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Universal American Corp. Reports 2012 Fourth Quarter And Full Year Results


      December 31       December 31,
Debt to Total Capital Ratio 2012  

2011 (1)


Outstanding bank debt $ 132.0 $ -
Mandatorily Redeemable Preferred Shares 40.0   40.0  
Total outstanding debt $ 172.0   $ 40.0  
Total stockholders’ equity $ 1,012.5 $ 940.4
Outstanding bank debt 132.0 -
Mandatorily Redeemable Preferred Shares 40.0   40.0  
Total capital $ 1,184.5   $ 980.4  
Debt to total capital ratio 14.5 % 4.1 %
Total stockholders’ equity (excluding AOCI)       $ 983.4       $ 929.2
Total outstanding bank debt 132.0 -
Mandatorily Redeemable Preferred Shares 40.0   40.0  
Total capital $ 1,155.4   $ 969.2  
Debt to total capital ratio (excluding AOCI) 14.9 % 4.1 %

As noted above, Universal American uses total stockholders’ equity (excluding AOCI), as a basis for evaluating the ratio of debt to total capital. We believe that fluctuations in stockholders’ equity that arise from changes in unrealized appreciation or depreciation on investments, as well as changes in the other components of accumulated other comprehensive income, do not relate to the performance of Universal American’s core business operations.

(1)   As adjusted to reflect the implementation of ASU 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts and other immaterial adjustments.
(2) Intangible assets include the following at December 31, 2012 and 2011, respectively: goodwill ($242.9 million and $77.5 million), deferred acquisition costs, net of taxes ($66.8 million and $70.3 million) and amortizing intangible assets, net of taxes ($25.0 million and $11.3 million).

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