Assets under management, statutory revenue,
adjusted surplus, and life insurance all rose as Thrivent Financial experienced one of its best years of performance in its 111-year history.
The apparent refined copper balance for the first eight months of 2011 indicates a production deficit of 161,000 mt (a seasonally
adjusted surplus of 23,000 mt).
Under SSAP 10R, the admissibility test is increased from 10% to 15% of
adjusted surplus, and the admissibility test increases the loss carry-back allowance from one year to three.
5% Ratio (Average Lash and Invested and less than l0% Assets [Current and Prior #6 Year]) Change in Surplus = (Change in Surplus)/ Greater than -10%, Ratio (
Adjusted Surplus Prior and less than +50% Year) Note: Change in surplus is equal to
adjusted surplus for the current year minus
adjusted surplus for the prior year.
Although, this series exhibits considerable volatility, the
adjusted surplus tends to exhibit much less persistence than the actual surplus.
The level of high-risk assets should not exceed 150% of the company's
adjusted surplus.
Sales, revenue, assets under management, and total
adjusted surplus all rose in 2011 and have continued to rise since 2008 despite turbulent economic and market conditions.
Additionally, Penn Mutual maintains an elevated exposure to the commercial mortgage market relative to total
adjusted surplus through its investments in commercial mortgage-backed structured securities.
However, its BCAR has deteriorated over the past year as underwriting risk grew quicker than
adjusted surplus.
9% of the portfolio or a very low 21% of total
adjusted surplus.
Chart 4 shows the revised and previously published estimates of the cyclically
adjusted surplus or deficit as percentages of middle-expansion trend GNP.
Its
adjusted surplus improved by 15% year over year in fiscal year 2006 to JPY 4,029 billion (USD 34 billion).
