Net income up 75% from prior year.
Net operating income up 95% from prior year.
Net investment gain 15 million vs negative 18 million in the prior year.
Future $80 to $90 million in annual pre-tax expense savings primarily related to expense reduction plan
Net operating income of US Life Insurance Division up 23% from prior year.
Net operating income of Global Mortgage Insurance Division Up 100% from prior year.
Net investment income up .8% from prior quarter.
Net income in the quarter included $15 million of net investment gains, net of tax and DAC amortization of $5 million.
Net unrealized investment gains were $1.3 billion, net of tax and other items.
The holding company ended the quarter with approximately $1.0 billion of cash and highly liquid securities, up approximately $50 million compared to the prior quarter.
S&P reiterated its buy recommendation with a target of $15
Stock price up about 100% from last year. What's not to like? Next year 18-20, life is good.
Soon the shorts will be squeezed again.