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This excerpt taken from the ALL 10-Q filed Oct 31, 2007. Benefit margin by product group is shown
in the following table.
Benefit margin increased 11.2% in the third quarter of 2007 and decreased 5.7% in the first nine months of 2007 compared to the same periods in 2006. The increase in the third quarter of 2007 was driven by favorable mortality experience on immediate annuities and, to a lesser extent, growth in policies in force. The decline in the first nine months of 2007 was due to the absence in 2007 of benefit margin on the reinsured variable annuity business, litigation related costs in the form of additional policy benefits and less favorable life mortality in 2007, partially offset by growth in policies in force and favorable mortality experience on immediate annuities.
This excerpt taken from the ALL 8-K filed Oct 17, 2007. Benefit
margin
is our measure of underwriting
results. The net contribution of underwriting results is also difficult to
observe in the consolidated statement of operations making it difficult to
determine its impact on net income. Although all premiums earned are included
in underwriting results, only those contract charges related to insurance
coverage purchased by the policyholder are attributed to underwriting results. Underwriting
results are charged with all contract benefits excluding the implied interest
on life-contingent contract benefits. The net effect of these items results in
the impact of benefit margin on net income.
Benefit margin represents the excess of life, accident and health, and life-contingent immediate annuity premiums, cost of insurance contract charges and, prior to the disposal of substantially all of our variable annuity business through reinsurance, variable annuity contract charges for contract guarantees over certain contract benefits. These contract benefits include benefits paid for life-contingent contract benefits and benefits in excess of existing contractholder funds and changes in reserves for life-contingent contract benefits and
29
exclude the implied interest on life-contingent immediate annuities, which is included in the calculation of investment margin. We use benefit margin to evaluate Allstate Financial’s underwriting performance, as it reflects the profitability of our products with respect to mortality or morbidity risk during a fiscal period.
This excerpt taken from the ALL 10-Q filed Aug 1, 2007. Benefit margin is a
component of gross margin, both of which are non-GAAP measures. Benefit margin represents life and life-contingent immediate annuity premiums, cost of
insurance contract charges and, prior to the disposal of substantially all of
our variable annuity business through reinsurance, variable annuity contract
charges for contract guarantees less contract benefits. Benefit margin excludes the implied interest
on life-contingent immediate annuities, which is included in the calculation of
investment margin. We use benefit
margin to evaluate Allstate Financial’s underwriting performance, as it
reflects the profitability of our products with respect to mortality or
morbidity risk during a fiscal period.
This excerpt taken from the ALL 10-Q filed May 1, 2007. Benefit
margin is a component of gross margin, both of which
are non-GAAP measures. Benefit margin
represents life and life-contingent immediate annuity premiums, cost of
insurance contract charges and, prior to the disposal of substantially all of
our variable annuity business through reinsurance, variable annuity contract
charges for contract guarantees less contract benefits. Benefit margin excludes the implied interest
on life-contingent immediate annuities, which is included in the calculation of
investment margin. We use benefit margin
to evaluate Allstate Financial’s underwriting performance, as it reflects the
profitability of our products with respect to mortality or morbidity risk
during a fiscal period.
41 This excerpt taken from the ALL 10-Q filed Nov 1, 2006. Benefit margin is a
component of gross margin, both of which are non-GAAP measures. Benefit margin represents life and life-contingent immediate annuity premiums, cost of
insurance contract charges and, prior to the disposal of substantially all of
our variable annuity business through reinsurance, variable annuity contract
charges for contract guarantees less contract benefits. Benefit margin excludes the implied interest
on life-contingent immediate annuities, which is included in the calculation of
investment margin. We use benefit
margin to evaluate Allstate Financial’s underwriting performance, as it
reflects the profitability of our products with respect to mortality or
morbidity risk during a fiscal period.
This excerpt taken from the ALL 10-Q filed Aug 8, 2006. Benefit margin is a
component of gross margin, both of which are non-GAAP measures. Benefit margin represents life and life-contingent immediate annuity premiums, cost of
insurance contract charges and, prior to the disposal of substantially all of
our variable annuity business through reinsurance, variable annuity contract
charges for contract guarantees less contract benefits. Benefit margin excludes the implied interest
on life-contingent immediate annuities, which is included in the calculation of
investment margin. We use benefit
margin to evaluate Allstate Financial’s underwriting performance, as it
reflects the profitability of our products with respect to mortality or
morbidity risk during a fiscal period.
This excerpt taken from the ALL 10-Q filed May 3, 2006. Benefit margin is a component of gross
margin, both of which are non-GAAP measures. Benefit margin represents life and
life-contingent immediate annuity premiums, cost of insurance contract charges
and variable annuity contract charges for contract guarantees less contract
benefits. Benefit margin excludes the implied interest on life-contingent
immediate annuities, which is included in the calculation of investment margin.
We use benefit margin to evaluate Allstate Financial’s underwriting
performance, as it reflects the profitability of our products with respect to mortality
or morbidity risk during a fiscal period.
This excerpt taken from the ALL 10-Q filed Nov 1, 2005. Benefit margin is a component of gross
margin, both of which are non-GAAP measures.
Benefit margin represents life and life-contingent immediate annuity
premiums, cost of insurance contract charges and variable annuity contract
charges for contract guarantees less contract benefits. Benefit margin excludes the implied interest
on life-contingent immediate annuities, which is included in the calculation of
investment margin. We use the benefit
margin to evaluate Allstate Financial’s underwriting performance, as it
reflects the profitability of our products with respect to mortality or
morbidity risk during a fiscal period.
This excerpt taken from the ALL 10-Q filed Aug 3, 2005. Benefit margin is a component of gross
margin, both of which are non-GAAP measures.
Benefit margin represents life and life-contingent immediate annuity
premiums, cost of insurance contract charges and variable annuity contract
charges for contract guarantees less contract benefits. Benefit margin excludes the implied interest
on life-contingent immediate annuities, which is included in the calculation of
investment margin. We use the benefit
margin to evaluate Allstate Financial’s underwriting performance, as it
reflects the profitability of our products with respect to mortality or
morbidity risk during a fiscal period.
This excerpt taken from the ALL 10-Q filed May 3, 2005. Benefit margin is a component of gross
margin, both of which are non-GAAP measures.
Benefit margin represents life and life-contingent immediate annuity
premiums, cost of insurance contract charges and variable annuity contract
charges for contract guarantees less contract benefits. Benefit margin excludes the implied interest
on life-contingent immediate annuities, which is included in the calculation of
investment margin. We use the benefit
margin to evaluate Allstate Financial’s underwriting performance, as it
reflects the profitability of our products with respect to mortality or
morbidity risk during a fiscal period.
38
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