CHICAGO--(BUSINESS WIRE)--
Unitrin, Inc. (NYSE: UTR) reported today net income of $41.9 million
($0.67 per unrestricted common share) for the second quarter of 2009,
compared to net income of $11.0 million ($0.18 per unrestricted common
share) for the second quarter of 2008. Net Income from continuing
operations was $41.4 million ($0.66 per unrestricted common share) for
the second quarter of 2009, compared to $17.0 million ($0.27 per
unrestricted common share) for the second quarter of 2008.
Highlights
-- Second quarter 2009 net income of $41.9 million, including restructuring
costs of $5.0 million after tax.
-- Debt to total capitalization ratio declines to 24.9% as revolving credit
borrowings repaid in full.
-- Second quarter 2009 segment operating profit of $70.0 million, compared
to $12.5 million in 2008.
-- Fireside Bank reports small profit for the quarter; exit plan on target
and Tier 1 capital ratio increases to 16.7%.
Don Southwell, Unitrin's President and Chief Executive Officer,
commented, "We are pleased with our second quarter operating results and
with the strengthening of our balance sheet. Operating results improved
in each of our business segments compared to the prior year. Our plan to
exit the automobile finance business and recover the capital that we
have invested in Fireside Bank is going well. We continue the process of
reducing costs in all of our businesses. Year-to-date restructuring
expense of $16.2 million before tax will reduce our on-going costs in
the future. Net impairment losses recognized in earnings narrowed to
$9.7 million in the second quarter of 2009, down significantly from the
$25.0 million of losses recognized in the first quarter of 2009. Our
Kemper and Life and Health Insurance segments both continued to post
strong operating results."
Total Revenues
Total revenues were $763.3 million for the second quarter of 2009,
compared to $745.7 million for the second quarter of 2008. Total
revenues increased due primarily to higher earned premiums, higher net
investment income and lower net impairment losses, partially offset by
lower automobile finance revenues and lower net realized gains on sales
of investments.
Earned premiums were $626.3 million and $596.3 million for the second
quarters of 2009 and 2008, respectively, an increase of $30.0 million.
Earned premiums increased significantly in the Unitrin Direct and
Unitrin Specialty segments, with the Kemper segment posting a modest
increase and the Life and Health Insurance segment posting a modest
decrease. Automobile finance revenues decreased by $14.7 million for the
second quarter of 2009, compared to the same period in 2008, as Fireside
Bank continued to execute its plan to exit the automobile finance
business.
Net investment income increased by $13.0 million for the three months
ended June 30, 2009, compared to the same period in 2008, due primarily
to higher investment income from investments in limited partnerships and
limited liability companies, partially offset by lower dividend income
from investments in equity securities. Net investment income from
limited partnerships and limited liability companies increased due
primarily to an increase in yield, partially offset by a lower level of
investments. Dividend income from investments in equity securities
decreased due primarily to sales of the vast majority of the Company's
investments in Northrop Grumman common stock and other publicly-traded
common stocks during 2008.
Net realized gains on sales of investments were $4.4 million for the
second quarter of 2009, compared to $23.3 million for the same period in
2008. Net realized gains on sales of investments for the second quarter
of 2008 included gains of $13.6 million from the sales of a portion of
the Company's investment in Baker Hughes common stock. (See "Net
Realized Gains on Sales of Investments" chart below for additional
information.) The Company cannot anticipate when or if similar net
realized gains on sales of investments may occur in the future.
Net impairment losses recognized in earnings were $9.7 million for the
second quarter of 2009, compared to $18.3 million for the same period in
2008. Net impairment losses recognized in earnings include losses of
$7.3 million and $14.3 million for the three months ended June 30, 2009
and 2008, respectively, related to investments in preferred and common
stocks of financial institutions. (See "Net Impairment Losses Recognized
in Earnings" chart below for additional information.) The Company cannot
anticipate when or if similar net impairment losses may occur in the
future.
Quarterly Segment Results
Unitrin is engaged, through its subsidiaries, in the property and
casualty insurance, life and health insurance and automobile finance
businesses. The Company conducts its continuing operations through five
operating segments: Kemper, Unitrin Specialty, Unitrin Direct, Life and
Health Insurance and Fireside Bank.
NOTE: The Company uses the registered trademark, "Kemper," under
license, for personal lines insurance only, from Lumbermens Mutual
Casualty Company ("Lumbermens"), which is not affiliated with the
Company. Lumbermens continues to use the name, "Kemper Insurance
Companies," in connection with its operations, which are distinct from,
and not to be confused with, Unitrin's Kemper business segment.
Kemper
Earned premiums in the Kemper segment increased by $5.9 million for the
second quarter of 2009, compared to the same period in 2008, due
primarily to higher volume and higher average premium rates on
homeowners insurance and higher volume on automobile insurance,
partially offset by lower average premium rates on automobile insurance.
Operating profit in the Kemper segment increased by $19.4 million for
the second quarter of 2009, compared to the same period in 2008, due
primarily to lower incurred losses and loss adjustment expenses ("LAE").
Incurred losses and LAE decreased by $13.0 million for the second
quarter of 2009, compared to the same period in 2008, due primarily to
lower catastrophe losses and LAE, partially offset by higher frequency
of losses on automobile insurance.
Unitrin Specialty
Earned premiums in the Unitrin Specialty segment increased by $12.3
million for the second quarter of 2009, compared to the same period in
2008, due primarily to higher volume of personal automobile insurance,
partially offset by lower volume of commercial automobile insurance.
Operating profit in the Unitrin Specialty segment increased by $3.6
million for the second quarter of 2009, compared to the same period in
2008, due primarily to lower insurance expenses as a percentage of
earned premiums and higher net investment income.
Unitrin Direct
Earned premiums in the Unitrin Direct segment increased by $20.2 million
for the second quarter of 2009, compared to the same period in 2008, due
primarily to the impact of the Direct Response acquisition, partially
offset by lower volume of insurance. The Unitrin Direct segment reported
an operating loss of $10.5 million for the second quarter of 2009,
compared to an operating loss of $12.8 million for the same period of
2008. Results improved due primarily to lower incurred losses and LAE
and lower insurance expenses as a percentage of earned premiums,
partially offset by an operating loss of $10.0 million related to the
Direct Response acquisition. Operating Loss for the Unitrin Direct
segment included restructuring costs of $4.6 million before tax for the
second quarter of 2009.
Life and Health Insurance
Earned premiums in the Life and Health Insurance segment decreased by
$8.4 million for the second quarter of 2009, compared to the same period
in 2008, due primarily to lower volume, partially offset by higher
average premium rates on accident and health insurance products.
Operating profit in the Life and Health Insurance segment increased by
$10.4 million for the second quarter of 2009, compared to the same
period in 2008, due primarily to higher net investment income, lower
catastrophe losses and LAE, net of reinsurance, on property insurance
sold by the Life and Health Insurance segment's career agents and lower
insurance expenses, partially offset by higher policyholders' benefits
as a percentage of earned premiums on life insurance.
Fireside Bank
As previously announced, on March 24, 2009, Fireside Bank suspended all
new lending activity and ceased opening new certificate of deposit
accounts as part of a plan to exit the automobile finance business. The
exit plan envisions an orderly wind-down of Fireside Bank's operations
over the next several years. Fireside Bank continues to collect
outstanding loan balances and make interest payments and redemptions on
outstanding certificates of deposits in the ordinary course of business.
While in its early stages, the exit plan thus far has met the Company's
expectations. Net Automobile Loan Receivables Outstanding declined to
$995.4 million at June 30, 2009 from $1,125.2 million at March 31, 2009,
while Certificates of Deposits declined to $909.5 million at June 30,
2009 from $1,054.4 million at March 31, 2009. Fireside Bank's cash and
investments totaled $198.8 million at June 30, 2009, or 21.9% of
Certificates of Deposits, compared to $204.7 million, or 19.4% of
Certificates of Deposits at March 31, 2009. The Company expects that the
Fireside Bank segment will report approximately break-even results for
the remainder of 2009. Fireside Bank's ratio of Tier 1 capital to total
average assets increased from 15.6% at March 31, 2009 to 16.7% at June
30, 2009. The Company expects that Fireside Bank's ratio of Tier 1
capital to total average assets will continue to increase for the
remainder of 2009. Fireside Bank has no loans outstanding that are
secured by real estate and has not sold or securitized any portion of
its loan portfolio.
Automobile finance revenues for the second quarter of 2009 decreased by
$14.7 million, compared to the same period in 2008, due primarily to
lower levels of loans outstanding resulting from the exit plan. Fireside
Bank reported operating profit of $0.3 million for the second quarter of
2009, compared to an operating loss of $21.5 million for the same period
in 2008. The provision for loan losses was $15.7 million for the second
quarter of 2009, compared to $46.0 million for the second quarter of
2008.
Consolidated results for the three and six months ended June 30, 2009
and 2008 are as follows:
Three Months Ended Six Months Ended
(Dollars and Shares in Millions, June 30, June 30, June 30, June 30,
Except Per Share Amounts) 2009 2008 2009 2008
Revenues:
Earned Premiums $ 626.3 $ 596.3 $ 1,238.8 $ 1,172.2
Automobile Finance Revenues 47.4 62.1 100.3 125.5
Net Investment Income 94.4 81.4 141.4 127.3
Other Income 0.5 0.9 0.9 1.4
Net Realized Gains on Sales of 4.4 23.3 5.2 38.0
Investments
Other-than-temporary Impairment
Losses:
Total Other-than-temporary (10.3 ) (18.3 ) (35.3 ) (26.8 )
Impairment Losses
Portion of Losses Recognized in 0.6 - 0.6 -
Other Comprehensive Income
Net Impairment Losses Recognized (9.7 ) (18.3 ) (34.7 ) (26.8 )
in Earnings
Total Revenues 763.3 745.7 1,451.9 1,437.6
Expenses:
Policyholders' Benefits and
Incurred
Losses and Loss Adjustment 453.8 448.2 893.2 858.9
Expenses
Insurance Expenses 183.8 182.8 366.7 355.1
Automobile Finance Expenses 36.0 69.6 82.4 123.5
Interest Expense on Certificates 11.9 15.0 24.5 30.7
of Deposits
Goodwill 1.5 - 1.5 -
Interest and Other Expenses 16.8 15.0 32.0 31.7
Total Expenses 703.8 730.6 1,400.3 1,399.9
Income from Continuing
Operations before
Income Taxes and Equity in Net 59.5 15.1 51.6 37.7
Income (Loss) of Investee
Income Tax Benefit (Expense) (16.8 ) 0.8 (16.4 ) (3.3 )
Income from Continuing
Operations before
Equity in Net Income (Loss) of 42.7 15.9 35.2 34.4
Investee
Equity in Net Income (Loss) of (1.3 ) 1.1 (0.1 ) 3.3
Investee
Income from Continuing 41.4 17.0 35.1 37.7
Operations
Discontinued Operations:
Income (Loss) from Discontinued
Operations before Income Taxes 0.9 (1.6 ) 2.1 (11.8 )
Income Tax Benefit (Expense) (0.4 ) (4.4 ) (0.9 ) 0.3
Income (Loss) from Discontinued 0.5 (6.0 ) 1.2 (11.5 )
Operations
Net Income $ 41.9 $ 11.0 $ 36.3 $ 26.2
Basic Income Per Share from
Continuing Operations:
Restricted Common Stock $ 0.62 $ 0.26 $ 0.59 $ 0.66
Unrestricted Common Stock $ 0.66 $ 0.27 $ 0.56 $ 0.59
Basic Net Income Per Share:
Restricted Common Stock $ 0.62 $ 0.16 $ 0.61 $ 0.48
Unrestricted Common Stock $ 0.67 $ 0.18 $ 0.58 $ 0.41
Diluted Income Per Share from
Continuing Operations:
Restricted Common Stock $ 0.62 $ 0.26 $ 0.59 $ 0.66
Unrestricted Common Stock $ 0.66 $ 0.27 $ 0.56 $ 0.59
Diluted Net Income Per Share:
Restricted Common Stock $ 0.62 $ 0.16 $ 0.61 $ 0.48
Unrestricted Common Stock $ 0.67 $ 0.17 $ 0.58 $ 0.41
Dividends Paid Per Share $ 0.20 $ 0.47 $ 0.67 $ 0.94
Business segment revenues for the three and six months ended June 30,
2009 and 2008 are as follows:
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
(Dollars in Millions) 2009 2008 2009 2008
Revenues:
Segment Revenues:
Kemper:
Earned Premiums $ 235.3 $ 229.4 $ 466.2 $ 459.0
Net Investment Income 12.5 10.9 14.8 15.7
Other Income 0.1 0.1 0.2 0.2
Total Kemper 247.9 240.4 481.2 474.9
Unitrin Specialty:
Earned Premiums 134.7 122.4 267.3 237.2
Net Investment Income 6.3 4.8 7.4 7.0
Other Income 0.1 0.1 0.1 0.1
Total Unitrin Specialty 141.1 127.3 274.8 244.3
Unitrin Direct:
Earned Premiums 94.0 73.8 176.6 145.9
Net Investment Income 5.6 2.6 6.4 3.7
Other Income 0.1 0.1 0.1 0.2
Total Unitrin Direct 99.7 76.5 183.1 149.8
Life and Health Insurance:
Earned Premiums 162.3 170.7 328.7 330.1
Net Investment Income 65.3 57.4 106.5 90.0
Other Income 0.2 0.5 0.5 0.7
Total Life and Health Insurance 227.8 228.6 435.7 420.8
Fireside Bank:
Interest, Loan Fees and Earned 46.4 60.9 98.2 122.7
Discounts
Other Automobile Finance 1.0 1.2 2.1 2.8
Revenues
Automobile Finance Revenues 47.4 62.1 100.3 125.5
Net Investment Income 0.8 1.0 1.7 2.8
Total Fireside Bank 48.2 63.1 102.0 128.3
Total Segment Revenues 764.7 735.9 1,476.8 1,418.1
Unallocated Dividend Income 0.4 3.5 0.7 6.8
Net Realized Gains on Sales of 4.4 23.3 5.2 38.0
Investments
Net Impairment Losses Recognized (9.7 ) (18.3 ) (34.7 ) (26.8 )
in Earnings
Other 3.5 1.3 3.9 1.5
Total Revenues $ 763.3 $ 745.7 $ 1,451.9 $ 1,437.6
Business segment operating profit (loss) for the three and six months
ended June 30, 2009 and 2008 is as follows:
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
(Dollars in Millions) 2009 2008 2009 2008
Segment Operating Profit (Loss):
Kemper $ 21.7 $ 2.3 $ 34.7 $ 11.0
Unitrin Specialty 10.8 7.2 10.8 10.2
Unitrin Direct (10.5 ) (12.8 ) (19.0 ) (22.7 )
Life and Health Insurance 47.7 37.3 71.1 61.7
Fireside Bank 0.3 (21.5 ) (4.9 ) (25.9 )
Total Segment Operating Profit 70.0 12.5 92.7 34.3
Unallocated Dividend Income 0.4 3.5 0.7 6.8
Net Realized Gains on Sales of 4.4 23.3 5.2 38.0
Investments
Net Impairment Losses Recognized in (9.7 ) (18.3 ) (34.7 ) (26.8 )
Earnings
Other Expense, Net (5.6 ) (5.9 ) (12.3 ) (14.6 )
Income from Continuing Operations
before Income
Taxes and Equity in Net Income $ 59.5 $ 15.1 $ 51.6 $ 37.7
(Loss) of Investee
Business segment net income (loss) for the three and six months ended
June 30, 2009 and 2008 is as follows:
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
(Dollars in Millions) 2009 2008 2009 2008
Segment Net Income (Loss):
Kemper $ 16.1 $ 3.7 $ 26.5 $ 11.5
Unitrin Specialty 8.0 5.7 9.0 8.6
Unitrin Direct (6.1 ) (7.8 ) (11.0 ) (13.7 )
Life and Health Insurance 31.0 24.2 46.0 39.2
Fireside Bank 0.2 (12.6 ) (9.7 ) (15.2 )
Total Segment Net Income 49.2 13.2 60.8 30.4
Net Income (Loss) From:
Unallocated Dividend Income 0.3 3.0 0.6 5.9
Net Realized Gains on Sales of 2.9 15.2 3.4 24.7
Investments
Net Impairment Losses Recognized in (6.4 ) (11.9 ) (22.6 ) (17.4 )
Earnings
Other Expense, Net (3.3 ) (3.6 ) (7.0 ) (9.2 )
Income from Continuing Operations
Before
Equity in Net Income (Loss) of 42.7 15.9 35.2 34.4
Investee
Equity in Net Income (Loss) of (1.3 ) 1.1 (0.1 ) 3.3
Investee
Income from Continuing Operations $ 41.4 $ 17.0 $ 35.1 $ 37.7
The components of Net Realized Gains on Sales of Investments for the
three and six months ended June 30, 2009 and 2008 are as follows:
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
(Dollars in Millions) 2009 2008 2009 2008
Fixed Maturities:
Gains on Dispositions $ 3.0 $ 4.0 $ 3.4 $ 4.5
Losses on Dispositions (0.1 ) (1.1 ) (0.1 ) (1.2 )
Equity Securities:
Gains on Dispositions 1.0 23.3 1.5 39.4
Losses on Dispositions - (4.3 ) - (5.6 )
Real Estate
Gains on Dispositions - 1.5 - 1.5
Other Investments:
Losses on Dispositions - - - (0.2 )
Net Trading Securities Gains (Losses) 0.5 (0.1 ) 0.4 (0.4 )
Net Realized Gains on Sales of $ 4.4 $ 23.3 $ 5.2 $ 38.0
Investments
The components of Net Impairment Losses Recognized in Earnings for the
three and six months ended June 30, 2009 and 2008 were:
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
(Dollars in Millions) 2009 2008 2009 2008
Fixed Maturities $ (5.1 ) $ (1.1 ) $ (26.7 ) $ (1.7 )
Equity Securities (4.6 ) (17.2 ) (8.0 ) (25.1 )
Net Impairment Losses Recognized in $ (9.7 ) $ (18.3 ) $ (34.7 ) $ (26.8 )
Earnings
Unitrin, Inc. and Subsidiaries
Consolidated Balance Sheets
(Dollars in millions, except per share amounts)
June 30, Dec. 31,
2009 2008
(Unaudited)
Assets:
Investments:
Fixed Maturities at Fair Value (Amortized
Cost: 2009 - $4,229.4; 2008 - $4,174.4) $ 4,247.8 $ 4,135.9
Equity Securities at Fair Value
(Cost: 2009 - $237.2; 2008 - $255.4) 227.6 221.8
Investee (Intermec) at Cost Plus Cumulative
Undistributed Earnings
(Fair Value: 2009 - $163.3; 2008 - $168.1) 92.5 102.2
Short-term Investments at Cost which Approximates Fair 563.6 548.6
Value
Other 729.0 714.9
Total Investments 5,860.5 5,723.4
Cash 97.2 184.2
Automobile Loan Receivables at Cost (Fair
Value: 2009 - $898.1; 2008 - $1,099.6) 887.1 1,078.6
Other Receivables 670.5 686.5
Deferred Policy Acquisition Costs 524.4 489.2
Goodwill 331.8 334.6
Current and Deferred Income Taxes 225.2 201.4
Other Assets 128.2 120.9
Total Assets $ 8,724.9 $ 8,818.8
Liabilities and Shareholders' Equity:
Insurance Reserves:
Life and Health $ 3,005.1 $ 2,972.6
Property and Casualty 1,299.2 1,268.7
Total Insurance Reserves 4,304.3 4,241.3
Certificates of Deposits at Cost
(Fair Value: 2009 - $952.1; 2008 - $1,148.7) 909.5 1,110.8
Unearned Premiums 764.8 733.5
Liabilities for Income Taxes 15.4 68.2
Notes Payable at Amortized Cost (Fair Value: 2009 - 561.1 560.8
$441.0; 2008 - $433.9)
Accrued Expenses and Other Liabilities 476.2 455.6
Total Liabilities 7,031.3 7,170.2
Shareholders' Equity:
Common Stock, $0.10 par value, 100 Million Shares
Authorized;
62,392,453 Shares Issued and Outstanding at June 30,
2009 and
62,314,503 Shares Issued and Outstanding at December 6.2 6.2
31, 2008
Paid-in Capital 766.6 764.7
Retained Earnings 983.2 985.8
Accumulated Other Comprehensive Loss (62.4 ) (108.1 )
Total Shareholders' Equity 1,693.6 1,648.6
Total Liabilities and Shareholders' Equity $ 8,724.9 $ 8,818.8
This press release may contain or incorporate by reference information
that includes or is based on forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Forward-looking statements give
expectations or forecasts of future events. The reader can identify
these statements by the fact that they do not relate strictly to
historical or current facts. They use words such as "believe(s),"
"goal(s)," "target(s)," "estimate(s)," "anticipate(s)," "forecast(s),"
"project(s)," "plan(s)," "intend(s)," "expect(s)," "might," "may" and
other words and terms of similar meaning in connection with a discussion
of future operating or financial performance. Forward-looking
statements, in particular, include statements relating to future
actions, prospective services or products, future performance or results
of current and anticipated services or products, sales efforts,
expenses, the outcome of contingencies such as legal proceedings, trends
in operations and financial results.
Any or all forward-looking statements may turn out to be wrong, and,
accordingly, readers are cautioned not to place undue reliance on such
statements, which speak only as of the date of this press release.
Forward-looking statements can be affected by inaccurate assumptions or
by known or unknown risks and uncertainties. Many such factors will be
important in determining the Company's actual future results. These
statements are based on current expectations and the current economic
environment. They involve a number of risks and uncertainties that are
difficult to predict. These statements are not guarantees of future
performance; actual results could differ materially from those expressed
or implied in the forward-looking statements.
Among the general factors that could cause actual results to differ
materially from estimated results are:
-- Changes in general economic conditions, including performance of
financial markets, interest rates, unemployment rates and fluctuating
values of particular investments held by the Company;
-- Heightened competition, including, with respect to pricing, entry of
new competitors and the development of new products by new and existing
competitors;
-- The number and severity of insurance claims (including those
associated with catastrophe losses) and their impact on the adequacy of
loss reserves;
-- The impact of inflation on insurance claims, including, but not
limited to, the effects attributed to scarcity of resources available to
rebuild damaged structures, including labor and materials and the amount
of salvage value recovered for damaged property;
-- Orders, interpretations or other actions by regulators that impact the
reporting, adjustment and payment of claims;
-- Changes in the pricing or availability of reinsurance;
-- Changes in the financial condition of reinsurers and amounts
recoverable therefrom;
-- Changes in industry trends and significant industry developments;
-- Regulatory approval of insurance rates, policy forms, license
applications and similar matters;
-- Developments related to insurance policy claims and coverage issues
including, but not limited to, interpretations or decisions by courts or
regulators that may govern or influence insurance policy coverage issues
arising with respect to losses incurred in connection with hurricanes
and other catastrophes;
-- Governmental actions, including, but not limited to, national health
care reform, new laws or regulations or court decisions interpreting
existing laws and regulations or policy provisions;
-- Adverse outcomes in litigation or other legal or regulatory
proceedings involving Unitrin or its subsidiaries or affiliates;
-- Regulatory, accounting or tax changes that may affect the cost of, or
demand for, the Company's products or services;
-- The impact of residual market assessments and assessments for
insurance industry insolvencies;
-- Changes in distribution channels, methods or costs resulting from
changes in laws or regulations, lawsuits or market forces;
-- Changes in ratings by credit rating agencies, including A.M. Best Co.,
Inc.;
-- Changes in laws or regulations governing or affecting the regulatory
status of industrial banks, such as Fireside Bank, and their parent
companies, including minimum capital requirements and restrictions on
the non-financial activities and equity investments of companies that
acquire control of industrial banks;
-- Changes in the estimated rates of automobile loan receivables net
charge-off used to estimate Fireside Bank's reserve for loan losses,
including, but not limited to, the impact of changes in the value of
collateral held;
-- The degree of success in effecting an orderly wind-down of the
operations of Fireside Bank and the recovery of Unitrin's investment in
Fireside Bank;
-- The degree of success and costs expended in realizing economies of
scale and implementing significant business consolidations and
technology initiatives;
-- Increased costs and risks related to data security;
-- Absolute and relative performance of the Company's products or
services; and
-- Other risks and uncertainties described from time to time in the
Company's filings with the Securities and Exchange Commission ("SEC").
No assurances can be given that the results contemplated in any
forward-looking statements will be achieved or will be achieved in any
particular timetable. The Company assumes no obligation to publicly
correct or update any forward-looking statements as a result of events
or developments subsequent to the date of this press release. The reader
is advised, however, to consult any further disclosures the Company
makes on related subjects in filings made with the SEC.
Unitrin is a financial services company focused on creating shareholder
value by providing through its subsidiaries a diverse array of insurance
products and services for individuals, families and small businesses.
Among the brands in Unitrin'sProperty and Casualty Insurance businesses
are Kemper and Unitrin Specialty, which sell personal and commercial
insurance through networks of independent agents, and Unitrin Direct,
which sells automobile and homeowners insurance directly to consumers or
through employer-sponsored voluntary benefit programs. Unitrin'sLife
and Health Insurance businesses bring a high-level of personalized
service to their customers. Additional information about Unitrin is
available by visiting its website (www.unitrin.com).
Source: Unitrin, Inc.
Contact: Unitrin, Inc.
Frank J. Sodaro at (312) 661-4930
or via e-mail at investor.relations@unitrin.com