protective life insurance company · protective life insurance company overview ... 2015. all...

Protective Life Insurance Company

Company Overview

November 2015

Notice

This Presentation has been prepared from information supplied by PLICO and from third-party sources indicated herein. Such third-party information has notbeen independently verified and PLICO makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such information.

The summary descriptions and other information included in this Presentation are intended only for informational purposes and convenient reference. Theinformation contained in this Presentation is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investmentrecommendations.

This Presentation contains forward-looking statements. Forward-looking statements are necessarily based on estimates and assumptions that are inherentlysubject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond PLICO’s control and many of which aresubject to change. Such statements include statements regarding the belief or current expectations of the management of PLICO concerning its future financialcondition and results of operations, including its expected operating and non-operating relationships, ability to meet debt service obligations and financing plans,product sales, distribution channels, retention of business, investment yields and spreads, investment portfolio and ability to manage asset-liability cash flows.This Presentation also contains statements of strategic and financial targets (“targets”) of The Dai-ichi Life Insurance Company, Limited (“Dai-ichi Life”). Suchtargets are for internal strategic purposes only and are not estimates or projections of the future financial condition or results of operations of Dai-ichi Life, PLICOor their affiliates. Such targets are subject to change and are not necessarily indicative of how Dai-ichi Life may conduct its business. Any such forward-lookingstatements or targets are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in theforward-looking statements and targets as a result of various factors. Any forward-looking statements reflect PLICO’s views and assumptions as of the date ofthis Presentation and PLICO disclaims any obligation to update forward-looking information.

The preparation of PLICO financial statements requires management to make estimates and assumptions that impact the reported amount of assets andliabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during thereporting periods. Financial information provided through this Presentation is prepared in accordance with Generally Accepted Accounting Principles (“GAAP”)unless otherwise specified or noted.

Additional information regarding PLICO is available at www.protective.com.

1

Highlights

Solid competitor in the industry

– Founded in 1907

– $764.3 billion of life insurance in force(1)

– $45.2 billion of invested assets(2)

– $5.4 billion in GAAP equity(2)

PLICO at a glance:

– Track record of strong financial performance

– Healthy retail life insurance and annuity franchise

– Strong historical track record of acquiring, integrating and servicing lifeinsurance and annuity blocks from other insurance companies

– Experienced and talented management team

– High-quality investment portfolio

– Strong corporate parent in The Dai-ichi Life Insurance Company,Limited (“Dai-ichi Life”)

2

(1) As of December 31, 2014.(2) As of September 30, 2015; invested assets total excludes separate account assets.

Source: PLICO filings

Section 1

Company Overview

LifeMarketing

17%

Acquisitions38%

Annuities30%

Stable ValueProducts

11%

AssetProtection

4%

• Other investmentincome/expenses

• Earnings fromrun-off lines

Protective Life Insurance Company OverviewDiversified Business Operations

4

• GIC

• GFA – DirectInstitutional

Segments

Life Marketing Acquisitions AnnuitiesStable Value

Products

• Traditional

• Universal Life

• Annuities

• Traditional

• Universal Life

• BOLI

• Fixed Annuities

• VariableAnnuities

AssetProtection

• Credit Insurance

• Service Contracts

• GAP

Products

Total 2014 Revenues$4.5 billion

Total 2014 PTOI(1)

$575.5 million

Our Business Mix is an Advantage (Revenues and Pre-Tax Operating Income)

LifeMarketing

32%

Acquisitions38%

Annuities18%

Stable ValueProducts

3%

AssetProtection

7%

Corporate &Other2%

Corporate &Other

(1) Corporate & Other segment‘s pre-tax operating income was ($99.0) million for FY 2014. Excluding the Corporate & Other segment, pre-taxoperating income was $674.5 million for FY 2014.

Experienced and Stable Management Team

5

Years of Experience

Name Position(s) Insurance Industry PLICO

John D. JohnsChairman of the Board, President, Chief ExecutiveOfficer and Director

22 22

Richard J. BielenVice Chairman, Chief Financial Officer andDirector

24 24

Deborah J. LongExecutive Vice President, Secretary and GeneralCounsel

23 23

Michael G. Temple Executive Vice President and Chief Risk Officer 30 3

Carl S. Thigpen Executive Vice President, Chief Investment Officer 31 31

Lance P. Black Senior Vice President and Treasurer 12 12

Steven G. WalkerSenior Vice President, Chief Accounting Officerand Controller

32 13

Protective(1) is Stronger With Dai-ichi Life

6

Dai-ichi Life’s Strategy for ProtectiveTop Global Life Insurers by Assets

Protective is the U.S. growth platform for Dai-ichi Life

Creates a strong platform in Japan and U.S.,the 2 largest insurance markets globally

Diversifies Dai-ichi Life’s business in terms ofrevenues, profits, and risks

Target is for Dai-ichi Life to achieve totalreturn to its shareholders of 40% of itsadjusted net income by 2017

PLICO’s experienced management team hasremained with the company post-acquisition

$0

$200

$400

$600

$800

$1,000

$1,200

($ in Billions)

Note: Based on analysis of data from the Fortune Global 500, Life Insurance Industry (Mutual and Stock companies), originally published July 5,2015. All company data is presented as of end of prior fiscal year.

(1) PLC

Dai-ichi Life’s Global Footprint

7

"We are pleased to be entering the U.S. life insurance market by bringing such an outstanding company as Protective into our portfolio. With a strongleadership team, vibrant and growing retail franchise and long track record of profitable growth organically and through the acquisition and integration ofattractive businesses, Protective is the ideal platform for expansion”

- Koichiro Watanabe, President, Dai-ichi LifeJune 3, 2014

Dai-ichi Life Corporate Structure

8

Dai-ichi Life InsuranceCompany, Limited(1)

Domicile: JapanFSR: A1 / A+ / A / A+

Protective LifeCorporation

HQ: Birmingham, ALSenior Notes Rating:Baa1 / A- / BBB+ / A-

Neo First Life(Japan)

RegionalHeadquarters

(APAC)

Dai-ichi LifeInformation

Systems

Dai-ichiFrontier Life

(Japan)

DIAMJanus(United States)

Lyndon PropertyInsurance Company

State of Domicile: MOFSR: -- / -- / -- / A-

MONY Life InsuranceCompany

State of Domicile: NYFSR: A2 / A+ / A / A+

Protective Life andAnnuity

Insurance CompanyState of Domicile: ALFSR: -- / AA- / A / A+

West Coast LifeInsuranceCompany

State of Domicile: NEFSR: A2 / AA- / A / A+

TAL(Australia)

Panin Dai-ichi Life(Indonesia)

Star Union Dai-ichiLife

(India)

Ocean Life(Thailand)

Dai-ichi LifeVietnam(Vietnam)

Asset management companies

Protective LifeInsuranceCompany

State of Domicile: TNFSR: A2 / AA- / A / A+

RegionalHeadquarters

(North America)

Note: Ratings are listed in the following order: Moody’s / S&P / Fitch / A.M. Best. The insurer financial strength ratings reflect each rating agency’s opinion of PLICO’sfinancial strength, operating performance and ability to meet its obligations to policyholders and are not evaluations directed toward the protection of investors.Therefore, such ratings may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency.

(1) In 2015, Dai-ichi Life’s board of directors adopted a reorganization plan to shift to a holding company structure in October 2016. Under the proposed structure, PLCwill be a wholly owned subsidiary of the Dai-ichi Life holding company.

PLICO’s Financial PositionStrong Financial Foundation and Performance

9

Gross Premiums and Policy Fees Pre-tax Operating Income(1)

Total EquityTotal Invested Assets(2)

($ in Billions) ($ in Millions)

($ in Billions) ($ in Billions)

$2.6$2.8 $2.8

$3.0

$3.3

$2.1

2010 2011 2012 2013 2014 2015 YTD

$346$407

$461

$528

$675

$312

2010 2011 2012 2013 2014 2015 YTD

$4.1

$4.9

$5.7

$4.7

$5.8$5.4

2010 2011 2012 2013 2014 3Q 2015

$31.3 $34.9 $36.9$43.7 $45.6 $45.2

$5.7$7.2

$10.2

$13.6 $14.0 $13.4

$37.0$42.1

$47.1

$57.3 $59.6 $58.6

2010 2011 2012 2013 2014 3Q 2015

General Accounts Separate Accounts

Note: GAAP financial information for PLICO; 2015 YTD data is for successor company (2/1/2015 – 9/30/2015) and includes purchase accountingeffects from Dai-ichi Life transaction.

(1) Excludes corporate and other segment.(2) Includes separate account assets.Source: PLICO filings

Statutory Financial Overview

10

Statutory Capital and Surplus Risk-Based Capital (RBC) Ratio

($ in Millions)

455%

433%

510%

447%

562%

2010 2011 2012 2013 2014

$2,622 $2,628

$2,984$2,918

$3,499 $3,522

2010 2011 2012 2013 2014 3Q 2015

Note: Statutory financial information for PLICO.Source: PLICO filings

Financial StrengthAs of September 30, 2015

PLICO believes it has a strong balance sheet

– Total shareowner’s equity of $5.4 billion

– Total capital & surplus of $3.5 billion

PLICO believes it has a high quality investment portfolio

– 93% of fixed maturities are investment grade

PLICO believes it has excess capital (defined as total adjusted capital abovetarget RBC ratio of 400%) of $1,111.2 million as of December 31, 2014

PLICO has an unsecured revolving credit facility up to an aggregate principalamount of $1 billion

– Maturity date of February 2, 2020

PLICO has a stable ratings profile

– Financial strength ratings of A2 (Moody’s), AA- (S&P), A (Fitch), A+ (A.M. Best)(1)

11

(1) The insurer financial strength ratings reflect each rating agency’s opinion of PLICO’s financial strength, operating performance and ability tomeet its obligations to policyholders and are not evaluations directed toward the protection of investors. Therefore, such ratings may be subjectto review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency.

Source: PLICO filings

Risk Management

Enterprise RiskManagement

Risk management is a critical part of PLICO’s business and PLICO has adopted riskmanagement processes in multiple aspects of its operations, including:

– Product development and management

– Business acquisitions

– Underwriting

– Investment management

– Asset-liability management

– Technology development

PLICO’s ERM framework is robust and tailored to the nature, scale and complexity ofthe business

Liquidity RiskManagement

Multiple methods are used to assess liquidity risk

Contingency plans are in place

– Bank Line of Credit

– FHLB available borrowings

– Operating cash flow

– Cash, treasuries, short term corporate bonds

12

Section 2

Segment Overview

Life Marketing

14

StrengthenExisting Models

Strengthen SharedValue

Enhance CustomerEngagement

Focused Distributor Relationships

BGA Consolidation Opportunities

Affinity Marketing

Institutional Distribution

Online tools

Customer service infrastructure

Customer analytics

Markets fixed universal life (“UL”), indexeduniversal life (“IUL”), variable universal life, bank-owned life insurance (“BOLI”) and level-premiumterm insurance (“traditional”) products on a nationalbasis

Distribution is primarily through networks ofindependent insurance agents and brokers, broker-dealers, financial institutions and independentmarketing organizations

Universal life sales of $130 million in 2014

Recently completed launch of Costco productoffering to increase presence in the Affinity channel

– Distinct UL product and process unique toCostco and its more that 80 millionmembers (as of July 2015)

– Process is completely electronic

– 255,560 quotes and 10,165 completed andsubmitted applications from December2014 (inception) through October 2015

Segment Overview and Highlights

3 Core Retail Strategies

Life Sales by Distribution(1)

Independentagents76%

Other2%

Institutional22%

Note: GAAP financial information for PLICO.(1) Life sales for FY 2014.

Acquisitions

15

No. of Capital Average

($mm) Transactions Invested Capital

Prior to 1990 28 120 4

1990 to 2000 12 413 34

2001 to 2011 6 1,479 493

2013 1 1,088 1,088

2016 projected(1) 1 661 661

Total 48 3,761

Transaction HistorySegment Overview and Highlights

In-Force Life Policies(2)

Acquisitions segment focuses on acquiring,integrating and servicing policies originallyunderwritten by other insurance companies

– Primary focus is on long-dated lifeinsurance policies and annuity products thatwere sold to individuals

47 successful transactions(1)

PLICO believes it has:

– Significant institutional experience andknow-how

• Due diligence

• Valuation

• Negotiation

• Systems consolidation

– Ability to execute innovative deal structures

– Strong reputation among potentialcounterparties

• Closing the deal

• Quality of post-closing services andintegration

• Relationships with regulatorsTraditional

85%

Universal Life15%

Note: GAAP financial information for PLICO; 3Q 2015 data includes purchase accounting effects from Dai-ichi Life transaction.(1) On September 30, 2015, PLICO entered into a master agreement with Genworth Life and Annuity Insurance Company (“GLAIC”) pursuant to

which PLICO agreed to enter into a reinsurance agreement to co-insure certain term life business of GLAIC. The transaction is expected toclose in 1Q 2016 and will be PLICO’s 48th acquisition.

(2) Life insurance in-force as of September 30, 2015.

Annuities

16

Segment Overview and Highlights

Average Account Values(2)

Markets fixed and variable annuity productsprimarily through the institutional channel

Distributes through broker-dealers, financialinstitutions and independent agents and brokers

Average account value of $20.5bn in 2014

Majority of variable annuity policies written post-2009

Annuity Sales by Product(1)

FixedAnnuities

47%VariableAnnuities

53%

$20.8 Billion

Interest Spread – Fixed Annuities(3)

2012 2013 2014

Net investmentincome yield

5.80% 5.50% 5.44%

Interest credited topolicyholders

3.85% 3.53% 3.33%

Interest spread 1.95% 1.97% 2.11%

FixedAnnuities

40%

VariableAnnuities

60%

Note: GAAP financial information for PLICO.(1) FY 2014 data.(2) Average account values for period from 2/1/2015 – 9/30/2015.(3) Calculations based on average general account values.

Stable Value Products

17

Segment Overview and Highlights Ending Account Balances

Sells fixed and floating rate funding agreementsdirectly to the trustees of municipal bond proceeds,money market funds, bank trust departments andother institutional investors

Markets GICs to 401(k) and other qualifiedretirement savings plans

Used opportunistically to complement asset /liability management and product cash flows

Efficient operation

($ in Millions)

$3,076

$2,770

$2,511$2,560

$1,959$1,914

2010 2011 2012 2013 2014 3Q 2015

Note: GAAP financial information for PLICO; 3Q 2015 data includes purchase accounting effects from Dai-ichi Life transaction.

Asset Protection

18

Segment Overview and Highlights Asset Protection Sales by Product(1)

Loss Ratios(2)

Sells extended service contracts and credit life and

disability insurance to protect consumers’

investments in automobiles and recreational

vehicles (“RV”), as well as a guaranteed asset

protection (“GAP”) product that covers the

difference between loan payoff amount and an

asset’s actual cash value in the case of total loss

Primarily marketed through a national network of

approximately 7,150 automobile and RV dealers; a

network of direct employee sales representatives

and general agents distribute these products to the

dealer market

A portion of the sales and resulting premiums are

reinsured with producer-affiliated reinsurers

CreditInsurance

6%

ServiceContracts

78%

GAP16%

37.8%33.8%

37.7% 36.1%

27.7% 28.6%

56.7% 56.5% 58.7%61.3%

56.9%

54.6%

33.8%

41.3%58.1%

62.0%

82.6%

2010 2011 2012 2013 2014 2015 YTD

Credit Service Contracts GAP

Note: GAAP financial information for PLICO.(1) Reflects segment data for FY 2014.(2) 2015 YTD data is for successor company (2/1/2015 – 9/30/2015) and includes purchase accounting effects from Dai-ichi Life transaction; 2010

data is not meaningful for GAP product.

Section 3

Investment Portfolio

20

Our Investment Strategy

High quality investment grade assets

Disciplined approach to ratings and diversification

Only 5% of bonds below investment grade as of September 30, 2015

Maintaining commercial mortgage loan portfolio quality

ALM discipline

Diversified, High-Quality Investment PortfolioAs of September 30, 2015

21

Invested Assets Fixed Maturities

$45.2 Billion

~ 80% Fixed Maturities ~ 93% investment grade

$36.2 Billion

Corporatebonds60%

RMBS4%

CMBS3%

ABS2%

Govts/Agencies

4%

States,Munis, &

Other6%

MortgageLoans13%

Policy Loans4%

Other4% AAA

14%

AA7%

A32%

BBB40%

BB or less5%

Not rated2%

Note: GAAP financial information for PLICO; 3Q 2015 data includes purchase accounting effects from Dai-ichi Life transaction.

Retail62%Office

Buildings13%

Apartments10%

Warehouses8%

Misc7%

Commercial Mortgage Portfolio

22

Mortgage Loans by Type(1)

$5.1 Billion

Overview

Specializes in making loans on either credit-orientedcommercial properties or credit-anchored stripshopping centers and apartments

– No single tenant represents more than 2.2%of mortgage loans(1)

Concentrates on a limited number of commercial realestate asset types associated with necessities of life(e.g. retail, senior living, professional office, etc)

Underwriting procedures based on conservative anddisciplined approach

– Targeted loan-to-value of 75% or less

– As of September 30, 2015, ~$7.3 million or0.02% of invested assets consisted ofnonperforming mortgage loans, restructuredmortgage loans and/or mortgage loans thatwere foreclosed and were converted into realestate properties

Average size of mortgage loan: $2.8 million(1)

Weighted-average interest rate: 5.72%(1)

Largest single mortgage loan: $50.0 million (1)

Note: GAAP financial information for PLICO.(1) As of December 31, 2014.

SummaryIt is Essentially “Business as Usual” at PLICO

Company leadership remains in place

Continued complementary retail and acquisition strategy to achieve growth

Continued disciplined approach to pricing using current interest rate assumptions

– Stable value contracts are based on real-time pricing

– Annuity products are priced weekly

– Life products are reviewed every 9-12 months

Disciplined investment strategy

Focused on efficient capital allocation

PLICO views the outlook as positive

23

Appendix 1

Additional Financial Information

Financial Summary

Year ended December 31,

($ in Millions) 2010 2011 2012 2013 2014

Selected Income Statement Data

Premiums and Policy Fees $2,609 $2,784 $2,799 $2,967 $3,283

Reinsurance Ceded (1,381) (1,364) (1,310) (1,387) (1,396)

Net Of Reinsurance Ceded 1,229 1,420 1,489 1,580 1,887

Net Investment Income 1,625 1,753 1,789 1,836 2,098

Total Revenues 2,937 3,409 3,456 3,605 4,464

Total Benefits and Expenses 2,604 2,933 2,996 3,182 3,725

Net Income 223 324 309 292 492

Selected Balance Sheet Data

Total Invested Assets $31,278 $34,858 $36,860 $43,656 $45,584

Total Assets 46,717 52,003 57,158 68,270 69,992

Total Reserves 33,918 36,349 36,715 46,172 45,800

Non-recourse Funding Obligations 1,361 1,249 1,447 1,495 1,528

Total Shareowner's Equity 4,072 4,877 5,687 4,690 5,831

Statutory Data

Capital and Surplus $2,622 $2,628 $2,984 $2,918 $3,499

RBC Ratio 455% 433% 510% 447% 562%

25Note: Financial information for PLICO.Source: PLICO filings

Dai-ichi Life Acquisition of Protective Life CorpP-GAAP Impact to PLICO

26

($ in Millions)

Predecessor CompanyBalance Sheet as of

12/31/2014

Successor Company OpeningBalance Sheet as of

2/1/2015Successor Company(1) as of

9/30/2015

Assets

Fixed maturities $37,191 $38,343 $36,181

Equity securities 757 699 685

Mortgage loans 5,134 5,580 5,728

Policy loans 1,758 1,752 1,706

Total investments $45,584 $47,350 $45,161

Deferred policy acquisition costs $2,653 $0 $208

Value of business acquired 502 1,278 1,262

Goodwill 78 736 736

Other intangibles 0 683 655

Total assets $69,992 $70,720 $68,228

Liabilities

Future policy and benefit claims $29,944 $30,195 $29,734

Unearned premiums 1,515 622 666

Total policy liabilities and accruals 31,459 30,818 30,400

Stable value product account balances 1,959 1,932 1,914

Annuity account balances 10,951 10,942 10,755

Non-recourse funding obligations 1,528 1,896 1,939

Repurchase program borrowings 50 50 456

Liabilities related to separate accounts

Variable annuity 13,157 12,971 12,647

Variable universal life 835 819 793

Total liabilities $64,161 $64,210 $62,780

Equity(2) $5,831 $6,509 $5,448

(1) Reflects PLICO’s financials at end of 3Q 2015.(2) For amounts as of 2/1/2015, represents the fair value of net assets acquired by Dai-ichi Life.

Appendix 2

Segment Financial Performance

Life Marketing

28

Sales by Product Premiums

Universal Life Average Account Values Pre-Tax Operating Income

($ in Millions)($ in Millions)


50.1

3.8 1.1 1.3 0.5 0.4

113.2 117.9 117.1

153.4

129.5

103.6

8.1 11.43.3 0.0 0.0 0.0

2010 2011 2012 2013 2014 2015 YTD

Traditional Universal Life BOLI

$1,576 $1,592 $1,575 $1,634 $1,684

$1,099

2010 2011 2012 2013 2014 2015 YTD

$123

$96$102 $107

$117

$29

2010 2011 2012 2013 2014 2015 YTD

$5,563$6,038

$6,501$6,965 $7,178 $7,291

2010 2011 2012 2013 2014 3Q 2015

Note: GAAP financial information for PLICO; 2015 YTD data is for successor company (2/1/2015 – 9/30/2015) and includes purchase accountingeffects from Dai-ichi Life transaction. 3Q 2015 average account values for period from 2/1/2015 – 9/30/2015.

Acquisitions

29

Premiums Average Life Insurance In-Force

Total Revenues Pre-Tax Operating Income

($ in Billions)($ in Millions)


$677

$834 $847$929

$1,172

$742

2010 2011 2012 2013 2014 2015 YTD

$761

$983$1,064

$1,187

$1,720

$975

2010 2011 2012 2013 2014 2015 YTD

$111

$157$171

$154

$254

$133

2010 2011 2012 2013 2014 2015 YTD

$186 $188 $180 $167$188 $177

$27 $31 $30$28

$35$32

$213 $219 $210$195

$223$209

2010 2011 2012 2013 2014 3Q 2015

Traditional Universal Life


Annuities

30

Sales by Product Operating Revenues

Pre-Tax Operating IncomeAverage Account Balances


($ in Millions)($ in Billions)

$48

$79

$118

$166

$204

$109

2010 2011 2012 2013 2014 2015 YTD

$7.9 $8.5 $8.6 $8.2 $8.2 $8.2

$3.4$5.4

$7.5$10.7 $12.3 $12.6$11.3

$13.9$16.1

$18.9$20.5 $20.8

2010 2011 2012 2013 2014 3Q 2015

Fixed Variable

$930 $1,032$592 $693 $831

$329

$1,715

$2,349$2,735

$1,867$953

$857

2010 2011 2012 2013 2014 2015 YTD

Fixed Variable

$2,645

$3,381 $3,327

$2,560

$1,784

$1,186

$544$608

$648 $644 $662

$347

2010 2011 2012 2013 2014 2015 YTD


Stable Value Products

31

Sales by Product Operating Revenues

Pre-Tax Operating IncomeNet Investment Income and Annualized Spread(1)



$39

$57$60

$81$73

$28

2010 2011 2012 2013 2014 2015 YTD

$133

$499$400

$495

$42 $113

$625

$300

$222

$50

$300

$758 $799

$622

$495

$92

$413

2010 2011 2012 2013 2014 2015 YTD

GIC GFA – Direct Institutional

$171

$145$128

$124$107

$43

1.11%

1.80%

2.09%

2.67% 2.71%

1.90%

2010 2011 2012 2013 2014 2015 YTD

Net Investment Income Annualized spread

$171

$145$128 $125

$111

$43

2010 2011 2012 2013 2014 2015 YTD


(1) Annualized operating spread excludes participating mortgage loan income and other income.

Asset Protection

32

Sales by Product Gross Premiums and Policy Fees

Pre-Tax Operating IncomeNet Operating Revenues



$290$268 $260 $254 $261

$176

2010 2011 2012 2013 2014 2015 YTD

$270 $283 $294 $297 $305

$204

2010 2011 2012 2013 2014 2015 YTD

$24

$17

$10

$20

$26

$13

2010 2011 2012 2013 2014 2015 YTD

$36 $36 $35 $33 $29 $18

$236$286

$329 $344 $355

$259

$54

$73$63 $67 $74

$63

$326

$395$427 $444 $458

$340

2010 2011 2012 2013 2014 2015 YTD

Credit Ins. Service Contracts GAP


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