Index to Management's Discussion and Analysis of Financial Condition and Results of Operations
Page Forward-Looking Statements and Other Financial Information 76 Executive Summary 76 Industry Trends 78 Summary of Critical Accounting Estimates 80 Acquisitions and Dispositions 81 Results of Operations 82 Investments 102 Derivatives 114 Policyholder Liabilities 117 Liquidity and Capital Resources 124 Adopted Accounting Pronouncements 133 Future Adoption of Accounting Pronouncements 133 Non-GAAP and Other Financial Disclosures 133 Risk Management 135 Subsequent Events 135 75
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Forward-Looking Statements and Other Financial Information
For purposes of this discussion, "
This Management's Discussion and Analysis of Financial Condition and Results of Operations may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See "Note Regarding Forward-Looking Statements" for cautionary language regarding forward-looking statements.
This Management's Discussion and Analysis of Financial Condition and Results of
Operations includes references to our performance measures, adjusted earnings
and adjusted earnings available to common shareholders, that are not based on
accounting principles generally accepted in
Executive Summary
Overview
COVID-19 Pandemic
We continue to closely monitor developments relating to the COVID-19 pandemic and assess its impact on our business. The COVID-19 pandemic continues to impact the global economy and financial markets and has caused volatility in the global equity, credit and real estate markets. See "- Industry Trends - Financial and Economic Environment." We have implemented risk management and business continuity plans and taken preventive measures and other precautions, such as employee business travel restrictions and remote work arrangements which, to date, have enabled us to maintain our critical business processes, customer service levels, relationships with key vendors, financial reporting systems, internal control over financial reporting and disclosure controls and procedures.
See "- Results of Operations - Segment Results and Corporate & Other" for further information regarding the effect of the COVID-19 pandemic on our businesses.
Current Period Highlights
During the three months ended
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The following represents segment level results and percentage contributions to
total segment level adjusted earnings available to common shareholders for the
three months ended
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(1)Excludes Corporate & Other adjusted loss available to common shareholders of
(2)Consistent with GAAP guidance for segment reporting, adjusted earnings is our GAAP measure of segment performance. For additional information, see Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements.
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Three Months Ended
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