Universal American's $1.3 billion portfolio of cash and invested assets, as of December 31, 2012, had the following characteristics:
- 37% was invested in U.S. Government and agency securities;
- The average credit quality of the longer term $1.2 billion fixed income portfolio was A+, with 46% invested in securities rated AA or higher; and
- Less than 1% of the portfolio was non-investment grade.
A complete listing of our fixed income investment portfolio as of December 31, 2012 is available for review in the financial supplement located in the Investors - Financial Reports section of our website,
Balance Sheet and Liquidity
As of December 31, 2012, Universal American’s Balance Sheet had the following characteristics:
- Total cash and investments were $1.3 billion and total assets were $2.5 billion;
- Total policyholder liabilities were $1.2 billion and total liabilities were $1.5 billion;
- Stockholders’ equity was $1.0 billion and book value per share was $11.47 per diluted common share;
- Tangible book value per diluted common share (excluding accumulated other comprehensive income, goodwill, amortizing intangibles and deferred acquisition costs) was $7.35;
- Unregulated cash of $59 million;
- $132 million of bank debt; and
- $40 million of mandatorily redeemable preferred stock, reported as a liability, with an annual dividend rate of 8.5%.
The ratio of debt to total capital, excluding the effect of Accumulated Other Comprehensive Income and including Universal American’s mandatorily redeemable preferred stock as debt was 14.9%.
Universal American will host a conference call at 8:30 a.m. Eastern Time on Wednesday, February 20, 2013, to discuss financial results and other corporate developments. Interested parties may participate in the call by dialing (201) 493-6744. Please call in 10 minutes before the scheduled time and ask for the Universal American call. This conference call will also be available live over the Internet and can be accessed at Universal American’s website at
, and clicking on the “Investors” link in the upper right. To listen to the live call on the website, please go to the website at least 15 minutes early to download and install any necessary audio software. A replay of the call will be available on the investor relations section of the Company’s website for approximately two weeks following the call.
Prior to the conference call, Universal American will make available on its website a 4
Quarter 2012 Investor Presentation and supplemental financial data in connection with its quarterly earnings release. You can access the 4
Quarter 2012 Investor Presentation and supplemental financial data at
in the “Investors” section under the “Presentations” and “Financial Reports” sections.
About Universal American Corp.
Universal American (NYSE: UAM), through our family of healthcare companies, provides health benefits to people covered by Medicare and/or Medicaid. We are dedicated to working collaboratively with healthcare professionals in order to improve the health and well-being of those we serve and reduce healthcare costs. For more information on Universal American, please visit our website at
Forward Looking Statements
This news release and oral statements made from time to time by our executive officers may contain "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. Such statements that are not historical facts are hereby identified as forward-looking statements and intended to be covered by the safe harbor provisions of the PSLRA and can be identified by the use of the words "believe," "expect," "predict," "project," "potential," "estimate," "anticipate," "should," "intend," "may," "will," and similar expressions or variations of such words, or by discussion of future financial results and events, strategy or risks and uncertainties, trends and conditions in our business and competitive strengths, all of which involve risks and uncertainties.
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