Printer Friendly

DELPHI FINANCIAL GROUP, INC. ANNOUNCES RECORD THIRD QUARTER EARNINGS

DELPHI FINANCIAL GROUP, INC. ANNOUNCES RECORD THIRD QUARTER EARNINGS
 WILMINGTON, Del., Oct. 27 /PRNewswire/ -- Delphi Financial Group, Inc. (NASDAQ: DLFI) today reported net income of $9.9 million or $.99 per share for the third quarter of 1992.
 This compares to $6.0 million or $.50 per share in the third quarter of 1991. Total revenues were $101.9 million vs. $82.9 million in 1991.
 For nine months ended Sept. 30, 1992, net income was $19.7 million or $1.90 per share compared to $10.0 million or $.85 per share in 1991. Total revenues were $265.4 million for the nine months ended Sept. 30, 1992, vs. $242.3 million for the comparable period in 1991. The combined ratio for group lines was 96 percent in 1992 compared to 95 percent in 1991.
 Insurance premiums and policyholder fees for the third quarter of 1992 were $52.2 million compared to $43.5 million in 1991. Premiums in the employee benefits market increased 17.7 percent during the third quarter of 1992. Net investment income for the third month ended Sept. 30, 1992, was $34.8 million compared to $32.2 million in 1991. Contributing to increased investment income was a 4.1 percent quarterly return on assets managed by outside investment advisors vs. 1.1 percent in 1991. Realized investment gains for the three months ended Sept. 30, 1992, were $14.9 million compared to $7.3 million in 1991. Realized investment gains in 1992 have been partially offset by $7.2 million in related excess amortization of cost of business acquired.
 In commenting on the company's 1992 results, Robert Rosenkranz, chairman and chief executive officer, said "Our 1992 results reflect our continued commitment to enhance shareholder value. Key measures include a trailing 12 month return on equity of 24.5 percent and a nine month increase in fully diluted book value per share of 27.9 percent to $12.30 per share. In the third quarter, the company provided fully for the liability for retiree life insurance and medical programs. Interest coverages were three times for the nine months and four times for the quarter. As part of a program to improve its access to the capital markets and lower its cost of funds, the company, during the quarter, arranged for the listing of its 11-3/4 percent subordinated debentures on the New York Stock Exchange.
 Delphi Financial Group, Inc. is an insurance holding company that underwrites, through its subsidiaries, a portfolio of life, long-term disability and personal accident insurance, targeted principally to the employee benefits market, and annuities and guaranteed investment contracts, throughout the 50 states and the District of Columbia.
 DELPHI FINANCIAL GROUP, INC.
 Consolidated Statements of Income
 (Unaudited; in thousands, except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Revenue:
 Insurance premiums and
 policyholder fees:
 Group insurance $45,772 $38,290 $128,565 $111,711
 Asset accumulation products 953 436 2,160 7,420
 Individual products 5,443 4,771 15,831 12,597
 Total 52,168 43,497 146,556 131,728
 Net investment income 34,825 32,158 101,838 97,730
 Net realized investment
 gains (losses) 14,909 7,266 16,989 12,874
 Total 101,902 82,921 265,383 242,332
 Benefits and expenses:
 Benefits, claims and interest
 credited to policyholders 55,376 51,752 158,436 161,533
 Amortization of cost of
 business acquired 12,998 4,897 21,756 13,981
 Other expenses 13,580 12,289 39,806 35,646
 Total 81,954 68,938 219,998 211,160
 Operating income before
 interest & taxes 19,948 13,983 45,385 31,172
 Interest expense 5,000 5,475 15,244 16,823
 Income taxes 5,083 2,553 10,129 4,305
 Income before extraordinary
 gains & cumulative effect
 of change in accounting
 principle 9,865 5,955 20,012 10,044
 Extraordinary gain on early
 extinguishment of debt --- --- 253 ---
 Cumulative effect of a change
 in accounting principle --- --- (594) ---
 Net income 9,865 5,955 19,671 10,044
 Share data:
 Income before extraordinary
 gains & cumulative effect of
 change in accounting principle $.99 $.50 $1.93 $.85
 Net income $.99 $.50 $1.90 $.85
 Weighted average shares
 outstanding 10,008 11,852 10,359 11,855
 Book value, period end $12.89 $11.29 $12.89 $11.29
 Fully diluted book value
 assuming exercise
 of options & warrants 12.30 9.09 12.30 9.09
 12 months ended Dec. 31 1991 1990
 Revenue:
 Insurance premiums and policyholder fees:
 Group insurance $154,316 $136,114
 Asset accumulation products 8,020 9,981
 Individual products 18,063 17,019
 Total 180,399 163,114
 Net investment income 133,075 149,194
 Net realized investment gains (losses) 19,267 (8,434)
 Total 332,741 303,874
 Benefits and expenses:
 Benefits, claims and interest
 credited to policyholders 217,444 192,783
 Amortization of cost of business acquired 19,954 17,031
 Other expenses 49,198 44,832
 Total 286,596 254,646
 Operating income before interest & taxes 46,145 49,228
 Interest expense 22,160 24,847
 Income taxes 7,195 5,608
 Income before extraordinary gains
 & cumulative effect of a change in
 accounting principle 16,790 18,773
 Extraordinary gain on early
 extinguishment of debt --- 799
 Cumulative effect of change in
 accounting principle --- ---
 Net income 16,790 19,572
 Share data:
 Income before extraordinary gains &
 cumulative effect of change in accounting
 principle $1.42 $1.63
 Net income $1.42 $1.70
 Weighted average shares outstanding 11,835 11,485
 Book value, period end $11.97 $10.23
 Fully diluted book value assuming exercise of
 options & warrants 9.62 8.27
 /delval/
 -0- 10/27/92
 /CONTACT: Patrick J. Mitchell, director of investor relations of Delphi Financial, 215-787-3943/
 (DLFI) CO: Delphi Financial Group, Inc. ST: Delaware IN: INS SU: ERN


MJ-LJ -- PH041 -- 5658 10/27/92 17:17 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 27, 1992
Words:986
Previous Article:HARRIS WINS $180 MILLION U.S. NAVY CONTRACT FOR NEW TECHNOLOGY SHIPBOARD RADIO SYSTEMS
Next Article:FIRST CHICAGO PLANS PREFERRED STOCK OFFERING
Topics:


Related Articles
DELPHI FINANCIAL GROUP, INC. REPORTS 1992 RECORD RESULTS
DELPHI FINANCIAL GROUP, INC. REPORTS SECOND QUARTER EARNINGS
DELPHI FINANCIAL GROUP, INC. ANNOUNCES THIRD QUARTER EARNINGS
DELPHI FINANCIAL GROUP, INC. ANNOUNCES FIRST QUARTER EARNINGS
DELPHI FINANCIAL GROUP, INC. ANNOUNCES RECORD SECOND QUARTER OPERATING INCOME
Delphi Financial Group, Inc. Announces Record First Quarter 1997 Results
Delphi Financial Group, Inc. Announces Third Quarter 1997 Earnings
Delphi Expects Third Quarter Results Consistent With Estimates.
Delphi 1Q Operating EPS Grows 15% to Record $1.06 Per Share.
Delphi Financial Reports 3Q Operating EPS of $0.76 After Including $0.12 of World Trade Center Losses.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters