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H.S. freshman Avg
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New words:
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Removed:
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Financial report summary
?Management Discussion
- Revenues were $190 million. The primary components of revenues were policy charges and fee income, net investment income, and asset management and service fees. Also included in revenues were investment losses related to derivatives, which were partially offset by gains related to fixed maturity securities.
- Benefits and expenses were $200 million. The primary components of benefits and expenses were commission expense, general, administrative, and other expenses, and the goodwill impairment that was recorded in the third quarter of 2023. Also included in benefits and expenses were the impacts of favorable changes in the fair value of insurance liabilities, excluding changes in OCR, due to favorable interest rate and equity market movements. Partially offsetting the favorable changes were the impacts of the actuarial assumption update.
- As a result of the reinsurance agreements with Prudential Insurance and Pruco Life, revenues, which were comprised primarily of net investment losses, were fully offset by expenses, which were comprised of policyholder benefits and changes in the fair value of insurance liabilities.