The company also reported a 2004 year-end after-tax contribution to adjusted surplus
is headquartered in Maryland with consolidated admitted assets of more than $17 billion and adjusted surplus
of $750 million at Dec.
Low, albeit improving, earnings over the 1995-1999 period have held Boston Mutual's adjusted surplus
growth to a compound annual rate of approximately 4.
NML's net operating gain for 1999 was $491 million, resulting in a return on average adjusted surplus
However, low operating gains over the 1993 to 1998 period have held Boston Mutual's adjusted surplus
development to a compound annual growth rate of approximately 3.
Compared to its peers, TMNF had the strongest adjusted surplus
and highest catastrophe reserve ratio in fiscal year 2004.
90 percent and return on average adjusted surplus
The Company completed a $50 million private placement surplus note increasing adjusted surplus
to $287 million from $247 million in 2004.
5 billion in total assets and $366 million in adjusted surplus
on a consolidated basis at yearend 1995.
The company's profitability has been good with an estimated average return on adjusted surplus
of 10% and estimated average return on assets of 2.
The ratings also recognize the major challenges for Equitable Life and its insurance subsidiaries, which include: (1) coping with the competitive pressures in variable life and annuity markets including lowering costs further; (2) reducing problem real estate-related assets that, although declining, still pose a significant exposure to adjusted surplus
; and (3) further strengthening its capital position while simultaneously improving statutory return on adjusted surplus
Fitch views as partially offsetting these strengths the volatility of NMAA's adjusted surplus
that is caused by a moderately higher-than-industry allocation to common stocks.