DELPHI FINANCIAL GROUP INC/DE

CIK:0000859139|SEC Filings

Consolidated Statements of Income (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Revenue:
Premium and fee income	$ 418,385	$ 376,399
Net investment income	105,780	92,294
Net realized investment gains (losses):
Total other than temporary impairment losses	(6,791)	(7,539)
Portion of other than temporary impairment losses recognized in (reclassified from) other comprehensive income	368	(1,479)
Net impairment losses recognized in earnings	(6,423)	(9,018)
Other net realized investment gains	7,454	7,046
Net realized investment gains (losses)	1,031	(1,972)
Total revenues	525,196	466,721
Benefits and expenses:
Benefits, claims and interest credited to policyholders	311,531	271,265
Commissions	22,696	22,568
Amortization of cost of business acquired	21,333	18,961
Other operating expenses	116,243	77,909
Total benefits and expenses	471,803	390,703
Operating income	53,393	76,018
Interest expense:
Corporate debt	6,130	6,010
Junior subordinated debentures	3,242	3,242
Total interest expense	9,372	9,252
Income before income tax expense	44,021	66,766
Income tax expense	10,923	16,395
Net income	33,098	50,371
Less: Net (loss) income attributable to noncontrolling interest	(1,842)	147
Net income attributable to shareholders	$ 34,940	$ 50,224
Basic results per share of common stock:
Net income attributable to shareholders	$ 0.62	$ 0.90
Diluted results per share of common stock:
Net income attributable to shareholders	$ 0.60	$ 0.89
Dividends paid per share of common stock	$ 0.12	$ 0.11

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Operating activities:
Net income attributable to shareholders	$ 34,940	$ 50,224
Adjustments to reconcile net income attributable to shareholders to net cash provided by operating activities:
Change in policy liabilities and policyholder accounts	161,289	123,648
Net change in reinsurance receivables and payables	1,232	1,017
Net change in premiums receivable	(38,685)	(33,471)
Amortization, principally the cost of business acquired and investments	8,808	13,912
Deferred costs of business acquired	(29,364)	(26,032)
Net realized (gains) losses on investments	(1,031)	1,972
Net change in federal income taxes	(1,250)	23,875
Other operating activities	(41,909)	(37,706)
Net cash provided by operating activities	94,030	117,439
Investing activities:
Purchases of investments and loans made	(1,482,137)	(826,996)
Sales of investments and receipts from repayment of loans	1,052,706	592,455
Maturities of investments	114,336	71,970
Net change in short-term investments	136,031	66,826
Net cash used by investing activities	(179,064)	(95,745)
Financing activities:
Deposits to policyholder accounts	89,101	99,076
Withdrawals from policyholder accounts	(29,590)	(97,028)
Proceeds from the issuance of common stock under share-based compensation plans	43,301	3,907
Cash dividends paid on common stock	(6,728)	(6,158)
Other financing activities	4,232	(1,272)
Net cash provided (used) by financing activities	100,316	(1,475)
Increase in cash	15,282	20,219
Cash at beginning of year	93,898	72,806
Cash at end of period	$ 109,180	$ 93,025

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Investments:
Fixed maturity securities, available for sale	$ 6,827,169	$ 6,489,637
Short-term investments	141,521	277,552
Investment accounts receivable	77,189	24,406
Other investments	873,793	678,133
Total investment	7,919,672	7,469,728
Cash	109,180	93,898
Cost of business acquired	149,128	156,675
Reinsurance receivables	363,726	365,391
Premiums receivable	193,297	154,612
Accrued investment income	73,190	74,672
Goodwill	93,929	93,929
Other assets	113,950	108,138
Assets held in separate account	124,068	117,365
Total assets	9,140,140	8,634,408
Future policy benefits:
Life	334,764	328,678
Disability and accident	858,442	845,750
Unpaid claims and claim expenses:
Life	53,728	57,049
Disability and accident	489,129	481,826
Casualty	1,571,758	1,506,129
Policyholder account balances	2,171,804	2,100,675
Unearned premium reserve	253,495	192,261
Corporate debt	375,000	375,000
Junior subordinated debentures	175,000	175,000
Advances from Federal Home Loan Bank	55,342	55,342
Investment accounts payable	85,627	41,719
Net deferred tax liability	193,316	135,559
Other liabilities and policyholder funds	448,904	442,172
Liabilities related to separate account	124,068	117,365
Total liabilities	7,190,377	6,854,525
Equity:
Preferred Stock, $.01 par; 50,000,000 shares authorized, none issued
Additional paid-in capital	759,980	705,036
Accumulated other comprehensive income	195,848	107,529
Retained earnings	1,193,968	1,165,756
Treasury stock, at cost; 8,182,716 shares of Class A Common Stock and 227,216 shares of Class B Common Stock	(206,931)	(206,931)
Total shareholders' equity	1,943,512	1,772,021
Noncontrolling interest	6,251	7,862
Total equity	1,949,763	1,779,883
Total liabilities and equity	9,140,140	8,634,408
Class A Common Stock
Equity:
Common Stock	584	568
Total equity	584	568
Class B Common Stock
Equity:
Common Stock	63	63
Total equity	$ 63	$ 63