U-Haul 2008 Annual Report Download - page 35
Download and view the complete annual report
Please find page 35 of the 2008 U-Haul annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25 -
26 -
27 -
28 -
29 -
30 -
31 -
32 -
33 -
34 -
35 -
36 -
37 -
38 -
39 -
40 -
41 -
42 -
43 -
44 -
45 -
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
 |
 |
Activity in the liability for unpaid losses and loss adjustment expenses for RepWest is summarized as follows:
2007 2006 2005
Balance at January 1 $ 288,783 $ 346,928 $ 380,875
Less: reinsurance recoverable 144,950 181,388 189,472
Net balance at January 1 143,833 165,540 191,403
Incurred related to:
Current year 7,094 6,006 6,429
Prior years 11,894 15,895 16,161
Total incurred 18,988 21,901 22,590
Paid related to:
Current year 3,289 3,492 3,774
Prior years 35,303 40,116 44,679
Total paid 38,592 43,608 48,453
Net balance at December 31 124,229 143,833 165,540
Plus: reinsurance recoverable 164,181 144,950 181,388
Balance at December 31 $ 288,410 $ 288,783 $ 346,928
(In thousands)
Year Ended December 31,
The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $164.2 million)
decreased by $19.6 million in 2007. The decrease is a result of resolving claims associated with terminated
unprofitable programs.
Oxford Life Insurance Company
2007 Compared with 2006
Net premiums were $112.0 million and $121.6 million for the years ended December 31, 2007 and 2006,
respectively. Medicare supplement premiums decreased by $4.1 million due to policy lapses and lower first year
sales offset by an increase in life insurance premiums of $2.9 million due to increased sales. Oxford stopped writing
new credit insurance business in 2006 and as a result, credit insurance premiums decreased by $5.9 million.
Net investment income was $20.9 million and $22.5 million for the years ended December 31, 2007 and 2006,
respectively. The decrease was due to a net reduction in invested assets and lower investment yields.
Net operating expenses were $23.8 million and $30.9 million for the years ended December 31, 2007 and 2006,
respectively. The decrease was primarily attributable to the reduction of expenses on credit insurance due to
business discontinuance and additional costs in 2006 related to the acquisition of DGLIC.
Benefits incurred were $83.4 million and $88.3 million, for the years ended December 31, 2007 and 2006,
respectively. This decrease was the result of a $2.0 million decrease in Medicare supplement due to policy
decrements and a decrease of $1.7 million in credit insurance due to decreased exposure, offset by life insurance
benefits of $1.5 million due to increased sales.
Amortization of deferred acquisition costs (“DAC”) and the value of business acquired (“VOBA”) was $13.0
million and $15.1 million for the years ended December 31, 2007 and 2006, respectively. The credit business had a
decrease of amortization of $3.9 million due to decreased business, offset by an increase of $2.3 million in annuities
due to an update of DAC assumptions.
Earnings from operations were $17.2 million and $14.5 million for the years ended December 31, 2007 and 2006,
respectively.
30