Net Loss Of $10.51 Per Share Compared to Net Income of $0.33 Per Share Last
Year
After-Tax Segment Loss of $2.04 Per Share Compared to After-Tax Segment Income
of $0.38 Per Share Last Year
WORCESTER, Mass., Oct. 25 /PRNewswire-FirstCall/ -- Allmerica Financial
Corporation (NYSE: AFC) today reported a third quarter net loss of $562.4
million, or $10.51 per share, compared to net income of $17.7 million, or
$0.33 per share, in the third quarter of last year. The net loss in the
current quarter is attributed to the $474.6 million net loss on the previously
announced sale of the variable life and annuity business and the $140 million
net catastrophe loss related to Hurricane Katrina.
Total segment loss after taxes was $109.0 million, or $2.04 per share, in
the third quarter, compared to total segment income after taxes of $20.1
million, or $0.38 per share, in the third quarter of last year. The total
Property and Casualty pre-tax segment loss was $127.7 million in the third
quarter of 2005, compared to pre-tax segment income of $36.7 million in the
third quarter of 2004. The Life Companies segment, which for reporting
purposes now includes only the business that will be retained after the sale
of the variable life insurance and annuity business to The Goldman Sachs
Group, Inc., reported a pre-tax segment loss of $0.9 million in the third
quarter of 2005, compared to a pre-tax segment loss of $2.1 million in the
third quarter last year. Segment income after taxes is presented consistent
with the manner in which management evaluates operating results.
"Our reported results in the quarter were materially affected by two
unusual events: the sale of our variable life insurance and annuity business
and the catastrophe losses associated with Hurricane Katrina. These events
masked strong core results in our Property and Casualty business this quarter,
which were up 20% over the third quarter of last year," said Frederick H.
Eppinger, president and chief executive officer of Allmerica Financial
Corporation. "A.M. Best's quick reaffirmation of our rating is evidence that
we have built the financial strength to protect our customers even in the
worst of times. I am proud of our response to Hurricane Katrina; we have been
working hard to help our agent partners and our customers rebuild their lives
in the aftermath of Hurricane Katrina."
Segment Results
The company conducts its business in four operating segments. Property
and Casualty operations consist of three operating segments: Personal Lines,
Commercial Lines, and Other Property and Casualty. The Personal Lines segment
markets automobile, homeowners and ancillary coverages to individuals and
families. The Commercial Lines segment offers a suite of products targeted at
the small to mid-size business markets, which include commercial multiple
peril, commercial automobile, workers' compensation and other commercial
coverages. The Other Property and Casualty segment includes a block of run-
off voluntary pools business in which we have not actively participated since
1995; AMGRO, Inc., a premium financing business; Opus Investment Management,
Inc., which provides investment management services to institutions, pension
funds and other organizations; and earnings on holding company assets. The
Life Companies, our fourth operating segment, include the retained business of
First Allmerica Financial Life Insurance Company (FAFLIC), reflecting the
expected sale of the variable life insurance and annuity business of Allmerica
Financial Life Insurance and Annuity Company (AFLIAC). The retained business
of FAFLIC primarily includes various blocks of traditional life insurance
businesses and guaranteed investment contracts, both of which are in run-off.
The financial impact of the expected sale transaction and of the business to
be sold is reflected in Discontinued Operations and is not included in Segment
Results.
The following table shows segment (loss) income after taxes. It is
presented in a manner consistent with the way management evaluates results and
is set forth in accordance with Statement of Financial Accounting Standards
No. 131, "Disclosures About Segments of an Enterprise and Related
Information." Segment (loss) income after taxes excludes the items listed in
the table at the end of this document.
Quarter ended
September 30
(In millions)
2005 2004
Property and Casualty:
Personal Lines (1) $(27.8) $42.1
Commercial Lines (2) (101.0) (7.1)
Other Property and Casualty 1.1 1.7
Total Property and Casualty (127.7) 36.7
Life Companies (0.9) (2.1)
Interest expense on corporate debt (10.0) (10.0)
Total pre-tax segment (loss) income (138.6) 24.6
Federal income tax benefit (expense) 29.6 (4.5)
Total segment (loss) income after taxes(3) $(109.0) $20.1
(1) Personal Lines -- includes the pre-tax net impact of catastrophes of
$101.7 million and $24.0 million for the third quarter of 2005 and
2004, respectively. (See the table at the end of this document.)
(2) Commercial Lines -- includes the pre-tax net impact of catastrophes of
$143.8 million and $37.7 million for the third quarter of 2005 and
2004, respectively. (See the table at the end of this document.)
(3) See reconciliation from segment (loss) income to net (loss) income at
the end of this document.
Property and Casualty
Property and Casualty segment loss was $127.7 million in the third quarter
of 2005, compared to segment income of $36.7 million in the third quarter of
2004. Segment earnings were lower in the quarter due to the net impact of
catastrophes relating primarily to Hurricane Katrina. Excluding the pre-tax
net impact of catastrophe losses, Property and Casualty segment income was
$117.8 million, compared to $98.4 million in the prior-year quarter. The
increase was primarily due to favorable development of prior-year reserves.
The company estimates its gross direct loss and loss adjustment expense
from Hurricane Katrina to be $485 million and its gross direct losses from
Hurricane Rita to be $30 million. However, in light of the difficulty of
estimating losses for these events, there can be no assurance that the
company's ultimate costs associated with these events will not be
substantially different from these estimates. In the current quarter, the
estimated pre-tax net impact of catastrophes was $245.5 million. This amount
is net of reinsurance and includes the cost of reinsurance reinstatement
premiums, loss adjustment expenses for Hurricane Katrina, and an estimate for
the Louisiana Citizens Fair Plan assessment. The pre-tax net impact of
catastrophes in the prior year's quarter was $61.7 million.
Property and Casualty highlights:
* Net premiums written were $542.0 million in the third quarter of 2005.
Excluding the effect of reinsurance reinstatement premiums of $27.0
million in the current quarter, net premiums written were $569.0
million, compared to $581.6 million in the third quarter of 2004.
* Net premiums earned were $519.7 million in the third quarter of 2005.
Excluding the effect of reinsurance reinstatement premiums of $27.0
million in the current quarter, net premiums earned were $546.7
million, compared to $563.7 million in the third quarter of 2004.
* New business net premiums written were $82.1 million in the third
quarter of 2005, representing an increase of 30.1% compared to $63.1
million in the third quarter of 2004.
* Favorable development of prior-year reserves was $23.4 million in the
third quarter of 2005, compared to $1.5 million in the third quarter of
2004.
The following table summarizes the components of the GAAP combined ratio
for the Property and Casualty segment:
Quarter ended
September 30
Adjusted
2005 2005 (1) 2004
Personal Lines losses (excluding
catastrophes) 53.1% 50.4% 53.0%
Personal Lines catastrophe-
related losses 24.8% 23.6% 6.3%
Total Personal Lines losses 77.9% 74.0% 59.3%
Commercial Lines losses (excluding
catastrophes) 49.3% 47.0% 46.9%
Commercial Lines catastrophe-
related losses 70.4% 67.1% 20.6%
Commercial Lines losses 119.7% 114.1% 67.5%
Total Property and Casualty
Losses
93.4% 88.7% 62.1%
Loss adjustment expenses 10.1% 9.6% 9.7%
Hurricane Katrina-related loss
adjustment expenses 0.7% 0.7% --
Policy acquisition and other
underwriting expenses
31.6% 30.1% 31.2%
Combined Ratio 135.8% 129.1% 103.0%
(1) The Adjusted 2005 ratios have been adjusted to exclude the impact of
the reinsurance reinstatement premiums.
Personal Lines
Personal Lines segment loss was $27.8 million in the current quarter
compared to segment income of $42.1 million in the prior year. The Personal
Lines pre-tax net impact of catastrophes was $101.7 million in the current
quarter. The pre-tax net impact of catastrophes in the prior year's quarter
was $24.0 million. Excluding the net impact of catastrophes, Personal Lines
segment income for the current quarter was $73.9 million, compared to $66.1
million in the third quarter of last year. This $7.8 million improvement is
primarily due to the favorable development of prior-year reserves. Also
impacting results was a decrease in earned premium offset by lower expenses.
Favorable development of prior-year reserves was $13.4 million in the
third quarter of 2005, compared to $7.0 million in the same quarter last year.
The favorable development in both periods was primarily in the personal auto
line.
Personal Lines highlights:
* Net premiums written were $353.5 million in the third quarter of 2005.
Excluding the effect of reinsurance reinstatement premiums of $17.6
million in the current quarter, net premiums written were $371.1
million, compared to $394.6 million in the third quarter of 2004.
* Net premiums earned were $331.4 million in the third quarter of 2005.
Excluding the effect of reinsurance reinstatement premiums of $17.6
million in the current quarter, net premiums earned were $349.0,
compared to $380.5 million in the third quarter of 2004.
* New business direct premiums written were $40.3 million in the third
quarter of 2005, representing an increase of 50.4% compared to $26.8
million in the third quarter of 2004.
* The Personal Lines GAAP combined ratio was 117.1% for the third quarter
of 2005. Excluding the effect of reinsurance reinstatement premiums of
$17.6 million in the current quarter, the combined ratio was 111.3%,
versus 95.9% in the same period last year.
* Pre-tax net impact of catastrophes was $101.7 million, or 30.0 points of
the combined ratio, for the third quarter of 2005 compared to $24.0
million, or 6.3 points of the combined ratio, for the third quarter of
2004.
* Favorable development of prior-year reserves was $13.4 million in the
current quarter, compared to $7.0 million in the third quarter of 2004.
Commercial Lines
Commercial Lines segment loss was $101.0 million in the quarter, compared
to a loss of $7.1 million in the third quarter of 2004. The Commercial Lines
pre-tax net impact of catastrophes, was $143.8 million in the current quarter.
The pre-tax net impact of catastrophes in the prior-year quarter was $37.7
million. Excluding this pre-tax net impact of catastrophes, Commercial Lines
segment income for the quarter was $42.8 million, compared to $30.6 million in
the prior-year quarter. This $12.2 million increase in segment income was due
primarily to favorable development of prior-year reserves.
Favorable development of prior-year reserves was $11.2 million in the
third quarter of 2005, compared to unfavorable development of $4.3 million in
the same quarter last year. The favorable development in the current quarter
was across all lines other than the workers' compensation line. The
unfavorable development in the prior-year quarter was primarily in the
workers' compensation line.
Commercial Lines highlights:
* Net premiums written were $188.5 million in the third quarter of 2005.
Excluding the effect of reinsurance reinstatement premiums of $9.4
million in the current quarter, net premiums written were $197.9
million, compared to $187.0 million in the third quarter of 2004.
* Net premiums earned were $188.3 million in the third quarter of 2005.
Excluding the effect of reinsurance reinstatement premiums of $9.4
million in the current quarter, net premiums earned were $197.7
million, compared to $183.2 million in the third quarter of 2004.
* New business net premiums written were $41.8 million in the third
quarter of 2005, representing an increase of 15.2% compared to $36.3
million in the third quarter of 2004.
* The Commercial Lines GAAP combined ratio was 167.8% in the third quarter
of 2005. Excluding the effect of reinsurance reinstatement premiums of
$9.4 million in the current quarter, the combined ratio was 159.9%,
compared to 117.5% in the same period last year.
* Pre-tax net impact of catastrophes was $143.8 million, or 76.0 points of
the combined ratio, in the third quarter versus $37.7 million, or 20.6
points of the combined ratio, in the third quarter of 2004.
* Favorable development of prior year reserves was $11.2 million in the
current quarter, compared to unfavorable development of $4.3 million in
the third quarter of 2004.
Other Property and Casualty
Other Property and Casualty segment income was $1.1 million in the
quarter, compared to $1.7 million in the prior year. Other Property and
Casualty includes our run-off voluntary pools, premium financing and
investment management operations.
Life Companies
Continuing Operations:
The continuing operations of the Life Companies now include the FAFLIC
retained business, reflecting the expected sale of the variable life insurance
and annuity business of AFLIAC. The retained business primarily includes
various blocks of traditional life insurance and guaranteed investment
contract businesses, both of which are in run-off.
The Life Companies continuing operations reported a segment loss of $0.9
million in the third quarter of 2005, compared to a loss of $2.1 million in
the third quarter of 2004, primarily attributable to lower expenses.
Projected Proceeds From the Variable Life Insurance and Annuity
Transaction:
Total projected proceeds in connection with the variable life insurance
and annuity transaction are currently projected to be approximately $340
million, approximately $30 million of which are expected to be deferred and
paid over a three year period. This compares to our original projection of
$385 million in total proceeds, with approximately $70 million expected to be
deferred. The $45 million decrease in projected proceeds is driven by a $60
million decrease in the projected statutory adjusted capital of AFLIAC at the
close of the transaction. This decrease was primarily from lower expected
utilization of Net Operating Loss tax carryforwards resulting from lower than
expected Property and Casualty earnings following the recent hurricane losses.
This decrease is partially offset by $15 million in additional cash expected
to be available to the Holding Company from certain non-insurance subsidiaries
related to the variable business. The projected proceeds also include $40
million of proposed dividends from FAFLIC after the close of the transaction.
The actual purchase price will be determined at closing, and is subject to
changes in equity market levels, implied equity market volatility, interest
rates and surrender activity. Additionally, the purchase price will be
adjusted based on the actual surplus level of Allmerica Financial Life
Insurance and Annuity Company (AFLIAC), the life insurance affiliate being
sold, at closing. The company implemented a hedge program that is intended to
substantially protect the purchase price from movements in interest rates,
equity market levels and implied equity market volatility through closing.
Discontinued Operations:
Loss on Disposal of Variable Life Insurance and Annuity Business:
Net income in the current quarter includes $474.6 million, or $8.87 per
share, loss on the disposal of the variable life insurance and annuity
business, which is reported in results from discontinued operations. This
loss is composed of projected purchase price proceeds of approximately $285
million (total proceeds of $340 million less dividends of $40 million from
FAFLIC and $15 million from certain other non-insurance subsidiaries) less
estimated GAAP equity of $734.6 million and estimated closing costs of $25
million.
Income on Discontinued Variable Life Operations:
The results of operations of the variable life insurance and annuity
business being sold have been reclassified from Life Companies segment income
and reported as discontinued operations. In the current quarter, income on
discontinued variable life operations was $17.6 million, net of taxes,
compared to a loss of $0.1 million in the prior-year quarter. This
improvement reflects the favorable equity market performance during the
quarter.
Investment Results
Net investment income was $79.4 million for the third quarter of 2005,
compared to $82.2 million in the same period of 2004. Third quarter net
investment income decreased primarily due to lower invested assets in the Life
Companies, resulting from maturities of long-term funding agreements. This
was partially offset by increased average invested assets in the Property and
Casualty segment due to increased cash flows.
Third quarter 2005 pre-tax net realized investment gains were $1.9
million, compared to losses of $5.3 million in the same period of 2004. In
the current quarter, pre-tax net realized investment gains of $6.7 million
from sales of investments were partially offset by $4.8 million of capital
losses resulting from impairments on certain fixed maturity securities. In
the third quarter of 2004, pre-tax net realized investment losses of $12.8
million, primarily from derivative transactions and impairments on certain
fixed maturity securities, were partially offset by $7.5 million of realized
gains resulting from sales of investments.
Balance Sheet
Shareholders' equity was $1.9 billion, or $34.81 per share at September
30, 2005, compared to $2.3 billion, or $43.91 per share at December 31, 2004.
Excluding accumulated other comprehensive income, book value was $35.47 per
share at the close of the third quarter, compared to $43.85 per share at
December 31, 2004. The decreases in shareholders' equity and book value
reflect the net loss in the current quarter on the sale of the variable life
insurance and annuity business that we announced in August, and the
catastrophe losses related primarily to Hurricanes Katrina and Rita.
Earnings Conference Call
Allmerica Financial Corporation will host a conference call to discuss the
company's third quarter results on Wednesday, October 26th at 10:00 a.m.
Eastern time. Similar to last quarter, a PowerPoint slide presentation will
accompany our prepared remarks and has been posted on our website. Interested
investors and others can listen to the call and access the presentation
through Allmerica's web site, located at http://www.allmerica.com. Web-cast
participants should go to the web site at least 15 minutes early to register,
download the new presentation, and install any necessary audio software. A
re-broadcast of the conference call will be available on this web site two
hours after the call.
Statistical Supplement
Allmerica Financial Corporation's third quarter Earnings Press Release and
Statistical Supplement are also available in the Investor Relations section at
http://www.allmerica.com.
Forward-Looking Statements
Certain statements in this release or in the above referenced conference
call may be considered to be forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Use of the words
"believes", "anticipates," "expects," "projections," "outlook," "should" and
similar expressions is intended to identify forward-looking statements. The
company cautions investors that any such forward-looking statements are not
guarantees of future performance, and actual results could differ materially.
Investors are directed to consider the risks and uncertainties in our business
that may affect future performance and that are discussed in readily available
documents, including the company's annual report and other documents filed by
Allmerica with the Securities and Exchange Commission and which are also
available at http://www.allmerica.com under "Investor Relations." These
uncertainties include the possibility of adverse catastrophe experience
(including terrorism) and severe weather, the uncertainties in estimating
property and casualty losses, the ability to increase or maintain certain
property and casualty insurance rates, the impact of new product introductions
(such as the multi-variate private passenger auto product), adverse loss
development and adverse trends in mortality and morbidity, change in the
current favorable frequency and loss trends generally being experienced
industry-wide, changes in the stock and financial markets, the ability to
improve renewal rates and increase new property and casualty policy counts,
changes from assumed surrender activities and assumed stock market returns,
adverse selection in underwriting activities and surrender patterns,
investment impairments, heightened competition (including rate pressure),
adverse and evolving state and federal legislation or regulation, adverse
regulatory actions, particularly relating to the on-going investigations being
conducted by the SEC, financial ratings actions, and various other factors.
In addition to the above, the losses recorded relating to Hurricanes
Katrina and Rita are estimates only and therefore forward-looking statements.
Estimating losses following a major catastrophe is an inherently uncertain
process, which is made more difficult by the unprecedented nature of Hurricane
Katrina. Factors that add to the complexity in this event include the legal
and regulatory uncertainty, difficulty in accessing portions of the affected
areas, the complexity of factors contributing to the losses, delays in claims
reporting, the exacerbating circumstances of Hurricane Rita and a slower pace
of recovery resulting from the extent of damage sustained in the affected
areas. As a result, there can be no assurance that the company's ultimate
costs associated with this event will not be substantially different from
these estimates.
Finally, the projected proceeds from the variable life insurance and
annuity transaction, and as a result, the estimated loss on disposal of this
business which is included in discontinued operations, are forward-looking
statements. Certain factors could cause actual results to differ materially
from those anticipated, including: (1) the successful consummation of the
transactions with Goldman Sachs in a timely manner; (2) the various conditions
to the consummation of such transactions being satisfied or waived without the
imposition of material burdens or expenses; (3) the required regulatory
approvals of the transactions being obtained in a timely manner without the
imposition of any material restrictions or burdens, and regulatory approval
for dividend requests from FAFLIC; (4) the uncertainties as to the gross or
net proceeds to be received by AFC, including the uncertainty as to the
effects of the various purchase price adjustments and expenses incurred by
AFC; (5) the shareholder approval of the AIT Fund reorganization; (6) the
uncertainties of the purchase price hedge to effectively hedge the purchase
price as currently estimated and at a cost consistent with expectations; (7)
the impact of policyholder surrenders on the purchase price adjustment, which
are not hedged; (8) the impact of contingent liabilities, including litigation
and regulatory matters, assumed by the holding company in connection with the
transaction; and (9) the statutory results of operations of the Life Companies
segment until close, which will impact the statutory surplus of AFLIAC and
consequently the ultimate purchase price.
Allmerica Financial Corporation is the holding company for a group of
insurance companies headquartered in Worcester, Massachusetts.
Contact Information
Investors: Media:
Sujata Mutalik Michael F. Buckley
E-mail: smutalik@allmerica.com E-mail: mibuckley@allmerica.com
1-508-855-3457 1-508-855-3099
ALLMERICA FINANCIAL CORPORATION
(In millions, except per share data)
Quarter ended
September 30
2005 2004
Net (loss) income $(562.4) $17.7
Net (loss) income per share(1) $(10.51) $0.33
Weighted average shares 53.5 53.6
The following is a reconciliation from segment income (loss) to net income
(loss)(2) :
PER SHARE DATA (DILUTED) (1) Quarter ended
September 30
2005 2004
$ Per Share $ Per Share
Property and Casualty
Personal Lines $(27.8) -- $42.1 --
Commercial Lines (101.0) -- (7.1) --
Other Property and
Casualty
1.1 -- 1.7 --
Total Property and
Casualty (127.7) -- 36.7 --
Life Companies (0.9) -- (2.1) --
Interest expense on
corporate debt (10.0) -- (10.0) --
Total segment (loss)
income (138.6) $(2.59) 24.6 $0.46
Federal income tax benefit
(expense) on segment
income 29.6 0.55 (4.5) (0.08)
Total segment (loss) income
after federal income taxes (109.0) (2.04) 20.1 0.38
Net realized investment
gains (losses), net of
taxes and amortization 3.7 0.07 (4.1) (0.08)
Gain on derivatives, net
of taxes 0.1 -- 0.1 --
Gains from retirement of
funding agreements and
trust instruments
supported by funding
obligations, net of taxes -- -- 1.9 0.03
Restructuring costs, net
of taxes (0.2) -- (0.2) --
(Loss) income from
continuing operations (105.4) (1.97) 17.8 0.33
Income (loss) on
discontinued variable
life operations, net of
taxes 17.6 0.33 (0.1) --
Loss on disposal of variable
life insurance and
annuity business, net of
taxes (474.6) (8.87) -- --
Net (loss) income $(562.4) $(10.51) $17.7 $0.33
(1) Per share data for the quarter ended September 30, 2005 represents
basic loss per share due to antidilution. Basic net income per share
was $0.33 for the quarter ended September 30, 2004.
(2) In accordance with Statement of Financial Accounting Standards No.
131, Disclosure about Segments of an Enterprise and Related
Information, the separate financial information of each segment is
presented consistent with the way results are regularly evaluated by
the chief operating decision maker in deciding how to allocate
resources and in assessing performance. Management evaluates the
results of the aforementioned segments on a pre-tax basis. Segment
(loss) income is determined by adjusting net (loss) income for net
realized investment gains and losses including net gains or losses on
certain derivative instruments, because fluctuations in these gains
and losses are determined by interest rates, financial markets and
the timing of sales. Also, segment (loss) income excludes net gains
and losses on disposals of businesses, discontinued operations,
restructuring costs, extraordinary items, the cumulative effect of
accounting changes and certain other items.
The pre-tax net impact of catastrophes includes losses and Hurricane
Katrina-related loss adjustment expenses, net of reinsurance, as well as
reinsurance reinstatement premiums, are as follows by segment:
Quarter ended September 30, 2005
Pre-tax Impact of Catastrophes Personal Commercial Total
Lines Lines Property and
Casualty
Net losses $82.3 $132.6 $214.9
Hurricane Katrina-related net
loss adjustment expenses 1.8 1.8 3.6
Reinsurance reinstatement
premiums 17.6 9.4 27.0
Net impact of catastrophes $101.7 $143.8 $245.5
Quarter ended September 30, 2004
Personal Commercial Total
Lines Lines Property and
Casualty
Net losses $24.0 $37.7 $61.7
Hurricane Katrina-related net
loss adjustment expenses -- -- --
Reinsurance reinstatement
premiums -- -- --
Net impact of catastrophes $24.0 $37.7 $61.7
Net (loss) income includes the following items (net of taxes) by segment:
Quarter ended September 30, 2005
Other
Property
Personal Commercial and Life
Lines Lines Casualty Companies Total
Net realized investment
(losses) gains, net of
taxes and amortization $(0.4) $(0.7) $0.4 $4.4 $3.7
Gain on derivative
instruments, net of
taxes -- -- -- 0.1 0.1
Restructuring costs,
net of taxes -- -- -- (0.2) (0.2)
Income on discontinued
variable life insurance
and annuity operations,
net of taxes -- -- -- 17.6 17.6
Loss on disposal of
variable life insurance
and annuity business,
net of taxes -- -- -- (474.6) (474.6)
Quarter ended September 30, 2004
Other
Property
Personal Commercial and Life
Lines Lines Casualty Companies Total
Net realized investment
gains (losses) net of
taxes and amortization $0.6 $0.1 -- $(4.8) $(4.1)
Gain on derivative
instruments, net of
taxes -- -- -- 0.1 0.1
Gain from retirement of
funding agreements and
trust instruments
supported by funding
obligations, net of
taxes -- -- -- 1.9 1.9
Restructuring costs,
net of taxes -- -- -- (0.2) (0.2)
Loss on discontinued
variable life insurance
and annuity operations,
net of taxes -- -- -- (0.1) (0.1)
All figures reported are unaudited.
SOURCE Allmerica Financial Corporation
-0- 10/25/2005
/CONTACT: Sujata Mutalik, +1-508-855-3457, smutalik@allmerica.com, or
Michael F. Buckley, +1-508-855-3099, mibuckley@allmerica.com /
(AFC)
CO: Allmerica Financial Corporation
ST: Massachusetts
IN: FIN INS
SU: ERN CCA
AC-CP
-- NETU049 --
5098 10/25/200516:43 EDThttp://www.prnewswire.com