CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

12 Months Ended

Dec. 31, 2012

CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

22. CONSOLIDATED QUARTERLY RESULTS — UNAUDITED

The Company’s unaudited consolidated quarterly operating data for the year ended December 31, 2012 and 2011 is presented below. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair statement of quarterly results have been reflected in the following data. It is also management’s opinion, however, that quarterly operating data for insurance enterprises are not necessarily indicative of results that may be expected in succeeding quarters or years. In order to obtain a more accurate indication of performance, there should be a review of operating results, changes in shareowner’s equity, and cash flows for a period of several quarters.

	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter
	(Dollars In Thousands, Except Per Share Amounts)
2012
Premiums and policy fees	$	692,398		$	707,720		$	681,324		$	717,948
Reinsurance ceded	(296,295		)	(336,119		)	(311,862		)	(365,821		)
Net of reinsurance ceded	396,103			371,601			369,462			352,127
Net investment income	443,532			438,648			446,374			460,784
Realized investment gains (losses)	(13,022		)	6,669			(2,686		)	(44,085		)
Other income	75,142			50,121			51,046			54,244
Total revenues	901,755			867,039			864,196			823,070
Total benefits and expenses	760,687			749,974			757,507			728,313
Income before income tax	141,068			117,065			106,689			94,757
Income tax expense	45,212			35,438			35,778			34,615
Net income	$	95,856		$	81,627		$	70,911		$	60,142
2011
Premiums and policy fees	$	662,256		$	712,472		$	693,161		$	716,245
Reinsurance ceded	(324,417		)	(356,603		)	(319,732		)	(363,162		)
Net of reinsurance ceded	337,839			355,869			373,429			353,083
Net investment income	427,311			434,425			445,928			445,780
Realized investment gains (losses)	(7,986		)	19,974			31,880			1,559
Other income	43,863			56,107			47,262			42,262
Total revenues	801,027			866,375			898,499			842,684
Total benefits and expenses	705,685			726,214			775,941			725,470
Income before income tax	95,342			140,161			122,558			117,214
Income tax expense	33,223			48,557			39,579			30,160
Net income	$	62,119		$	91,604		$	82,979		$	87,054