CPQ DFG
CPQ a hold in long portfoilio at 23 7/8, a couple days ago. Not a trading vehicle anymore.
DFG
took position in this yesterday .... personal and Z
2nd largest company in it's catagory ...
Tuesday April 27, 10:32 pm Eastern Time
Company Press Release
SOURCE: Delphi Financial Group, Inc.
Delphi Announces $1.01 in First Quarter Operating Results
WILMINGTON, Del., April 27 /PRNewswire/ -- Delphi Financial Group, Inc. (NYSE: DFG - news) today reported first quarter after-tax operating income (excluding realized investment gains and losses) of $21.4 million, or $1.01 per share, as compared with $20.0 million, or $.96 per share, a year ago. This strong performance is attributable to the Company's group employee benefits segment, which experienced a combined ratio of 94.2% in the first quarter of 1999 as compared with 96.4% for the same period in 1998, and solid investment returns. Premium income from this segment was $146.5 million in the first quarter of 1999, up 52% from the first quarter of 1998 and up 23% from the immediately preceding quarter. New premium
production was 40% ahead of the first quarter of 1998. The Company's Unicover subsidiary had no impact on income for the
quarter.
Robert Rosenkranz, Chairman and Chief Executive Officer, said, ''We are pleased with the strong performance of our group
employee benefits segment which has maintained attractive profit margins while increasing revenues significantly. Our efforts to
upgrade Reliance Standard Life's sales force have resulted in double-digit growth in new premium production since 1997 and
we continue to see the fruits of those efforts in our premium growth. The national roll-out of Matrix Absence Management's
integrated disability product called ''Absence Solutions'' is unfolding on plan. Safety National continues to produce strong
growth in near-core products.'' Mr. Rosenkranz also noted that the corresponding quarter in 1998 reflected exceptionally
strong investment results.
Net income for the first quarter of 1999 was $20.6 million, or $.97 per share, and included realized investment losses, net of
taxes, of $0.7 million, or $.04 per share. Net income for the first quarter of 1998 was $38.2 million, or $1.84 per share, and
included realized investment gains, net of taxes, of $18.3 million, or $.88 per share.
All per share amounts are on a diluted basis and are adjusted for a 2% stock dividend distributed in December, 1998.
Delphi Financial Group, Inc. is an integrated employee benefit services company. It is a leader in managing all aspects of
employee absence to enhance the productivity of its clients. It provides the related insurance coverages: short-term and
long-term disability, primary and excess workers' compensation, group life, and travel accident, as well as underwriting and
other services. Delphi's asset accumulation business emphasizes individual annuity products. Its common stock is listed on the
New York Stock Exchange under the symbol DFG.
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 and in
any other statement 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 or other developments. Some forward-looking statements may be identified by the use of terms such
as ''expects,'' ''believes,'' ''anticipates,'' ''intends'' or ''judgment.'' Forward-looking statements are necessarily based upon
estimates and assumptions that are inherently subject to significant business, economic and competitive 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, legislative and regulatory developments and
market pricing and competitive trends relating to insurance products and services, and those relating specifically to Delphi's
business, such as the level of its insurance premiums and fees income, the claims experience of its insurance products, the
performance of its investment portfolio, the successful completion of its Year 2000 compliance program, acquisitions of
companies or blocks of business, the ratings by major rating organizations of its insurance subsidiaries and, as to its Unicover
subsidiary, the uncertainties described in Delphi's Form 10-K for the year ended December 31, 1998. 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. Delphi disclaims any obligation to update forward-looking
information. |
