News Room
Mutual of Omaha Reports 2006 Results
OMAHA, Neb. – (March 12, 2007) Mutual of Omaha today reported 2006 consolidated net income of $165.7 million on total revenues of $4.2 billion, compared to net income of $121.1 million on total revenues of $3.7 billion in 2005.
The Omaha-based insurance and financial services company reported realized investment gains of $10.3 million in 2006, compared to net realized investment losses of $76.8 million in 2005.
Consolidated pre-tax operating earnings were $244.8 million in 2006, compared with $259 million a year earlier.
Mutual finished 2006 with total assets, retained earnings and statutory surplus at record levels.
Consolidated total assets at Dec. 31, 2006 were $19.0 billion, up from $18.4 billion at year-end 2005. Retained earnings were $3.4 billion, up from $3.2 billion a year earlier.
Statutory surplus, which is measured using the statutory accounting principles required by state insurance regulators, was a record $2.14 billion at year-end 2006, up from $1.75 billion at the close of 2005.
Mutual of Omaha Chairman and CEO Dan Neary said strong performance in core product lines and the focused efforts of the company’s workforce contributed to the 2006 results.
“We finished 2006 in the strongest financial position in our history, thanks to the hard work and engagement of our associates and our clear business strategy that emphasizes growth in our core product lines,” Neary said.
Revenue generated by the company’s core products grew by $331 million, or 16.3 percent, in 2006. That compares with core product revenue growth of 9.6 percent in 2005. “These results are especially significant given relatively flat growth throughout our industry,” Neary said.
“In the highly competitive insurance and financial services marketplace, Mutual of Omaha is distinguished by the strength of our products, service and reputation. Our core product focus, along with ensuring that activities throughout the company are aligned with corporate objectives, set the stage for future success,” he said.