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, www.UniversalAmerican.com.
Balance Sheet and LiquidityAs 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%.
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