Pennsylvania | 001-14818 | 25-1111467 | ||
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | ||
of incorporation) | Identification No.) |
FEDERATED INVESTORS, INC. | ||||
(Registrant) | ||||
Date | January 26, 2017 | By: | /s/ Thomas R. Donahue | |
Thomas R. Donahue | ||||
Chief Financial Officer |
• | Full-year 2016 EPS increases to $2.03, up 25 percent compared to 2015 |
• | EPS for Q4 2016 increases to $0.52, up 13 percent compared to Q4 2015 |
• | Net equity sales for 2016 reach a record $5.8 billion |
• | Board declares $0.25 per share quarterly dividend |
MEDIA: | MEDIA: | ANALYSTS: |
Ed Costello 412-288-7538 | Meghan McAndrew 412-288-8103 | Ray Hanley 412-288-1920 |
Federated Reports Q4 and Full-Year 2016 Earnings | Page 2 of 11 |
Federated Reports Q4 and Full-Year 2016 Earnings | Page 3 of 11 |
Quarter Ended | Change Q4 2015 to Q4 2016 | Quarter Ended | Change Q3 2016 to Q4 2016 | Year Ended | Change 2015 to 2016 | ||||||||||||||||||||||||||
Dec. 31, 2016 | Dec. 31, 2015 | Sept. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||||||||||||||||||||
Investment advisory fees | $ | (3.2 | ) | $ | (37.5 | ) | $ | 34.3 | $ | (5.1 | ) | $ | 1.9 | $ | (29.5 | ) | $ | (202.5 | ) | $ | 173.0 | ||||||||||
Other service fees | (7.8 | ) | (34.5 | ) | 26.7 | (12.9 | ) | 5.1 | (58.3 | ) | (131.1 | ) | 72.8 | ||||||||||||||||||
Total revenue | $ | (11.0 | ) | $ | (72.0 | ) | $ | 61.0 | $ | (18.0 | ) | $ | 7.0 | $ | (87.8 | ) | $ | (333.6 | ) | $ | 245.8 | ||||||||||
Less: Reduction in distribution expense | 7.6 | 54.5 | (46.9 | ) | 13.8 | (6.2 | ) | 65.8 | 240.6 | (174.8 | ) | ||||||||||||||||||||
Operating income | $ | (3.4 | ) | $ | (17.5 | ) | $ | 14.1 | $ | (4.2 | ) | $ | 0.8 | $ | (22.0 | ) | $ | (93.0 | ) | $ | 71.0 | ||||||||||
Less: Reduction in noncontrolling interest | 0.0 | 1.1 | (1.1 | ) | 0.0 | 0.0 | 0.0 | 7.1 | (7.1 | ) | |||||||||||||||||||||
Pre-tax impact | $ | (3.4 | ) | $ | (16.4 | ) | $ | 13.0 | $ | (4.2 | ) | $ | 0.8 | $ | (22.0 | ) | $ | (85.9 | ) | $ | 63.9 |
Federated Reports Q4 and Full-Year 2016 Earnings | Page 4 of 11 |
Federated Reports Q4 and Full-Year 2016 Earnings | Page 5 of 11 |
Unaudited Condensed Consolidated Statements of Income | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Quarter Ended | % Change Q4 2015 to Q4 2016 | Quarter Ended | % Change Q3 2016 to Q4 2016 | ||||||||||
Dec. 31, 2016 | Dec. 31, 2015 | Sept. 30, 2016 | |||||||||||
Revenue | |||||||||||||
Investment advisory fees, net | $ | 195,063 | $ | 166,441 | 17 | % | $ | 197,253 | (1 | )% | |||
Administrative service fees, net—affiliates | 51,466 | 53,561 | (4 | ) | 53,577 | (4 | ) | ||||||
Other service fees, net | 42,803 | 22,896 | 87 | 42,734 | 0 | ||||||||
Other, net | 572 | 741 | (23 | ) | 1,056 | (46 | ) | ||||||
Total Revenue | 289,904 | 243,639 | 19 | 294,620 | (2 | ) | |||||||
Operating Expenses | |||||||||||||
Distribution | 101,785 | 66,069 | 54 | 98,740 | 3 | ||||||||
Compensation and related | 68,740 | 68,870 | 0 | 75,731 | (9 | ) | |||||||
Systems and communications | 7,876 | 7,096 | 11 | 7,763 | 1 | ||||||||
Professional service fees | 7,562 | 6,100 | 24 | 7,360 | 3 | ||||||||
Office and occupancy | 7,156 | 6,591 | 9 | 6,660 | 7 | ||||||||
Advertising and promotional | 3,771 | 3,645 | 3 | 3,371 | 12 | ||||||||
Travel and related | 3,501 | 3,935 | (11 | ) | 3,165 | 11 | |||||||
Other | 4,691 | 4,448 | 5 | 3,194 | 47 | ||||||||
Total Operating Expenses | 205,082 | 166,754 | 23 | 205,984 | 0 | ||||||||
Operating Income | 84,822 | 76,885 | 10 | 88,636 | (4 | ) | |||||||
Nonoperating Income (Expenses) | |||||||||||||
Investment income, net | 1,706 | 1,541 | 11 | 3,889 | (56 | ) | |||||||
Debt expense | (1,055 | ) | (974 | ) | 8 | (1,039 | ) | 2 | |||||
Other, net | 48 | 4 | NM | 19 | NM | ||||||||
Total Nonoperating Income, net | 699 | 571 | 22 | 2,869 | (76 | ) | |||||||
Income before income taxes | 85,521 | 77,456 | 10 | 91,505 | (7 | ) | |||||||
Income tax provision | 28,292 | 28,287 | 0 | 32,597 | (13 | ) | |||||||
Net income including the noncontrolling interests in subsidiaries | 57,229 | 49,169 | 16 | 58,908 | (3 | ) | |||||||
Less: Net income attributable to the noncontrolling interests in subsidiaries | 1,387 | 1,559 | NM | 3,983 | NM | ||||||||
Net Income | $ | 55,842 | $ | 47,610 | 17 | % | $ | 54,925 | 2 | % | |||
Amounts Attributable to Federated Investors, Inc. | |||||||||||||
Earnings Per Share1 | |||||||||||||
Basic and diluted | $ | 0.52 | $ | 0.46 | 13 | % | $ | 0.54 | (4 | )% | |||
Weighted-average shares outstanding | |||||||||||||
Basic | 98,280 | 100,088 | 98,805 | ||||||||||
Diluted | 98,280 | 100,090 | 98,806 | ||||||||||
Dividends declared per share | $ | 1.25 | $ | 0.25 | $ | 0.25 |
1) | Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the “two-class method.” As such, total net income of $4.5 million, $1.8 million and $2.0 million available to unvested restricted shareholders for the quarterly periods ended Dec. 31, 2016, Dec. 31, 2015 and Sept. 30, 2016, respectively, was excluded from the computation of earnings per share. |
Federated Reports Q4 and Full-Year 2016 Earnings | Page 6 of 11 |
Unaudited Condensed Consolidated Statements of Income | |||||||||||
(in thousands, except per share data) | |||||||||||
Year Ended | |||||||||||
Dec. 31, 2016 | Dec. 31, 2015 | % Change | |||||||||
Revenue | |||||||||||
Investment advisory fees, net | $ | 766,825 | $ | 626,325 | 22 | % | |||||
Administrative service fees, net—affiliates | 211,646 | 211,458 | 0 | ||||||||
Other service fees, net | 161,378 | 84,910 | 90 | ||||||||
Other, net | 3,522 | 3,916 | (10 | ) | |||||||
Total Revenue | 1,143,371 | 926,609 | 23 | ||||||||
Operating Expenses | |||||||||||
Distribution | 383,648 | 232,445 | 65 | ||||||||
Compensation and related | 296,466 | 286,932 | 3 | ||||||||
Systems and communications | 31,271 | 27,629 | 13 | ||||||||
Professional service fees | 27,447 | 29,090 | (6 | ) | |||||||
Office and occupancy | 27,379 | 26,706 | 3 | ||||||||
Advertising and promotional | 14,522 | 13,930 | 4 | ||||||||
Travel and related | 13,228 | 13,409 | (1 | ) | |||||||
Other | 13,727 | 17,022 | (19 | ) | |||||||
Total Operating Expenses | 807,688 | 647,163 | 25 | ||||||||
Operating Income | 335,683 | 279,446 | 20 | ||||||||
Nonoperating Income (Expenses) | |||||||||||
Investment income (loss), net | 9,364 | (208 | ) | NM | |||||||
Debt expense | (4,173 | ) | (4,299 | ) | (3 | ) | |||||
Other, net | 60 | (33 | ) | NM | |||||||
Total Nonoperating Income (Expenses), net | 5,251 | (4,540 | ) | 216 | |||||||
Income before income taxes | 340,934 | 274,906 | 24 | ||||||||
Income tax provision | 119,420 | 102,920 | 16 | ||||||||
Net income including the noncontrolling interests in subsidiaries | 221,514 | 171,986 | 29 | ||||||||
Less: Net income attributable to the noncontrolling interests in subsidiaries | 12,595 | 2,179 | NM | ||||||||
Net Income | $ | 208,919 | $ | 169,807 | 23 | % | |||||
Amounts Attributable to Federated Investors, Inc. | |||||||||||
Earnings Per Share1 | |||||||||||
Basic and diluted | $ | 2.03 | $ | 1.62 | 25 | % | |||||
Weighted-average shares outstanding | |||||||||||
Basic | 99,116 | 100,475 | |||||||||
Diluted | 99,117 | 100,477 | |||||||||
Dividends declared per share | $ | 2.00 | $ | 1.00 |
1) | Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the “two-class method.” As such, total net income of $7.6 million and $6.6 million available to unvested restricted shareholders for the years ended Dec. 31, 2016 and Dec. 31, 2015, respectively, was excluded from the computation of earnings per share. |
Federated Reports Q4 and Full-Year 2016 Earnings | Page 7 of 11 |
Unaudited Condensed Consolidated Balance Sheets | ||||||
(in thousands) | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Assets | ||||||
Cash and other investments | $ | 301,149 | $ | 346,815 | ||
Other current assets | 58,611 | 49,013 | ||||
Intangible assets, net, including goodwill | 733,137 | 734,492 | ||||
Other long-term assets | 62,210 | 56,883 | ||||
Total Assets | $ | 1,155,107 | $ | 1,187,203 | ||
Liabilities, Redeemable Noncontrolling Interests and Equity | ||||||
Current liabilities | $ | 162,538 | $ | 159,208 | ||
Long-term debt | 165,750 | 191,250 | ||||
Other long-term liabilities | 199,673 | 179,039 | ||||
Redeemable noncontrolling interests | 31,362 | 8,734 | ||||
Equity excluding treasury stock | 851,166 | 840,911 | ||||
Treasury stock | (255,382 | ) | (191,939 | ) | ||
Total Liabilities, Redeemable Noncontrolling Interests and Equity | $ | 1,155,107 | $ | 1,187,203 |
Federated Reports Q4 and Full-Year 2016 Earnings | Page 8 of 11 |
Quarter Ended | Year Ended | |||||||||||||||
Dec. 31, 2016 | Sept. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | ||||||||||||
Equity funds | ||||||||||||||||
Beginning assets | $ | 37,777 | $ | 37,076 | $ | 33,273 | $ | 34,125 | $ | 33,141 | ||||||
Sales | 2,050 | 3,011 | 2,143 | 11,617 | 9,801 | |||||||||||
Redemptions | (3,462 | ) | (2,883 | ) | (2,279 | ) | (11,159 | ) | (8,159 | ) | ||||||
Net (redemptions) sales | (1,412 | ) | 128 | (136 | ) | 458 | 1,642 | |||||||||
Net exchanges | 38 | (26 | ) | (23 | ) | (41 | ) | (88 | ) | |||||||
Market gains and losses/reinvestments1 | (172 | ) | 599 | 1,011 | 1,689 | (570 | ) | |||||||||
Ending assets | $ | 36,231 | $ | 37,777 | $ | 34,125 | $ | 36,231 | $ | 34,125 | ||||||
Equity separate accounts2 | ||||||||||||||||
Beginning assets | $ | 26,337 | $ | 24,785 | $ | 18,683 | $ | 19,431 | $ | 18,285 | ||||||
Sales3 | 2,299 | 2,968 | 1,192 | 10,773 | 5,790 | |||||||||||
Redemptions3 | (1,825 | ) | (1,262 | ) | (1,187 | ) | (5,469 | ) | (4,575 | ) | ||||||
Net sales3 | 474 | 1,706 | 5 | 5,304 | 1,215 | |||||||||||
Net exchanges | (1 | ) | 1 | 4 | 0 | 3 | ||||||||||
Market gains and losses4 | (660 | ) | (155 | ) | 739 | 1,415 | (72 | ) | ||||||||
Ending assets | $ | 26,150 | $ | 26,337 | $ | 19,431 | $ | 26,150 | $ | 19,431 | ||||||
Total equity2 | ||||||||||||||||
Beginning assets | $ | 64,114 | $ | 61,861 | $ | 51,956 | $ | 53,556 | $ | 51,426 | ||||||
Sales3 | 4,349 | 5,979 | 3,335 | 22,390 | 15,591 | |||||||||||
Redemptions3 | (5,287 | ) | (4,145 | ) | (3,466 | ) | (16,628 | ) | (12,734 | ) | ||||||
Net (redemptions) sales3 | (938 | ) | 1,834 | (131 | ) | 5,762 | 2,857 | |||||||||
Net exchanges | 37 | (25 | ) | (19 | ) | (41 | ) | (85 | ) | |||||||
Market gains and losses/reinvestments1 | (832 | ) | 444 | 1,750 | 3,104 | (642 | ) | |||||||||
Ending assets | $ | 62,381 | $ | 64,114 | $ | 53,556 | $ | 62,381 | $ | 53,556 | ||||||
Fixed-income funds | ||||||||||||||||
Beginning assets | $ | 39,796 | $ | 38,611 | $ | 38,982 | $ | 37,989 | $ | 40,456 | ||||||
Sales | 4,182 | 3,641 | 3,477 | 14,624 | 14,496 | |||||||||||
Redemptions | (3,988 | ) | (2,971 | ) | (4,218 | ) | (14,403 | ) | (16,588 | ) | ||||||
Net sales (redemptions) | 194 | 670 | (741 | ) | 221 | (2,092 | ) | |||||||||
Net exchanges | (57 | ) | 19 | 2 | (69 | ) | 33 | |||||||||
Market gains and losses/reinvestments1 | (499 | ) | 496 | (254 | ) | 1,293 | (408 | ) | ||||||||
Ending assets | $ | 39,434 | $ | 39,796 | $ | 37,989 | $ | 39,434 | $ | 37,989 | ||||||
Fixed-income separate accounts2 | ||||||||||||||||
Beginning assets | $ | 12,048 | $ | 11,714 | $ | 13,083 | $ | 13,130 | $ | 12,251 | ||||||
Sales3 | 460 | 360 | 332 | 1,164 | 1,963 | |||||||||||
Redemptions3 | (380 | ) | (284 | ) | (244 | ) | (3,097 | ) | (1,061 | ) | ||||||
Net sales (redemptions)3 | 80 | 76 | 88 | (1,933 | ) | 902 | ||||||||||
Net exchanges | 1 | 0 | 0 | 1 | (6 | ) | ||||||||||
Market gains and losses4 | (249 | ) | 258 | (41 | ) | 682 | (17 | ) | ||||||||
Ending assets | $ | 11,880 | $ | 12,048 | $ | 13,130 | $ | 11,880 | $ | 13,130 | ||||||
Total fixed income2 | ||||||||||||||||
Beginning assets | $ | 51,844 | $ | 50,325 | $ | 52,065 | $ | 51,119 | $ | 52,707 | ||||||
Sales3 | 4,642 | 4,001 | 3,809 | 15,788 | 16,459 | |||||||||||
Redemptions3 | (4,368 | ) | (3,255 | ) | (4,462 | ) | (17,500 | ) | (17,649 | ) | ||||||
Net sales (redemptions)3 | 274 | 746 | (653 | ) | (1,712 | ) | (1,190 | ) | ||||||||
Net exchanges | (56 | ) | 19 | 2 | (68 | ) | 27 | |||||||||
Market gains and losses/reinvestments1 | (748 | ) | 754 | (295 | ) | 1,975 | (425 | ) | ||||||||
Ending assets | $ | 51,314 | $ | 51,844 | $ | 51,119 | $ | 51,314 | $ | 51,119 |
Federated Reports Q4 and Full-Year 2016 Earnings | Page 9 of 11 |
Quarter Ended | Year Ended | |||||||||||||||
Dec. 31, 2016 | Sept. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | ||||||||||||
Funds | ||||||||||||||||
Beginning assets | $ | 77,573 | $ | 75,687 | $ | 72,255 | $ | 72,114 | $ | 73,597 | ||||||
Sales | 6,232 | 6,652 | 5,620 | 26,241 | 24,297 | |||||||||||
Redemptions | (7,450 | ) | (5,854 | ) | (6,497 | ) | (25,562 | ) | (24,747 | ) | ||||||
Net (redemptions) sales | (1,218 | ) | 798 | (877 | ) | 679 | (450 | ) | ||||||||
Net exchanges | (19 | ) | (7 | ) | (21 | ) | (110 | ) | (55 | ) | ||||||
Market gains and losses/reinvestments1 | (671 | ) | 1,095 | 757 | 2,982 | (978 | ) | |||||||||
Ending assets | $ | 75,665 | $ | 77,573 | $ | 72,114 | $ | 75,665 | $ | 72,114 | ||||||
Separate accounts2 | ||||||||||||||||
Beginning assets | $ | 38,385 | $ | 36,499 | $ | 31,766 | $ | 32,561 | $ | 30,536 | ||||||
Sales3 | 2,759 | 3,328 | 1,524 | 11,937 | 7,753 | |||||||||||
Redemptions3 | (2,205 | ) | (1,546 | ) | (1,431 | ) | (8,566 | ) | (5,636 | ) | ||||||
Net sales3 | 554 | 1,782 | 93 | 3,371 | 2,117 | |||||||||||
Net exchanges | 0 | 1 | 4 | 1 | (3 | ) | ||||||||||
Market gains and losses4 | (909 | ) | 103 | 698 | 2,097 | (89 | ) | |||||||||
Ending assets | $ | 38,030 | $ | 38,385 | $ | 32,561 | $ | 38,030 | $ | 32,561 | ||||||
Total assets 2 | ||||||||||||||||
Beginning assets | $ | 115,958 | $ | 112,186 | $ | 104,021 | $ | 104,675 | $ | 104,133 | ||||||
Sales3 | 8,991 | 9,980 | 7,144 | 38,178 | 32,050 | |||||||||||
Redemptions3 | (9,655 | ) | (7,400 | ) | (7,928 | ) | (34,128 | ) | (30,383 | ) | ||||||
Net (redemptions) sales 3 | (664 | ) | 2,580 | (784 | ) | 4,050 | 1,667 | |||||||||
Net exchanges | (19 | ) | (6 | ) | (17 | ) | (109 | ) | (58 | ) | ||||||
Market gains and losses/reinvestments1 | (1,580 | ) | 1,198 | 1,455 | 5,079 | (1,067 | ) | |||||||||
Ending assets | $ | 113,695 | $ | 115,958 | $ | 104,675 | $ | 113,695 | $ | 104,675 |
Federated Reports Q4 and Full-Year 2016 Earnings | Page 10 of 11 |
(unaudited) | |||||||||||||||
MANAGED ASSETS (in millions) | Dec. 31, 2016 | Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 62,381 | $ | 64,114 | $ | 61,861 | $ | 56,485 | $ | 53,556 | |||||
Fixed-income | 51,314 | 51,844 | 50,325 | 51,178 | 51,119 | ||||||||||
Money market | 252,213 | 248,366 | 254,992 | 262,030 | 256,437 | ||||||||||
Total Managed Assets | $ | 365,908 | $ | 364,324 | $ | 367,178 | $ | 369,693 | $ | 361,112 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 36,231 | $ | 37,777 | $ | 37,076 | $ | 34,935 | $ | 34,125 | |||||
Fixed-income | 39,434 | 39,796 | 38,611 | 37,826 | 37,989 | ||||||||||
Money market | 206,411 | 209,382 | 218,107 | 224,681 | 221,615 | ||||||||||
Total Fund Assets | $ | 282,076 | $ | 286,955 | $ | 293,794 | $ | 297,442 | $ | 293,729 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 26,150 | $ | 26,337 | $ | 24,785 | $ | 21,550 | $ | 19,431 | |||||
Fixed-income | 11,880 | 12,048 | 11,714 | 13,352 | 13,130 | ||||||||||
Money market | 45,802 | 38,984 | 36,885 | 37,349 | 34,822 | ||||||||||
Total Separate Accounts | $ | 83,832 | $ | 77,369 | $ | 73,384 | $ | 72,251 | $ | 67,383 | |||||
Total Managed Assets | $ | 365,908 | $ | 364,324 | $ | 367,178 | $ | 369,693 | $ | 361,112 | |||||
AVERAGE MANAGED ASSETS | Quarter Ended | ||||||||||||||
(in millions) | Dec. 31, 2016 | Sept. 30, 2016 | June 30, 2016 | March 31, 2016 | Dec. 31, 2015 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 62,575 | $ | 63,682 | $ | 58,680 | $ | 52,786 | $ | 54,097 | |||||
Fixed-income | 51,526 | 51,446 | 50,793 | 50,880 | 51,922 | ||||||||||
Money market | 244,197 | 250,292 | 254,693 | 260,203 | 247,986 | ||||||||||
Total Avg. Managed Assets | $ | 358,298 | $ | 365,420 | $ | 364,166 | $ | 363,869 | $ | 354,005 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 36,667 | $ | 37,902 | $ | 35,891 | $ | 32,921 | $ | 34,726 | |||||
Fixed-income | 39,571 | 39,527 | 38,214 | 37,776 | 38,779 | ||||||||||
Money market | 203,474 | 213,078 | 217,226 | 221,848 | 217,031 | ||||||||||
Total Avg. Fund Assets | $ | 279,712 | $ | 290,507 | $ | 291,331 | $ | 292,545 | $ | 290,536 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 25,908 | $ | 25,780 | $ | 22,789 | $ | 19,865 | $ | 19,371 | |||||
Fixed-income | 11,955 | 11,919 | 12,579 | 13,104 | 13,143 | ||||||||||
Money market | 40,723 | 37,214 | 37,467 | 38,355 | 30,955 | ||||||||||
Total Avg. Separate Accounts | $ | 78,586 | $ | 74,913 | $ | 72,835 | $ | 71,324 | $ | 63,469 | |||||
Total Avg. Managed Assets | $ | 358,298 | $ | 365,420 | $ | 364,166 | $ | 363,869 | $ | 354,005 |
Federated Reports Q4 and Full-Year 2016 Earnings | Page 11 of 11 |
(unaudited) | ||||||||
AVERAGE MANAGED ASSETS | Year Ended | |||||||
(in millions) | Dec. 31, 2016 | Dec. 31, 2015 | ||||||
By Asset Class | ||||||||
Equity | $ | 59,431 | $ | 54,149 | ||||
Fixed-income | 51,161 | 52,805 | ||||||
Money market | 252,346 | 246,539 | ||||||
Total Avg. Managed Assets | $ | 362,938 | $ | 353,493 | ||||
By Product Type | ||||||||
Funds: | ||||||||
Equity | $ | 35,846 | $ | 35,017 | ||||
Fixed-income | 38,772 | 39,973 | ||||||
Money market | 213,906 | 213,694 | ||||||
Total Avg. Fund Assets | $ | 288,524 | $ | 288,684 | ||||
Separate Accounts: | ||||||||
Equity | $ | 23,585 | $ | 19,132 | ||||
Fixed-income | 12,389 | 12,832 | ||||||
Money market | 38,440 | 32,845 | ||||||
Total Avg. Separate Accounts | $ | 74,414 | $ | 64,809 | ||||
Total Avg. Managed Assets | $ | 362,938 | $ | 353,493 |
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