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Torchmark Corporation (NYSE:TMK) Q3 2018 After-effects Balance Appointment Alarm October 25, 2018 11:00 AM ET

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Michael Majors – VP, IR

Gary Coleman – Co-CEO

Larry Hutchison – Co-CEO

Frank Svoboda – CFO

Brian Mitchell – Accepted Counsel


Erik Bass – Autonomous Research

Alex Scott – Goldman Sachs

Jimmy Bhullar – JPMorgan

Bob Glasspiegel – Janney

John Nadel – UBS

Ryan Krueger – KBW


Good day, and acceptable to the Torchmark Corporation Third Division 2018 Balance Absolution Appointment Call. Today’s appointment is actuality recorded.

For aperture animadversion and introductions, I would now like to about-face the appointment over to Mike Majors, VP, Investor Relations. Sir, amuse go ahead.

Michael Majors

Thank you. Acceptable morning, everyone. Aing the alarm today are Gary Coleman and Larry Hutchison, our Co-Chief Executive Officers; Frank Svoboda, our Chief Banking Officer; and Brian Mitchell, our Accepted Counsel.

Some of our comments or answers to your questions may accommodate advanced statements that are provided for accepted advice purposes only. Accordingly, amuse accredit to our 2017 10-K and any consecutive Forms 10-Q on book with the SEC. Some of our comments may additionally accommodate non-GAAP measures. Amuse see our balance absolution and website for a altercation of these agreement and reconciliations to GAAP measures.

I will now about-face the alarm over to Gary Coleman.

Gary Coleman

Thank you, Mike, and acceptable morning everyone.

In the third quarter, net assets was $179 actor or $1.55 per allotment compared to $153 actor or $1.29 per allotment a year ago. Net operating assets for the division was $183 actor or $1.59 per share, a per allotment admission of 29% from a year ago. Excluding the appulse of tax reform, we appraisal that the advance would accept been about 10%.

On a GAAP appear basis, acknowledgment on disinterestedness as of September 30, was 4.4%, and book bulk per allotment was $48.35. Excluding abeyant assets and losses of anchored maturities, acknowledgment on disinterestedness was 14.7%, and book bulk per allotment grew 26% to $43.10.

In our activity allowance operations, exceptional acquirement added 5% to $606 actor and activity underwriting allowance was $169 actor up 10% from a year ago. The advance in the underwriting allowance exceeded exceptional advance due to college margins at American Assets and Absolute Response. For the year we apprehend activity underwriting assets to abound about 7%.

On the bloom side, exceptional acquirement grew 5% to $255 actor and bloom underwriting allowance was up 8% to $60 million. Advance in underwriting allowance exceeded exceptional advance due to college margins at Ancestors Ancestry and American Income. For the year, we apprehend bloom underwriting assets to abound at about 8%.

Administrative costs were $56 actor for the quarter, up 6% from a year ago and in-line with our expectations. As a allotment of premium, authoritative costs were 6.5% compared to 6.4% a year ago. For the abounding year, we apprehend authoritative costs to be up about 5% and about 6.5% of exceptional compared to 6.4% in 2017.

I will now about-face the alarm over to Larry for his comments on the business operations.

Larry Hutchison

Thank you, Gary.

At American Income, activity premiums were up 8% to $273 actor and activity underwriting allowance was up 11% to $93 million. Net activity sales were $55 million, bottomward 5%. The boilerplate bearing abettor calculation for the third division was 7,105 bottomward 1% from a year ago but up 1% from the added quarter. The bearing abettor calculation at the end of the third division was 7,066.

While we’re still optimistic about American income’s advance potential, we do accept some abundant challenges. Aboriginal we accept opened 10 new offices this year. Well, this is abundant annual because it supports acceptable abiding growth. It doesn’t accept assembly in the near-term as top boilerplate managers leave absolute offices to become bureau owners in new offices.

In addition, our bread-and-er altitude accept historically, accept a little appulse on abettor advance at American assets unemployment is currently at a 50 year low. This is resulted in an uptick in new abettor abortion of ante due to the affluence of added career opportunities.

There is one affair about that we do not accede to be a challenge. There accept been letters and altercation afresh apropos the abeyant appulse of the Supreme Court cardinal that prohibits accessible unions on assessing accumulated acceding fees to non-union members. As we said on the aftermost call, we do not accept this will accept a cogent appulse at American income. We apprehend to see a abridgement of alone about 2% in American incomes all-embracing advance assembly as a aftereffect of the ruling.

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In accession we do not apprehend an appulse to the persistency of our in force business. These behavior were alone policies, not angry to abutment membership. The exceptional to accumulated it anon from the alone policyholders.

As we accept discussed previously, the abundant majority of our new business leads are non-union leads. Furthermore, our abutment leads are added abounding appear clandestine unions. Our American assets is a Labor Advising Lath has cogent representation from accessible unions, our assimilation into accessible abutment associates has historically been low.

There is no alternation amid the architecture of our advising lath and our mix of business or leads. Actually, we accept the court’s cardinal creates an befalling to accumulate relationships with accessible unions as they accomplish means to absorb programs that add bulk the abutment membership.

At Liberty National, activity premiums were up 2% to $70 actor while activity underwriting allowance was bottomward 11% to $17 million. Net activity sales added 1% to $12 actor and net bloom sales were $5 million, up 4% from the year ago quarter. The boilerplate bearing abettor annual for the third division was 2,180, up 2% from a year ago and about the aforementioned as the added quarter. The bearing abettor calculation at Liberty National concluded the division at 2,021.

In our absolute acknowledgment operations at Globe Life, activity premiums were up 4% to $208 actor and activity underwriting allowance added 27% to $39 million. Net activity sales were bottomward 4% to $30 million. We abide to clarify and acclimatize our business programs in an accomplishment to aerate the advantage of new business.

At Ancestors Heritage, the bloom premiums added 8% to $69 actor and bloom underwriting allowance added 14% to $17 million. Bloom net sales grew 13% to $16 million. The boilerplate bearing abettor calculation for the third division was 1,086, up 6% from a year ago and up 3% in the added quarter. The bearing abettor calculation at the end of the division was 1,143.

At United American Accepted Agency, bloom premiums added 7% to $96 million. Net bloom sales were $13 million, up 40% compared to the year ago quarter.

To complete my altercation of the business operations, I will now accommodate some projections. We apprehend the bearing abettor calculation for anniversary bureau to be as follows. American Assets at the end of 2018 about 7,000, for 2019 1% to 7% growth, Liberty National, at the end of 2018 about 2,250, for 2019 collapsed to 7% growth, Ancestors Ancestry at the end of 2018, about 1,185, for 2019 1% to 5% growth.

Our almost activity net sales are accepted to be as follows; American assets for the abounding year of 2018, collapsed to 1% growth, for 2019, 3% to 7% growth, Liberty National, for the abounding year of 2018, 6% to 7% growth, for 2019, 6% to 10% growth.

Direct Acknowledgment for the abounding year of 2018, 6% to 9% decline, for 2019 collapsed to 4% growth. Absolute bloom net sales are accepted to be as follows. Liberty National, for the abounding year 2018, 5% to 6% growth, for 2019, 4% to 8% growth, Ancestors Heritage, for the abounding year of 2018, 7% to 9% growth, for 2019, 5% to 9% growth, United American Alone Medicare Supplement for the abounding year 2018, 20% to 22% growth, for 2019, 6% to 10% growth.

I’ll now about-face the alarm aback to Gary.

Gary Coleman

I appetite to absorb a few account discussing our investments operations. First, balance advance income, balance advance assets which we ascertain as net advance income, beneath appropriate absorption on net action liabilities and debt were $62 million, a 1% admission over the year ago quarter.

On a per allotment abject absorption the appulse of our allotment repurchase affairs balance advance assets added 6%. For the abounding year 2018, we apprehend balance advance assets to abound about 2%, which aftereffect in a per allotment admission of about 5%.

Now apropos the advance portfolio. Invested assets were $16.8 billion including $15.5 billion of anchored maturities and amortized cost. Of the anchored maturities $14.8 billion are advance brand with an boilerplate appraisement of A bare and beneath advance brand bonds are $682 actor compared to $661 million, the year ago.

The allotment of beneath advance brand bonds to anchored maturities is 4.4% aforementioned as year ago quarter. With a portfolio advantage of 3.1 times the allotment of the beneath advance brand bonds to disinterestedness excluding net abeyant assets of anchored maturities is 14%.

Overall, the absolute portfolio is rated BBB aforementioned as year ago quarter. We had net abeyant assets in the anchored adeptness portfolio of $769 actor about $165 actor lower than the antecedent division due primarily to changes in bazaar absorption rates. As advance yields in the third quarter, we invested $206 actor in advance brand anchored maturities, primarily in automated and banking sectors. We invested at an boilerplate crop of 5.14% and an boilerplate appraisement of BBB and an boilerplate activity 26 years.

For the absolute portfolio, the third division crop was 5.56% bottomward 8 abject credibility from the 5.64% crop in the third division of 2017. As of September 30, the portfolio crop was about 5.56%. At the beggarly of our guidance, we are d an boilerplate anchored adeptness new money bulk of 5.2% in the fourth division and a abounding boilerplate bulk of 5.4% in 2019.

We were encouraged by the contempo admission in absorption rates, our new money ante will accept a absolute appulse on operating assets by active up balance advance income. We are not anxious about abeyant abeyant losses or absorption bulk driven, aloof we were not apprehend apprehend them, we accept the absorbed and added chiefly the adeptness to authority our investments to maturity.

Now, I’ll about-face the alarm over to Frank.

Frank Svoboda

Thanks Gary.

First, I appetite to absorb a few account discussing our allotment repurchases and basic position. In the third quarter, we spent $75 actor to buy 877,000 Torchmark shares at an boilerplate bulk of $85.84. So far in October, we accept spent $34 actor to acquirement 403,000 shares at an boilerplate bulk of $85.28, appropriately for the abounding year through today, we accept spent $284 actor of ancestor aggregation banknote to admission added than

3.3 actor shares at an boilerplate bulk of $85.51. These purchases are actuality fabricated from the ancestor company’s balance banknote flow. The ancestor company’s balance banknote flow, as we ascertain it, after-effects primarily from the assets accustomed by the ancestor from its subsidiaries, beneath fee absorption paid on debt and the assets paid to Torchmark shareholders.

We apprehend balance banknote breeze in 2018 to be about $340. With $284 actor spent on allotment repurchases appropriately far, we can apprehend to accept about $56 actor dollars accessible to the ancestor for the of the year from our balance banknote flows added added assets accessible to the parent.

As acclaimed on antecedent call, we will use our banknote as calmly as possible. If bazaar altitude are favorable we apprehend that allotment repurchases will abide to be a primary use of those funds. We additionally apprehend to absorb about $50 actor to $60 actor dollars of ancestor assets at the end of 2018 absent the charge to advance any of these funds to abutment our allowance aggregation operations.

Looking advanced to 2019, we preliminarily appraisal that the balance banknote breeze accessible to the ancestor will be in the ambit of $345 actor to $365 million. Now apropos basic levels that our allowance subsidiaries. Our ambition is to advance basic at levels all-important to abutment our accepted ratings.

For the accomplished several years that akin has been about an NAIC RBC arrangement of 325% on a circumscribed basis. In ablaze of the accepted tax ameliorate legislation which afflicted the NAIC RBC factors and afterward discussions with our appraisement agencies, we are abbreviation the ambition to circumscribed RBC arrangement to be in the ambit of 300% to 320%.

This does not represent an absorbed to authority lower approved basic aural the adapted subsidiaries, but artlessly reflects the actuality that the bulk of appropriate basic which represents the denominator and net arrangement has increased. In fact, the all-embracing affection of approved basic maintained with our allowance subsidiaries post-tax ameliorate will be greater as deferred tax assets will accept been replaced with invested assets.

On September 27, 2018, Torchmark completed the arising and auction of $550 actor accumulated arch bulk of 4.55% chief addendum due in 2028. The aggregation intends to use the net gain of about $543 actor to redeem on October 29, for a bulk of $304 million, the 9.25% chief addendum that were appointed to complete in 2019, including a May alarm premium, as able-bodied as authentic about $150 actor of added basic in the allowance company.

The aggregation additionally intends to advance the absolute gain for accepted accumulated purposes including about $75 billion for the affirmation of a allocation of the company’s outstanding bartering paper. Afterward the accretion of the 9.5% chief notes, Torchmark’s debt-to-capital arrangement should be beneath 25%, beneath than the 26% arrangement agitated above-mentioned to tax ameliorate and beneath than the 30% arrangement that supports our accepted ratings.

With the added basic in allowance companies our approved basic will not alone beat antecedent levels but as advanced acclaimed the affection of the basic maintained will be greater. In affiliation with the new chief debt arising anniversary of our appraisement agencies Moody’s, S&P and Fitch affirmed their absolute ratings.

Moody’s additionally adumbrated that they were abbreviation the beginning RBC akin for our accepted appraisement from 325% to 300% while A.M. Best affirmed it’s A- appraisement on our new debt issue, it is our compassionate that their accustomed convenance is to not formally analysis the abrogating bulk placed on our appraisement until their aing consistently appointed analysis in 2019.

Next a few comments on our operations. With account to our absolute acknowledgment operation, the underwriting allowance as a percent of exceptional in the division was 19% compared to 16% in the year ago quarter. This was primarily attributable to favorable claims in the third division of this year compared to college than accustomed claims in the third division of 2017.

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While the 19% allowance allotment for the division was college than we anticipated, it was aural the all-embracing ambit we expected. On our aftermost call, we estimated that the underwriting allowance allotment for the abounding year 2018 would be in the ambit of 16% to 18%.

Now, for the abounding year 2018 we are ciphering the underwriting allowance allotment for absolute acknowledgment to be in the ambit of 17% to 18%. We are encouraged by the bigger claims acquaintance and the actuality that the underwriting allowance allotment for the aftermost four abode has averaged 17.6% while absolute aboriginal we advanced the allowance allotment for absolute acknowledgment will abide in the 17% to 18% ambit in 2019.

With account to our banal advantage expense, constant with antecedent abode we saw an admission in the bulk during the quarter, compared to the aftermost year, primarily attributable to the abatement in the tax bulk and balance tax allowances in 2018, as a aftereffect of the tax ameliorate legislation. We still advanced it’s best for 2018 to be about $22 million. For 2019, we apprehend the bulk to be in the ambit of $19 actor to $23 million.

As Gary noted, our net operating balance per allotment for the third division was $1.59, $0.04 college than our centralized appraisal of $1.55 per allotment for the quarter. The balance balance were primarily attributable to bigger than accepted results, not alone in our absolute acknowledgment operations, but additionally in our American assets and ancestors ancestry channels.

The underwriting allowance allotment for anniversary of these channels that the aerial end of our expectations and the after-effects for American assets and ancestors ancestry were at five-year highs. As such, we accept this favorable acquaintance for the aberration and that underwriting allowance percentages will backslide to added accustomed levels in the fourth quarter.

With account to our balance advice for 2018 and 2019, we are bulging a net operating assets per allotment will be in the ambit of $6.08 to $6.14 for the year concluded December 31, 2018. This $6.11 beggarly of this advice reflects a $0.01 admission over the above-mentioned division beggarly of $6.07 primarily attributable to the absolute aftereffect in underwriting income, abnormally for our absolute acknowledgment and American assets channels. For 2019, we are bulging the net operating assets per allotment will be in the ambit of $6.45 to $6.75, an 8% admission at the beggarly from 2018.

Those are my comments. I will now about-face the alarm aback to Larry.

Larry Hutchison

Thank you, Frank. Those are our comments. We will now accessible the alarm for questions.

Question-and-Answer Session


[Operator Instructions] Our aboriginal catechism will appear from Erik Bass from Autonomous Research.

Erik Bass

First on Liberty National. I assumption activity margins accept attenuated a bit year-to-date, this is followed a aeon of able sales growth. So I was aloof acquisitive you could accommodate some added advice on what dynamics you’re seeing? And what you’re d for margins in your 2019 guidance?

Gary Coleman

First of all, attractive at the quarter-over-quarter the action obligations is 38% – it was aerial for this year as compared to aftermost year a 36% which was a low for 2017. So allotment of it’s – an abortive comparison.

However we were assured a lower action obligation arrangement in the third division this year because as aloof as the accustomed melancholia arrangement – and that arrangement didn’t occur. So we apprehend – we do apprehend that a aloof aberration and it will acknowledgment aback in added of a accustomed pattern, but still because we accept the college adjustment we’re activity to be able to get a college arrangement this year than we were in 2017. So, that’s about a point aberration in the margin.

The added basic aberration in the Liberty National margins is in the non-deferred commissions and amortization. We’re active about allotment point higher, active about 38% adjoin 37% aftermost year. And the acumen for that is because the acquittal on the business in the antecedent years is college than the acquittal bulk on the beforehand airports bought the business that’s active off. So in that we’ll apparently – that will continue.

Looking forward, we’re at a – for the year we’re about 24% underlining margin. We apprehend to end up about that for the year, and we’re additionally in the 2019 we’re assured the acquittal allotment to edge up a little bit. But we additionally apprehend that the action obligations will backslide aback to added of the 36% ambit as adjoin to 37%. So to sum that up, for 2019, we’re attractive for the margins to break at about that 24% level.

Frank Svoboda

Erik, the one affair that I would add to that is that we are seeing the non-deferred costs bit-by-bit up aloof a little bit on that as able-bodied as we are accretion some of the sales there and our sales efforts and authoritative some investments in both the agency, as able-bodied as technology investments to acknowledging those approaching sales, that we do look, accepting the approaching sales advance from that advantageous aback on that over time.

Erik Bass

And afresh afterward the debt accession and the basic contribution, you’ll accept your RBC arrangement in the ambit you talked about of the 300% to 320%, is how do you advanced about the charge to advance a absorber in that or area you abatement in the ambit aloof for the abeyant appulse of either, a acclaim bazaar abatement and ratings downgrades? Or if there are C1 changes from the NAIC that appear through?

Frank Svoboda

Yes, we’re absolute adequate with our clamminess position if you will, and so I don’t feel a able charge a accomplished lot of tougher absorber for some contest that you apperceive may or may not action in the future.

And so you apperceive we’ve been at this time – at this accepted akin of RBC for absolutely some time, we apperceive that we accept accommodation aural our debt-to-cap ratios, and still applicable aural our all-embracing from our appraisement agencies a angle of apparently about $500 actor from area we affectionate of apprehend to be at the end of the year, run our debt-to-cap arrangement was bristles years ago a little beneath than 25%, and already the 9.25% is absolutely redeemed, and so you affectionate of abatement aural that 30% arrangement that our appraisement agencies like to see as a best we saw about $500 actor of accommodation there and we absolutely accept admission to that aloof through our coffer line.

But alike if we didn’t accept the coffer band for some acumen and admission to the accessible markets, we apperceive that we accept chargeless banknote breeze advancing up in that $340 million, $360 actor range, aing year we would advanced for the year afterwards that. And so that aloof creates that added bulk of clamminess for us.

So I advanced all those calm accord us acceptable abundance that if we do accept some downgrades, if we do accept some impairments, that we’ll be able to accord with that aback the time comes.

Gary Coleman

Erik, I would add that – that’s how we appearance this historically. We accede the absorber the clamminess that we accept – as Frank mentioned the adeptness to add debt but additionally the chargeless banknote flow, we apperceive that chargeless banknote breeze was there.

We would rather delay until we apperceive what the charge is if there is a need, afore we put basic to companies because as you know, already that money is bottomward in the companies, let’s say we put too abundant in, it’s difficult to get that money aback out because you accept to go through the action of accepting accustomed allotment and appealing acceptable regulators.

We feel absolute adequate that we accept added clamminess than we – than we’ll accept any affectionate of a charge for but we don’t see the point of putting it bottomward to the companies until we absolutely charge to.


Our aing catechism comes from Alex Scott with Goldman Sachs.

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Alex Scott

My aboriginal catechism is aloof on the abettor advance at American income. I acknowledge the added comments on the abutment impact. I assumption could you busy added on aloof why the abatement in the cardinal of agents in that business and some of the things that are activity on?

Frank Svoboda

I advanced the claiming is how we’re activity to admission the abettor advance in the American assets and as I declared in my comments, we’ve apparent several factors this year that afflicted abettor advance in a abrogating way. The aboriginal is the college unemployment. Recruiting for the year at American Assets is absolutely up 5%. Of course, your terminations accept been a little college than the advance in recruits, so we’ve had a collapsed abettor calculation at year end.

And as we go forward, we’re alteration our advantage system, advance our abettor calculation and productivity. The changes accommodate we’re activity to admission our new abettor for allotment bureau and new account bonuses for agents to animate retention. We’re accretion account for managers to alternation new agents. And lastly, we’re alteration our bonuses for boilerplate managers and bureau owners for recruiting new abettor retention. We advanced that will accept a absolute appulse in 2019 our advice for 2019 is 1% to 7% advance in the abettor calculation at American Income.

Alex Scott

And afresh aloof in Absolute Response, the admission in accepted margins there, what is it about what you’re seeing in the achievement of the block that causes you to feel like the go advanced expectations are increased? Is it lower accident that’s the array of active the favorable bloodshed and any added blush you can accommodate there that would be great.

Larry Hutchison

Yes, we’ve seen, we’re absolutely seeing favorable acquaintance absolutely beyond best affair years as able-bodied as absolutely no specific accurate causes of afterlife or artefact types or annihilation to that effect. So it’s adequately broad. We’ve absolutely apparent some improvements all-embracing in the claims with account to affectionate of – to say has been our botheration affair years, that’s 2010 to 2014 and we’ve talked a lot about over the accomplished few years.

And so we’ve apparent some of the claims absolutely abstinent in those added contempo affair years. So that gives us little bit added abundance that at atomic the affirmation akin in accepted that we’re affectionate of seeing then. Obviously we’re activity to see some fluctuations but that we should be able to advance that. And attractive advanced into 2019, we will apprehend the aboriginal brace abode to be a lower margins, college claims aloof due to the accustomed seasonality and claims that active at aforementioned arrangement that we would see that we saw this year.

Frank Svoboda

So I’d add aback we say, we’ve apparent a lower claims, it’s absolutely lower aggregate claims the boilerplate claimed dollars stays appealing abundant the same.


Our aing catechism comes from Jimmy Bhullar with JPMorgan.

Jimmy Bhullar

Hi. I had a brace of questions. First, aloof on absolute acknowledgment sales, they’ve been weak. But I advanced the clip of abatement has been decelerating a little bit. So what’s your apprehension of aback they activate to about-face and what do you advanced will drive that?

Gary Coleman

Jami, I advanced sales agitate in aboriginal 2019. And we’re seeing an admission in absolute inquiries in the admit media. We’re seeing little bit college mail volumes. So as we’ve adapted our business we’ll see college sales in 2019.

Jimmy Bhullar

And then, on bloom sales, you’ve had appealing acceptable sales, I assumption in the aftermost four abode really. What’s active that? Is it mostly alone behavior or accumulation and what’s your apprehension for that business in 2019?

Frank Svoboda

So, adage the Medicare’s supplement sales 40% of the increase, and a cut 14% comes from the accumulation and 46% comes from the alone Medicare supplement. So we’ve apparent able advance in alone sales for the aftermost year because bazaar altitude are favorable from a appraisement standpoint, in accession we had acceptable alternating after-effects over the accomplished several abode and the accumulation is absolutely adamantine to forecast.

The accumulation sales tend to be an alike and they’re impacted by the admeasurement of the groups but we advanced we will accept some advance in accumulation sales in 2019. We aloof – it’s so adamantine to adumbrate at this point in time. In the ancestors heritage, absolutely the admission is apprenticed by accumulation abundance and admission in cardinal of agents and by productivity, it’s the allotment of agents and the boilerplate exceptional accounting per abettor is added and that’s what’s active the sales in the ancestors earnings.


Our aing catechism comes from Bob Glasspiegel from Janney.

Bob Glasspiegel

The band refinancing, I beggarly alike admitting you’ve issued a lot added than you are advantageous back, your all-embracing absorption costs go bottomward and you’ll accept $250 actor to invest. So I accept it as a appropriate bit accretive $0.11 to $0.12. Is that in your guidance?

Frank Svoboda

Yes, Bob, it is in our guidance. And you apperceive there is a allocation of that that’s apparently activity to that’s maybe in your $250 actor to advance that we’re affectionate of pointing for CP abridgement as well. So we’re apparently cerebration you apparently accept $150 actor to $200 actor is absolutely apparently activity to accord reinvested aural the company.

Bob Glasspiegel

What’s your CP bulk these days?

Frank Svoboda

We’ve been a little bit arctic of two and a bisected actuality afresh and that we do apprehend to beat up you apperceive over the advance of the of this year than into 2009 forth with changes in the bids.

Bob Glasspiegel

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But you’re array of arbitraging your debt bulk because I beggarly you’re advance at two-digit say new money and your debt bulk $490. So you aces up 30 bps on the balance that you’re not repaying. And you are extenuative 500 bps on what you’re repaying acutely a nice transaction. Are there any accuse – I’m sorry, go ahead.

Frank Svoboda

Absolutely, we are seeing that, on that arbitrage as far as actuality able to reinvest a allocation of that at a appropriate advance over what our borrowing costs were. And in the fourth quarter, Bob you were activity I advanced your question, that aback we absolutely redeem this, we will be authoritative accomplished premium, and that accomplish accomplished exceptional will be expense, but that will be expensed beneath the band if you will on the fourth quarter.

Bob Glasspiegel

And a little bit of added absorption per month, right, with the double…

Gary Coleman

Yes, in the fourth quarter, almost we absolutely accept about $2 actor of balance absorption income, alibi me, absorption bulk in the fourth quarter, because we did accept to bifold up on that debt actuality for – for a month. Now, allocation of that will get reinvested and advice on our advance results.

Bob Glasspiegel

I accept about a $4 actor auto advance income, but I assumption they got agape bottomward the CP, so maybe $2 actor to $3 actor auto annual in advance assets aloof from this aloof roughly, right.

Gary Coleman

Yes, that sounds fair.

Bob Glasspiegel

And aftermost thing, your carbon balance charge be growing a appropriate bid. We’ve had a advance amends I beggarly authority them aback chargeless banknote flow. So we anesthetized a crossover point and the balance from the accomplished array of abounding through offsetting the charge for befitting added for advance or is there article abroad that’s causing the bang up in assets this year that you’re attractive for aing year?

Frank Svoboda

I advanced that’s fair. The accepted growth, so we’re affectionate of anticipating our approved earnings, Bob, it’s a little bit aboriginal yet year for 2018, but we apprehend them to be up apparently $15 actor to $20 actor over area we were in 2017. For the best part, that’s about a 4% growth. So you’re growing appealing abundant in band with you all-embracing advance and premiums. But acutely the balance of our obligations area we’ve been accepting challenges in the accomplished several years with a growing bulk that a absolute response, some of the abstinent of those claims has acutely been helpful.

The college absorption bulk as able-bodied that’s not activity to advice us abundant until 2019. That will be at atomic a positive, and afresh we’ll see some incremental account from a lower tax bulk in 2018 as well.

Bob Glasspiegel

So from actuality carbon balance should be able to abound in band with GAAP earnings?

Frank Svoboda

Yes, I advanced we would apprehend that, now if we do end up accepting some aerial advance years, you apperceive that that will tend to assignment adjoin that approved earnings. But if sales are growing in those lower single-digit numbers and mid-single chiffre numbers, afresh you’re not activity to see it as absolutely as abundant accent on the approved earnings.

Bob Glasspiegel

From your aperture to God’s aerial if that botheration develops? Thank you.


Our aing catechism comes from John Nadel with UBS.

John Nadel

I’m not abiding absolutely how to chase up that aftermost comment. And the aboriginal catechism I accept is aloof cerebration about the beggarly of the 2019 guide. I advanced it’s what $660 million. So, at that midpoint, how should we be cerebration about the all-embracing portfolio crop and appulse on balance advance income? And afresh I accept the aerial end and lower end of the ambit accord some adaptability for new money yields or portfolio yields to about-face a bit?

Frank Svoboda

John I advanced as far as portfolio yields – you know, we’ve been accepting declines We’ve been accepting declines in the year-over-year declines in the ambit of 9 abject credibility to 10 abject points. We’ve gone to a point now area we’re advance in what’s advancing off portfolio that admitting we are 5.56% for this year, we advanced that at the end of aing year the portfolio crop will be 5.53%, so rolling this is three abject points. So we’re accepting to the – we’re accepting that point area the portfolio crop and advance brand are accepting absolute close.

John Nadel

That’s helpful, that’s a angle that what we’ve got in agreement of decline. The…

Frank Svoboda

I’ll aloof say, John, you’re aloof cerebration about – cerebration about some of the sensitivities that from the – added or bare 25 abject credibility on those new, on that new money crop over the advance of the years, that is axis about it $0.02 appulse overall. Aback you advanced about the highs and the lows and what appulse that ability accept so.

John Nadel

I mean, so, new banknote flows to invest, I mean, added than the incremental advance you’ve got from the net debt.

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Frank Svoboda


John Nadel

The new banknote flows to invest, what about $500 million, $600 actor bucks, accord or take, I’m guessing?

Frank Svoboda

Well, aing year we’ll advance little over $1 billion, $1.2 billion or so. But as you’re talking about new money, you’re absolute on that, because afterwards – the administration that we’ve been reinvested. Aboriginal one, the adeptness is beneath about $500 million.

John Nadel

And then, the added catechism is, I apperceive it’s aboriginal canicule yet. And this actuality is activity to be ferreted out over the advance of a, rather diffuse aeon of time but Gary or Frank, any aboriginal thoughts on conceptually or otherwise, how you advanced the new FASB continued continuance accounting standards are activity to appulse your banking statements?

Gary Coleman

Yes, it is appealing early. They did accommodate the final amendments actuality this division and that will be able in 2021. And it absolutely at this point in time, we’re still reviewing the amendments and chargeless what changes we’ll ultimately charge to accomplish to our systems and processes to bill to the comply. So there will be a lot of assignment amid now and then.

You apperceive I advanced at a absolute aerial akin you accept a brace of things that are alteration and that a lot of changes in assumptions with account to your approaching banknote flows, changes to those assumptions will accept to breeze through net assets and for at atomic you accept the abeyant for some of that to get on loss.

And then, the affectionate of the absolutely the bigger change is activity to be that you’ll cheapen affluence annual application a accepted bazaar rate. But at least, but those adjustments to the absorption bulk will breeze through OCI so appulse overall, accepted operation.

So I think, in general, it looks like that that the companies that they may be appropriate behavior that accept some of these allowance accident allowances that are talked about in the guidance, may tend to accept a little bit added animation because those are aloof a little bit harder to attach bottomward those the approaching assumptions on those approaching banknote flows.

You apperceive with the attributes of our products, afresh there is a lot of assignment and we absolutely haven’t been able to see absolutely what appulse it’s activity to accept on us. But we’re hopeful that it may not be as airy as we maybe already thought, but you apperceive through the absolute balance you apperceive and accustomed the way that the guarantees appear up.

John Nadel

We’ll break acquainted and I’m abiding a lot added to go on that affair and I accept aloof got one added for you guys. I acknowledge the lower asset advantage of your operation, I acknowledge the non-callable liabilities there actuality a complete abridgement of a run on the coffer blazon of book or risk. But you do accept a absolute abundant acknowledgment aural your advance brand portfolio, the BBB securities. So array of ambit aback on. I advanced it was Erik’s catechism earlier, because we’re accepting absolute backward in the aeon here. Is there any apprehension of some array of at the allowance alike portfolio reallocation to move acclaim affection maybe a little bit college and assure basic ratios adjoin the abeyant downturn?

Gary Coleman

Well, John, I advanced we – although we haven’t afflicted our all-embracing advance philosophy, we accept fabricated a few tweaks in what we’re doing. One is we’ve invested added in borough bonds than we accept in the past. I assumption it’s little bit college affection bonds. Additionally there are assertive issuers that we may accept invested in the past, we aren’t now because they accept college advantage or college advantage than we adopt at this point in the cycle. So we accept fabricated some changes like that but in overall, the action is still the same.


[Operator Instructions] Our aing catechism comes from Ryan Krueger with KBW.

Ryan Krueger

I had a aftereffect to Bob’s catechism on – I assumption on longer-term balance generation. This year we saw a little bit of boost from tax ameliorate but adequately accessory on a approved abject accustomed some of the banknote tax changes. I’m aloof apprehensive if you attending best appellation will you see added of the tax allowances from tax ameliorate alpha to appear on a approved abject over I assumption over a abundant best aeon of time?

Frank Svoboda

Yes, we advanced you’re appropriate in the a appellation and affectionate of average term, there will – we accept there will be incremental allowances from the tax reform. We’ve affectionate of estimated initially allotment of I advanced that $10 actor to $15 actor a year range. Already we get accomplished year eight because there are assertive alteration rules as allotment of that tax ameliorate that account us to if you will pay aback a allocation of our of tax affluence over the aboriginal eight years.

After that aeon of time afresh we’ll alpha to see abundant added cogent account as a aftereffect of the tax reform. That’s apparently the alteration rules are apparently costing us – will bulk about in that $19 actor or $20 actor ambit a year. So that would chargeless up afterwards the year eight.

Ryan Krueger

So already you get that alleyway year eight you could see about $20 actor or so affectionate of uptick immediately?

Frank Svoboda

That’s right. And then, of course, approved assets grows and your all-embracing taxable assets abject grows, that cogwheel actuality able to pay at a 14% lower tax bulk works in there as well. So you’re activity to be accepting that lift aloof on the advance of that balance too.


Thank you. I’m currently assuming no added questions in the queue. I’d now like to about-face it aback over to administration for closing remarks.

Gary Coleman

Okay. Thank you for aing us this morning. Those are our comments and we’ll allocution to you afresh aing quarter.


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Thank you. Ladies and gentlemen this concludes today’s teleconference. You may now disconnect.

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