Form 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HGEvb2rv7GACrw6qVb1+pOxYvsGBOFZ9Nitk4iXEpq2xFib7kw+9+D33MV8pNsXc 3AqC2PAf2IRYgusigbh+7w== 0001193125-05-088850.txt : 20050428 0001193125-05-088850.hdr.sgml : 20050428 20050428172916 ACCESSION NUMBER: 0001193125-05-088850 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050428 DATE AS OF CHANGE: 20050428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLMERICA FINANCIAL CORP CENTRAL INDEX KEY: 0000944695 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 043263626 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13754 FILM NUMBER: 05781854 BUSINESS ADDRESS: STREET 1: 440 LINCOLN ST CITY: WORCESTER STATE: MA ZIP: 01653 BUSINESS PHONE: 5088551000 MAIL ADDRESS: STREET 1: 440 LINCOLN ST CITY: WORCESTER STATE: MA ZIP: 01653 8-K 1 d8k.htm FORM 8-K Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

Current Report

Pursuant to

Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2005

ALLMERICA FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

1-13754

04-3263626

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

440 Lincoln Street, Worcester, Massachusetts 01653

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (508) 855-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

The following information is being furnished under Item 2.02 – Results of Operations and Financial Condition. Such information, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section.

On April 28, 2005, Allmerica Financial Corporation issued a press release announcing its financial results for the quarter ended March 31, 2005. The release is furnished as Exhibit 99.1 hereto. Additionally, on April 28, 2005, the Company made available on its website financial information contained in its Statistical Supplement for the period ended March 31, 2005. The supplement is furnished as Exhibit 99.2 hereto.

Item 9.01 Financial Statements and Exhibits.

(a)	Not applicable.

(b)	Not applicable.

(c)

Exhibits.

The following exhibits are furnished herewith.


Exhibit 99.1		Press Release, dated April 28, 2005, announcing the Company’s financial results for the quarter ended March 31, 2005.

Exhibit 99.2		Allmerica Financial Corporation Statistical Supplement for the period ended March 31, 2005.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Allmerica Financial Corporation (Registrant)
Allmerica Financial Corporation (Registrant)

By:		/s/ Edward J. Parry III
		Edward J. Parry III
		Chief Financial Officer,
		Executive Vice President,
		Principal Accounting Officer and Director

Date: April 28, 2005


Exhibit Index
Exhibit 99.1		Press Release, dated April 28, 2005, announcing the Company’s financial results for the quarter ended March 31, 2005.

Exhibit 99.2		Allmerica Financial Corporation Statistical Supplement for the period ended March 31, 2005.

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

EXHIBIT 99.1

LOGO

ALLMERICA FINANCIAL CORPORATION REPORTS FIRST QUARTER EARNINGS:

NET INCOME OF $0.86 PER SHARE COMPARED TO $0.23 PER SHARE LAST YEAR

AFTER TAX SEGMENT INCOME OF $0.64 PER SHARE COMPARED TO $0.62 PER SHARE LAST YEAR

WORCESTER, Mass., April 28, 2005 - Allmerica Financial Corporation (NYSE: AFC) today reported first quarter net income of $46.5 million, or $0.86 per share, compared to net income of $12.1 million, or $0.23 per share in the first quarter of last year. Net income for the first quarter of 2004 included an after-tax charge of $57.2 million, or $1.06 per share, which reflected the cumulative effect of the adoption of Statement of Position 03-1 relating to establishing reserves for certain life insurance and annuity product benefits, and an after-tax benefit of $30.1 million, or $0.56 per share related to a favorable settlement of prior-years’ tax liabilities.

Total segment income after taxes was $34.2 million, or $0.64 per share in the first quarter, compared to $33.2 million, or $0.62 per share in the first quarter of last year. Total Property and Casualty segment income was $61.8 million in the first quarter of 2005, compared to $38.6 million in the first quarter of 2004. The Life Companies reported a segment loss of $7.4 million in the first quarter of 2005, compared to segment income of $9.8 million in the first quarter last year. Segment income after taxes is presented consistent with the manner in which management evaluates operating results.

“I am very pleased with our solid financial results for the quarter and the improvement in the performance of our core property and casualty operations over the past several quarters,” said Frederick H. Eppinger, president and chief executive officer of Allmerica Financial Corporation. “Our first quarter results reflect a 60% increase in our property and casualty earnings and continued strength in our Life Companies’ capital position.”

440 Lincoln Street, Worcester, Massachusetts 01653, Phone 508-855-1000, Fax 508-853-6332

The Hanover Insurance Company • Citizens Insurance Company of America • Citizens Management Inc.

Allmerica Financial Alliance Insurance Company • Allmerica Financial Benefit Insurance Company • AMGRO, Inc.

Financial Profiles, Inc. • VeraVest Investments, Inc. • Opus Investment Management, Inc.

First Allmerica Financial Life Insurance Company • Allmerica Financial Life Insurance and Annuity Company (all states except NY)

Segment Results

The company conducts its business in four operating segments. Property and Casualty operations consist of three operating segments: Personal Lines, Commercial Lines, and Other Property & Casualty. The Personal Lines segment markets automobile, homeowners and ancillary coverages to individuals and families. The Commercial Lines segment offers a suite of products targeted at the small to mid-size business markets, which include commercial multiple peril, commercial automobile, workers’ compensation and other commercial coverages. The Other Property & Casualty segment includes a block of run-off voluntary pools business in which we have not actively participated since 1995; AMGRO, Inc., a premium financing business; Opus Investment Management, Inc., which provides investment management services to institutions, pension funds and other organizations; and earnings on holding company assets. The Life Companies, our fourth operating segment, includes the results of our run-off business of life and annuity products and guaranteed investment contracts.

The following table shows segment income after taxes. It is presented in a manner consistent with the way management evaluates results and is set forth in accordance with Statement of Financial Accounting Standards No. 131, “Disclosures About Segments of an Enterprise and Related Information.” Segment income after taxes excludes the items listed in the table at the end of this document.


	Quarter ended March 31 (In millions)
	2005			2004
Property and Casualty:
Personal Lines⁽¹⁾	$	39.2		$	10.8
Commercial Lines⁽²⁾		20.5			26.5
Other Property & Casualty		2.1			1.3

Total Property and Casualty		61.8			38.6

Life Companies		(7.4	)		9.8
Interest expense on corporate debt		(10.0	)		(10.0	)

Total pre-tax segment income		44.4			38.4

Federal Income Taxes		(10.2	)		(5.2	)

Total segment income after taxes⁽³⁾	$	34.2		$	33.2

(1)	Includes Personal Lines catastrophe losses of $6.8 million and $14.6 million for the first quarter of 2005 and 2004, respectively.

(2)	Includes Commercial Lines catastrophe losses of $5.5 million and $6.5 million for the first quarter of 2005 and 2004, respectively.

(3)	See reconciliation from segment income to net income at the end of this document.

Property and Casualty

Property and Casualty segment income was $61.8 million in the first quarter of 2005, up from $38.6 million in the first quarter of 2004. Earnings were higher in the quarter primarily due to favorable loss performance and lower catastrophe losses. Pre-tax catastrophe losses were $12.3 million in the first quarter of 2005, compared to $21.1 million in the first quarter last year.

Property and Casualty highlights:

•

Net premiums written were $548.4 million in the first quarter of 2005, compared to $561.3 million in the first quarter of 2004.

•

Net premiums earned were $550.2 million in the first quarter of 2005, compared to $556.3 million in the first quarter of 2004.

•

In the first quarter of 2005, net pre-tax catastrophe losses were $12.3 million, compared to $21.1 million in the comparable period one year earlier.

The following table summarizes the components of the GAAP combined ratio for the Property and Casualty segment:


	Quarter ended March 31
	2005		2004
Personal Lines losses (excluding catastrophes) ⁽¹⁾	58.6	%	63.9	%
Commercial Lines losses (excluding catastrophes) ⁽²⁾	51.7	%	46.6	%

Total Property and Casualty Losses (excluding catastrophes)	56.3	%	58.6	%

Catastrophe losses	2.2	%	3.8	%
Loss adjustment expenses	8.9	%	8.4	%
Policy acquisition and other underwriting expenses	31.4	%	31.9	%
Policyholders’ dividends	0.1	%	—

Combined Ratio	98.9	%	102.7	%

(1)	Catastrophe losses would add 1.9 points and 3.8 points to the Personal Lines loss ratio in the first quarter of 2005 and 2004, respectively.

(2)	Catastrophe losses would add 2.9 points and 3.7 points to the Commercial Lines loss ratio in the first quarter of 2005 and 2004, respectively.

Personal Lines

Personal Lines segment income was $39.2 million in the quarter compared to $10.8 million in the prior year, an increase of $28.4 million. Excluding net pre-tax catastrophe losses, which were $7.8 million lower in the current quarter compared to the first quarter of last year, Personal Lines segment income for the current quarter was $46.0 million compared to $25.4 million in the first quarter of last year. This $20.6 million improvement in segment income was primarily due to favorable loss performance.

The current quarter loss ratio, excluding catastrophes, was 5.3 points better than the prior-year quarter. The continued impact of earned rate increases and the lower frequency of losses in the current quarter contributed to the improvement in loss results. In addition, favorable development of prior-year loss reserves was $9.0 million in the quarter, primarily resulting from the 2004 accident year. This compares to $0.4 million of favorable development of prior-year loss reserves in the first quarter of last year.

Personal Lines highlights:

•

Net premiums written were $335.8 million in the first quarter of 2005, compared to $366.0 million in the first quarter of 2004.

•

Net premiums earned were $360.5 million in the first quarter of 2005, compared to $380.2 million in the first quarter of 2004.

•

The Personal Lines GAAP combined ratio was 96.7% in the first quarter, versus 104.1% in the same period last year.

•

Net pre-tax catastrophe losses were $6.8 million, or 1.9 points of the combined ratio for the first quarter of 2005 compared to $14.6 million, or 3.8 points of the combined ratio for the first quarter of 2004.

Commercial Lines

Commercial Lines segment income was $20.5 million in the quarter, compared to $26.5 million in the first quarter of 2004, a decrease of $6.0 million. Excluding net pre-tax catastrophe losses, which were $1.0 million lower in the current quarter compared to the first quarter of last year, Commercial Lines segment income was $26.0 million, compared to $33.0 million in the prior-year quarter.

This $7.0 million decrease in segment income was due to an $11.6 million reduction in favorable development of prior-year loss and loss adjustment expense reserves partially offset by improved current accident year results through the first quarter. Favorable development of loss and loss adjustment expense reserves was $4.9 million in the first quarter of 2005, compared to $16.5 million in the same quarter last year. The favorable development in the first quarter of 2004 was primarily the result of a decrease in claims frequency in the commercial automobile and commercial multiple peril lines.

Commercial Lines highlights:

•

Net premiums written were $212.6 million in the first quarter of 2005, compared to $195.3 million in the first quarter of 2004.

•

Net premiums earned were $189.7 million in the first quarter of 2005, compared to $176.1 million in the first quarter of 2004.

•

The Commercial Lines GAAP combined ratio was 102.8% in the first quarter, compared to 99.2% in the same period last year.

•

Net pre-tax catastrophe losses were $5.5 million, or 2.9 points of the combined ratio in the first quarter versus $6.5 million, or 3.7 points of the combined ratio in the first quarter of 2004.

Other Property & Casualty

Other Property & Casualty segment income was $2.1 million in the quarter, compared to $1.3 million in the prior year. Other Property & Casualty includes our run-off voluntary pools, premium financing and investment management operations.

Life Companies

The Life Companies reported a segment loss of $7.4 million in the first quarter of 2005. Quarterly results for the Life Companies are expected to approximate breakeven with an assumed equity market appreciation of 2% per quarter. Segment income for the first quarter of 2004 was $9.8 million.

The segment loss of $7.4 million in the first quarter of 2005 is due to higher amortization of deferred policy acquisition costs (DAC) and higher guaranteed minimum death benefit (GMDB) expense, net of hedge gains, resulting from a lower than expected equity market return of negative 2.6% in the current quarter, as measured by the S&P 500 Index.

Segment income excluding certain non-cash items was $35.6 million in the quarter versus $13.6 million in the fourth quarter of 2004. Segment income excluding certain non-cash items, which is a non-GAAP financial measure, is reconciled to segment income at the end of this document. Comparisons for this measure are made on a sequential-quarter basis.

The increase in segment income excluding certain non-cash items in the first quarter of 2005 compared to the fourth quarter of 2004 was primarily due to the relative poor performance of the equity market, which resulted in derivatives gains of $5.8 million in the current quarter, compared to derivatives losses of $19.7 million in the fourth quarter of 2004. These derivatives gains and losses are related to our GMDB hedging program, which is designed to generate gains during a falling equity market, as in the current quarter, and losses during a rising equity market, as in the fourth quarter of 2004, to offset changes in the underlying GMDB exposure.

The Life Companies’ segment income is expected to continue to be volatile due to the hedge program and the impact of the SOP 03-1 rules on the GMDB reserve and DAC accounting. The inherent volatility is due to several factors, with the most significant being equity market levels. Life Companies segment income is also affected by changes in interest rates, surrenders and any deviation between the performance of the underlying mutual funds and the indices associated with futures contracts in connection with the hedging program.

Life Companies highlights:

•

Life operations segment income excluding certain non-cash items was $35.6 million in the first quarter. Segment income excluding certain non-cash items, which is a non-GAAP financial measure, is reconciled to segment income at the end of this document.

•

Total adjusted statutory capital for the combined life insurance subsidiaries at March 31, 2005 was $588.7 million, compared to $581.9 million at December 31, 2004 and $589.8 million at March 31, 2004. Total adjusted statutory capital at December 31, 2004 reflects the $75.0 million dividend to the holding company approved by the Massachusetts Division of Insurance.

•

The Risk Based Capital (RBC) ratio of Allmerica Financial Life Insurance and Annuity Company, Allmerica’s lead life insurance company, increased to 506 percent at March 31, 2005, up from 472 percent at December 31, 2004 and 420 percent at March 31, 2004.

•

In the first quarter, individual annuity redemptions were $526.5 million compared to $478.3 million in the fourth quarter of 2004 and approximately $634.1 million in the first quarter of 2004.

Investment Results

Net investment income was $101.1 million for the first quarter of 2005, compared to $104.7 million in the same period of 2004. First quarter net investment income decreased primarily due to lower invested assets in the Life Companies, resulting from maturities of long-term funding agreements and continued run-off of the business, as well as declining yields in both the Life Companies and Property and Casualty portfolios, driven by the lower current interest rates. This was partially offset by increased average invested assets in the Property and Casualty segment due to increased cash flows.

First quarter 2005 pre-tax net realized investment gains were $20.2 million, compared to $15.7 million in the same period of 2004. In the current quarter, pre-tax net realized investment gains of $23.1 million from sales of investments were partially offset by $2.9 million of capital losses resulting from impairments on certain fixed maturity securities. In the first quarter of 2004, pre-tax net realized investment gains of $18.1 million from sales of investments were partially offset by $2.4 million of capital losses resulting from impairments on certain fixed maturity and equity securities.

Balance Sheet

Shareholders’ equity was $2.3 billion, or $43.53 per share at March 31, 2005, compared to $2.3 billion, or $43.91 per share at December 31, 2004. Excluding accumulated other comprehensive income, book value was $44.67 per share at the close of the first quarter, compared to $43.85 per share at December 31, 2004.

Total assets were $22.2 billion at March 31, 2005, compared to $23.7 billion at December 31, 2004. Separate account assets were $9.7 billion at March 31, 2005, versus $10.5 billion at December 31, 2004. The declines in total and separate account assets were principally the result of surrenders of individual variable annuities and a large GIC maturity in the quarter.

Earnings Conference Call

Allmerica Financial Corporation will host a conference call to discuss the company’s first quarter results on Friday, April 29th at 10:00 a.m. Eastern time. This quarter, a PowerPoint slide presentation will accompany our prepared remarks and has been posted on our website. Interested investors and others can listen to the call and access the presentation through Allmerica’s web site, located at www.allmerica.com. Web-cast participants should go to the web site at least 15 minutes early to register, download the new presentation, and install any necessary audio software. A re-broadcast of the conference call will be available on this web site two hours after the call.

Statistical Supplement

Allmerica Financial Corporation’s first quarter Earnings Press Release and Statistical Supplement are also available in the Investor Relations section at www.allmerica.com.

Forward-Looking Statements

Certain statements in this release or in the above referenced conference call may be considered to be forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Use of the words “believes”, “anticipates”, “expects” and similar expressions is intended to identify forward-looking statements. The company cautions investors that any such forward-looking statements are not guarantees of future performance, and actual results could differ materially. Investors are directed to consider the risks and uncertainties in our business that may affect future performance and that are discussed in readily available documents, including the company’s annual report and other documents filed by Allmerica with the Securities and Exchange Commission and which are also available at www.allmerica.com under “Investor Relations”. These uncertainties include the possibility of adverse catastrophe experience and severe weather, adverse loss development and adverse trends in mortality and morbidity, changes in the stock and financial markets, changes from assumed surrender activities and assumed stock market returns, adverse selection in surrender patterns, investment impairments, heightened competition, adverse state and federal legislation or regulation, financial ratings actions, and various other factors, which include the effect of the company’s decision to close its broker-dealer operations as well as the anticipated impact and cost of the GMDB hedging program. The performance of the hedging program is dependent on, among other things, the future performance and volatility of the equity market, the extent to which the performance of the various hedging instruments correlates with the investment performance of the underlying annuity sub-accounts, the continued availability of equity index futures and redemption and mortality patterns in the company’s annuity contracts.

Allmerica Financial Corporation is the holding company for a group of insurance companies headquartered in Worcester, Massachusetts.

Contact Information


Investors:		Media:

Sujata Mutalik		Michael F. Buckley
E-mail: smutalik@allmerica.com		E-mail: mibuckley@allmerica.com
1-508-855-3457		1-508-855-3099

ALLMERICA FINANCIAL CORPORATION

(In millions, except per share data)


	Quarter ended March 31
	2005		2004
Net income	$	46.5	$	12.1
Net income per share⁽¹⁾	$	0.86	$	0.23
Weighted average shares		53.8		53.7

The following is a reconciliation from segment income to net income ⁽²⁾ :


PER SHARE DATA (DILUTED)⁽¹⁾	Quarter ended March 31
	2005						2004
	$			Per Share			$			Per Share
Property and Casualty
Personal Lines	$	39.2			—		$	10.8			—
Commercial Lines		20.5			—			26.5			—
Other Property & Casualty		2.1			—			1.3			—
Total Property and Casualty		61.8			—			38.6			—
Life Companies		(7.4	)		—			9.8			—
Interest expense on corporate debt		(10.0	)		—			(10.0	)		—
Total segment income	$	44.4		$	0.83		$	38.4		$	0.72
Federal income tax expense on segment income		(10.2	)		(0.19	)		(5.2	)		(0.10	)
Total segment income after federal income taxes		34.2			0.64			33.2			0.62
Federal income tax settlement		—			—			30.1			0.56
Net realized investment gains, net of taxes and amortization		12.8			0.23			10.2			0.19
Loss on derivatives, net of taxes		(0.1	)		—			—			—
Loss from retirement of trust instruments supported by funding obligations, net of taxes		—			—			(2.1	)		(0.04	)
Restructuring costs, net of taxes		(0.4	)		(0.01	)		(2.1	)		(0.04	)
Income before effect of accounting change		46.5			0.86			69.3			1.29
Cumulative effect of change in accounting principle, net of taxes		—			—			(57.2	)		(1.06	)
Net income	$	46.5		$	0.86		$	12.1		$	0.23

(1)	Basic net income per share was $0.87 and $0.23 for the quarters ended March 31, 2005 and 2004, respectively.

(2)

In accordance with Statement of Financial Accounting Standards No. 131, Disclosure about Segments of an Enterprise and Related Information, the separate financial information of each segment is presented consistent with the way results are regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management evaluates the results of the aforementioned segments on a pre-tax basis. Segment income (loss) is determined by adjusting net income (loss) for net realized investment gains and losses including certain gains or losses on derivative instruments, because fluctuations in these gains and losses are determined by interest rates, financial markets and the timing of sales. Also, segment income (loss) excludes net gains and losses on disposals of businesses, discontinued operations, restructuring and reorganization costs, extraordinary items, the cumulative effect of accounting changes and certain other items.

Net income includes the following items (net of taxes) by segment:


	Quarter ended March 31, 2005
	Personal Lines			Commercial Lines			Other Property & Casualty		Life Companies			Total
Net realized investment gains (losses), net of taxes and amortization	$	(0.5	)	$	(0.5	)		—	$	13.8		$	12.8
Loss on derivative instruments, net of taxes		—			—			—		(0.1	)		(0.1	)
Restructuring costs, net of taxes		—			—			—		(0.4	)		(0.4	)

	Quarter ended March 31, 2004
	Personal Lines			Commercial Lines			Other Property & Casualty		Life Companies			Total
Net realized investment gains net of taxes and amortization	$	1.9		$	2.0		$	2.2	$	4.1		$	10.2
Loss from retirement of trust instruments supported by funding obligations, net of taxes		—			—			—		(2.1	)		(2.1	)
Restructuring costs, net of taxes		—			—			—		(2.1	)		(2.1	)
Federal income tax settlement		—			—			—		30.1			30.1
Cumulative effect of change in accounting principle, net of taxes		—			—			—		(57.2	)		(57.2	)

The following is a reconciliation of the Life Companies’ segment (loss) income to the Life Companies’ segment income excluding certain non-cash items:


	Quarter ended March 31, 2005			Quarter ended December 31, 2004
Life Companies segment (loss) income	$	(7.4	)	$	16.5

Deferred acquisition cost operating amortization, net		39.2			14.6
Property, plant and equipment depreciation, net		1.3			0.8
Statement of Position 98-1 amortization, net		0.9			0.7
Change in guaranteed minimum death and income benefit reserves		1.6			(19.0	)

Total segment income excluding certain non-cash items	$	35.6		$	13.6

All figures reported are unaudited.

EX-99.2 3 dex992.htm ALLMERICA FINANCIAL CORPORATION STATISTICAL SUPPLEMENT Allmerica Financial Corporation Statistical Supplement

Exhibit 99.2

ALLMERICA FINANCIAL CORPORATION

STATISTICAL SUPPLEMENT

TABLE OF CONTENTS


Financial Highlights		1-2
Consolidated Financial Statements
Income Statements		3
Balance Sheets		4
Property and Casualty
Condensed Income Statements		5
Property and Casualty Consolidated Balance Sheets		6
GAAP Underwriting Results		7-8
Life Companies
Condensed Income Statements		9
Life Companies Consolidated Balance Sheets		10
Segment Income by Product Line		11
Segment Income Excluding Certain Non-Cash Items		12
Selected Financial Information-Variable Annuities		13
Future Policy Benefits and Account Balances		14
Investments
Net Investment Income		15
Net Realized Investment Gains (Losses)		16
Unrealized Losses		17
Credit Quality of Fixed Maturities		18
Property and Casualty Statutory Ratios		19
Historical Financial Highlights		20-21
Other Information		Inside back cover
Corporate Information
Market and Dividend Information
Industry Ratings

ALLMERICA FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS


(In millions, except per share data)	Quarter ended March 31
(In millions, except per share data)	2005			2004			% Change
SEGMENT INCOME
Property and Casualty
Personal Lines	$	39.2		$	10.8		N/M
Commercial Lines		20.5			26.5		(22.6	)
Other		2.1			1.3		61.5

Total Property and Casualty		61.8			38.6		60.1

Life Companies		(7.4	)		9.8		N/M
Interest expense on corporate debt		(10.0	)		(10.0	)	—

Total segment income		44.4			38.4		15.6

Federal income tax expense on segment income		(10.2	)		(5.2	)	96.2

Total segment income after taxes	$	34.2		$	33.2		3.0

RECONCILIATION FROM SEGMENT
INCOME TO NET INCOME
Total segment income after taxes	$	34.2		$	33.2		3.0

Federal income tax settlement		—			30.1		N/M
Net realized investment gains, net of taxes and amortization		12.8			10.2		25.5
Losses on derivative instruments, net of taxes		(0.1	)		—		N/M
Losses from retirement of funding agreements and trust instruments supported by funding obligations, net of taxes		—			(2.1	)	N/M
Restructuring costs, net of taxes		(0.4	)		(2.1	)	(81.0	)

Income before effect of accounting change		46.5			69.3		(32.9	)
Cumulative effect of change in accounting principle, net of taxes		—			(57.2	)	N/M

Net income	$	46.5		$	12.1		N/M

PER SHARE DATA (DILUTED)
Total segment income	$	0.83		$	0.72		15.3
Federal income taxes on segment income		(0.19	)		(0.10	)	90.0

Total segment income after taxes		0.64			0.62		3.2
Federal income tax settlement		—			0.56		N/M
Net realized investment gains, net of taxes and amortization		0.23			0.19		21.1
Losses from retirement of funding agreements and trust instruments supported by funding obligations, net of taxes		—			(0.04	)	N/M
Restructuring costs, net of taxes		(0.01	)		(0.04	)	(75.0	)

Income before effect of accounting change		0.86			1.29		(33.3	)
Cumulative effect of change in accounting principle, net of taxes		—			(1.06	)	N/M

Net income	$	0.86		$	0.23		N/M

ALLMERICA FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS


(In millions, except per share data)	March 31 2005			December 31 2004			% Change
BALANCE SHEET
Shareholders’ equity
The Hanover Insurance Company (consolidated)	$	1,680.4		$	1,680.2		—
Allmerica Financial Life Insurance and Annuity Company (consolidated)		1,101.1			1,112.1		(1.0	)
AFC Holding Company and other		(456.3	)		(452.8	)	0.8

Total shareholders’ equity	$	2,325.2		$	2,339.5		(0.6	)

Total adjusted statutory capital
The Hanover Insurance Company (consolidated)	$	1,135.7		$	1,098.8		3.4
Allmerica Financial Life Insurance and Annuity Company (consolidated)	$	588.7		$	581.9		1.2
First Allmerica Financial Life Insurance Company	$	209.9		$	207.7		1.1

The Hanover Insurance Company (consolidated) premium to surplus ratio		2.0:1			2.0:1		N/M
Allmerica Financial Life Insurance and Annuity Company (consolidated) estimated risk based capital ratio		506	%		472	%	34.0

Book value per share
The Hanover Insurance Company (consolidated)	$	31.46		$	31.53		(0.2	)
Allmerica Financial Life Insurance and Annuity Company (consolidated)		20.61			20.87		(1.2	)
AFC Holding Company and other		(8.54	)		(8.49	)	0.6

Total book value per share	$	43.53		$	43.91		(0.9	)

Book value per share, excluding accumulated other comprehensive income	$	44.67		$	43.85		1.9

Shares outstanding (1)		53.4			53.2

Stock price	$	35.95		$	32.83		9.5
Price/book value per share		0.8	x		0.7	x	0.1	x
Debt/equity		21.9	%		21.7	%	0.2	pts
Debt/total capital		18.0	%		17.9	%	0.1	pts

(1)

Shares outstanding do not include common stock equivalents.

ALLMERICA FINANCIAL CORPORATION

CONSOLIDATED INCOME STATEMENTS


(In millions, except per share data)	Quarter ended March 31
(In millions, except per share data)	2005		2004			% Change
REVENUES
Premiums	$	569.3	$	576.5		(1.2	)
Fees and other income		87.1		102.4		(14.9	)
Net investment income		101.1		104.7		(3.4	)
Net realized investment gains		20.2		15.7		28.7

Total revenues		777.7		799.3		(2.7	)

BENEFITS, LOSSES AND EXPENSES
Policy benefits, claims, losses and loss adjustment expenses		449.0		459.5		(2.3	)
Policy acquisition expenses		151.6		150.9		0.5
Losses from retirement of funding agreements and trust instruments supported by funding obligations		—		3.2		N/M
Losses on derivative instruments		0.4		1.0		(60.0	)
Restructuring costs		0.7		3.3		(78.8	)
Other operating expenses		115.0		135.5		(15.1	)

Total benefits, losses and expenses		716.7		753.4		(4.9	)

Income before federal income taxes		61.0		45.9		32.9
Federal income tax expense (benefit)		14.5		(23.4	)	N/M

Income before cumulative effect of change in accounting principle		46.5		69.3		(32.9	)

Cumulative effect of change in accounting principle		—		57.2		N/M

Net income	$	46.5	$	12.1		N/M

PER SHARE DATA (DILUTED)
Income before cumulative effect of change in accounting principle	$	0.86	$	1.29		(33.3	)
Cumulative effect of change in accounting principle		—		(1.06	)	N/M

Net income (1)	$	0.86	$	0.23		N/M

Weighted average shares outstanding		53.8		53.7

(1)

Basic net income per share was $0.87 and $0.23 for the quarters ended March 31, 2005 and 2004, respectively.

ALLMERICA FINANCIAL CORPORATION

CONSOLIDATED BALANCE SHEETS


(In millions, except per share data)	March 31 2005			December 31 2004			% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $7,103.2 and $7,553.4)	$	7,227.6		$	7,822.2		(7.6	)
Equity securities, at fair value (cost of $13.7)		16.8			17.0		(1.2	)
Mortgage loans		113.5			114.8		(1.1	)
Policy loans		254.0			256.4		(0.9	)
Other long-term investments		52.0			55.3		(6.0	)

Total investments		7,663.9			8,265.7		(7.3	)

Cash and cash equivalents		336.9			486.5		(30.8	)
Accrued investment income		115.2			118.2		(2.5	)
Premiums, accounts and notes receivable, net		503.8			485.4		3.8
Reinsurance receivable on paid and unpaid losses, benefits and unearned premiums		1,972.2			2,026.4		(2.7	)
Deferred policy acquistion costs		875.6			905.5		(3.3	)
Deferred federal income taxes		435.9			415.1		5.0
Goodwill		128.2			128.2		—
Other assets		410.1			433.2		(5.3	)
Separate account assets		9,726.0			10,455.0		(7.0	)

Total assets	$	22,167.8		$	23,719.2		(6.5	)

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES
Policy liabilities and accruals:
Future policy benefits	$	3,403.4		$	3,462.3		(1.7	)
Outstanding claims, losses and loss adjustment expenses		3,162.3			3,179.0		(0.5	)
Unearned premiums		1,031.5			1,029.8		0.2
Contractholder deposit funds and other policy liabilities		346.5			379.5		(8.7	)

Total policy liabilities and accruals		7,943.7			8,050.6		(1.3	)

Expenses and taxes payable		982.4			1,152.8		(14.8	)
Reinsurance premiums payable		74.7			86.5		(13.6	)
Trust instruments supported by funding obligations		607.0			1,126.0		(46.1	)
Long-term debt		508.8			508.8		—
Separate account liabilities		9,726.0			10,455.0		(7.0	)

Total liabilities		19,842.6			21,379.7		(7.2	)

SHAREHOLDERS’ EQUITY
Preferred stock, par value $.01 per share; authorized 20.0 million shares; issued none		—			—		—
Common stock, par value $.01 per share; authorized 300.0 million shares; issued 60.4 million shares		0.6			0.6		—
Additional paid-in capital		1,782.9			1,782.1		—
Accumulated other comprehensive (loss) income		(60.7	)		3.0		N/M
Retained earnings		984.9			943.4		4.4
Treasury stock at cost (7.0 and 7.2 million shares)		(382.5	)		(389.6	)	(1.8	)

Total shareholders’ equity		2,325.2			2,339.5		(0.6	)

Total liabilities and shareholders’ equity	$	22,167.8		$	23,719.2		(6.5	)

PROPERTY & CASUALTY

ALLMERICA FINANCIAL CORPORATION

PROPERTY AND CASUALTY

CONDENSED INCOME STATEMENTS


	Quarter ended March 31
(In millions)	2005		2004			% Change
REVENUES
Net premiums written	$	548.4	$	561.3		(2.3	)
Change in unearned premiums, net of prepaid reinsurance premiums		1.8		(5.0	)	N/M

Net premiums earned		550.2		556.3		(1.1	)
Net investment income		50.8		47.7		6.5
Other income		12.9		13.3		(3.0	)

Total segment revenue		613.9		617.3		(0.6	)

LOSSES AND OPERATING EXPENSES
Policy benefits, claims, losses and loss adjustment expenses		371.5		394.0		(5.7	)
Policy acquisition expenses		114.1		117.1		(2.6	)
Other operating expenses		66.5		67.6		(1.6	)

Total losses and operating expenses		552.1		578.7		(4.6	)

Segment income before federal income taxes	$	61.8	$	38.6		60.1

ALLMERICA FINANCIAL CORPORATION

PROPERTY AND CASUALTY

CONSOLIDATED BALANCE SHEETS (1)


(In millions, except per share data)	March 31 2005		December 31 2004		% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $3,672.0 and $3,677.5)	$	3,722.3	$	3,792.0	(1.8	)
Equity securities, at fair value (cost of $1.0)		2.2		2.1	4.8
Mortgage loans		50.7		51.3	(1.2	)
Other long-term investments		0.6		0.6	—

Total investments		3,775.8		3,846.0	(1.8	)

Cash and cash equivalents		112.2		190.4	(41.1	)
Accrued investment income		51.1		50.1	2.0
Premiums, accounts, and notes receivable, net		501.3		481.2	4.2
Reinsurance receivable on paid and unpaid losses, benefits and unearned premiums		999.4		1,039.8	(3.9	)
Deferred policy acquistion costs		206.6		211.4	(2.3	)
Deferred federal income tax asset		231.4		206.8	11.9
Goodwill		121.4		121.4	—
Other assets		182.9		174.2	5.0

Total assets	$	6,182.1	$	6,321.3	(2.2	)

LIABILITIES AND SHAREHOLDER’S EQUITY

LIABILITIES
Policy liabilities and accruals:
Outstanding claims, losses and loss adjustment expenses	$	3,052.8	$	3,068.6	(0.5	)
Unearned premiums		1,028.3		1,026.5	0.2
Contractholder deposit funds and other policy liabilities		5.0		4.8	4.2

Total policy liabilities and accruals		4,086.1		4,099.9	(0.3	)

Expenses and taxes payable		351.6		467.0	(24.7	)
Reinsurance premiums payable		64.0		74.2	(13.7	)

Total liabilities		4,501.7		4,641.1	(3.0	)

SHAREHOLDER’S EQUITY
Common stock, par value $1.00 per share; authorized 20.9 million shares; issued 5.0 million shares		5.0		5.0	—
Additional paid-in capital		169.2		169.2	—
Accumulated other comprehensive income		6.3		48.0	(86.9	)
Retained earnings		1,499.9		1,458.0	2.9

Total shareholder’s equity		1,680.4		1,680.2	—

Total liabilities and shareholder’s equity	$	6,182.1	$	6,321.3	(2.2	)

(1)

Property and Casualty Companies includes The Hanover Insurance Company and Citizens Insurance Company of America, and their subsidiaries.

ALLMERICA FINANCIAL CORPORATION

PROPERTY AND CASUALTY

GAAP UNDERWRITING PROFIT (LOSS) RECONCILED TO SEGMENT INCOME (LOSS)

(In millions)


	Quarter ended March 31, 2005
	Personal Lines												Commercial Lines
	Personal Automobile			Homeowners			Other Personal Lines			Total Personal Lines			Workers’ Compensation			Commercial Automobile			Commercial Multiple Peril			Other Commercial Lines			Total Commercial Lines			Other Property and Casualty			Total Property and Casualty
Net premiums written	$	246.5		$	81.0		$	8.3		$	335.8		$	40.1		$	50.2		$	89.0		$	33.3		$	212.6		$	—		$	548.4

Net premiums earned	$	247.3		$	103.3		$	9.9		$	360.5		$	32.2		$	46.5		$	82.9		$	28.1		$	189.7		$	—		$	550.2
Policy benefits, claims, losses excluding prior year reserve development and catastrophe losses		167.7			48.7			3.8			220.2			24.0			24.4			39.7			11.8			99.9			—			320.1
Prior year reserve development (favorable) unfavorable		(3.5	)		(5.8	)		(0.2	)		(9.5	)		3.8			0.1			(4.7	)		(4.1	)		(4.9	)		0.7			(13.7	)
Pre-tax catastrophe losses		—			6.5			0.3			6.8			—			—			4.5			1.0			5.5			—			12.3
Loss adjustment expenses excluding prior year reserve development		25.7			5.4			0.5			31.6			5.2			3.8			9.9			2.2			21.1			0.1			52.8
Policy acquisition expenses and other underwriting expenses											99.6															73.3			(0.3	)		172.6

GAAP underwriting profit (loss)											11.8															(5.2	)		(0.5	)		6.1
Net investment income											24.9															24.6			1.3			50.8
Other income											3.9															3.3			5.7			12.9
Other operating expenses											(1.4	)														(2.2	)		(4.4	)		(8.0	)

Segment income before federal income taxes										$	39.2														$	20.5		$	2.1		$	61.8


	Quarter ended March 31, 2004
	Personal Lines												Commercial Lines															Other Property and Casualty			Total Property and Casualty
	Personal Automobile			Homeowners			Other Personal Lines			Total Personal Lines			Workers’ Compensation			Commercial Automobile			Commercial Multiple Peril			Other Commercial Lines			Total Commercial Lines			Other Property and Casualty			Total Property and Casualty
Net premiums written	$	276.7		$	80.5		$	8.8		$	366.0		$	36.6		$	48.8		$	85.6		$	24.3		$	195.3		$	—		$	561.3

Net premiums earned	$	270.4		$	99.1		$	10.7		$	380.2		$	30.7		$	43.4		$	78.6		$	23.4		$	176.1		$	—		$	556.3
Policy benefits, claims, losses excluding prior year reserve development and catastrophe losses		186.5			48.7			8.2			243.4			21.5			26.3			39.3			6.6			93.7			—			337.1
Prior year reserve development (favorable) unfavorable		(0.5	)		(2.3	)		(0.7	)		(3.5	)		(1.9	)		(7.1	)		(8.6	)		1.1			(16.5	)		0.9			(19.1	)
Pre-tax catastrophe losses		—			14.1			0.5			14.6			—			—			6.5			—			6.5			—			21.1
Loss adjustment expenses excluding prior year reserve development		26.9			6.8			0.9			34.6			4.6			3.3			11.2			1.0			20.1			0.2			54.9
Policy acquisition expenses and other underwriting expenses											106.8															71.0			(0.3	)		177.5

GAAP underwriting (loss) profit											(15.7	)														1.3			(0.8	)		(15.2	)
Net investment income											23.5															23.7			0.5			47.7
Other income											4.0															3.3			6.0			13.3
Other operating expenses											(1.0	)														(1.8	)		(4.4	)		(7.2	)

Segment income before federal income taxes										$	10.8														$	26.5		$	1.3		$	38.6

ALLMERICA FINANCIAL CORPORATION

PROPERTY AND CASUALTY

GAAP UNDERWRITING RATIOS


	Quarter ended March 31, 2005
	Personal Lines								Commercial Lines										Other Property and Casualty	Total Property and Casualty
	Personal Automobile		Homeowners		Other Personal Lines		Total Personal Lines		Workers’ Compensation		Commercial Automobile		Commercial Multiple Peril		Other Commercial Lines		Total Commercial Lines		Other Property and Casualty	Total Property and Casualty
Losses, excluding catastrophe losses	66.3	%	42.2	%	37.4	%	58.6	%	89.8	%	52.5	%	44.6	%	27.4	%	51.7	%	N/M	56.3	%
Catastrophe losses	—		6.3	%	3.0	%	1.9	%	—		—		5.4	%	3.6	%	2.9	%	N/M	2.2	%
Loss adjustment expenses	10.5	%	4.5	%	4.0	%	8.6	%	11.8	%	8.4	%	9.5	%	7.8	%	9.4	%	N/M	8.9	%
Policy acquisition and other underwriting expenses							27.6	%									38.6	%	N/M	31.4	%
Policyholders’ dividends							—										0.2	%	N/M	0.1	%

Combined							96.7	%									102.8	%	N/M	98.9	%

Policies in force	(12.5	)%	(9.3	)%	(7.5	)%	(10.7	)%	(0.1	)%	0.6	%	(1.0	)%	1.7	%	0.3	%	—	(9.5	)%
Retention (1)	78.4	%	80.7	%	N/M		79.7	%	87.8	%	79.5	%	81.1	%	N/M		82.4	%

	Quarter ended March 31, 2004
	Personal Lines								Commercial Lines										Other Property and Casualty	Total Property and Casualty
	Personal Automobile		Homeowners		Other Personal Lines		Total Personal Lines		Workers’ Compensation		Commercial Automobile		Commercial Multiple Peril		Other Commercial Lines		Total Commercial Lines		Other Property and Casualty	Total Property and Casualty
Losses, excluding catastrophe losses	69.5	%	47.9	%	70.1	%	63.9	%	69.1	%	47.9	%	41.7	%	31.2	%	46.6	%	N/M	58.6	%
Catastrophe losses	—		14.2	%	4.7	%	3.8	%	—		—		8.3	%	—		3.7	%	N/M	3.8	%
Loss adjustment expenses	9.2	%	5.8	%	8.4	%	8.3	%	9.1	%	3.9	%	11.6	%	6.0	%	8.5	%	N/M	8.4	%
Policy acquisition and other underwriting expenses							28.1	%									40.3	%	N/M	31.9	%
Policyholders’ dividends							—										0.1	%	N/M	—

Combined							104.1	%									99.2	%	N/M	102.7	%

Policies in force	(5.8	)%	(2.4	)%	(5.6	)%	(4.6	)%	(0.9	)%	(5.5	)%	(1.9	)%	(18.8	)%	(9.0	)%	—	(4.8	)%
Retention (1)	79.9	%	82.3	%	N/M		81.2	%	74.8	%	84.4	%	79.9	%	N/M		80.1	%

(1)

The retention rate for personal lines is a twelve month rolling average calculation based on policies in force; the retention rate for commercial lines is based on direct voluntary written premiums, based on processed policies in the current period versus the same period in the prior year. Additionally, the retention rates have been adjusted to exclude the effect of our strategic termination of specialty commercial programs which resulted from an extensive review during the fourth quarter of 2001.

LIFE COMPANIES

ALLMERICA FINANCIAL CORPORATION

LIFE COMPANIES

CONDENSED INCOME STATEMENTS


	Quarter ended March 31
(In millions)	2005			2004		% Change
REVENUES
Premiums	$	19.1		$	20.2	(5.4	)
Fees:
Fees from surrenders		9.2			13.8	(33.3	)
Other proprietary product fees		55.0			62.3	(11.7	)
Net investment income		50.3			56.9	(11.6	)
Other income		12.1			14.8	(18.2	)

Total segment revenue		145.7			168.0	(13.3	)

POLICY BENEFITS, CLAIMS AND OPERATING EXPENSES
Policy benefits, claims and losses		76.7			65.4	17.3
Policy acquisition expenses		35.5			32.3	9.9
Other operating expenses		40.9			60.5	(32.4	)

Total policy benefits, claims and operating expenses		153.1			158.2	(3.2	)

Segment (loss) income before federal income taxes	$	(7.4	)	$	9.8	N/M

ALLMERICA FINANCIAL CORPORATION

LIFE COMPANIES

CONSOLIDATED BALANCE SHEETS (1)


(In millions, except per share data)	March 31 2005			December 31 2004			% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $3,312.5 and $3,826.6)	$	3,383.5		$	3,976.1		(14.9	)
Equity securities, at fair value (cost of $3.5 and $3.4)		5.3			5.6		(5.4	)
Mortgage loans		63.3			64.1		(1.2	)
Policy loans		254.0			256.4		(0.9	)
Other long-term investments		51.5			54.7		(5.9	)

Total investments		3,757.6			4,356.9		(13.8	)

Cash and cash equivalents		216.3			280.9		(23.0	)
Accrued investment income		62.9			67.4		(6.7	)
Premiums, accounts, and notes receivable, net		2.5			4.2		(40.5	)
Reinsurance receivable on paid and unpaid losses, benefits and unearned premiums		972.8			986.6		(1.4	)
Deferred policy acquistion costs		669.0			694.1		(3.6	)
Deferred federal income tax asset		203.7			207.9		(2.0	)
Other assets		214.2			248.5		(13.8	)
Separate account assets		9,726.0			10,455.0		(7.0	)

Total assets	$	15,825.0		$	17,301.5		(8.5	)

LIABILITIES AND SHAREHOLDER’S EQUITY

LIABILITIES
Policy liabilities and accruals:
Future policy benefits	$	3,403.4		$	3,462.3		(1.7	)
Outstanding claims, losses and loss adjustment expenses		109.5			110.4		(0.8	)
Unearned premiums		3.2			3.3		(3.0	)
Contractholder deposit funds and other policy liabilities		341.5			374.7		(8.9	)

Total policy liabilities and accruals		3,857.6			3,950.7		(2.4	)

Expenses and taxes payable		522.6			645.4		(19.0	)
Reinsurance premiums payable		10.7			12.3		(13.0	)
Trust instruments supported by funding obligations		607.0			1,126.0		(46.1	)
Separate account liabilities		9,726.0			10,455.0		(7.0	)

Total liabilities		14,723.9			16,189.4		(9.1	)

SHAREHOLDER’S EQUITY
Common stock, par value $1,000 per share; authorized 10,000 shares; issued 2,526 shares		2.5			2.5		—
Additional paid-in capital		1,000.0			1,000.0		—
Accumulated other comprehensive loss		(41.8	)		(21.1	)	98.1
Retained earnings		140.4			130.7		7.4

Total shareholder’s equity		1,101.1			1,112.1		(1.0	)

Total liabilities and shareholder’s equity	$	15,825.0		$	17,301.5		(8.5	)

(1)

The Life Companies include Allmerica Financial Life Insurance and Annuity Company and First Allmerica Financial Life Insurance Company, and their subsidiaries. First Allmerica Financial Life Insurance Company includes assets related to our discontinued operations (Group Life & Health).

ALLMERICA FINANCIAL CORPORATION

LIFE COMPANIES

SEGMENT INCOME BY PRODUCT LINE


(In millions)	Quarter ended March 31, 2005										Quarter ended March 31, 2004
(In millions)	Variable Annuities			Variable Universal Life		Other (1)		Total			Variable Annuities		Variable Universal Life		Other (1)		Total
REVENUES
Premiums	$	—		$	—	$	19.1	$	19.1		$	—	$	—	$	20.2	$	20.2
Fees:
Fees from surrenders		6.9			2.3		—		9.2			11.0		2.8		—		13.8
Other proprietary product fees		34.6			19.8		0.6		55.0			40.3		21.6		0.4		62.3
Net investment income		16.8			4.5		29.0		50.3			17.0		4.7		35.2		56.9
Other income		6.2			1.5		4.4		12.1			7.8		1.7		5.3		14.8

Total segment revenue		64.5			28.1		53.1		145.7			76.1		30.8		61.1		168.0

POLICY BENEFITS, CLAIMS AND OPERATING EXPENSES
Policy benefits, claims and losses		32.3			10.9		33.5		76.7			26.1		8.4		30.9		65.4
Policy acquisition expenses		28.4			6.8		0.3		35.5			23.6		8.2		0.5		32.3
Variable operating expenses		6.8			1.1		10.2		18.1			7.9		1.8		14.5		24.2
(Gain) loss on hedge derivatives		(5.8	)		—		—		(5.8	)		5.4		—		—		5.4

		61.7			18.8		44.0		124.5			63.0		18.4		45.9		127.3

Segment income before other operating expenses	$	2.8		$	9.3	$	9.1		21.2		$	13.1	$	12.4	$	15.2		40.7

Other operating expenses									28.6									30.9

Segment (loss) income before federal income taxes								$	(7.4	)							$	9.8

(1)

Other includes results from guaranteed investment contracts, closed block, universal life, traditional life, yearly renewable term life, individual health, other insurance and group retirement products, our broker/dealer, VeraVest Investments, Inc. and other non-insurance subsidiaries.

ALLMERICA FINANCIAL CORPORATION

LIFE COMPANIES

SEGMENT INCOME EXCLUDING CERTAIN NON-CASH ITEMS


	Quarter ended
(In millions)	March 31 2005			December 31 2004			March 31 2004
Segment (loss) income before federal income taxes	$	(7.4	)	$	16.5		$	9.8
Deferred acquisition cost, operating amortization and amortization of sales inducements, net		39.2			14.6			38.0
Property, plant and equipment, net		1.3			0.8			0.9
Statement of Position 98-1 amortization, net		0.9			0.7			1.2
Change in guaranteed minimum death and income benefit reserves		1.6			(19.0	)		(9.6	)

Total segment income excluding certain non-cash items	$	35.6		$	13.6		$	40.3

ALLMERICA FINANCIAL CORPORATION

LIFE COMPANIES

SELECTED FINANCIAL INFORMATION - VARIABLE ANNUITIES

(In millions)


	Quarter ended March 31
	2005			2004			% Change
SEPARATE ACCOUNT INDIVIDUAL ANNUITIES
Balance at beginning of period	$	9,315.1		$	10,545.8			(11.7	)
Direct premiums and deposits		7.2			18.3			(60.7	)
Redemptions		(463.1	)		(557.3	)		(16.9	)
Market (depreciation) appreciation		(188.2	)		201.1			N/M
Transfers and other (1)		(40.5	)		(95.2	)		(57.5	)

Balance at end of period	$	8,630.5		$	10,112.7			(14.7	)


	Quarter ended
	March 31 2005			December 31 2004			March 31 2004
VARIABLE INDIVIDUAL ANNUITIES (2)
Redemptions	$	526.5		$	478.3		$	634.1
Redemption rates (3)		21	%		19	%		22	%

	March 31 2005			December 31 2004			% Change
VARIABLE INDIVIDUAL ANNUITIES
Account values	$	9,746.8		$	10,460.5			(6.8	)

Net amount at risk	$	2,076.2		$	1,937.9			7.1

Deferred acquisition cost asset and capitalized sales inducements	$	533.5		$	557.0			(4.2	)

Value of surrender charges (inforce block)	$	321.8		$	360.8			(10.8	)

(1)

Reserves for individual annuities at March 31, 2004 include a reclassification of $107.1 million to general account liabilities as a result of the implementation of SOP 03-1 on January 1, 2004.

(2)

Includes both full and partial policy surrenders, withdrawals and death benefits (to the extent equal to account value).

(3)

Redemption rates are annualized based on the average account value in the quarter.

ALLMERICA FINANCIAL CORPORATION

LIFE COMPANIES

FUTURE POLICY BENEFITS AND ACCOUNT BALANCES


(In millions)	March 31 2005		December 31 2004		% Change
GENERAL ACCOUNT RESERVES
Insurance
Traditional life	$	794.6	$	821.2	(3.2	)
Universal life (1)		572.5		579.8	(1.3	)
Variable universal life (2)		249.0		242.9	2.5
Individual health (3)		258.1		257.9	0.1

Total insurance		1,874.2		1,901.8	(1.5	)

Annuities
Individual annuities		1,337.0		1,378.0	(3.0	)
Group annuities		414.8		428.7	(3.2	)

Total annuities		1,751.8		1,806.7	(3.0	)

Guaranteed investment contracts
Contractholder deposit funds and other policy liabilities		29.6		30.0	(1.3	)

Total general account reserves	$	3,655.6	$	3,738.5	(2.2	)

Trust instruments supported by funding obligations	$	607.0	$	1,126.0	(46.1	)

SEPARATE ACCOUNT LIABILITIES
Variable universal life	$	972.0	$	1,025.3	(5.2	)
Variable individual annuities		8,630.5		9,315.1	(7.3	)

Total individual		9,602.5		10,340.4	(7.1	)
Group variable universal life		25.2		28.3	(11.0	)
Group annuities		98.3		86.3	13.9

Total group		123.5		114.6	7.8

Total separate account liabilities	$	9,726.0	$	10,455.0	(7.0	)

(1)

Universal life reserves include reinsured balances of $572.2 and $579.4 million at March 31, 2005 and December 31, 2004, respectively.

(2)

Variable universal life reserves include group variable universal life reserves of $11.3 and $11.1 million at March 31, 2005 and December 31, 2004, respectively.

(3)

Individual health reserves include reinsured balances of $257.7 and $257.3 million at March 31, 2005 and December 31, 2004, respectively.

INVESTMENTS

ALLMERICA FINANCIAL CORPORATION

NET INVESTMENT INCOME

(In millions, except yields)


	Quarter ended March 31, 2005
	Property and Casualty (1)			Yield		Life Companies			Yield		Total			Yield
Fixed maturities	$	51.4		5.57	%	$	50.2		5.76	%	$	101.6		5.66	%
Equity securities		0.2		N/M			—		—			0.2		N/M
Mortgages		1.0		8.10	%		1.3		8.36	%		2.3		8.24	%
All other		(0.7	)	—			0.4		—			(0.3	)	—
Investment expenses		(1.1	)	—			(1.6	)	—			(2.7	)	—

Total	$	50.8		5.36	%	$	50.3		5.04	%	$	101.1		5.20	%


	Quarter ended March 31, 2004
	Property and Casualty (1)			Yield		Life Companies			Yield		Total			Yield
Fixed maturities	$	49.0		5.74	%	$	56.0		5.96	%	$	105.0		5.86	%
Equity securities		1.0		N/M			—		—			1.0		N/M
Mortgages		1.1		8.22	%		2.3		7.58	%		3.4		7.77	%
All other		(2.3	)	—			0.3		—			(2.0	)	—
Investment expenses		(1.0	)	—			(1.7	)	—			(2.7	)	—

Total	$	47.8		5.42	%	$	56.9		5.33	%	$	104.7		5.37	%

(1)

Includes purchase accounting adjustments of $0.8 million for the quarters ended March 31, 2005 and 2004. Also includes corporate eliminations of $0.2 million and $0.1 million for the quarters ended March 31, 2005 and 2004, respectively.

ALLMERICA FINANCIAL CORPORATION

COMPONENTS OF NET REALIZED INVESTMENT GAINS (LOSSES)


	Quarter ended March 31
	2005									2004
	Net Realized Gains (Losses)									Net Realized Gains (Losses)
(In millions)	Property and Casualty			Life Companies			Total			Property and Casualty			Life Companies			Total
Net gains on securities transactions	$	0.2		$	22.0		$	22.2		$	9.1		$	9.0		$	18.1
Other than temporary impairments		(1.7	)		(1.2	)		(2.9	)		(0.7	)		(1.7	)		(2.4	)
Other		0.1			0.8			0.9			—			—			—

Net realized investment (losses) gains	$	(1.4	)	$	21.6		$	20.2		$	8.4		$	7.3		$	15.7

ALLMERICA FINANCIAL CORPORATION

AGING OF GROSS UNREALIZED LOSSES ON SECURITIES AVAILABLE FOR SALE

(In millions)


	March 31, 2005
	Gross Unrealized Losses						Fair Value
	Property and Casualty		Life Companies		Total		Property and Casualty		Life Companies		Total
INVESTMENT GRADE FIXED MATURITIES:
0 - 6 months	$	15.6	$	15.4	$	31.0	$	1,159.3	$	999.6	$	2,158.9
7 - 12 months		3.0		4.2		7.2		107.6		145.9		253.5
Greater than 12 months		11.1		9.4		20.5		219.3		182.7		402.0

Total investment grade fixed maturities		29.7		29.0		58.7		1,486.2		1,328.2		2,814.4

BELOW INVESTMENT GRADE FIXED MATURITIES:
0 - 6 months		3.7		0.6		4.3		105.9		21.5		127.4
7 - 12 months		0.7		0.1		0.8		11.4		2.0		13.4
Greater than 12 months		0.3		0.2		0.5		1.9		1.2		3.1

Total below investment grade fixed maturities		4.7		0.9		5.6		119.2		24.7		143.9

Equity securities		0.2		—		0.2		0.2		1.2		1.4

Total fixed maturities and equity securities	$	34.6	$	29.9	$	64.5	$	1,605.6	$	1,354.1	$	2,959.7


	December 31, 2004
	Gross Unrealized Losses						Fair Value
	Property and Casualty		Life Companies		Total		Property and Casualty		Life Companies		Total
INVESTMENT GRADE FIXED MATURITIES:
0 - 6 months	$	1.9	$	2.3	$	4.2	$	285.4	$	367.3	$	652.7
7 - 12 months		3.0		3.1		6.1		156.5		175.5		332.0
Greater than 12 months		8.1		7.4		15.5		229.4		196.0		425.4

Total investment grade fixed maturities		13.0		12.8		25.8		671.3		738.8		1,410.1

BELOW INVESTMENT GRADE FIXED MATURITIES:
0 - 6 months		0.3		0.1		0.4		31.6		5.3		36.9
7 - 12 months		1.4		0.5		1.9		16.9		3.4		20.3
Greater than 12 months		—		—		—		—		1.0		1.0

Total below investment grade fixed maturities		1.7		0.6		2.3		48.5		9.7		58.2

Equity securities		0.1		—		0.1		0.7		—		0.7

Total fixed maturities and equity securities	$	14.8	$	13.4	$	28.2	$	720.5	$	748.5	$	1,469.0

ALLMERICA FINANCIAL CORPORATION

CREDIT QUALITY OF FIXED MATURITIES

(In millions)


		March 31, 2005
		Amortized Cost						Fair Value
NAIC Designation	Rating Agency Equivalent Designation	Property and Casualty		Life Companies		Total		Property and Casualty		Life Companies		Total
1	Aaa/Aa/A	$	2,640.5	$	2,132.0	$	4,772.5	$	2,676.8	$	2,151.4	$	4,828.2
2	Baa		912.1		1,011.0		1,923.1		922.4		1,042.6		1,965.0
3	Ba		94.2		106.8		201.0		95.2		111.0		206.2
4	B		99.8		42.3		142.1		99.0		46.6		145.6
5	Caa and lower		40.7		14.0		54.7		46.3		19.5		65.8
6	In or near default		3.4		6.4		9.8		4.4		12.4		16.8

Total fixed maturities		$	3,790.7	$	3,312.5	$	7,103.2	$	3,844.1	$	3,383.5	$	7,227.6


		December 31, 2004
		Amortized Cost						Fair Value
NAIC Designation	Rating Agency Equivalent Designation	Property and Casualty		Life Companies		Total		Property and Casualty		Life Companies		Total
1	Aaa/Aa/A	$	2,601.9	$	2,374.4	$	4,976.3	$	2,676.9	$	2,436.9	$	5,113.8
2	Baa		908.8		1,258.7		2,167.5		937.3		1,320.3		2,257.6
3	Ba		89.5		130.6		220.1		94.8		138.9		233.7
4	B		92.2		40.6		132.8		96.7		45.9		142.6
5	Caa and lower		31.1		13.7		44.8		36.7		19.6		56.3
6	In or near default		3.3		8.6		11.9		3.7		14.5		18.2

Total fixed maturities			$3,726.8	$	3,826.6	$	7,553.4	$	3,846.1	$	3,976.1	$	7,822.2

PROPERTY & CASUALTY

STATUTORY RATIOS

ALLMERICA FINANCIAL CORPORATION

PROPERTY AND CASUALTY

STATUTORY UNDERWRITING RATIOS

(In millions)


	Quarter ended March 31, 2005
	Personal Lines								Commercial Lines										Other Property and Casualty	Total Property and Casualty
	Personal Automobile		Homeowners		Other Personal Lines		Total Personal Lines		Workers’ Compensation		Commercial Automobile		Commercial Multiple Peril		Other Commercial Lines		Total Commercial Lines		Other Property and Casualty	Total Property and Casualty
Losses, excluding catastrophe losses	66.3	%	42.2	%	37.4	%	58.6	%	90.3	%	52.5	%	44.6	%	27.4	%	51.7	%	N/M	56.6	%
Catastrophe losses	—		6.3	%	3.0	%	1.9	%	—		—		5.4	%	3.6	%	2.9	%	N/M	2.2	%
Loss adjustment expenses	10.6	%	4.6	%	3.0	%	8.7	%	11.9	%	8.2	%	9.5	%	8.2	%	9.4	%	N/M	8.9	%
Policy acquisition and other underwriting expenses							27.7	%									35.5	%	N/M	30.7	%
Policyholders’ dividends							—										0.1	%	N/M	—

Combined							96.9	%									99.6	%	N/M	98.4	%


	Quarter ended March 31, 2004
	Personal Lines								Commercial Lines										Other Property and Casualty	Total Property and Casualty
	Personal Automobile		Homeowners		Other Personal Lines		Total Personal Lines		Workers’ Compensation		Commercial Automobile		Commercial Multiple Peril		Other Commercial Lines		Total Commercial Lines		Other Property and Casualty	Total Property and Casualty
Losses, excluding catastrophe losses	69.5	%	47.9	%	70.1	%	63.9	%	67.9	%	47.9	%	41.7	%	31.2	%	46.5	%	N/M	58.5	%
Catastrophe losses	—		14.2	%	4.7	%	3.8	%	—		—		8.3	%	—		3.7	%	N/M	3.8	%
Loss adjustment expenses	9.3	%	5.8	%	8.4	%	8.3	%	9.0	%	3.9	%	11.5	%	5.6	%	8.4	%	N/M	8.4	%
Policy acquisition and other underwriting expenses							27.7	%									36.4	%	N/M	30.7	%
Policyholders’ dividends							—										0.1	%	N/M	—

Combined							103.7	%									95.1	%	N/M	101.4	%

Historical Highlights

ALLMERICA FINANCIAL CORPORATION

HISTORICAL FINANCIAL HIGHLIGHTS


(In millions, except per share data)	Q1 05			2004			Q4 04			Q3 04			Q2 04			Q1 04
SEGMENT INCOME (1)

Property and Casualty
Personal Lines	$	39.2		$	134.6		$	45.9		$	42.1		$	35.8		$	10.8
Commercial Lines		20.5			58.0			26.0			(7.1	)		12.6			26.5
Other Property and Casualty		2.1			5.4			1.7			1.7			0.7			1.3

Total Property and Casualty		61.8			198.0			73.6			36.7			49.1			38.6
Life Companies		(7.4	)		11.3			16.5			(8.7	)		(6.3	)		9.8
Interest expense on corporate debt		(10.0	)		(39.9	)		(10.0	)		(10.0	)		(9.9	)		(10.0	)

Total segment income before federal income taxes	$	44.4		$	169.4		$	80.1		$	18.0		$	32.9		$	38.4

Federal income tax (expense) benefit on segment income		(10.2	)		(28.6	)		(21.2	)		1.6			(3.8	)		(5.2	)

Total segment income after federal income taxes		34.2			140.8			58.9			19.6			29.1			33.2
Federal income tax settlement		—			30.4			0.1			—			0.2			30.1
Net realized investment gains (losses), net of amortization and taxes		12.8			16.1			5.2			(3.7	)		4.4			10.2
(Losses) gains from retirement of funding agreements and trust instruments supported by funding obligations, net of taxes		—			(0.1	)		0.1			1.9			—			(2.1	)
(Losses) gains on derivative instruments, net of taxes		(0.1	)		0.8			0.5			0.1			0.2			—
Restructuring costs, net of taxes		(0.4	)		(5.5	)		(1.7	)		(0.2	)		(1.5	)		(2.1	)

Income before cumulative effect of accounting change		46.5			182.5			63.1			17.7			32.4			69.3
Cumulative effect of change in accounting principle, net of taxes		—			(57.2	)		—			—			—			(57.2	)

NET INCOME	$	46.5		$	125.3		$	63.1		$	17.7		$	32.4		$	12.1

PER SHARE DATA (DILUTED)

NET INCOME	$	0.86		$	2.34		$	1.18		$	0.33		$	0.60		$	0.23

WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED)		53.8			53.7			53.7			53.6			53.7			53.7

BALANCE SHEET
Total investments	$	7,663.9					$	8,265.7		$	8,253.1		$	8,091.3		$	8,239.5
Separate account assets	$	9,726.0					$	10,455.0		$	10,086.0		$	10,740.3		$	11,304.9
Total assets	$	22,167.8					$	23,719.2		$	23,448.9		$	24,030.5		$	24,763.9
Total shareholders’ equity	$	2,325.2					$	2,339.5		$	2,294.2		$	2,207.2		$	2,289.3
Book value per share	$	43.53					$	43.91		$	43.09		$	41.48		$	43.04
Book value per share, excluding accumulated other comprehensive income	$	44.67					$	43.85		$	42.69		$	42.36		$	41.77

(1)

Represents income or loss of the Company’s operating segments: Personal Lines, Commercial Lines, Other Property and Casualty, Life Companies and interest expense on corporate debt. In accordance with Statement of Financial Accounting Standards No.131, the separate financial information of each segment is presented consistent with the manner in which results are regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

ALLMERICA FINANCIAL CORPORATION

HISTORICAL FINANCIAL HIGHLIGHTS


(In millions, except per share data)	2003			Q4 03			Q3 03			Q2 03			Q1 03
SEGMENT INCOME (1)

Property and Casualty
Personal Lines	$	34.3		$	25.3		$	11.5		$	0.2		$	(2.7	)
Commercial Lines		98.7			6.0			18.1			35.2			39.4
Other Property and Casualty		(15.5	)		2.5			2.6			(22.1	)		1.5

Total Property and Casualty		117.5			33.8			32.2			13.3			38.2
Life Companies		8.7			5.7			(8.1	)		13.5			(2.4	)
Interest expense on corporate debt		(39.9	)		(10.0	)		(10.0	)		(9.9	)		(10.0	)

Total segment income before federal income taxes	$	86.3		$	29.5		$	14.1		$	16.9		$	25.8

Federal income tax (expense) benefit on segment income		6.1			0.8			5.6			1.8			(2.1	)

Total segment income after federal income taxes		92.4			30.3			19.7			18.7			23.7
Federal income tax settlement		—			—			—			—			—
Net realized investment gains (losses), net of amortization and taxes		10.4			4.0			(8.2	)		6.6			8.0
(Losses) gains from retirement of funding agreements and trust instruments supported by funding obligations, net of taxes		3.7			—			0.4			0.3			3.0
Income from sale of universal life business, net of taxes		3.6			—			—			—			3.6
Gains (losses) on derivative instruments, net of taxes		(4.5	)		(5.4	)		0.3			(0.4	)		1.0
Restructuring costs, net of taxes		(18.7	)		(14.9	)		(0.8	)		(0.8	)		(2.2	)

Income before cumulative effect of accounting change		86.9			14.0			11.4			24.4			37.1
Cumulative effect of change in accounting principle, net of taxes		—			—			—			—			—

NET INCOME	$	86.9		$	14.0		$	11.4		$	24.4		$	37.1

PER SHARE DATA (DILUTED)

NET INCOME	$	1.63		$	0.26		$	0.21		$	0.46		$	0.70

WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED)		53.2			53.5			53.3			53.0			53.0

BALANCE SHEET
Total investments				$	8,185.6		$	8,279.5		$	8,219.0		$	8,172.2
Separate account assets				$	11,835.4		$	11,546.0		$	11,719.0		$	11,016.2
Total assets				$	25,510.1		$	25,187.4		$	25,377.9		$	24,607.5
Total shareholders’ equity				$	2,220.2		$	2,196.6		$	2,225.6		$	2,115.9
Book value per share				$	41.89		$	41.42		$	41.96		$	39.86
Book value per share, excluding accumulated other comprehensive income				$	41.59		$	41.30		$	41.07		$	40.59

(1)

CORPORATE OFFICES AND

PRINCIPAL SUBSIDIARIES

Allmerica Financial

440 Lincoln Street

Worcester, MA 01653

The Hanover Insurance Company

440 Lincoln Street

Worcester, MA 01653

Citizens Insurance Company of America

645 West Grand River

Howell, MI 48843

MARKET AND DIVIDEND INFORMATION

The following information shows trading activity for the

Company for the periods indicated:


Quarter Ended	2005
	Price Range				Dividends Per Share
	High		Low		Dividends Per Share
March 31	$	36.50	$	30.27	—
June 30
September 30
December 31


Quarter Ended	2004
	Price Range				Dividends Per Share
	High		Low		Dividends Per Share
March 31	$	38.25	$	30.84	—
June 30	$	36.10	$	30.71	—
September 30	$	34.61	$	26.05	—
December 31	$	33.00	$	25.45	—

INDUSTRY RATINGS AS OF April 28, 2005


Financial Strength Ratings	A.M. Best	Standard & Poor’s	Moody’s
Property and Casualty Insurance Companies:
The Hanover Insurance Company	A-	BBB+	Baa1
Citizens Insurance Company of America	A-	BBB+	—
Life Insurance Companies:
Allmerica Financial Life Insurance and Annuity Company	B+	BB	Ba1
First Allmerica Financial Life Insurance Company	B+	BB	Ba1

Debt Ratings	A.M. Best	Standard & Poor’s	Moody’s
Allmerica Financial Corporation Senior Debt	bb+	BB	Ba1
Allmerica Financial Corporation Capital Securities	bb-	B	Ba2
Allmerica Financial Corporation Short Term Debt	AMB-3	—	NP
First Allmerica Financial Life Insurance Company Short Term Insurance Financial Strength Rating	—	—	NP

TRANSFER AGENT

EquiServe, LP

PO Box 43076

Providence, RI 02940-3076

1-800-317-4454

COMMON STOCK

Common stock of Allmerica Financial Corporation is traded on the New York Stock Exchange under the symbol “AFC”.

INQUIRIES

Sujata Mutalik

Vice President, Investor Relations

(508) 855-3457

smutalik@Allmerica.com

Debra Casey, CPA

Director, Investor Relations

(508) 855-6658

dcasey@Allmerica.com

INVESTOR INFORMATION LINE

Dial 1-800-407-5222 to receive additional printed information, fax-on-demand services or other prerecorded messages.

Please visit our internet site at http:// www.Allmerica.com

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-----END PRIVACY-ENHANCED MESSAGE-----