CHICAGO--(BUSINESS WIRE)--
Unitrin, Inc. (NYSE: UTR) reported today net income of $66.3 million
($1.06 per unrestricted common share) for the fourth quarter of 2009,
compared to a net loss of $10.6 million ($0.17 per unrestricted common
share) for the fourth quarter of 2008, an improvement of $76.9 million.
Net income from continuing operations was $66.1 million ($1.06 per
unrestricted common share) for the fourth quarter of 2009, compared to a
net loss from continuing operations of $26.1 million ($0.42 per
unrestricted common share) for the fourth quarter of 2008.
Highlights
-- Third consecutive quarter of strong and increasing operating and
bottom-line results.
-- Fourth quarter 2009 net income of $66.3 million.
-- Book value per share increases to $30.75 as debt-to-total capitalization
ratio declines to 22.6%.
-- Fourth quarter 2009 segment operating profit of $92.8 million, compared
to $21.2 million for the fourth quarter of 2008.
-- Fireside Bank reports small profit for the quarter; exit plan on target
and Tier 1 capital ratio increases to 21.3%.
-- Unitrin Direct reports second consecutive profitable quarter.
Don Southwell, Unitrin's Chairman, President and Chief Executive
Officer, commented, "We are very pleased with our strong fourth quarter
operating and bottom line results and with the continued 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 very well. Unitrin Direct reported positive
segment operating profit for the second quarter in a row. While we plan
to increase marketing spending slightly at Unitrin Direct in 2010,
earned premiums will decline due to the rate and underwriting actions we
have taken, but the Unitrin Direct bottom line should produce a positive
full-year result. Our Life and Health Insurance, Kemper and Unitrin
Specialty segments all continue to report strong operating results."
Total Revenues
Total revenues were $730.9 million for the fourth quarter of 2009,
compared to $624.7 million for the fourth quarter of 2008. Total
revenues increased due primarily to higher net investment income, lower
net impairment losses recognized in earnings, and higher net realized
gains on sales of investments, partially offset by lower automobile
finance revenues and lower earned premiums.
Earned premiums were $600.5 million and $604.9 million for the fourth
quarters of 2009 and 2008, respectively, a decrease of $4.4 million.
Earned premiums decreased in the Life and Health Insurance, Kemper and
Unitrin Specialty segments, partially offset by an increase in earned
premiums in the Unitrin Direct segment. Automobile finance revenues
decreased by $20.6 million for the fourth quarter of 2009, compared to
the same period in 2008, as Fireside Bank continued its plan to exit the
automobile finance business.
Net investment income increased by $66.1 million for the quarter ended
December 31, 2009, compared to the same period in 2008, due primarily to
higher investment income from investments in equity method limited
liability investments. Net investment income from equity method limited
liability investments increased due primarily to higher investment
returns.
Net realized gains on sales of investments were $7.0 million for the
fourth quarter of 2009, compared to net realized losses on sales of
investments of $6.3 million for the same period in 2008. (See the "Net
Realized Gains (Losses) on Sales of Investments" table below for
additional information.) The Company cannot anticipate when or if
similar net realized gains or losses on sales of investments may occur
in the future.
Net impairment losses recognized in earnings were $1.2 million for the
fourth quarter of 2009, compared to $54.0 million for the same period in
2008. (See the "Net Impairment Losses Recognized in Earnings" table
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.
The increase in net investment income in each of the operating segments
described below is largely attributable to net investment losses from
investments in Equity Method Limited Liability Investments in the fourth
quarter of 2008 compared to gains from those same investments in the
fourth quarter of 2009.
Kemper
Earned premiums in the Kemper segment decreased by $5.6 million for the
fourth quarter of 2009, compared to the same period in 2008, due
primarily to lower volume in automobile insurance. Operating profit in
the Kemper segment increased by $4.9 million for the fourth quarter of
2009, compared to the same period in 2008, due primarily to $16.7
million of higher investment income and $7.1 million of lower insurance
expenses, partially offset by $13.3 million of higher incurred losses
and loss adjustment expenses ("LAE"). Kemper's incurred losses and LAE
increased due primarily to higher catastrophe and storm losses and a
lower level of favorable reserve development.
Unitrin Specialty
Earned premiums in the Unitrin Specialty segment decreased by $2.6
million for the fourth quarter of 2009, compared to the same period in
2008, due primarily to lower volume of commercial automobile insurance,
partially offset by higher volume of personal automobile insurance.
Operating profit in the Unitrin Specialty segment increased by $13.5
million for the fourth quarter of 2009, compared to the same period in
2008, due primarily to higher net investment income and lower losses and
LAE as a percentage of earned premiums. Losses and LAE as a percentage
of earned premiums decreased due primarily to lower frequency and, to a
lesser extent, lower severity of losses on commercial automobile
insurance, and lower frequency of losses on personal automobile
insurance.
Unitrin Direct
Earned premiums in the Unitrin Direct segment increased by $10.0 million
for the fourth 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
operating profit of $5.8 million for the fourth quarter of 2009,
compared to an operating loss of $15.9 million for the same period of
2008. Operating results for the Unitrin Direct segment improved by $21.7
million due primarily to lower incurred losses and LAE as a percentage
of earned premiums, higher net investment income, lower marketing
expenses and an operating profit of $4.4 million related to the Direct
Response acquisition.
Life and Health Insurance
Earned premiums in the Life and Health Insurance segment decreased by
$6.2 million for the fourth quarter of 2009, compared to the same period
in 2008, due primarily to lower volume, partially offset by higher
average premium rates and lower cost of catastrophe reinsurance coverage.
Operating profit in the Life and Health Insurance segment increased by
$30.3 million for the fourth quarter of 2009, compared to the same
period in 2008, due primarily to higher net investment income.
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.
The exit plan thus far has favorably exceeded the Company's
expectations. Management is confident that the Company will recover,
over the next several years, the approximately $230 million of capital
invested in Fireside Bank. Since the Company announced the plan to exit
the automobile finance business at the end of the first quarter, the
Tier One Capital ratio at Fireside Bank has increased to a solid 21.3%
at the end of 2009. Loan receivables have declined steadily from $1,125
million, down to $744 million at the end of 2009. The reserve for loan
losses remains strong at 11.2% of loans outstanding. Cash and U.S.
Treasury and Agency investments now represent 31.4% of certificates of
deposits outstanding. For 2010, the Company expects that the amount of
automobile loan receivables and certificates of deposits outstanding
will decline substantially, and Fireside Bank will report approximately
break-even bottom line results.
Automobile finance revenues decreased by $20.6 million for the fourth
quarter of 2009, compared to the same period in 2008, due to the lower
levels of loans outstanding as a result of the exit plan. Fireside Bank
reported operating profit of $3.1 million for the fourth quarter of
2009, compared to $1.9 million for the same period in 2008.
Consolidated results for the three months and years ended December 31,
2009 and 2008 are as follows:
Three Months Ended Year Ended
(Dollars and Shares in Dec. 31, Dec. 31, Dec. 31, Dec. 31,
Millions,
Except Per Share Amounts) 2009 2008 2009 2008
Revenues:
Earned Premiums $ 600.5 $ 604.9 $ 2,455.5 $ 2,376.6
Automobile Finance Revenues 36.1 56.7 178.5 242.3
Net Investment Income 88.0 21.9 322.7 212.9
Other Income 0.5 1.5 2.5 4.1
Net Realized Gains (Losses) on 7.0 (6.3 ) 24.6 59.2
Sales of Investments
Other-than-temporary
Impairment Losses:
Total Other-than-temporary (0.7 ) (54.0 ) (50.6 ) (152.9 )
Impairment Losses
Portion of Losses Recognized (0.5 ) - 0.2 -
in Other Comprehensive Income
Net Impairment Losses (1.2 ) (54.0 ) (50.4 ) (152.9 )
Recognized in Earnings
Total Revenues 730.9 624.7 2,933.4 2,742.2
Expenses:
Policyholders' Benefits and
Incurred
Losses and Loss Adjustment 411.2 412.0 1,739.5 1,765.2
Expenses
Insurance Expenses 177.5 190.6 721.2 736.5
Automobile Finance Expenses 24.6 32.8 136.2 204.1
Interest Expense on 8.9 13.8 43.5 58.7
Certificates of Deposits
Goodwill - 9.2 1.5 9.2
Interest and Other Expenses 14.4 12.2 61.9 58.5
Total Expenses 636.6 670.6 2,703.8 2,832.2
Income (Loss) from Continuing
Operations before
Income Taxes and Equity in Net 94.3 (45.9 ) 229.6 (90.0 )
Income (Loss) of Investee
Income Tax Benefit (Expense) (28.3 ) 18.3 (66.4 ) 46.2
Income (Loss) from Continuing
Operations before
Equity in Net Income (Loss) of 66.0 (27.6 ) 163.2 (43.8 )
Investee
Equity in Net Income (Loss) of 0.1 1.5 (1.0 ) 5.8
Investee
Income (Loss) from Continuing 66.1 (26.1 ) 162.2 (38.0 )
Operations
Discontinued Operations:
Income from Discontinued
Operations before Income Taxes 0.3 23.3 4.0 18.2
Income Tax Expense (0.1 ) (7.8 ) (1.5 ) (9.8 )
Income from Discontinued 0.2 15.5 2.5 8.4
Operations
Net Income (Loss) $ 66.3 $ (10.6 ) $ 164.7 $ (29.6 )
Income (Loss) from Continuing
Operations Per Unrestricted
Share:
Basic $ 1.06 $ (0.42 ) $ 2.60 $ (0.60 )
Diluted $ 1.06 $ (0.42 ) $ 2.60 $ (0.60 )
Net Income (Loss) Per
Unrestricted Share:
Basic $ 1.06 $ (0.17 ) $ 2.64 $ (0.47 )
Diluted $ 1.06 $ (0.17 ) $ 2.64 $ (0.47 )
Dividends Paid to Shareholders $ 0.20 $ 0.47 $ 1.07 $ 1.88
(per share)
Business segment revenues for the three months and years ended December
31, 2009 and 2008 are as follows:
Three Months Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(Dollars in Millions) 2009 2008 2009 2008
Revenues:
Segment Revenues:
Kemper:
Earned Premiums $ 230.9 $ 236.5 $ 931.8 $ 930.7
Net Investment Income 13.4 (3.3 ) 42.1 19.1
(Loss)
Other Income 0.1 0.1 0.4 0.5
Total Kemper 244.4 233.3 974.3 950.3
Unitrin Specialty:
Earned Premiums 128.6 131.2 527.5 494.0
Net Investment Income 6.6 (1.5 ) 20.8 8.6
(Loss)
Other Income 0.2 0.1 0.4 0.2
Total Unitrin Specialty 135.4 129.8 548.7 502.8
Unitrin Direct:
Earned Premiums 80.9 70.9 345.6 290.5
Net Investment Income 5.9 (0.8 ) 18.5 4.6
(Loss)
Other Income 0.2 0.1 0.9 0.4
Total Unitrin Direct 87.0 70.2 365.0 295.5
Life and Health
Insurance:
Earned Premiums 160.1 166.3 650.6 661.4
Net Investment Income 57.9 27.0 225.3 162.1
Other Income - 0.2 0.7 1.1
Total Life and Health 218.0 193.5 876.6 824.6
Insurance
Fireside Bank:
Interest, Loan Fees and 35.6 55.7 175.0 237.4
Earned Discounts
Other Automobile Finance 0.5 1.0 3.5 4.9
Revenues
Automobile Finance 36.1 56.7 178.5 242.3
Revenues
Net Investment Income 0.5 1.0 2.8 4.5
Total Fireside Bank 36.6 57.7 181.3 246.8
Total Segment Revenues 721.4 684.5 2,945.9 2,820.0
Unallocated Dividend 0.2 0.7 1.3 10.8
Income
Net Realized Gains (Losses) on 7.0 (6.3 ) 24.6 59.2
Sales of Investments
Net Impairment Losses (1.2 ) (54.0 ) (50.4 ) (152.9 )
Recognized in Earnings
Other 3.5 (0.2 ) 12.0 5.1
Total Revenues $ 730.9 $ 624.7 $ 2,933.4 $ 2,742.2
Business segment operating profit (loss) for the three months and years
ended December 31, 2009 and 2008 is as follows:
Three Months Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(Dollars in Millions) 2009 2008 2009 2008
Segment Operating Profit (Loss):
Kemper $ 25.1 $ 20.2 $ 86.2 $ 7.6
Unitrin Specialty 9.2 (4.3 ) 30.5 10.2
Unitrin Direct 5.8 (15.9 ) (12.6 ) (52.5 )
Life and Health Insurance 49.6 19.3 168.5 79.3
Fireside Bank 3.1 1.9 1.6 (25.3 )
Total Segment Operating Profit 92.8 21.2 274.2 19.3
Unallocated Dividend Income 0.2 0.7 1.3 10.8
Net Realized Gains (Losses) on 7.0 (6.3 ) 24.6 59.2
Sales of Investments
Net Impairment Losses Recognized (1.2 ) (54.0 ) (50.4 ) (152.9 )
in Earnings
Other Expense, Net (4.5 ) (7.5 ) (20.1 ) (26.4 )
Income (Loss) from Continuing
Operations before Income
Taxes and Equity in Net Income $ 94.3 $ (45.9 ) $ 229.6 $ (90.0 )
(Loss) of Investee
Business segment net income (loss) for the three months and years ended
December 31, 2009 and 2008 is as follows:
Three Months Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(Dollars in Millions) 2009 2008 2009 2008
Segment Net Income (Loss):
Kemper $ 18.0 $ 15.2 $ 63.7 $ 13.4
Unitrin Specialty 6.7 (2.2 ) 23.5 10.1
Unitrin Direct 4.4 (9.8 ) (5.3 ) (32.0 )
Life and Health Insurance 34.4 13.7 112.1 51.8
Fireside Bank 2.0 (1.8 ) (5.3 ) (22.3 )
Total Segment Net Income 65.5 15.1 188.7 21.0
Net Income (Loss) From:
Unallocated Dividend Income 0.1 0.7 1.1 9.5
Net Realized Gains (Losses) on 4.5 (4.6 ) 16.0 38.0
Sales of Investments
Net Impairment Losses Recognized in (0.8 ) (34.7 ) (32.8 ) (99.0 )
Earnings
Other Expense, Net (3.3 ) (4.1 ) (9.8 ) (13.3 )
Income (Loss) from Continuing
Operations Before
Equity in Net Income (Loss) of 66.0 (27.6 ) 163.2 (43.8 )
Investee
Equity in Net Income (Loss) of 0.1 1.5 (1.0 ) 5.8
Investee
Income (Loss) from Continuing $ 66.1 $ (26.1 ) $ 162.2 $ (38.0 )
Operations
The components of Net Realized Gains (Losses) on Sales of Investments
for the three months and years ended December 31, 2009 and 2008 are as
follows:
Three Months Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(Dollars in Millions) 2009 2008 2009 2008
Fixed Maturities:
Gains on Sales $ 5.5 $ 0.2 $ 12.8 $ 4.8
Losses on Sales (2.4 ) (1.6 ) (2.7 ) (6.8 )
Equity Securities:
Gains on Sales 3.8 44.7 13.6 121.0
Losses on Sales - (48.8 ) - (59.2 )
Real Estate:
Gains on Sales - - - 1.5
Other Investments:
Gains on Sales - 0.1 - 0.1
Losses on Sales - (0.1 ) (0.1 ) (0.2 )
Trading Securities Net Gains 0.1 (0.8 ) 1.0 (2.0 )
(Losses)
Net Realized Gains (Losses) on Sales $ 7.0 $ (6.3 ) $ 24.6 $ 59.2
of Investments
The components of Net Impairment Losses Recognized in Earnings for the
three months and years ended December 31, 2009 and 2008 are as follows:
Three Months Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(Dollars in Millions) 2009 2008 2009 2008
Fixed Maturities $ (0.4 ) $ (42.7 ) $ (41.6 ) $ (65.9 )
Equity Securities (0.8 ) (7.6 ) (8.8 ) (83.3 )
Other Investments - (3.7 ) - (3.7 )
Net Impairment Losses Recognized $ (1.2 ) $ (54.0 ) $ (50.4 ) $ (152.9 )
in Earnings
Unitrin, Inc. and Subsidiaries
Consolidated Balance Sheets
(Dollars in millions, except per share amounts)
Dec. 31, Dec. 31,
2009 2008
Assets:
Investments:
Fixed Maturities at Fair Value (Amortized
Cost: 2009 - $4,413.2; 2008 - $4,174.4) $ 4,561.4 $ 4,135.9
Equity Securities at Fair Value
(Cost: 2009 - $184.4; 2008 - $255.4) 195.4 221.8
Investee (Intermec) at Cost Plus Cumulative
Undistributed Earnings
(Fair Value: 2009 - $162.8; 2008 - $168.1) 98.4 102.2
Short-term Investments at Cost which Approximates Fair 397.0 548.6
Value
Other 771.6 714.9
Total Investments 6,023.8 5,723.4
Cash 143.7 184.2
Automobile Loan Receivables (Fair
Value: 2009 - $666.2; 2008 - $1,099.6) 660.8 1,078.6
Other Receivables 642.0 686.5
Deferred Policy Acquisition Costs 521.1 489.2
Goodwill 331.8 334.6
Current and Deferred Income Taxes 107.6 201.4
Other Assets 142.7 120.9
Total Assets $ 8,573.5 $ 8,818.8
Liabilities and Shareholders' Equity:
Insurance Reserves:
Life and Health $ 3,028.0 $ 2,972.6
Property and Casualty 1,211.3 1,268.7
Total Insurance Reserves 4,239.3 4,241.3
Certificates of Deposits at Cost
(Fair Value: 2009 - $717.9; 2008 - $1,148.7) 682.4 1,110.8
Unearned Premiums 724.9 733.5
Liabilities for Income Taxes 11.7 68.2
Notes Payable at Amortized Cost (Fair Value: 2009 - 561.4 560.8
$534.2; 2008 - $433.9)
Accrued Expenses and Other Liabilities 436.2 455.6
Total Liabilities 6,655.9 7,170.2
Shareholders' Equity:
Common Stock, $0.10 par value, 100 Million Shares
Authorized;
62,357,016 Shares Issued and Outstanding at December
31, 2009 and
62,314,503 Shares Issued and Outstanding at December 6.2 6.2
31, 2008
Paid-in Capital 765.9 764.7
Retained Earnings 1,086.7 985.8
Accumulated Other Comprehensive Income (Loss) 58.8 (108.1 )
Total Shareholders' Equity 1,917.6 1,648.6
Total Liabilities and Shareholders' Equity $ 8,573.5 $ 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 financial performance or financial condition.
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 and financial
condition to differ materially from estimated results and financial
condition are:
-- The incidence, frequency, and severity of catastrophes occurring in
any particular reporting period or geographic concentration, including
natural disasters, pandemics and terrorist attacks or other man-made
events;
-- The number and severity of insurance claims (including those
associated with catastrophe losses) and their impact on the adequacy of
loss reserves;
-- Changes in facts and circumstances affecting assumptions used in
determining loss and LAE 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;
-- Changes in the pricing or availability of reinsurance, or in the
financial condition of reinsurers and amounts recoverable therefrom;
-- Orders, interpretations or other actions by regulators that impact the
reporting, adjustment and payment of claims;
-- The impact of residual market assessments and assessments for
insurance industry insolvencies;
-- Changes in industry trends and significant industry developments;
-- Uncertainties related to 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;
-- Changes in ratings by credit rating agencies including A.M. Best Co.,
Inc. ("A.M. Best");
-- 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;
-- Governmental actions, including, but not limited to, American health
care reform, financial services regulatory reform, new laws or
regulations or court decisions interpreting existing laws and
regulations or policy provisions;
-- Changes in distribution channels, methods or costs resulting from
changes in laws or regulations, lawsuits or market forces;
-- 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, changes in general economic conditions,
unemployment rates and 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;
-- Changes in general economic conditions, including performance of
financial markets, interest rates, unemployment rates and fluctuating
values of particular investments held by the Company;
-- The level of success and costs expended in realizing economies of
scale and implementing significant business consolidations and
technology initiatives;
-- Heightened competition, including, with respect to pricing, entry of
new competitors and the development of new products by new and existing
competitors;
-- 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 Unitrin's
filings with the U.S. 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 diversified insurance holding company, with subsidiaries
that provide life, health, auto, homeowners and other insurance products
for individuals and small businesses.
Unitrin's principal businesses are:
-- Kemper, which provides auto, homeowners and other insurance products to
individuals through a network of independent agents,
-- Unitrin Direct, which markets auto and homeowners insurance to consumers
via direct mail, the Internet and employer-sponsored employee benefit
programs and other affinity relationships,
-- Unitrin Specialty, which provides auto insurance through a network of
independent agents and brokers to individuals and small businesses which
have had difficulty procuring insurance through traditional channels,
usually due to adverse driving records or claim or credit histories, and
-- Unitrin's Career Agency Companies, which specialize in the sale of life
insurance products to persons of modest incomes through a network of
employee agents.
Additional information about Unitrin, including a copy of its Annual
Report on Form 10-K for the year ended December 31, 2009, is available
by visiting its website (www.unitrin.com).
Unitrin plans to issue a news release discussing its first quarter
results and file its quarterly report on Form 10-Q after the market
closes on Monday, May 3, 2010.
Source: Unitrin, Inc.
Contact: Unitrin, Inc.
Frank J. Sodaro, (312) 661-4930
investor.relations@unitrin.com