The industry reported a significant decline in statutory earnings and modest realized capital losses
that affected net income during the first quarter, despite an overall increase in revenue, the report said.
5 per share, which it attributed to realized capital losses
and restructuring costs.
But realized capital losses
on investments (not included in net investment income) fell to $8 billion in 2009 from $19.
TOP COMPANIES MAXIMIZED NET realized capital gains and minimized realized capital losses
in 2005 over 2004, according to annual statement filings.
7% of invested assets for 2009, compared to 2008 net realized capital losses
Fitch estimates that realized capital losses
were $3 billion in 2003, down significantly from $12 billion in 2002.
However, negative rating actions could occur if there was a considerable decline in absolute or risk-adjusted capital, an increase in credit impairments or realized capital losses
, significant margin compression in interest-sensitive business lines or considerable deterioration in the financial strength of Allianz SE.
5 million for first quarter 2012 reflects net realized capital losses
3 million for first quarter 2011 reflects net realized capital losses
Despite the realized capital losses
suffered in 2008, net investment income also has been a steady contributor to equity.
Teachers Protective has reported continued operating losses and surplus deterioration over the past three years, primarily the result of higher than expected claims, long-term care reserve strengthening and realized capital losses
The rating affirmations primarily reflect Mutual of Omaha's strong absolute and risk-adjusted capitalization, despite depressed statutory operating earnings and realized capital losses
in its general account investment portfolio in recent periods, solid top-line revenue growth within many of its core lines of business, favorable GAAP operating results and moderate financial leverage.