Pekin Life Insurance Co. Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2012; Declares Quarterly Dividend, Payable on June 1, 2012
Pekin Life Insurance Co. announced unaudited earnings results for the first quarter ended March 31, 2012. For the period, the company reported investment income of $13,575,822 against $14,256,633 a year ago. Total income was $72,004,426 against $73,469,259 a year ago. Loss before income taxes and realized capital gains was $2,709,455 against income before income taxes and realized capital gains of $750,820 a year ago. Loss before realized capital gains was $1,959,455 income before realized capital gains of against $285,820 a year ago. Net loss was $179,486 against net income of $865,084 a year ago. Net loss before net realized capital gains per share was $0.11 against net income before net realized capital gains per share of $0.02 a year ago. Net loss per share was $0.01 against net income per share of $0.05 a year ago. Book value per share was $6.88 against $6.61 a year ago. The net loss for the first quarter of 2012 was due to the premium growth of 2.6% in the company's term and whole life insurance lines of business, increase of 3.6% and 3.8% in pre-need life and universal life premiums, respectively, the ongoing transition out of the individual major medical line which resulted in a decrease in this line's premium income during the first quarter of $5.0 million, or 63.8%, and a decrease of 1.3% in premium income for the first quarter of 2012 compared to last year.
The Board of Directors of the company has declared a quarterly dividend of $0.03 per share payable on June 1, 2012, to shareholders of record April 30, 2012.