is a major manufacturer and worldwide supplier of Automated identification and data capture equipment, including barcode scanners, barcode printers, mobile computers and RFID systems. Intermec's headquarters is located in Everett, WA, United States. (formerly known as UNOVA)." Vie also commented that "We repurchased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $19 million of Unitrin common stock during the fourth quarter bringing our repurchases up to $49 million for the year." Total Revenue Total Revenue was $755.9 million for the fourth quarter of 2005, compared to $759.7 million for the fourth quarter of 2004. Earned premiums Earned premium is the portion of an insurance written premium which is considered "earned" by the insurer, based on the part of the policy period that the insurance has been in effect, and during which the insurer has been exposed to loss. declined slightly as higher earned premiums at Unitrin Direct were offset by lower earned premiums at Unitrin Specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. . Net realized investment gains were $3.4 million for the fourth quarter of 2005, compared to $11.3 million for the fourth quarter of 2004. Net realized investment gains for the fourth quarters of 2005 and 2004 included pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gains of $4.0 million and $8.8 million, respectively, from the sale of a portion of the Company's investment in Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. common stock. The 2005 and 2004 net realized investment gains also includes pre-tax losses of $4.1 million and $1.3 million, respectively, to write down certain investments where the decline in the fair value of the investment was determined to be other than temporary. The Company cannot anticipate when or if similar investment gains and losses may occur in the future. Quarterly Segment Results Unitrin is engaged, through its subsidiaries, in the property and casualty insurance, life and health insurance and consumer finance businesses. The Company conducts its operations through six operating segments: Unitrin Kemper Kemper may refer to:
Effective January January: see month. 1, 2005, the personal lines operations of Unitrin's former Multi Lines Insurance segment were combined into the Kemper Auto and Home segment, forming one business that we now call Unitrin Kemper Auto and Home. The remaining commercial lines operations of the former Multi Lines Insurance segment have been renamed "Unitrin Business Insurance" and continue to operate as a separate business segment. Amounts for the prior period have been restated to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the current management reporting structure. Unitrin Kemper Auto and Home Earned premiums in the Unitrin Kemper Auto and Home segment increased by $2.5 million for the fourth quarter of 2005, compared to the same period in 2004. Automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of insurance earned premiums decreased by $0.9 million due primarily to lower volume of insurance from assigned risk A danger or hazard of loss or injury that an insurer will not normally accept for coverage under a policy issued by the insurer, but that the insurance company is required by state law to offer protection against by participating in a pool of insurers who are also compelled to provide and involuntary involuntary adj. or adv. without intent, will, or choice. Participation in a crime is involuntary if forced by immediate threat to life or health of oneself or one's loved ones, and will result in dismissal or acquittal. INVOLUNTARY. market pools. Homeowners insurance earned premiums increased by $4.2 million due primarily to higher premium rates and higher volume. Net investment income increased by $1.4 million due primarily to higher levels of investments. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the Unitrin Kemper Auto and Home segment increased by $15.5 million for the fourth quarter of 2005, compared to same period in 2004, due primarily to lower losses and LAE as a percentage of earned premiums and higher net investment income, partially offset by higher insurance expenses. Loss and LAE decreased due primarily to favorable loss and LAE reserve development. The Unitrin Kemper Auto and Home segment recognized favorable loss and LAE reserve development of $18.6 million for the fourth quarter of 2005, compared to favorable loss and LAE reserve development of $4.8 million in 2004. Unitrin Kemper Auto and Home reported catastrophe losses of $3.9 million, primarily due to Hurricane Wilma, in the fourth quarter of 2005, compared to the favorable net impact of positive development on prior-period catastrophes of $1.3 million for the fourth quarter of 2004. Insurance expenses increased by $1.6 million due primarily to higher restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expenses, partially offset by lower expenses related to claims administered for third parties. Unitrin Specialty Earned premiums in the Unitrin Specialty segment decreased by $7.2 million for the fourth quarter of 2005, compared to the same period in 2004. Personal automobile insurance earned premiums decreased by $8.5 million due to both lower volume and lower premium rates. Commercial automobile insurance earned premiums increased by $1.3 million due primarily to higher volume. Operating profit in the Unitrin Specialty segment decreased by $2.0 million for the fourth quarter of 2005, compared to the same period in 2004, due primarily to higher severity of losses in personal automobile insurance and the effects of reserve development, partially offset by lower losses and LAE as a percentage of earned premiums in commercial automobile insurance. Unitrin Direct Earned premiums in the Unitrin Direct segment were $56.0 million for the fourth quarter of 2005, compared to $51.6 million for the fourth quarter of 2004. Earned premiums increased due to both higher premium rates and volume. Unitrin Direct operating profit was breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations for the fourth quarter of 2005, compared to an operating profit of $0.5 million for the fourth quarter of 2004. Unitrin Direct reported catastrophe losses and LAE of $2.1 million before-tax from Hurricane Wilma in the fourth quarter of 2005, compared to catastrophe losses and LAE of $0.3 million for the same period in 2004. Unitrin Business Insurance Earned premiums in the Unitrin Business Insurance segment decreased by $0.3 million for the fourth quarter of 2005, compared to the same period in 2004. Operating profit decreased by $0.8 million due primarily to higher insurance expenses, partially the result of certain restructuring and system migration costs, partially offset by lower incurred losses and LAE. Life and Health Insurance Earned premiums in the Life and Health Insurance segment decreased by $2.6 million for the fourth quarter of 2005, compared to the fourth quarter of 2004, due primarily to lower volume of life insurance and lower volume of accident and health insurance, partially offset by higher premium rates on accident and health insurance. Net investment income in the Life and Health Insurance segment decreased by $0.8 million due to lower yields on investments, partially offset by higher levels of investments. Operating Profit in the Life and Health Insurance segment decreased by $8.2 million for the fourth quarter of 2005 compared to the same period in 2004, due primarily to higher insurance expenses and higher policyholders' benefits. Insurance expenses increased primarily due to the write off of certain deferred policy acquisition costs related to the policies that lapsed LEGACY, LAPSED. A legacy is said to be lapsed or extinguished, when the legatee dies before the testator, or before the condition upon which the legacy is given has been performed, or before the time at which it is directed to vest in interest has arrived. Bac. Ab. Legacy, E; Com. Dig. following Hurricanes Katrina KATRINA Keeping All the Resources in New Orleans Alive KATRINA Krewe Aiding Trash Removal In the New Orleans Area and Rita. Policyholders' benefits increased due to higher mortality and morbidity morbidity /mor·bid·i·ty/ (mor-bid´it-e) 1. a diseased condition or state. 2. the incidence or prevalence of a disease or of all diseases in a population. mor·bid·i·ty n. , partially offset by reserve releases related to the policies that lapsed following Hurricanes Katrina and Rita. Consumer Finance Consumer Finance revenues increased by $5.9 million for the fourth quarter of 2005, compared to the same period in 2004, due primarily to higher levels of loans outstanding, partially offset by lower loan portfolio interest rates. Operating profit in the Consumer Finance segment increased by $2.2 million in 2005, compared to the same period in 2004, primarily due to the higher level of loans outstanding.
Results for Unitrin, Inc. for the three months and years ended
December 31, 2005 and 2004 are as follows:
Three Months Ended Year Ended
(Dollars and Shares in ------------------- -------------------
Millions, Except Per Dec. 31, Dec. 31, Dec. 31, Dec. 31,
Share Amounts) 2005 2004 2005 2004
------------------------------ --------- --------- --------- ---------
Revenues:
Earned Premiums $619.5 $622.7 $2,478.3 $2,485.2
Consumer Finance Revenues 58.1 52.2 221.3 202.8
Net Investment Income 73.0 72.1 282.1 261.2
Other Income 1.9 1.4 9.5 13.1
Net Realized Investment
Gains 3.4 11.3 56.9 78.5
--------- --------- --------- ---------
Total Revenues 755.9 759.7 3,048.1 3,040.8
--------- --------- --------- ---------
Expenses:
Policyholders' Benefits and
Incurred Losses and Loss
Adjustment Expenses 387.2 402.1 1,665.3 1,668.2
Insurance Expenses 205.3 198.5 817.5 824.0
Consumer Finance Expenses 43.3 39.6 168.4 155.7
Interest and Other Expenses 17.3 13.9 64.0 57.4
--------- --------- --------- ---------
Total Expenses 653.1 654.1 2,715.2 2,705.3
--------- --------- --------- ---------
Income before Income Taxes and
Equity in Net Income of
Investee 102.8 105.6 332.9 335.5
Income Tax Expense 16.7 33.3 82.7 98.9
--------- --------- --------- ---------
Income before Equity in Net
Income of Investee 86.1 72.3 250.2 236.6
Equity in Net Income of
Investee 0.6 1.0 5.3 3.6
--------- --------- --------- ---------
Net Income $86.7 $73.3 $255.5 $240.2
========= ========= ========= =========
Net Income Per Share $1.26 $1.07 $3.70 $3.51
========= ========= ========= =========
Net Income Per Share Assuming
Dilution $1.26 $1.06 $3.67 $3.48
========= ========= ========= =========
Weighted Average Common Shares
Outstanding 68.7 68.7 69.0 68.4
========= ========= ========= =========
Weighted Average Common Shares
and Equivalent Shares
Outstanding
Assuming Dilution 69.0 69.3 69.5 68.9
========= ========= ========= =========
Business segment revenues for the three months and years ended
December 31, 2005 and 2004 are as follows:
Three Months Ended Year Ended
------------------- -------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(Dollars in Millions) 2005 2004 2005 2004
------------------------------ --------- --------- --------- ---------
Revenues:
Segment Revenues:
Unitrin Kemper Auto and
Home:
Earned Premiums $239.9 $237.4 $945.7 $945.8
Net Investment Income 13.1 11.7 48.1 39.6
Other Income 0.2 0.3 0.6 7.0
--------- --------- --------- ---------
Total Unitrin Kemper Auto
and Home 253.2 249.4 994.4 992.4
--------- --------- --------- ---------
Unitrin Specialty:
Earned Premiums 111.6 118.8 453.2 486.8
Net Investment Income 5.5 5.2 20.6 18.0
--------- --------- --------- ---------
Total Unitrin Specialty 117.1 124.0 473.8 504.8
--------- --------- --------- ---------
Unitrin Direct:
Earned Premiums 56.0 51.6 221.3 188.6
Net Investment Income 2.2 2.1 8.6 6.9
Other Income 0.1 - 0.2 -
--------- --------- --------- ---------
Total Unitrin Direct 58.3 53.7 230.1 195.5
--------- --------- --------- ---------
Unitrin Business
Insurance:
Earned Premiums 48.0 48.3 190.6 196.0
Net Investment Income 7.2 7.2 28.2 25.7
--------- --------- --------- ---------
Total Unitrin Business
Insurance 55.2 55.5 218.8 221.7
--------- --------- --------- ---------
Life and Health Insurance:
Earned Premiums 164.0 166.6 667.5 668.0
Net Investment Income 40.4 41.2 157.1 150.0
Other Income 1.0 0.6 6.2 3.6
--------- --------- --------- ---------
Total Life and Health
Insurance 205.4 208.4 830.8 821.6
--------- --------- --------- ---------
Consumer Finance 58.1 52.2 221.3 202.8
--------- --------- --------- ---------
Total Segment Revenues 747.3 743.2 2,969.2 2,938.8
Unallocated Dividend Income 5.3 5.0 20.9 21.9
Net Realized Investment
Gains 3.4 11.3 56.9 78.5
Other (0.1) 0.2 1.1 1.6
--------- --------- --------- ---------
Total Revenues $755.9 $759.7 $3,048.1 $3,040.8
========= ========= ========= =========
Business segment operating profit for the three months and years
ended December 31, 2005 and 2004 is as follows:
Three Months Ended Year Ended
------------------- -------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(Dollars in Millions) 2005 2004 2005 2004
------------------------------ --------- --------- --------- ---------
Segment Operating Profit
(Loss):
Unitrin Kemper Auto and
Home $43.8 $28.3 $79.4 $76.5
Unitrin Specialty 10.5 12.5 42.7 44.8
Unitrin Direct - 0.5 1.5 (5.1)
Unitrin Business Insurance 5.3 6.1 16.3 19.1
Life and Health Insurance 27.3 35.5 91.7 97.3
Consumer Finance 14.8 12.6 52.9 47.1
--------- --------- --------- ---------
Total Segment Operating Profit 101.7 95.5 284.5 279.7
Unallocated Dividend Income 5.3 5.0 20.9 21.9
Net Realized Investment Gains 3.4 11.3 56.9 78.5
Other Expense, Net (7.6) (6.2) (29.4) (44.6)
--------- --------- --------- ---------
Income before Income Taxes and
Equity in Net Income of
Investee $102.8 $105.6 $332.9 $335.5
========= ========= ========= =========
During the third quarter of 2004, the Company and the Kemper
Insurance Companies ("KIC") settled certain matters in connection with
the Company's previous acquisition of certain business from KIC.
Operating profit in the Unitrin Kemper Auto and Home segment for the
year ended December 31, 2004 includes a gain of $3.5 million
before-tax recorded in connection with the KIC settlement. Other
expense, net for the year ended December 31, 2004 includes expense of
$18.4 million before-tax recorded in connection with the KIC
settlement.
Business segment net income for the three months and years ended
December 31, 2005 and 2004 is as follows:
Three Months Ended Year Ended
------------------- -------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(Dollars in Millions) 2005 2004 2005 2004
------------------------------ --------- --------- --------- ---------
Segment Net Income (Loss):
Unitrin Kemper Auto and
Home $30.6 $20.1 $60.0 $56.2
Unitrin Specialty 7.7 8.6 31.3 31.9
Unitrin Direct 0.5 0.7 2.6 (1.6)
Unitrin Business Insurance 4.9 5.2 15.6 17.5
Life and Health Insurance 18.1 22.5 60.0 63.0
Consumer Finance 8.7 7.5 30.8 27.4
--------- --------- --------- ---------
Total Segment Net Income 70.5 64.6 200.3 194.4
Net Income (Loss) From:
Unallocated Dividend Income 4.6 4.5 18.4 19.3
Net Realized Investment
Gains 2.3 7.4 37.0 51.0
Other Income (Expense), Net 8.7 (4.2) (5.5) (28.1)
--------- --------- --------- ---------
Income Before Equity in
Net Income of Investee 86.1 72.3 250.2 236.6
Equity in Net Income of
Investee 0.6 1.0 5.3 3.6
--------- --------- --------- ---------
Net Income $86.7 $73.3 $255.5 $240.2
========= ========= ========= =========
Net income in the Unitrin Kemper Auto and Home segment for 2004
includes a gain of $2.3 million after-tax recorded in connection with
the KIC settlement. Other expense, net for the year ended December 31,
2004 includes expense of $12.0 million after-tax recorded in
connection with the KIC settlement.
Corporate Investments
---------------------
After adjusting for sales of a portion of the Company's investments in
Northrop common stock and Baker Hughes common stock during the fourth
quarter of 2005, the fair value of Unitrin's Corporate Investments
(Northrop Grumman preferred and common stock, Baker Hughes common
stock and Intermec, Inc. common stock) increased by $42.2 million
during the fourth quarter of 2005. The changes in fair values of
Unitrin's Corporate Investments are summarized below:
Three Months Ended Dec. 31, 2005
--------------------------------
Fair Value Fair Value
(Dollars in Sept. 30, Holding Gain Dec. 31,
Millions) 2005 (Loss) Dispositions 2005
----------------- ---------- --------------- -------------- ----------
Northrop
Preferred Stock $214.7 $11.0 $- $225.7
Northrop Common
Stock 430.2 45.3 (14.8) 460.7
Baker Hughes
Common Stock 49.2 0.9 (1.4) 48.7
Intermec Common
Stock 442.8 (15.0) - 427.8
---------- --------------- -------------- ----------
Total Fair Value
of Corporate
Investments $1,136.9 $42.2 $(16.2) $1,162.9
========== =============== ============== ==========
This press release may contain or incorporate by reference information that includes or is based upon forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give expectations or forecasts of future events. The reader can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as "believe(s)," "goal(s)," "target(s)," "estimate(s)," "anticipate(s)," "forecast(s)," "project(s)," "plan(s)," "intend(s)," "expect(s)," "might," "may" and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements, in particular, include statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. such as legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , trends in operations and financial results. Any or all forward-looking statements may turn out to be wrong, and, accordingly, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. Forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the Company's actual future results. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance; actual results could differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in the forward-looking statements. Among the general factors that could cause actual results to differ materially from estimated results are: --Changes in general economic conditions, including performance of financial markets, interest rates, unemployment rates and fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. values of particular investments maintained by the Company and its subsidiaries; --Heightened competition, including, with respect to pricing, entry of new competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. and the development of new products by new and existing competitors; --The number and severity of insurance claims (including those associated with catastrophe losses) and their impact on the adequacy of loss reserves; --The impact of inflation on insurance claims, including, but not limited to, the effects attributed to scarcity Scarcity The basic economic problem which arises from people having unlimited wants while there are and always will be limited resources. Because of scarcity, various economic decisions must be made to allocate resources efficiently. of resources available to rebuild damaged structures, including labor and materials labor and materials (time and materials) n. what some builders or repair people contract to provide and be paid for, rather than a fixed price or a percentage of the costs. and the amount of salvage value Salvage Value The estimated value that an asset will realize upon its sale at the end of its useful life. Notes: For example, the value of a computer after it depreciates over the number of years specified by the IRS. recovered for damaged property; --Changes in the pricing or availability of reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. ; --Changes in the financial condition of reinsurers and amounts recoverable therefrom there·from adv. From that place, time, or thing. Adv. 1. therefrom - from that circumstance or source; "atomic formulas and all compounds thence constructible"- W.V. ; --Changes in industry trends and significant industry developments; --Regulatory approval of insurance rates, policy forms, license applications and similar matters; --Developments related to insurance policy claims and coverage issues; --Governmental actions, including new laws New Laws: see Las Casas, Bartolomé de. or regulations or court decisions interpreting in·ter·pret v. in·ter·pret·ed, in·ter·pret·ing, in·ter·prets v.tr. 1. To explain the meaning of: interpreted the ambassador's remarks. See Synonyms at explain. existing laws and regulations or policy provisions; --Adverse outcomes in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. or other proceedings involving the Company or its subsidiaries; --Regulatory, accounting or tax changes that may affect the cost of, or demand for, the Company's products or services; --Changes in distribution channels, methods or costs resulting from changes in laws or regulations, lawsuits or market forces; --Changes in ratings by credit rating agencies Credit Rating Agencies Firms that compile information on and issue public credit ratings for a large number of companies. and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. A.M. Best Co., Inc.; --Level of success and costs expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. in realizing economies of scale and implementing significant business consolidations and technology initiatives; --Increased costs and risks related to data security; --Absolute and relative performance of the Company's products or services; and --Other risks and uncertainties described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"). Among the factors that could cause the Company's actual losses from Hurricanes Katrina, Rita and Wilma to differ materially from estimated results are: --The impact of inflation on insurance claims, including, but not limited to, the effects attributed to scarcity of resources available to rebuild damaged structures, including labor and materials; --Orders, interpretations or other actions by regulators that impact the ability of the Company's insurance subsidiaries to adjust and pay claims; --Interpretations or decisions by courts or regulators that may govern or influence insurance policy coverage issues arising with respect to losses incurred in connection with these hurricanes; and --Impact of residual Residual See:Residual value market assessments and assessments for insurance industry insolvencies. No assurances can be given that the results contemplated in any forward-looking statements will be achieved or will be achieved in any particular timetable “Schedule” redirects here. For other uses, see Schedule (disambiguation). A timetable or schedule is an organized list or schedule, usually set out in tabular form, providing information about a series of arranged events: in particular, the time at which . The Company assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this press release. The reader is advised, however, to consult any further disclosures the Company makes on related subjects in filings made with the SEC. Unitrin is a $3 billion financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company focused on creating shareholder value by providing a diverse array of insurance and consumer finance products and services for individuals, families and small businesses. Among the brands in Unitrin's Property and Casualty Insurance businesses are Unitrin Kemper Auto and Home, Unitrin Specialty and Unitrin Business Insurance, which sell personal and commercial insurance through a network of independent agents, and Unitrin Direct, which sells auto insurance directly to consumers. Unitrin's Life and Health Insurance businesses bring a high-level of personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. service to their customers. Unitrin's consumer finance subsidiary, Fireside Bank, specializes in automobile loans for the purchase of pre-owned vehicles. Additional information about Unitrin is available by visiting its website (www.unitrin.com). |
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