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Presidential Life Corporation Announces Third Quarter 2012 Results

Total insurance revenues were $11.1 million and $7.0 million in the third quarters of 2012 and 2011, respectively, a period-over-period increase of $4.1 million or 58.6%, and were $29.6 million and $22.2 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period increase of $7.4 million or 33.3%. Immediate annuity considerations with life contingencies were $5.7 million and $1.6 million in the third quarters of 2012 and 2011, respectively, a period-over-period increase of $4.1 million or 256.3%, and were $14.2 million and $6.0 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period increase of $8.2 million or 136.7%. Life insurance and accident and health premiums were $4.6 million in the third quarters of 2012 and 2011 and were $12.9 million and $13.5 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period decrease of $0.6 million or 4.4%.

Sales of deferred annuities and immediate annuities without life contingencies were $8.2 million and $11.3 million in the third quarters of 2012 and 2011, respectively, a period-over-period decrease of $3.1 million or 27.4%, and were $40.5 million and $40.8 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period decline of $0.3 million or 0.7%.

Net investment income was $45.8 million and $48.2 million in the third quarters of 2012 and 2011, respectively, a period-over-period decrease of $2.4 million or 5.0%, and was $139.0 million and $146.6 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period decrease of $7.6 million or 5.2%. Excluding the return on the Company’s limited partnership investments and other realized gains, the investment yields for the nine months ended September 30, 2012 and 2011 were 5.62% and 5.90%, respectively.

Net realized investment gains, including OTTI, were $4.0 million and net realized losses were $0.9 million in the third quarters of 2012 and 2011, respectively, a period-over-period increase of $4.9 million, and were $6.8 million and $20.9 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period decrease of $14.1 million. The year-to-date decrease in net realized gains was due to $13.3 million of decreases in net realized investment gains within our limited partnership portfolio, primarily due to a gain from one hedge fund redemption of $10.6 million in the second quarter of 2011, a decrease in net realized investment gains within our bond and stock portfolios of $5.7 million, offset by $1.3 million lower realized losses related to other-than-temporary impairments and a lesser decline in the fair value of payor swaptions of $3.6 million.

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