CNO Financial Group, Inc. · NYSE:CNO
CNO Financial — Conseco — Q1 2010 Earnings Presentation
65 slides from CNO Financial's earnings presentation, May 5, 2010
Slide 1: First Quarter 2010 Financial and Operating Results
First Quarter 2010 Financial and Operating Results For the period ended March 31, 2010 Conseco, Inc. May 5, 2010 Unless otherwise specified, the periods cited in our performance comparisons are Q1 2010 vs Q1 2009.
Slide 2: Forward-Looking Statements
Forward-Looking Statements Cautionary Statement Regarding Forward-Looking Statements. Our statements, trend analyses and other information contained in these materials relative to markets for Conseco’s products and trends in Conseco’s operations or financial results, as well as other statements, con
Slide 3: Non-GAAP Measures
Non-GAAP Measures This presentation contains the following financial measures that differ from the comparable measures under Generally Accepted Accounting Principles (GAAP): operating earnings measures; book value, excluding accumulated other comprehensive income (loss) per share; operating return m
Slide 4: Q1 2010 Summary CNO
Q1 2010 Summary CNO Core sales* of $87 million, up 4% Net operating income** $38.2 million, up 2% • 14 cents per diluted share • Reflects dilution from the issuance of shares of common stock and convertible debentures Consolidated RBC up 10 points to 319% Holding company liquidity: $131.2 mi
Slide 5: CIG Segmentation
CIG Segmentation CIG Splitting into two segments: • Other CNO Business • Washington National Other CNO Business comprised primarily of closed blocks from CIG • Will be separately managed from current/growing business • Accounts for about two-thirds of CIG’s capital Segmentation is another step
Slide 6: Collected Premiums
Collected Premiums CNO ($ millions) Collected Premiums-Trailing 4 Quarters Total collected premiums for trailing 4 quarters down Q1 2009 Q2 2009 Q3 2009 $4,549.3 $4,494.9 $4,423.1 13% Q4 2009 Q1 2010 $4,114.8 Decline at Bankers due to $3,937.2 CIG termination of PFFS reinsurance contracts and CP
Slide 7: Q1 2010 Summary of Results
Q1 2010 Summary of Results CNO ($ millions, except per-share amounts) Pre-Tax After Tax EPS Bankers Life $53.2 Colonial Penn 5.3 Conseco Insurance Group 25.7 Corporate operations and interest expense (24.5) Income before net realized investment losses and valuation allowance for deferred tax assets*
Slide 8: Quarterly Earnings CNO Consolidated
Quarterly Earnings CNO Consolidated ($ millions) Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Bankers Life $44.7 $63.3 $85.4 $84.6 $53.2 Colonial Penn 5.1 11.0 7.4 5.9 5.3 Conseco Insurance Group 31.2 21.2 21.6 (6.7) 25.7 Corporate operations, excluding interest expense (8.7) (8.8) (7.4) (12.8) (5.0) Tot
Slide 9: Operating ROE
Operating ROE CNO Operating ROE*, Trailing 4 Quarters Q2 2009 Q3 2009 Q4 2009 Q1 2010 6.6% 6.6% 6.5% Q1 2009 6.2% 5.7% Average common shareholders’ equity, excluding AOCL and net operating loss $2,702.0 $2,574.1 $2,503.9 $2,551.1 $2,679.2 carryforwards, trailing 4 quarters ($ millions): *Operating r
Slide 10: Operating EPS (Diluted)
Operating EPS (Diluted)* CNO Q1 2010 reflects dilution from Q3 2009 issuance of 65.9 million shares $0.29 of common stock and $240.5 Q1 2009 $0.20 Q2 2009 $0.22 million of convertible Q4 2009 $0.15 Q1 2010 $0.14 debentures Weighted average diluted shares (in millions): 184.8 185.2 185.8 217.5 292.
Slide 11: Book Value
Book Value CNO ($ millions, except per-share amounts) 3/31/09 6/30/09 9/30/09 12/31/09 3/31/10 Shareholders’ Equity (excluding AOCL) $3,431.7 $3,461.9 $3,479.7 $3,796.7 $3,823.1 Accumulated Other Comprehensive Loss (1,840.5) (1,046.9) (146.0) (264.3) (103.0) Total Shareholders’ Equity $1,591.2 $2,41
Slide 12: Consolidated RBC Ratio
Consolidated RBC Ratio* CNO RBC ratio continues to improve Q1 2010 Q4 2009 Primarily driven by Q1 2010 Q2 2009 Q3 2009 309% 319% statutory earnings Q1 2009 230% 247% 252% *Risk-Based Capital (“RBC”) requirements provide a tool for insurance regulators to determine the levels of statutory capital
Slide 13: Q1 Summary Bankers
Q1 Summary Bankers Earnings of $53.2 million, up 19% • Higher Life income due to: • Favorable mortality (+$5 million) • Reserve changes from Q1 2009 (+$5 million) • Lost earnings from blocks reinsured in 2009 (-$3 million) • Higher PFFS/PDP income due to: • Favorable PFFS IBNR development (+$2 mil
Slide 14: Bankers Sales & Distribution Results
Sales & Distribution Results Bankers ($ millions) Quarterly NAP* NAP up 1% Q4 2009 • Increases in Life (+25%), LTC (+14%) $91.3 and Med Supp (+5%), offset by Q2 2009 Q3 2009 • Lower sales of Annuities (-25%), Q1 2009 $56.8 $62.4 $61.8 Q1 2010 $57.5 consistent with overall industry results and driv
Slide 15: Medicare Sales Update
Medicare Sales Update Bankers Issued Policies Strong growth in Med Supp/ Med Advantage sales for Q4 Q4 2008- Q4 2009- Q1 2009 Q1 2010 2009-Q1 2010 period vs Q4 2008-Q1 2009 • Med Supp issued policies up 79% Medicare 43,086 +79% • Med Advantage/PFFS up 15% 24,120 Supplement • PDP down 53% Med Advan
Slide 16: Q1 Earnings Bankers
Q1 Earnings Bankers ($ millions) Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Insurance policy income $491.5 $497.6 $493.1 $477.0 $396.2 Net investment income: General account assets 155.4 160.2 162.2 165.8 172.2 Other portfolios (13.2) 3.4 37.4 6.9 13.7 Fee revenue and other income 1.4 1.6 2.4 4.8 2.3 T
Slide 17: Q1 Summary Colonial Penn
Q1 Summary Colonial Penn Earnings of $5.3 million, up 4% • Primarily due to favorable mortality and growth in our block of life insurance policies Sales (NAP) up 7% • Lead generation momentum building following 2009 capital limitations • Increased lead activity will drive return to pre-2009 sale
Slide 18: Q1 Earnings Colonial Penn
Q1 Earnings Colonial Penn ($ millions) Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Insurance policy income $47.1 $52.7 $48.4 $47.9 $48.2 Net investment income 9.8 9.8 9.5 9.6 9.7 Fee revenue and other income 0.2 0.2 0.2 0.3 0.2 Total revenues 57.1 62.7 58.1 57.8 58.1 Insurance policy benefits 36.1 36.0
Slide 19: Q1 Summary CIG
Q1 Summary CIG NAP of $16.7 million, up 12% • Third consecutive quarter of positive sales comparisons Strong sales growth in both CIG Sales and PMA Strong recruiting results Earnings of $25.7 million, down 18% • Lower Specified Disease income due primarily to reserve releases in Q1 2009 (-$5
Slide 20: Q1 2010 Sales Results CIG
Q1 2010 Sales Results CIG ($ millions) Specified Disease sales up 28% $14.6 New worksite groups up 64% $11.5 Q1 2009 Q1 2010 $1.7 $1.2 $1.1 $0.4 $0.7 $0.3 Life Annuities Medicare Supplement Specified Disease 20
Slide 21: Q1 Earnings CIG
Q1 Earnings CIG ($ millions) Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Insurance policy income $244.2 $241.0 $230.5 $222.6 $220.2 Net investment income: General account assets 143.4 138.5 134.5 131.9 133.3 Other portfolios (9.1) 2.6 15.7 3.3 4.7 Fee revenue and other income 0.7 0.4 0.5 (0.1) 0.3 Total
Slide 22: Realized Gains/Losses Recognized Through Net Income
Realized Gains/Losses Recognized Through Net Income CNO ($ millions) Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Gross gains $89.5 $83.6 $99.5 $110.5 $50.9 Gross losses (4.4) (63.3) (84.1) (96.4) (35.5) Losses due to recognition of other-than-tempor- ary impairments recognized in earnings (92.0) (36.6)
Slide 23: Unrealized Gain/Loss
Unrealized Gain/Loss* CNO ($ millions) % of Invested Assets Unrealized Loss 3,500 16.0% 3,000 Unrealized Loss 14.0% % of Invested Assets 12.0% 2,500 10.0% 2,000 8.0% 1,500 6.0% 1,000 4.0% 500 2.0% 0 0.0% Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 *Includes debt and equity securities classified as avail
Slide 24: Q1 2010 Impairments
Q1 2010 Impairments CNO ($ millions) Amount Recognized through Accumulated Gross Other Comprehensive Amount Recognized Amounts Loss through Net Income Corporates $1.2 $0.0 $1.2 Alt-A 3.1 (1.9) 5.0 Prime Jumbos 0.0 (0.7) 0.7 Commercial Mortgage Loans 10.9 0.0 10.9 Other 2.5 0.0 2.5 Total $17.7 $(2.6)
Slide 25: Asset Allocation at 3/31/10
Asset Allocation at 3/31/10* CNO ($ millions) MTM reflects low market yields in $13,482$13,286 most credit sectors Market Value Book Value $1,976 $1,937 $1,834 $1,809 $1,103 $1,023 $1,184 $1,037 $968 $969 $531 $1,177 $909 $255 $538 $231 er s s BS s s S s cy te O al an te th AB M M ip n ra ra O Lo ge
Slide 26: Investment Quality: Fixed Maturities
Investment Quality: Fixed Maturities* CNO Actively Managed Fixed Maturities by Rating at 3/31/10 (Market Value) 93% investment grade: • Essentially unchanged <BBB • Continue to see slowing in 7% AAA 12% AA ratings migration 7% BBB 43% A 31% 3/31/09 6/30/09 9/30/09 12/31/09 3/31/10 % of Bonds which
Slide 27: Alt-A at 3/31/10
Alt-A at 3/31/10 CNO ($ millions) Market Book % of Avg. Avg. Avg. 60+ Avg. Accum. % of Rating Value (mil.) Value (mil.) Alt-A* FICO Support Delinq. Loss Portfolio* AAA $4.2 $4.2 2.0% 720 10.9% 6.5% 0.3% 0.02% AA $53.9 $56.9 25.0% 707 13.0% 9.0% 0.7% 0.24% A $16.2 $16.5 7.5% 721 9.8% 8.7% 0.3% 0.07%
Slide 28: Prime Jumbo at 3/31/10
Prime Jumbo at 3/31/10 CNO ($ millions) % of Market Book Prime Avg. Avg. Avg. 60+ Avg. Accum. % of Rating Value (mil.) Value (mil.) Jumbo* FICO Support Delinq. Loss Portfolio* AAA $129.7 $141.0 21.0% 736 6.6% 2.7% 0.07% 0.59% AA $73.0 $76.6 11.8% 744 7.6% 5.2% 0.36% 0.33% A $161.1 $176.6 26.0% 740 8
Slide 29: CMBS at 3/31/10
CMBS at 3/31/10 CNO (GAAP book value - $ millions) Our CMBS exposure is heavily weighted toward securities with high ratings and seasoned vintages with relatively stronger qualitative characteristics 2009 7.0% AAA AA A BBB <BBB 2007 17.3% Pre-2004 Pre-2004 $200.8 $26.3 $37.4 $5.9 $0.0 26.4% 2004 $13
Slide 30: CMBS at 3/31/10
CMBS at 3/31/10 CNO ($ millions) Market Book % of Avg. Avg. 60+ Avg. Cum. % of Rating Value (mil.) Value (mil.) CMBS* Support Del. & FCR Loss Portfolio* AAA $833.9 $818.2 86.1% 30.7% 3.4% 0.32% 3.78% AA $62.8 $73.1 6.5% 20.7% 1.3% 0.09% 0.29% A $39.3 $53.9 4.1% 8.4% 1.1% 0.15% 0.18% BBB $25.6 $54.4
Slide 31: Commercial Mortgage Loans at 3/31/10
Commercial Mortgage Loans at 3/31/10 CNO By Vintage By Property Type 2009 0.4% Other Indus. 0.8% 2008 15.3% 17.1% 2004 and Before 29.6% Office 37.8% 2007 20.6% Retail 2005 12.0% 41.2% 2006 20.3% Multi-Family 4.9% Current LTV of approximately 63% Trailing debt service coverage ratio (DSCR) stable
Slide 32: CNO Summary
CNO Summary CNO Core sales and lead generation continue to be strong Impact of health care reform • Medicare Supplement and Medicare Advantage • Potential opportunities in Supplemental Health market Demographics are trending favorably • First of Boomer population will become Medicare-eligible
Slide 33: Questions and Answers
S CONSECO. Questions and Answers 33
Slide 34: Appendix
S CONSECO. Appendix 34
Slide 35: Covenant Metrics
Covenant Metrics CNO Prior Amendment Level New 2011 Level* New 2012 Level Debt to Capital** Interest Coverage 3.3x 35% 3.1x 3.1x 32.5% 3.0x 30% 30.0% 2.4x 25% 27.9% 27.0% 26.8% 20% 2.0x 1.7x 2.0x 21.6% 21.6% 1.75x 15% 1.5x 10% 1.0x 5% 0% 0.0x 3/31/09 6/30/09 9/30/09 12/31/09 3/31/10 3/31/09 6/30/09
Slide 36: Q1 2010 Liquidity
Q1 2010 Liquidity CNO ($ millions) Cash Balance 12/31/09 $146.1 Sources Dividends from insurance subsidiary $25.0 Net Proceeds from New Convertible Debentures 61.4 Surplus Debenture Interest 12.0 Management and Investment Fees and Other 6.9 Total Sources 105.3 Uses Interest 15.5 Debt Repayments: Ret
Slide 37: Net Investment Income
Net Investment Income CNO ($ millions) General Account Investment Income Q1 2010 increase in yield due Q4 2009 Q1 2010 Q1 2009 Q2 2009 Q3 2009 primarily to higher call $308.6 $308.0 $306.8 $308.9 $315.4 premiums on fixed maturities Yield: 5.67% 5.65% 5.63% 5.66% 5.76% 37
Slide 38: Commercial Mortgage Loans at 3/31/10
Commercial Mortgage Loans at 3/31/10 CNO Geographic Distribution New England 9.2% Pacific Middle 9.4% West North Atlantic Central East North 6.4% 11.9% Central Mountain 22.1% 9.4% East South South Central Atlantic 5.4% 20.3% West South Central 5.9% 38
Slide 39: Commercial Mortgage Loans at 3/31/10
Commercial Mortgage Loans at 3/31/10 CNO ($ millions) By Maturity 2018 2017 $331 $323 Post 2024 $285 2013 $159 2015 2016 $150 $153 2014 2022 2011 $93 2019 $106 2010 $75 $81 2012 2020 2023 $52 $47 $43 $49 2024 2021 $25 $12 39
Slide 40: Expenses
Expenses CNO ($ millions) Adjusted Operating Expenses* Q1 2010 expenses returned Q2 2009 Q3 2009 Q4 2009 to a more stable level after Q1 2009 $94.4 $99.7 $96.0 $98.3 Q1 2010 $95.0 higher expense in Q4 2009 due to litigation cost, IT expense and investment in Operations re-engineering *Adjusted ope
Slide 41: Segment Performance Bankers
Segment Performance Bankers ($ millions) Pre-Tax Operating Income* Earnings up 19%, positively affected by: Q3 2009 $85.4 Q4 2009 $84.6 • Higher Life income due to Q2 2009 $63.3 Q1 2010 favorable mortality and reserve Q1 2009 $44.7 $53.2 changes • Higher PFFS/PDP income due to favorable IBNR devel
Slide 42: Premiums – Medicare Supplement Bankers
Premiums – Medicare Supplement Bankers Medicare Supplement – First-Year Premiums ($ millions) Q4 2009 $28.2 Q1 2010 $27.2 First-year premiums up 38% Q2 2009 Q3 2009 $22.7 Q1 2009 $21.1 $19.7 Med. Supp. First-Year Prems.-Tr. 4 Qtrs: $81.9 $83.6 $86.5 $91.7 $99.2 Med. Supp. Total Premiums-Quarterly:
Slide 43: Premiums – Long-Term Care Bankers
Premiums – Long-Term Care Bankers ($ millions) Long-Term Care – First-Year Premiums* First-year premiums up 14% Q4 2009 Q1 2010 Q2 2009 Q3 2009 Q1 2009 (Direct) (Direct) (Direct) (Direct) (Direct) $9.8 $9.8 $9.1 $9.5 $8.6 (Net) (Net) $5.9 (Net) (Net) $4.8 $4.7 $4.2 (Net) $2.9 First-Year Prems.-Tr.
Slide 44: Premiums – Life Insurance Bankers
Premiums – Life Insurance Bankers ($ millions) Life – First-Year Premiums Q3 2009 Q4 2009 $23.4 Fluctuations in first-year Q2 2009 $23.0 Q1 2010 premiums primarily reflect Q1 2009 $19.4 $20.2 variance in sales of $16.8 $10.5 $10.8 single-premium policies $7.8 $9.6 SPWL $6.2 Non-SPWL premiums eve
Slide 45: Premiums – Annuity Bankers
Premiums – Annuity Bankers ($ millions) Annuity – First-Year Premiums First-year premiums down 26% as result of current Q1 2009 $301.1 Q2 2009 Q3 2009 interest rate environment $274.7 $284.0 Q1 2010 Q4 2009 $223.1 $197.3 First-Year Prems.-Tr. 4 Qtrs: $1,294.1 $1,308.7 $1,270.3 $1,057.1 $979.1 Tota
Slide 46: Annuity Surrenders Bankers
Annuity Surrenders Bankers IA Surrenders Surrenders: both indexed and non- (annualized quarterly rate) indexed annuity surrenders lower Q4 2008 Q12009 Q2 2009 12.4% Q3 2008 10.9% than prior year Q12008 9.0% Q2 2008 8.6% 9.8% 10.5% Q3 2009 9.1% Q4 2009 8.3% Q12010 9.2% Total account value: • IAs
Slide 47: Benefit Ratio – PDP Bankers
Benefit Ratio* – PDP Bankers Down 7%, impacted by Q2 2009 Q1 2009 improved pricing and plan 95.5% 97.1% Q1 2010 88.7% design changes Q3 2009 Q4 2009 68.0% 68.4% *We calculate benefit ratios by dividing insurance policy benefits by insurance policy income. 47
Slide 48: Benefit Ratio – Medicare Supplement Bankers
Benefit Ratio* – Medicare Supplement Bankers Q1 2010 impacted by higher incurred claims Q1 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2009 70.2% 72.4% 71.7% 72.8% 68.6% *We calculate benefit ratios by dividing insurance policy benefits by insurance policy income. 48
Slide 49: Interest-Adjusted Benefit Ratio – Long Term Care Bankers
Interest-Adjusted Benefit Ratio* – Long Term Care Bankers Q1 2009 impacted by prior- Q1 2010 period rate increase activity Q1 2009 Q2 2009 Q3 2009 Q4 2009 75.2% 68.6% 70.4% affecting lapses 66.4% 66.4% Trailing 4 Quarter Avg.: 71.4% 67.6% 68.2% 67.9% 69.6% Qtrly. non-int. adjusted: 105.1% 103.2% 1
Slide 50: Segment Performance Colonial Penn
Segment Performance Colonial Penn ($ millions) Pre-Tax Operating Income* Earnings up 4% Q2 2009 $11.0 • Primarily due to favorable mortality and growth in our block Q3 2009 of life insurance policies $7.4 Q4 2009 Q1 2009 $5.9 Q1 2010 $5.1 $5.3 PTOI-Trailing 4 Quarters: $26.6 $29.3 $30.2 $29.4 $29.
Slide 51: Premiums – Life Insurance Colonial Penn
Premiums – Life Insurance Colonial Penn ($ millions) Life – First-Year Premiums Q1 2009 Sales (NAP) up 7% $9.2 Q2 2009 $8.4 Q3 2009 Q1 2010 Q4 2009 $7.9 $7.9 • Lead generation momentum $7.5 building following 2009 capital limitations • Increased lead activity will drive return to pre-2009 sales le
Slide 52: Segment Performance CIG
Segment Performance CIG ($ millions) Pre-Tax Operating Income (loss)* Earnings down 18% • Lower Specified Disease income Q1 2009 $31.2 due primarily to reserve releases in Q2 2009 Q3 2009 Q1 2010 $25.7 $21.2 $21.6 Q1 2009 • Lower Life income due primarily to lost earnings on blocks reinsured in 20
Slide 53: Premiums - Medicare Supplement CIG
Premiums - Medicare Supplement CIG ($ millions) Medicare Supplement – First-Year Premiums First-year collections down 20% • Focus on core products (i.e., Specified Disease) Q3 2009 Q2 2009 $2.2 Q4 2009 Q1 2009 $1.9 $1.5 $1.6 Q1 2010 $1.2 First-Year Prems.-Tr. 4 Qtrs: $8.3 $7.9 $8.0 $7.2 $6.9 Total
Slide 54: Premiums – Specified Disease CIG
Premiums – Specified Disease CIG ($ millions) Specified Disease – First-Year Premiums Q4 2009 Q1 2010 Q3 2009 NAP up 28% $12.3 $12.5 Q2 2009 $11.8 Q1 2009 $11.1 • Increased focus on Specified $10.2 Disease products • Momentum increasing in Worksite market First-Year Prems.-Tr. 4 Qtrs: $40.2 $41.5
Slide 55: Premiums – Annuity CIG
Premiums – Annuity CIG ($ millions) Annuity – First-Year Premiums First-year collections down 79% Q3 2009 $23.4 Q2 2009 • Increased focus on core products Q1 2009 $20.6 $17.8 Q4 2009 $10.0 Q1 2010 $3.7 First-Year Prems.-Tr. 4 Qtrs: $98.5 $84.7 $83.0 $71.8 $57.7 Total Premiums-Quarterly: $19.5 $22.
Slide 56: Interest-Adjusted Benefit Ratio – Specified Disease CIG
Interest-Adjusted Benefit Ratio* – Specified Disease CIG Up 17% vs Q1 2009, which was Q2 2009 49.7% Q4 2009 49.1% Q1 2010 49.4% Q3 2009 impacted by reserve releases Q1 2009 42.2% 42.9% Trailing 4 Quarter Avg.: 41.8% 42.6% 41.2% 46.0% 47.8% Qtrly. non-int. adjusted: 76.0% 83.3% 76.6% 82.0% 82.3% *W
Slide 57: Information Related to Certain Non-GAAP Financial Measures
Information Related to Certain Non-GAAP Financial Measures The following provides additional information regarding certain non-GAAP measures used in this presentation. A non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that excludes or includes am
Slide 58: Information Related to Certain Non-GAAP Financial Measures
Information Related to Certain Non-GAAP Financial Measures A reconciliation of net income applicable to common stock to net operating income (and related per-share amounts) is as follows (dollars in millions, except per-share amounts): Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Net income applicable to
Slide 59: Information Related to Certain Non-GAAP Financial Measures
Information Related to Certain Non-GAAP Financial Measures Book value, excluding accumulated other comprehensive income, per share This non-GAAP financial measure differs from book value per share because accumulated other comprehensive income has been excluded from the book value used to determine
Slide 60: Information Related to Certain Non-GAAP Financial Measures
Information Related to Certain Non-GAAP Financial Measures Operating return measures Management believes that an analysis of return before loss on extinguishment or modification of debt, net realized gains or losses, and increases to our valuation allowance for deferred tax assets (“net operating in
Slide 61: Information Related to Certain Non-GAAP Financial Measures
Information Related to Certain Non-GAAP Financial Measures A reconciliation of return on common equity to operating return on common equity (excluding accumulated other comprehensive income (loss) and net operating loss carryforwards) is as follows (dollars in millions, except per share amounts): Q1
Slide 62: Information Related to Certain Non-GAAP Financial Measures
Information Related to Certain Non-GAAP Financial Measures A reconciliation of pretax operating earnings (a non-GAAP financial measure) to segment operating income (loss) and consolidated net income (loss) for the quarter ended March 31, 2010, is as follows (dollars in millions): CIG Bankers Colonia
Slide 63: Information Related to Certain Non-GAAP Financial Measures
Information Related to Certain Non-GAAP Financial Measures A reconciliation of common shareholders’ equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity at March 31, 2010, is as follows (dol
Slide 64: Information Related to Certain Non-GAAP Financial Measures
Information Related to Certain Non-GAAP Financial Measures A reconciliation of average common shareholders’ equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to average common shareholders’ equity at March 31, 2010, is
Slide 65: Information Related to Certain Non-GAAP Financial Measures
Information Related to Certain Non-GAAP Financial Measures Debt to capital ratio, excluding accumulated other comprehensive income (loss) This non-GAAP financial measure differs from the debt to capital ratio because accumulated other comprehensive income has been excluded from the value of capital