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).