Investor Presentaiton
38
Consolidated Balance Sheet
($ in millions)
Assets:
Invested Assets and Cash (1)
Securities Held to Maturity
Due From Reinsurers
Deferred Policy Acq Costs
Goodwill
Other Assets
Separate Account Assets
Total Assets
Liabilities:
Future Policy Benefits
Other Policy Liabilities
Dec 2021
Dec 2020
Variance
$
%
$
3,278
$
3,097
181
6%
1,379
1,346
33
2%
4,268
4,274
(5)
0%
2,944
2,630
314
12%
179
179
1,275
899
376
42%
2,800
2,660
140
5%
$ 16,123
$
14,905
$ 1,218
8%
•
$
7,139
$
6,791
$
348
5%
1,104
985
119
12%
Income Tax Payable
241
223
18
8%
Other Liabilities
670
619
51
8%
Debt Obligations
607
374
233
62%
•
Surplus Note
1,379
1,346
33
2%
Payable Under Securities Lending
95
72
22
31%
Separate Account Liabilities
2,800
2,660
140
5%
Total Liabilities
$
14,033
$ 13,069
$ 964
7%
Redeemable Noncontrolling Interest
$
7
$
$
7
Stockholders' Equity:
Common Stock
Additional Paid in Capital
Retained Earnings
Cummulative Translation Adj
•
0
0
0
0%
5
5 #DIV/0!
2,005
1,706
299
18%
9
2
7
nm
Adjusted Stockholders' Equity
Net Unrealized Gains/Losses
Total Stockholders' Equity (2)
2,019
1,708
311
18%
64
2,083
128
1,836
(64)
247
nm
13%
Total Liab, Redeemable NCI & Stockholders' Equity
$ 16,123
$
14,905
$ 1,218
8%
•
Debt-to-Capital
Debt-to-Capital, excl AOCI
Invested Assets to Adj Stockholders' Equity
22.6%
23.2%
2.3x
16.9%
18.0%
2.6x
* Invested assets and cash exclude the held-to-maturity asset held as part of a redundant reserve
financing transaction
Comments
Increase in invested assets & cash due to positive cash from
operations, partially offset by acquisition of e-TeleQuote, share
repurchases and shareholder dividends
Held to maturity note and offsetting surplus note related to
Vidalia Re transaction increase with corresponding reserve
increases
DAC and future policy benefits growing consistent with growth in
Term Life business
$179 million of goodwill acquired from the e-TeleQuote
acquisition reflects a preliminary $76 million impairment charge
Invested assets to adjusted stockholder's equity remains low at
2.3x
Lower reliance on investment income than peer group
-
Lower sensitivity to asset risk
Issued additional $225 million of senior notes, while leverage
remained manageable at 22.6%
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