Stable Value ProductsStable Value Products segment pre-tax operating income was $18.7 million in the fourth quarter of 2012 compared to $14.2 million in the fourth quarter of 2011. Included in the fourth quarter of 2012 results is $2.8 million of participating mortgage income compared to $0.1 million in the fourth quarter of 2011. In addition, the segment experienced a 60 basis point increase in the adjusted operating spread, which excludes participating income, due to a decline in credited interest. These favorable items were partially offset by lower average account balances.
Protective Reports Fourth Quarter And Full-Year 2012 Financial Results
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