Mutual of Omaha Reports 2012 Financial Results
OMAHA, Neb., March 12, 2013 – Mutual of Omaha today reported 2012 GAAP consolidated net income of $283.8 million on revenues of $6.4 billion, compared with net income of $112.4 million on revenues of $5.97 billion in 2011.
“We experienced an outstanding year in 2012, with strong sales, revenues and operating income,” said Mutual of Omaha Chairman and CEO Dan Neary. “It takes the dedicated efforts of thousands of Mutual of Omaha employees and sales professionals to produce these results. We’re privileged to have some of the most dedicated employees in the industry.”
Revenue generated by the company’s core products grew by $406.6 million, or 8.7 percent, to $5.1 billion in 2012. Net investment income was $1.1 billion, an increase of $26 million over 2011.
“Mutual of Omaha remains financially secure, customer focused and committed to operational efficiency. We firmly believe we are well positioned for continued success,” Neary said.
Mutual finished 2012 with total assets and retained earnings at record levels. Consolidated total assets on Dec. 31, 2012 were a record $31.0 billion, up from $28.9 billion at year-end 2012. Retained earnings were $4.2 billion, up from $3.9 billion a year earlier. Statutory surplus ended 2012 at $2.4 billion, compared with $2.3 billion at year-end 2011.
Mutual’s banking operations contributed $45.5 million to 2012 operating income.
Note: Unless otherwise noted, all financial results discussed above are based on accounting principals generally accepted in the United States of America. In 2012, Mutual implemented new accounting guidance related to deferred acquisition costs. The 2011 results have been adjusted to conform to the 2012 presentation.
Mutual of Omaha is a full-service, multi-line organization providing insurance, banking and financial products for individuals, businesses and groups throughout the United States.