CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

12 Months Ended

Dec. 31, 2013

CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

25. CONSOLIDATEDQUARTERLY RESULTS — UNAUDITED

The Company’s unaudited consolidated quarterly operating data for the year ended December 31, 2013 and 2012 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 shareowners’ 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)
2013
Premiums and policy fees	$	723,200		$	752,752		$	653,664		$	837,706
Reinsurance ceded	(325,840		)	(396,777		)	(277,628		)	(387,192		)
Net of reinsurance ceded	397,360			355,975			376,036			450,514
Net investment income	439,012			447,064			434,772			515,340
Realized investment gains (losses)	(5,223		)	(47,636		)	4,263			(13,227		)
Other income	54,434			60,638			65,523			69,825
Total revenues	885,583			816,041			880,594			1,022,452
Total benefits and expenses	775,769			737,114			767,239			902,049
Income before income tax	109,814			78,927			113,355			120,403
Income tax expense	35,936			25,923			37,107			31,931
Net income	$	73,878		$	53,004		$	76,248		$	88,472
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