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ABOUT US2009 Financial Highlights
Financial SummaryOverview of 2009 Consolidated ResultsTrustmark’s GAAP earnings (which use Generally Accepted Accounting Principles to defer and amortize policy acquisition costs in the company’s voluntary products division) were $72.6 million, up nearly 9 percent from $66.4 million in 2008, on a comparable basis. These results were driven by record earnings in Trustmark Voluntary Benefit Solutions, earnings improvement within CoreSource, Trustmark’s TPA subsidiary, and favorable claims experience in the company’s closed blocks. These results were partially offset by a high number of large claims in several of the company’s small-group business segments and the winding down of the higher-risk sports disability business.
Trustmark’s statutory reported pretax operating gain was $51.3 million, down from $53.0 million in 2008. On a statutory basis, Trustmark must deduct the entire acquisition cost of policies in the year they are written. For that reason, 2009 record sales in Trustmark Voluntary Benefit Solutions, where acquisition costs are highest, negatively impacted year-over-year statutory reported earnings.
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© 2010 Trustmark Companies (Trustmark Mutual Holding Company) and its subsidiaries |
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