Argo Group International Holdings, Ltd. (NasdaqGS: AGII), an
international underwriter of specialty insurance and reinsurance
products in niche areas of the property and casualty market, today
announced financial results for the three months ended March 31, 2008.
Highlights for the 2008 first quarter include the following: -- Pre-tax operating income was at a record $40.0 million; -- Net income increased 47 percent to $36.9 million or $1.20 per
diluted share; -- The Commercial Specialty segment increased gross written
premiums to $137.3 million via targeted adjacency products and
acquisition; -- The International Specialty segment produced $50.3 million in
gross written premiums; -- Total revenue was up 10.1 percent over the first quarter of
2007; -- Book value per share at March 31, 2008 was $46.36.
Argo Group President and Chief Executive Officer Mark E. Watson
III said, "Our results in the first quarter reflect disciplined
execution of our business plan, particularly in our Commercial
Specialty and International Specialty segments. I am pleased E&S
continues to perform well in a marketplace that is highly competitive,
a condition we believe will continue in 2008. Our diversified
international business platform is well designed to provide balance
throughout the cycle and we are encouraged by the opportunities we see
across business lines." FINANCIAL RESULTS The financial results for the three months ended March 31, 2008
and 2007 include results of the predecessor to Argo Group, Argonaut
Group Inc. As disclosed previously, the merger of PXRE Corporation and
Argonaut Group closed Aug. 7, 2007. Accordingly, the financial results
from that date forward represent the combined company.
For the first quarter of 2008, net income was $36.9 million or
$1.20 per diluted share versus $25.1 million or $1.13 per share for
the same three months of 2007. Pre-tax operating income for the
quarter ended March 31, 2008 was $40.0 million versus pre-tax
operating income in the comparable quarter of 2007 of $36.8 million. Total revenue for the 2008 first quarter was $258.1 million versus
$234.4 million for the first quarter of 2007. Total revenue includes
realized gains on the sales of investments, which were $1.3 million
and $0.6 million for the first quarters of 2008 and 2007,
respectively. Earned premiums for the three months ended March 31,
2008 were $218.7 million compared to $205.6 million for the same
quarter in 2007.
The Company believes operating income is another meaningful
measure of Argo Group's performance, although it differs from net
income under generally accepted accounting principles in the United
States (GAAP) in that operating income excludes extraordinary items,
income tax benefit or expense and net realized investment gains and
losses. For a reconciliation of operating income to GAAP net income
for the three months ended March 31, 2008 and 2007, respectively,
please refer to the reconciliation table attached to this news
release. Pre-tax underwriting income for the first quarter of 2008
included favorable loss development from prior years' reserves of $6.7
million, compared to $9.1 million of favorable loss development for
the first quarter of 2007. Argo Group's 2008 first quarter combined
ratios for each business segment were E&S at 91.2 percent; Commercial
Specialty, formerly Select Markets, at 93.1 percent; and International
Specialty at 73.3 percent.
SEGMENT RESULTS Excess & Surplus Lines (E&S) - For the first quarter of 2008,
gross written premiums for E&S totaled $160.1 million, resulting in
operating income of $26.9 million. This compares to gross written
premiums of $181.2 million and operating income of $29.0 million in
the first quarter of 2007. The combined ratio for the first quarter
periods of 2008 and 2007, respectively, were 91.2 percent and 87.3
percent. The underwriting results for the first quarter of 2008 and
2007 include favorable loss development of $5.1 million and $9.1
million, respectively.
Commercial Specialty (formerly Select Markets) - During the first
quarter of 2008, gross written premiums for Commercial Specialty were
$137.3 million generating operating income of $13.1 million, compared
to gross written premiums of $98.8 million and operating income of
$13.8 million during the same period in 2007. The combined ratio for
the 2008 first quarter was 93.1 percent, versus a 2007 first quarter
combined ratio of 89.9 percent. The underwriting results for the first
quarter of 2008 include favorable loss development of $0.5 million
compared to $1.4 million of favorable development for the first
quarter of 2007.
International Specialty - International Specialty includes
third-party reinsurance business originated by Argo Re (formerly
Peleus Re) and other reinsurance programs. During the first quarter of
2008, gross written premiums for International Specialty were $50.3
million compared to $6.8 million in 2007.
ARGO GROUP EXPANDS AND STRENGTHENS BUSINESS PLATFORM As announced on April 2, 2008, Argo Group has made an offer to
acquire Heritage Underwriting Agency plc, a successful quoted Lloyd's
insurer. The acquisition is subject to Heritage shareholder and
regulatory approval and is expected to close in the second quarter of
2008.
During the quarter, the Company acquired Massamont Insurance
Agency, Inc, a specialist in the public entity insurance sector. In
combination with Trident Insurance Services, this acquisition
increases the Company's presence within the nationwide public entity
marketplace.
The Company completed the sale of PXRE Reinsurance Company on
March 31, 2008. At December 31, 2007, Argo Group had classified the
assets and liabilities of PXRE Reinsurance Company as assets held for
sale and liabilities held for sale, respectively, in the Consolidated
Balance Sheet.
SUBSEQUENT EVENT After the close of the quarter, Argo Group purchased approximately
$5.1 million of its common stock pursuant to its stock repurchase
program authorized last year. The share purchases were made at various
times on the open market.
CONFERENCE CALL Argo Group will conduct an investor conference call starting at 11
a.m. EDT (12 p.m. ADT) tomorrow, Tuesday, May 6, 2008. A live webcast
of the conference call can be accessed by visiting Argo Group's
investor relations Web site at www.argolimited.com and clicking on the
following links: Investors - News & Events - Webcasts. Participants
inside the U.S. and Canada can access the call by dialing (888)
713-4214 (pass code 74675516). Callers dialing from outside the U.S. and Canada can access the call by dialing (617) 213-4866 (pass code:
74675516).
Shortly after the conclusion of the conference call, a webcast
replay will be made available by visiting www.argolimited.com and
clicking on the following links: Investors - News & Events - Webcasts. In addition, a replay of the call will be available to callers dialing
from inside the U.S. and Canada through June 6, 2008, by dialing (888)
286-8010 (pass code 46573771). Callers dialing from outside the U.S. and Canada can access the call replay by dialing (617) 801-6888 (pass
code 46573771).
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Headquartered in Hamilton, Bermuda, Argo Group International
Holdings, Ltd. (NasdaqGS: AGII) is an international underwriter of
specialty insurance and reinsurance products in the property and
casualty market. Argo Group offers a full line of high-quality
products and services designed to meet the unique coverage and claims
handling needs of businesses in three primary segments: Excess and
Surplus Lines, Commercial Specialty, and International Specialty. Information on Argo Group and its subsidiaries is available at
www.argolimited.com.
FORWARD-LOOKING STATEMENTS This press release contains certain statements that are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934, as amended. Such statements are qualified by the inherent
risks and uncertainties surrounding future expectations generally and
also may materially differ from actual future experience involving any
one or more of such statements. For a more detailed discussion of such
risks and uncertainties, see Argo Group's filings with the SEC. The
inclusion of a forward-looking statement herein should not be regarded
as a representation by Argo Group that Argo Group's objectives will be
achieved. Argo Group undertakes no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise.
(financial tables follow) -0-
*T
ARGO GROUP INTERNATIONAL HOLDINGS, LTD. CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts) March 31, December 31,
2008 2007
----------- ------------
(unaudited)
Assets
Total investments $ 3,525.4 $ 3,555.6
Cash and cash equivalents 50.9 42.2
Accrued investment income 25.4 24.9
Receivables 910.5 833.8
Goodwill 113.2 106.3
Assets held for sale - 256.6
Other assets 355.0 304.1
----------- ------------
Total assets $ 4,980.4 $ 5,123.5
=========== ============ Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment
expenses $ 2,447.0 $ 2,425.5
Unearned premiums 550.6 506.8
Liabilities held for sale - 200.8
Other liabilities 559.8 605.9
----------- ------------
Total liabilities 3,557.4 3,739.0 Total shareholders' equity 1,423.0 1,384.5
----------- ------------
Total liabilities and shareholders' equity $ 4,980.4 $ 5,123.5
=========== ============ Book value per common share $ 46.36 $ 45.15
=========== ============
*T -0-
*T
ARGO GROUP INTERNATIONAL HOLDINGS, LTD. FINANCIAL HIGHLIGHTS
ALL SEGMENTS
(in millions, except per share amounts) Three Months Ended
March 31,
----------------------
2008 2007
(unaudited) Gross Written Premiums $ 346.6 $ 286.7
Net Written Premiums 237.5 200.5 Earned Premiums 218.7 205.6
Net Investment Income 38.1 28.2
Gains on Sales of Investments 1.3 0.6
---------- ----------
Total Revenue 258.1 234.4 Losses and Loss Adjustment Expenses 131.6 119.1
Underwriting, Acquisition and Insurance Expense 78.2 74.6
Interest Expense and Other 7.0 3.3
---------- ----------
Total Expenses 216.8 197.0 Income Before Taxes 41.3 37.4
Income Tax Provision 4.4 12.3
---------- ----------
Net Income $ 36.9 $ 25.1
========== ========== Net Income:
From Operations $ 40.0 $ 36.8
From Sale of Investments 1.3 0.6
---------- ----------
Income Before Taxes 41.3 37.4
Income Tax Provision 4.4 12.3
---------- ----------
Total Net Income $ 36.9 $ 25.1
========== ========== Net Income per Common Share (Basic): (a) $ 1.20 $ 1.17
========== ========== Net Income per Common Share (Diluted): (a) $ 1.20 $ 1.13
========== ========== Weighted Average Common Shares:
Basic (a) 30.7 21.3
========== ==========
Diluted (a) 30.8 22.2
========== ========== (a) The Three Months Ended March 31, 2007 Income Statements reflect
the historical income and expense of Argonaut Group, Inc. in
accordance with purchase accounting requirements. The Weighted
Average Common Share counts and corresponding Net Income per Common
Share have been recalculated to reflect the common stock exchange
ratio applied when Argonaut Group, Inc. merged with PXRE Group, Ltd. on August 7, 2007. *T -0-
*T
ARGO GROUP INTERNATIONAL HOLDINGS, LTD. SEGMENT DATA
(in millions)
Three Months Ended
March 31,
-------------------------
2008 2007
(unaudited)
Excess & Surplus Lines
--------------------------------------------
Gross Written Premiums $ 160.1 $ 181.2
Net Written Premiums 119.3 132.1
Earned Premiums 128.5 132.0 Underwriting Income $ 11.3 $ 16.3
Net Investment Income 15.6 12.7
----------- -----------
Operating Income Before Taxes $ 26.9 $ 29.0
=========== =========== Loss Ratio 57.7% 55.1%
Expense Ratio 33.5% 32.2%
----------- -----------
GAAP Combined Ratio 91.2% 87.3%
=========== =========== Commercial Specialty
--------------------------------------------
Gross Written Premiums $ 137.3 $ 98.8
Net Written Premiums 94.8 61.8
Earned Premiums 82.1 69.7 Underwriting Income $ 5.8 $ 7.0
Net Investment Income 7.3 6.8
----------- -----------
Operating Income Before Taxes $ 13.1 $ 13.8
=========== =========== Loss Ratio 65.0% 61.6%
Expense Ratio 28.1% 28.3%
----------- -----------
GAAP Combined Ratio 93.1% 89.9%
=========== =========== International Specialty
--------------------------------------------
Gross Written Premiums $ 50.3 $ 6.8
Net Written Premiums 39.3 6.8
Earned Premiums 12.4 3.1 Underwriting Income $ 3.3 $ 0.7
Net Investment Income 2.5 -
----------- -----------
Operating Income Before Taxes $ 5.8 $ 0.7
=========== =========== Loss Ratio 41.8% 60.0%
Expense Ratio 31.5% 15.0%
----------- -----------
GAAP Combined Ratio 73.3% 75.0%
=========== ===========
*T -0-
*T
ARGO GROUP INTERNATIONAL HOLDINGS, LTD. RECONCILIATION OF OPERATING INCOME TO NET INCOME
(in millions)
Three Months Ended
March 31,
---------------------------
2008 2007
Excess & Surplus Lines $ 26.9 $ 29.0
Commercial Specialty 13.1 13.8
International Specialty 5.8 0.7
Run-off Lines 2.8 1.3
Corporate & Other (8.6) (8.0)
------------- -------------
Operating Income Before Taxes 40.0 36.8
Gains on Sales of Investments 1.3 0.6
------------- -------------
Income Before Taxes 41.3 37.4
Income Tax Provision 4.4 12.3
------------- -------------
Net Income $ 36.9 $ 25.1
============= =============
*T
Argo Group International Holdings, Ltd. (NasdaqGS: AGII), an
international underwriter of specialty insurance and reinsurance
products in niche areas of the property and casualty market, today
announced financial results for the three months ended March 31, 2008.
Highlights for the 2008 first quarter
include the following:
Pre-tax operating income was at a record $40.0 million;
Net income increased 47 percent to $36.9 million or $1.20 per diluted
share;
The Commercial Specialty segment increased gross written premiums to
$137.3 million via targeted adjacency products and acquisition;
The International Specialty segment produced $50.3 million in gross
written premiums;
Total revenue was up 10.1 percent over the first quarter of 2007;
Book value per share at March 31, 2008 was $46.36.
Argo Group President and Chief Executive Officer Mark E. Watson III
said, "Our results in the first quarter reflect disciplined execution of
our business plan, particularly in our Commercial Specialty and
International Specialty segments. I am pleased E&S continues to perform
well in a marketplace that is highly competitive, a condition we believe
will continue in 2008. Our diversified international business platform
is well designed to provide balance throughout the cycle and we are
encouraged by the opportunities we see across business lines."
FINANCIAL RESULTS
The financial results for the three months ended March 31, 2008 and 2007
include results of the predecessor to Argo Group, Argonaut Group Inc. As
disclosed previously, the merger of PXRE Corporation and Argonaut Group
closed Aug. 7, 2007. Accordingly, the financial results from that date
forward represent the combined company.
For the first quarter of 2008, net income was $36.9 million or $1.20 per
diluted share versus $25.1 million or $1.13 per share for the same three
months of 2007. Pre-tax operating income for the quarter ended March 31,
2008 was $40.0 million versus pre-tax operating income in the comparable
quarter of 2007 of $36.8 million. Total revenue for the 2008 first
quarter was $258.1 million versus $234.4 million for the first quarter
of 2007. Total revenue includes realized gains on the sales of
investments, which were $1.3 million and $0.6 million for the first
quarters of 2008 and 2007, respectively. Earned premiums for the three
months ended March 31, 2008 were $218.7 million compared to $205.6
million for the same quarter in 2007.
The Company believes operating income is another meaningful measure of
Argo Group’s performance, although it differs
from net income under generally accepted accounting principles in the
United States (GAAP) in that operating income excludes extraordinary
items, income tax benefit or expense and net realized investment gains
and losses. For a reconciliation of operating income to GAAP net income
for the three months ended March 31, 2008 and 2007, respectively, please
refer to the reconciliation table attached to this news release. Pre-tax
underwriting income for the first quarter of 2008 included favorable
loss development from prior years’ reserves of
$6.7 million, compared to $9.1 million of favorable loss development for
the first quarter of 2007. Argo Group’s 2008
first quarter combined ratios for each business segment were E&S at 91.2
percent; Commercial Specialty, formerly Select Markets, at 93.1 percent;
and International Specialty at 73.3 percent.
SEGMENT RESULTS
Excess & Surplus Lines (E&S)
– For the first quarter of 2008, gross written
premiums for E&S totaled $160.1 million, resulting in operating income
of $26.9 million. This compares to gross written premiums of $181.2
million and operating income of $29.0 million in the first quarter of
2007. The combined ratio for the first quarter periods of 2008 and 2007,
respectively, were 91.2 percent and 87.3 percent. The underwriting
results for the first quarter of 2008 and 2007 include favorable loss
development of $5.1 million and $9.1 million, respectively.
Commercial Specialty (formerly Select
Markets) – During the first quarter of
2008, gross written premiums for Commercial Specialty were $137.3
million generating operating income of $13.1 million, compared to gross
written premiums of $98.8 million and operating income of $13.8 million
during the same period in 2007. The combined ratio for the 2008 first
quarter was 93.1 percent, versus a 2007 first quarter combined ratio of
89.9 percent. The underwriting results for the first quarter of 2008
include favorable loss development of $0.5 million compared to $1.4
million of favorable development for the first quarter of 2007.
International Specialty –
International Specialty includes third-party reinsurance business
originated by Argo Re (formerly Peleus Re) and other reinsurance
programs. During the first quarter of 2008, gross written premiums for
International Specialty were $50.3 million compared to $6.8 million in
2007.
ARGO GROUP EXPANDS AND STRENGTHENS BUSINESS PLATFORM
As announced on April 2, 2008, Argo Group has made an offer to acquire
Heritage Underwriting Agency plc, a successful quoted Lloyd’s
insurer. The acquisition is subject to Heritage shareholder and
regulatory approval and is expected to close in the second quarter of
2008.
During the quarter, the Company acquired Massamont Insurance Agency,
Inc, a specialist in the public entity insurance sector. In combination
with Trident Insurance Services, this acquisition increases the
Company's presence within the nationwide public entity marketplace.
The Company completed the sale of PXRE Reinsurance Company on March 31,
2008. At December 31, 2007, Argo Group had classified the assets and
liabilities of PXRE Reinsurance Company as assets held for sale and
liabilities held for sale, respectively, in the Consolidated Balance
Sheet.
SUBSEQUENT EVENT
After the close of the quarter, Argo Group purchased approximately $5.1
million of its common stock pursuant to its stock repurchase program
authorized last year. The share purchases were made at various times on
the open market.
CONFERENCE CALL
Argo Group will conduct an investor conference call starting at 11 a.m.
EDT (12 p.m. ADT) tomorrow, Tuesday, May 6, 2008. A live webcast of the
conference call can be accessed by visiting Argo Group’s
investor relations Web site at www.argolimited.com
and clicking on the following links: Investors –
News & Events – Webcasts. Participants
inside the U.S. and Canada can access the call by dialing (888) 713-4214
(pass code 74675516). Callers dialing from outside the U.S. and Canada
can access the call by dialing (617) 213-4866 (pass code: 74675516).
Shortly after the conclusion of the conference call, a webcast replay
will be made available by visiting www.argolimited.com
and clicking on the following links: Investors –
News & Events – Webcasts. In addition, a
replay of the call will be available to callers dialing from inside the
U.S. and Canada through June 6, 2008, by dialing (888) 286-8010 (pass
code 46573771). Callers dialing from outside the U.S. and Canada can
access the call replay by dialing (617) 801-6888 (pass code 46573771).
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Headquartered in Hamilton, Bermuda, Argo Group International Holdings,
Ltd. (NasdaqGS: AGII) is an international underwriter of specialty
insurance and reinsurance products in the property and casualty
market. Argo Group offers a full line of high-quality products and
services designed to meet the unique coverage and claims handling needs
of businesses in three primary segments: Excess and Surplus Lines,
Commercial Specialty, and International Specialty. Information on Argo
Group and its subsidiaries is available at www.argolimited.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain statements that are “forward-looking
statements” within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, as amended. Such statements are qualified by the inherent
risks and uncertainties surrounding future expectations generally and
also may materially differ from actual future experience involving any
one or more of such statements. For a more detailed discussion of such
risks and uncertainties, see Argo Group's filings with the SEC. The
inclusion of a forward-looking statement herein should not be regarded
as a representation by Argo Group that Argo Group's objectives will be
achieved. Argo Group undertakes no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise.
(financial tables follow)
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
March 31,
December 31,
2008
2007
(unaudited)
Assets
Total investments
$
3,525.4
$
3,555.6
Cash and cash equivalents
50.9
42.2
Accrued investment income
25.4
24.9
Receivables
910.5
833.8
Goodwill
113.2
106.3
Assets held for sale
-
256.6
Other assets
355.0
304.1
Total assets
$
4,980.4
$
5,123.5
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses
$
2,447.0
$
2,425.5
Unearned premiums
550.6
506.8
Liabilities held for sale
-
200.8
Other liabilities
559.8
605.9
Total liabilities
3,557.4
3,739.0
Total shareholders' equity
1,423.0
1,384.5
Total liabilities and shareholders' equity
$
4,980.4
$
5,123.5
Book value per common share
$
46.36
$
45.15
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
FINANCIAL HIGHLIGHTS
ALL SEGMENTS
(in millions, except per share amounts)
Three Months Ended
March 31,
2008
2007
(unaudited)
Gross Written Premiums
$
346.6
$
286.7
Net Written Premiums
237.5
200.5
Earned Premiums
218.7
205.6
Net Investment Income
38.1
28.2
Gains on Sales of Investments
1.3
0.6
Total Revenue
258.1
234.4
Losses and Loss Adjustment Expenses
131.6
119.1
Underwriting, Acquisition and Insurance Expense
78.2
74.6
Interest Expense and Other
7.0
3.3
Total Expenses
216.8
197.0
Income Before Taxes
41.3
37.4
Income Tax Provision
4.4
12.3
Net Income
$
36.9
$
25.1
Net Income:
From Operations
$
40.0
$
36.8
From Sale of Investments
1.3
0.6
Income Before Taxes
41.3
37.4
Income Tax Provision
4.4
12.3
Total Net Income
$
36.9
$
25.1
Net Income per Common Share (Basic): (a)
$
1.20
$
1.17
Net Income per Common Share (Diluted): (a)
$
1.20
$
1.13
Weighted Average Common Shares:
Basic (a)
30.7
21.3
Diluted (a)
30.8
22.2
(a) The Three Months Ended March 31, 2007 Income Statements
reflect the historical income and expense of Argonaut Group, Inc.
in accordance with purchase accounting requirements. The Weighted
Average Common Share counts and corresponding Net Income per
Common Share have been recalculated to reflect the common stock
exchange ratio applied when Argonaut Group, Inc. merged with PXRE
Group, Ltd. on August 7, 2007.
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
SEGMENT DATA
(in millions)
Three Months Ended
March 31,
2008
2007
(unaudited)
Excess & Surplus Lines
Gross Written Premiums
$
160.1
$
181.2
Net Written Premiums
119.3
132.1
Earned Premiums
128.5
132.0
Underwriting Income
$
11.3
$
16.3
Net Investment Income
15.6
12.7
Operating Income Before Taxes
$
26.9
$
29.0
Loss Ratio
57.7
%
55.1
%
Expense Ratio
33.5
%
32.2
%
GAAP Combined Ratio
91.2
%
87.3
%
Commercial Specialty
Gross Written Premiums
$
137.3
$
98.8
Net Written Premiums
94.8
61.8
Earned Premiums
82.1
69.7
Underwriting Income
$
5.8
$
7.0
Net Investment Income
7.3
6.8
Operating Income Before Taxes
$
13.1
$
13.8
Loss Ratio
65.0
%
61.6
%
Expense Ratio
28.1
%
28.3
%
GAAP Combined Ratio
93.1
%
89.9
%
International Specialty
Gross Written Premiums
$
50.3
$
6.8
Net Written Premiums
39.3
6.8
Earned Premiums
12.4
3.1
Underwriting Income
$
3.3
$
0.7
Net Investment Income
2.5
-
Operating Income Before Taxes
$
5.8
$
0.7
Loss Ratio
41.8
%
60.0
%
Expense Ratio
31.5
%
15.0
%
GAAP Combined Ratio
73.3
%
75.0
%
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
RECONCILIATION OF OPERATING INCOME TO NET INCOME
(in millions)
Three Months Ended
March 31,
2008
2007
Excess & Surplus Lines
$
26.9
$
29.0
Commercial Specialty
13.1
13.8
International Specialty
5.8
0.7
Run-off Lines
2.8
1.3
Corporate & Other
(8.6)
(8.0)
Operating Income Before Taxes
40.0
36.8
Gains on Sales of Investments
1.3
0.6
Income Before Taxes
41.3
37.4
Income Tax Provision
4.4
12.3
Net Income
$
36.9
$
25.1
|