Delphi Financial Group, Inc. (NYSE:DFG) announced today that operating
earnings (1) in the second quarter of 2009 were $54.9 million
or $1.09 per share, compared to $39.5 million or $0.81 per share in the
second quarter of 2008. Operating earnings for the first half of 2009
were $93.6 million or $1.90 per share, compared to $64.9 million or
$1.31 per share in the first half of 2008. Annualized operating return
on beginning equity (2) in the second quarter of 2009 was
25.5%, compared to 14.7% in the second quarter of 2008.
Delphi reported net income in the second quarter of 2009 of $37.0
million or $0.74 per share, compared to $26.9 million or $0.55 per share
in the second quarter of 2008. Net income in the second quarter of 2009
included after-tax realized investment losses of $(17.9) million or
$(0.35) per share, including other-than-temporary impairments of $(16.2)
million or ($0.32) per share. Net income in the second quarter of 2008
included after-tax realized investment losses of $(12.7) million or
$(0.26) per share, including other-than-temporary impairments of $(11.8)
million or ($0.24) per share.
Delphi’s net income in the first half of 2009 was $61.5 million or $1.25
per share, compared to net income in the first half of 2008 of $48.0
million or $0.97 per share. Net income in the first half of 2009
included after-tax realized investment losses of $(32.2) million or
$(0.65) per share, including other-than-temporary impairments of $(27.6)
million or ($0.56) per share. Net income in the first half of 2008
included after-tax realized investment losses of $(16.9) million or
$(0.34) per share, including other-than-temporary impairments of $(15.8)
million or ($0.32) per share.
Core group employee benefit premiums in the second quarter of 2009 grew
2% from the second quarter of 2008, reaching $331 million. Excess
workers’ compensation premiums at Delphi’s Safety National subsidiary
rose 8% while core premiums at Delphi’s Reliance Standard Life
subsidiary increased 1%. Delphi’s group employee benefit combined ratio
in the second quarter of 2009 was 93.1% compared to 91.8% for the second
quarter of 2008 and 92.2% for the full year 2008, as a decline in loss
ratio was offset by an increase in expense ratio resulting in part from
new product initiatives at Safety National.
In its asset accumulation segment, Delphi achieved annuity sales of $115
million in the second quarter of 2009, up 15% from the second quarter of
2008. Funds under management at June 30, 2009 were $1.4 billion, up from
$1.3 billion at December 31, 2008.
Delphi’s net investment income in the second quarter of 2009 was $92.0
million compared to $60.8 million in the second quarter of 2008.
Invested assets at June 30, 2009 were $5.2 billion compared to $4.8
billion at June 30, 2008. The tax equivalent yield on the Company’s
investment portfolio in the second quarter of 2009 was 7.9% compared to
5.4% in the second quarter of 2008. Shareholders’ equity at June 30,
2009 was $1.052 billion, up from $820 million at December 31, 2008 and
$1.032 billion at June 30, 2008. Diluted book value per share was $21.28
at June 30, 2009, compared with $18.41 at December 31, 2008 and $22.03
at June 30, 2008.
Robert Rosenkranz, Chairman and Chief Executive Officer, commented,
“Delphi’s ability to maintain book value per share at levels consistent
with last year is a notable achievement for any financial institution in
a time of unprecedented market turmoil and credit impairment. This is
testimony to the earning power of our insurance operations. In the
second quarter, Reliance Standard was able to grow its revenues slightly
while maintaining pricing and underwriting discipline and achieving very
strong underwriting margins. At Safety National, strong premium and
production momentum in the second quarter was accelerated by July
renewals, which are not included in second quarter results. Safety’s
annualized new business production in excess workers’ compensation was
$37 million for the first seven months of 2009, versus $26 million for
all of 2008. Our assumed excess of loss workers’ compensation treaty
reinsurance line has also grown rapidly and has been producing excellent
underwriting results. We have classified this line as ‘non-core’ during
its start-up phase, but expect to be including premiums from this
business as core premiums starting in the third quarter.”
Mr. Rosenkranz added, “Our improved investment results reflected higher
spreads in our fixed income portfolio. Our alternative asset portfolio,
sharply reduced in size from a year ago, produced excellent results.
Cash balances continue at record levels, representing considerable
latent earnings power. Delphi strengthened our balance sheet and
enhanced our financial flexibility to support the growth of our
insurance businesses by completing a $51 million common stock offering
in April. We remain optimistic about our long-term growth prospects and
confident in our ability to meet our financial targets for the remainder
of 2009.”
Conference Call
On July 29, 2009 at 11:00 AM (Eastern time), Delphi will broadcast the
Company’s second quarter 2009 earnings teleconference live on the
Internet, hosted by Robert Rosenkranz, Chairman and Chief Executive
Officer. Investors can access the broadcast at www.delphifin.com
by clicking on the webcast icon on the home page. It is advisable to
register at least 15 minutes prior to the call to download and install
any necessary audio software. The online replay will be available on
Delphi’s website for one week beginning at approximately 1:00 PM
(Eastern time) on July 29, 2009. Investors can also download Delphi’s
second quarter 2009 statistical supplement from the Company’s website at www.delphifin.com.
In connection with, and because it desires to take advantage of, the
“safe harbor” provisions of the Private Securities Litigation Reform Act
of 1995, Delphi cautions readers regarding certain forward-looking
statements in the foregoing discussion, such as earnings per share
guidance, and in any other statements made by, or on behalf of, Delphi,
whether in future filings with the Securities and Exchange Commission or
otherwise. Forward-looking statements are statements not based on
historical information and which relate to future operations,
strategies, financial results, prospects, outlooks or other
developments. Some forward-looking statements may be identified by the
use of terms such as “expects,” “believes,” “anticipates,” “intends,”
“judgment,” “outlook” or other similar expressions. Forward-looking
statements are necessarily based upon estimates and assumptions that are
inherently subject to significant business, economic, competitive and
other uncertainties and contingencies, many of which are beyond Delphi’s
control and many of which, with respect to future business decisions,
are subject to change. Examples of such uncertainties and contingencies
include, among other important factors, those affecting the insurance
industry generally, such as the economic and interest rate environment,
federal and state legislative and regulatory developments, including but
not limited to changes in financial services, employee benefit and tax
laws and regulations, changes in accounting rules or interpretation,
market pricing and competitive trends relating to insurance products and
services, acts of terrorism or war, and the availability and cost of
reinsurance, and those relating specifically to Delphi’s business, such
as the level of its insurance premiums and fee income, the claims
experience, persistency and other factors affecting the profitability of
its insurance products, the performance of its investment portfolio and
changes in Delphi’s investment strategy, acquisitions of companies or
blocks of business, and ratings by major rating organizations of Delphi
and its insurance subsidiaries. These uncertainties and contingencies
can affect actual results and could cause actual results to differ
materially from those expressed in any forward-looking statements made
by, or on behalf of, Delphi. Forward-looking statements contained in the
foregoing discussion are made as of the date of this press release and
Delphi disclaims any obligation to update these or any other
forward-looking statements.
Delphi Financial Group, Inc. is an integrated employee benefit services
company. Delphi is a leader in managing all aspects of employee absence
to enhance the productivity of its clients and provides the related
group insurance coverages: long-term and short-term disability, life,
excess workers’ compensation for self-insured employers, large
deductible workers’ compensation, travel accident, dental and limited
benefit health insurance. Delphi’s asset accumulation business
emphasizes individual annuity products. Delphi’s common stock is listed
on the New York Stock Exchange under the symbol DFG and its corporate
website address is www.delphifin.com.
|
(1)
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Operating earnings, which is a non-GAAP financial measure, consist
of income from continuing operations excluding after-tax realized
investment gains and losses, and the loss on redemption of junior
subordinated deferrable interest debentures, as applicable. The
Company believes that because realized investment gains and losses,
redemption of junior subordinated deferrable interest debentures,
and discontinued operations arise from events that, to a significant
extent, are within management’s discretion and can fluctuate
significantly, thus distorting comparisons between periods, a
measure excluding their impact is useful in analyzing the Company's
operating trends. Redemption of junior subordinated deferrable
interest debentures occur based on management’s decision to exercise
its ability to redeem the outstanding debentures. Investment gains
or losses may be realized based on management’s decision to dispose
of an investment, and investment losses may be realized based on
management’s judgment that a decline in the market value of an
investment is other than temporary. Discontinued operations occur
based on management’s decision to exit or sell a particular
business. Thus, realized investment gains and losses, losses on
redemption of junior subordinated deferrable interest debentures and
results from discontinued operations are not reflective of the
Company’s ongoing earnings capacity, and trends in the earnings of
the Company’s underlying insurance operations can be more clearly
identified without the effects of these items. For these reasons,
management uses the measure of operating earnings to assess
performance and make operating plans and decisions, and analysts and
investors typically utilize measures of this type when evaluating
the financial performance of insurers. However, gains and losses of
these types, particularly as to investments, occur frequently and
should not be considered as nonrecurring items. Further, operating
earnings should not be considered a substitute for net income, the
most directly comparable GAAP measure, as an indication of the
Company’s overall financial performance and may not be calculated in
the same manner as similarly titled captions in other companies’
financial statements. For reconciliations of the respective
operating earnings amounts to the corresponding net income amounts
for the indicated periods, see the table captioned “Non-GAAP
Financial Measures – Reconciliation to GAAP” which follows. All per
share amounts are on a diluted basis.
|
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(2)
|
|
Annualized operating return on beginning equity, which is a non-GAAP
financial measure, is based on operating earnings, as defined in the
preceding footnote (1) (rather than the most directly comparable
GAAP measure, net income), divided by beginning shareholders’
equity. For the reasons that the Company believes that the
calculation of this non-GAAP measure based upon operating earnings
is useful, see such footnote. For reconciliations of the respective
annualized operating return on equity amounts to the corresponding
annualized net income return on equity amounts for the indicated
periods, see the table captioned “Non-GAAP Financial Measures –
Reconciliation to GAAP” which follows.
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DELPHI FINANCIAL GROUP, INC.
|
|
Non-GAAP Financial Measures
|
|
Reconciliation to GAAP
|
|
(Unaudited; in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
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|
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Three Months Ended
|
|
Six Months Ended
|
|
|
|
6/30/2009
|
|
6/30/2008
|
|
6/30/2009
|
|
6/30/2008
|
|
Income Statement Data
|
|
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|
|
|
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|
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|
|
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|
|
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|
|
|
|
|
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Operating earnings (Non-GAAP measure)
|
|
$
|
54,864
|
|
|
$
|
39,549
|
|
|
$
|
93,647
|
|
|
$
|
64,877
|
|
|
Net realized investment losses, net of taxes
|
|
|
(17,857
|
)
|
|
|
(12,674
|
)
|
|
|
(32,156
|
)
|
|
|
(16,858
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP measure)
|
|
$
|
37,007
|
|
|
$
|
26,875
|
|
|
$
|
61,491
|
|
|
$
|
48,019
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
Diluted results per share of common stock:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings (Non-GAAP measure)
|
|
$
|
1.09
|
|
|
$
|
0.81
|
|
|
$
|
1.90
|
|
|
$
|
1.31
|
|
|
Net realized investment losses, net of taxes
|
|
|
(0.35
|
)
|
|
|
(0.26
|
)
|
|
|
(0.65
|
)
|
|
|
(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP measure)
|
|
$
|
0.74
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|
|
$
|
0.55
|
|
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$
|
1.25
|
|
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$
|
0.97
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|
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|
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|
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Annualized operating return on beginning equity
|
|
|
25.5
|
%
|
|
|
14.7
|
%
|
|
|
22.8
|
%
|
|
|
11.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Annualized net income return on beginning equity (GAAP measure)
|
|
|
17.2
|
%
|
|
|
10.0
|
%
|
|
|
15.0
|
%
|
|
|
8.4
|
%
|
|
|
|
|
|
|
|
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|
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|
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Balance Sheet Data
|
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|
|
6/30/2009
|
|
12/31/2008
|
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|
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|
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|
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Shareholders' equity, excluding accumulated other comprehensive
(loss) income
|
|
|
|
|
|
|
|
|
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$
|
1,284,886
|
|
|
$
|
1,172,289
|
|
|
Add: Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
(232,753
|
)
|
|
|
(351,710
|
)
|
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|
|
|
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|
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|
|
|
|
|
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|
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Shareholders' equity (GAAP measure)
|
|
|
|
|
|
|
|
|
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$
|
1,052,133
|
|
|
$
|
820,579
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
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|
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Diluted book value per share of common stock, excluding
accumulated other comprehensive (loss) income (Non-GAAP measure)
|
|
|
|
|
|
|
|
|
|
$
|
25.25
|
|
|
$
|
24.77
|
|
|
Add: Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
(3.97
|
)
|
|
|
(6.36
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
Diluted book value per share of common stock (GAAP measure)
|
|
|
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|
|
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|
|
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$
|
21.28
|
|
|
$
|
18.41
|
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|
|
Please see footnotes 1 and 2 of the press release to which this
table is attached for important information regarding these non-GAAP
financial measures.
|
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|
DELPHI FINANCIAL GROUP, INC.
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited; in thousands, except per share data)
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|
|
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|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
6/30/2009
|
|
06/30/2008
|
|
6/30/2009
|
|
06/30/08
|
|
Revenue:
|
|
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
Premium and fee income
|
|
$
|
352,445
|
|
|
$
|
340,774
|
|
|
$
|
710,166
|
|
|
$
|
683,064
|
|
|
Net investment income
|
|
|
92,023
|
|
|
|
60,750
|
|
|
|
154,878
|
|
|
|
93,087
|
|
|
Net realized investment losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other-than-temporary impairment losses
|
|
|
(45,628
|
)
|
|
|
(18,131
|
)
|
|
|
(63,236
|
)
|
|
|
(24,306
|
)
|
|
Less: Portion of other-than-temporary impairment losses recognized
in other comprehensive income
|
|
|
20,719
|
|
|
|
-
|
|
|
|
20,719
|
|
|
|
-
|
|
|
Net impairment losses recognized in earnings
|
|
|
(24,909
|
)
|
|
|
(18,131
|
)
|
|
|
(42,517
|
)
|
|
|
(24,306
|
)
|
|
Other net realized investment losses
|
|
|
(2,562
|
)
|
|
|
(1,368
|
)
|
|
|
(6,953
|
)
|
|
|
(1,629
|
)
|
|
|
|
|
(27,471
|
)
|
|
|
(19,499
|
)
|
|
|
(49,470
|
)
|
|
|
(25,935
|
)
|
|
|
|
|
416,997
|
|
|
|
382,025
|
|
|
|
815,574
|
|
|
|
750,216
|
|
|
Benefits and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefits, claims and interest credited to policyholders
|
|
|
251,807
|
|
|
|
243,755
|
|
|
|
507,405
|
|
|
|
486,667
|
|
|
Commissions and expenses
|
|
|
109,262
|
|
|
|
94,683
|
|
|
|
215,396
|
|
|
|
184,576
|
|
|
|
|
|
361,069
|
|
|
|
338,438
|
|
|
|
722,801
|
|
|
|
671,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
55,928
|
|
|
|
43,587
|
|
|
|
92,773
|
|
|
|
78,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt
|
|
|
3,876
|
|
|
|
4,289
|
|
|
|
7,861
|
|
|
|
8,513
|
|
|
Junior subordinated debentures
|
|
|
3,241
|
|
|
|
3,246
|
|
|
|
6,481
|
|
|
|
6,486
|
|
|
Junior subordinated deferrable interest debentures underlying
company-obligated mandatorily redeemable capital securities issued
by unconsolidated subsidiaries
|
|
|
-
|
|
|
|
353
|
|
|
|
-
|
|
|
|
757
|
|
|
Income tax expense
|
|
|
11,804
|
|
|
|
8,824
|
|
|
|
16,940
|
|
|
|
15,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
37,007
|
|
|
$
|
26,875
|
|
|
$
|
61,491
|
|
|
$
|
48,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic results per share of common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.74
|
|
|
$
|
0.56
|
|
|
$
|
1.25
|
|
|
$
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
50,148
|
|
|
|
48,146
|
|
|
|
49,091
|
|
|
|
48,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted results per share of common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.74
|
|
|
$
|
0.55
|
|
|
$
|
1.25
|
|
|
$
|
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
50,343
|
|
|
|
49,000
|
|
|
|
49,233
|
|
|
|
49,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid per share of common stock
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELPHI FINANCIAL GROUP, INC.
|
|
SUMMARIZED CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited; in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2009
|
|
12/31/2008
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities, available for sale
|
|
$
|
4,037,088
|
|
|
$
|
3,773,382
|
|
|
Short-term investments
|
|
|
626,774
|
|
|
|
401,620
|
|
|
Other investments
|
|
|
542,965
|
|
|
|
479,921
|
|
|
|
|
|
5,206,827
|
|
|
|
4,654,923
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
79,194
|
|
|
|
63,837
|
|
|
Cost of business acquired
|
|
|
241,055
|
|
|
|
264,777
|
|
|
Reinsurance receivables
|
|
|
375,871
|
|
|
|
376,731
|
|
|
Goodwill
|
|
|
93,929
|
|
|
|
93,929
|
|
|
Other assets
|
|
|
364,935
|
|
|
|
409,103
|
|
|
Assets held in separate account
|
|
|
100,189
|
|
|
|
90,573
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
6,462,000
|
|
|
$
|
5,953,873
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
Policy liabilities and accruals
|
|
$
|
2,705,050
|
|
|
$
|
2,574,050
|
|
|
Policyholder account balances
|
|
|
1,435,319
|
|
|
|
1,356,932
|
|
|
Corporate debt
|
|
|
365,750
|
|
|
|
350,750
|
|
|
Junior subordinated debentures
|
|
|
175,000
|
|
|
|
175,000
|
|
|
Other liabilities and policyholder funds
|
|
|
624,473
|
|
|
|
581,954
|
|
|
Liabilities related to separate account
|
|
|
100,189
|
|
|
|
90,573
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
5,405,781
|
|
|
|
5,129,259
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
|
Class A Common Stock
|
|
|
522
|
|
|
|
489
|
|
|
Class B Common Stock
|
|
|
60
|
|
|
|
60
|
|
|
Additional paid-in capital
|
|
|
582,219
|
|
|
|
522,596
|
|
|
Accumulated other comprehensive loss
|
|
|
(232,753
|
)
|
|
|
(351,710
|
)
|
|
Retained earnings
|
|
|
899,331
|
|
|
|
846,390
|
|
|
Treasury stock, at cost
|
|
|
(197,246
|
)
|
|
|
(197,246
|
)
|
|
Total shareholders' equity
|
|
|
1,052,133
|
|
|
|
820,579
|
|
|
Noncontrolling interest
|
|
|
4,086
|
|
|
|
4,035
|
|
|
Total equity
|
|
|
1,056,219
|
|
|
|
824,614
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
6,462,000
|
|
|
$
|
5,953,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELPHI FINANCIAL GROUP, INC.
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited; in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
6/30/2009
|
|
6/30/2008
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
61,491
|
|
|
$
|
48,019
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Change in policy liabilities and policyholder accounts
|
|
|
137,172
|
|
|
|
108,256
|
|
|
Net change in reinsurance receivables and payables
|
|
|
(6,663
|
)
|
|
|
16,881
|
|
|
Amortization, principally the cost of business acquired and
investments
|
|
|
24,842
|
|
|
|
33,010
|
|
|
Deferred costs of business acquired
|
|
|
(64,079
|
)
|
|
|
(60,481
|
)
|
|
Net realized losses on investments
|
|
|
49,470
|
|
|
|
25,935
|
|
|
Net change in federal income tax liability
|
|
|
5,228
|
|
|
|
(24,913
|
)
|
|
Other
|
|
|
(15,428
|
)
|
|
|
15,866
|
|
|
Net cash provided by operating activities
|
|
|
192,033
|
|
|
|
162,573
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of investments and loans made
|
|
|
(668,972
|
)
|
|
|
(706,313
|
)
|
|
Sales of investments and receipts from repayment of loans
|
|
|
130,226
|
|
|
|
148,589
|
|
|
Maturities of investments
|
|
|
446,734
|
|
|
|
317,518
|
|
|
Net change in short-term investments
|
|
|
(225,154
|
)
|
|
|
(39,683
|
)
|
|
Change in deposit in separate account
|
|
|
4,845
|
|
|
|
3,430
|
|
|
Net cash used by investing activities
|
|
|
(312,321
|
)
|
|
|
(276,459
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
Deposits to policyholder accounts
|
|
|
180,624
|
|
|
|
154,302
|
|
|
Withdrawals from policyholder accounts
|
|
|
(102,969
|
)
|
|
|
(53,226
|
)
|
|
Borrowings under revolving credit facility
|
|
|
17,000
|
|
|
|
58,000
|
|
|
Principal payments under revolving credit facility
|
|
|
(2,000
|
)
|
|
|
(3,000
|
)
|
|
Proceeds from issuance of common stock
|
|
|
51,017
|
|
|
|
-
|
|
|
Acquisition of treasury stock
|
|
|
-
|
|
|
|
(42,729
|
)
|
|
Other financing activities
|
|
|
(8,027
|
)
|
|
|
(7,157
|
)
|
|
Net cash provided by financing activities
|
|
|
135,645
|
|
|
|
106,190
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash
|
|
|
15,357
|
|
|
|
(7,696
|
)
|
|
Cash at beginning of period
|
|
|
63,837
|
|
|
|
51,240
|
|
|
Cash at end of period
|
|
$
|
79,194
|
|
|
$
|
43,544
|
|
|
|
|
|
|
|
|
|
|
|
Delphi Financial Group, Inc.
Bernard J. Kilkelly
Vice
President, Investor Relations
212-303-4349
bernie-kilkelly@dlfi.com
