Ҵý

Ҵý Financial Announces First Quarter 2015 Results

CHICAGO, May 4, 2015 /PRNewswire/ -- Ҵý Financial Corporation (NYSE: Ҵý) today announced first quarter 2015 net operating income of $225 million, or $0.83 per share, and net income of $233 million, or $0.86 per share. Property & Casualty Operations combined ratio for the first quarter was 98.9%, or 96.7% excluding catastrophes and development.

Ҵý Financial also declared a quarterly dividend of $0.25 per share, payable June 3, 2015 to stockholders of record on May 18, 2015.



                                   Results for the Three
                                        Months Ended
                                         March 31
                                         --------

    ($ millions, except per
     share data)                   2015                       2014
                                   ----                       ----

    Net operating income (a)                 $225                    $190

    Net realized investment
     gains                            8                         30

    Loss from discontinued
     operations, net of tax           -                     (207)
                                    ---                      ----

    Net income                               $233                     $13
                                             ====                     ===


    Net operating income per
     diluted share                          $0.83                   $0.70

    Net income per diluted
     share                         0.86                       0.05



                              March 31,              December 31,
                              2015                    2014
                             ----------              ------------

    Book value per share                   $46.02                  $47.39

    Book value per share
     excluding AOCI               44.47                      45.91

    (a)               Management utilizes the net
                      operating income financial measure
                      to monitor the Ҵý's
                      operations.  Please refer to Note
                      P in the  Consolidated Financial
                      Statements within Ҵý's Annual
                      Report on Form 10-K for the year
                      ended December 31, 2014 for
                      further discussion of this
                      measure.

Property & Casualty Operations' net operating income was $264 million for the first quarter of 2015 as compared with $219 million in the prior year quarter. This increase was driven by improved current accident year underwriting results as well as higher net investment income. Catastrophe losses for the first quarter of 2015 were $19 million after tax as compared with $48 million after tax in the prior year quarter, primarily due to U.S. weather-related events.

After-tax net investment income improved to $394 million for the first quarter of 2015 as compared with $371 million in the prior year quarter. This increase was driven by limited partnerships, which returned 3.9% as compared with 2.7% in the prior year quarter.

Net income in the prior year quarter included Loss from discontinued operations, net of tax, of $207 million related to Continental Assurance Ҵý, our former life insurance subsidiary, which was sold in the third quarter of 2014.

Property & Casualty Operations

"Our Property & Casualty operations continue to show improving accident year profitability," said Thomas F. Motamed, Chairman and Chief Executive Officer of Ҵý Financial Corporation. "While we are pleased that decreased catastrophe activity and strong investment income contributed positively to our results, our primary focus remains improving the underlying loss ratio."



                                  Results for the Three Months Ended
                                               March 31
                                               --------

    ($ millions)                        2015                     2014
                                        ----                     ----

    Net written
     premiums                                   $1,669                        $1,767

    NWP change (% year
     over year)                         (6)%                            (1)%

    Net operating
     income                                       $264                          $219

    Net income                           269                              235


    Loss ratio
     excluding
     catastrophes and
     development                       62.3%                           63.9%

    Effect of
     catastrophe
     impacts                             1.9                              4.5

    Effect of
     development-
     related items                       0.3                            (0.1)
                                         ---                             ----

    Loss ratio                         64.5%                           68.3%
                                        ====                             ====


    Combined ratio                     98.9%                          101.6%


    Combined ratio
     excluding
     catastrophes and
     development                       96.7%                           97.2%



    Business Operating Highlights


    Specialty


                                  Results for the Three Months Ended
                                             March 31
                                             --------

    ($ millions)                        2015                     2014
                                        ----                     ----

    Net written
     premiums                                     $698                          $713

    NWP change (% year
     over year)                         (2)%                            (2)%

    Net operating
     income                                       $135                          $129

    Net income                           138                              137


    Loss ratio
     excluding
     catastrophes and
     development                       62.2%                           63.3%

    Effect of
     catastrophe
     impacts                             1.1                              1.6

    Effect of
     development-
     related items                     (0.2)                           (1.0)
                                        ----                             ----

    Loss ratio                         63.1%                           63.9%
                                        ====                             ====


    Combined ratio                     94.6%                           94.1%


    Combined ratio
     excluding
     catastrophes and
     development                       93.7%                           93.5%

    --  The combined ratio increased 0.5 points for the first quarter of 2015 as
        compared with the prior year quarter. The loss ratio improved 0.8 points
        due to an improved current accident year loss ratio, partially offset by
        less favorable net prior year development. The expense ratio increased
        1.3 points for the first quarter of 2015 as compared with the prior year
        quarter, primarily driven by increased underwriting expenses.
    --  Net written premiums for the first quarter of 2015 declined $15 million
        from the prior year period, primarily due to lower retention. Average
        rate increased 2% for the policies that renewed in the first quarter of
        2015 while achieving retention of 84%.


    Commercial


                             Results for the Three Months
                                         Ended
                                       March 31
                                       --------

    ($ millions)                2015                    2014
                                ----                    ----

    Net written premiums                 $759                        $807

    NWP change (% year over
     year)                      (6)%                           (3)%

    Net operating income                 $120                         $74

    Net income                   121                              82


    Loss ratio excluding
     catastrophes and
     development               64.1%                          67.2%

    Effect of catastrophe
     impacts                     2.8                             8.4

    Effect of development-
     related items                 -                            1.5
                                 ---                            ---

    Loss ratio                 66.9%                          77.1%
                                ====                            ====


    Combined ratio            103.3%                         111.3%


    Combined ratio excluding
     catastrophes and
     development              100.5%                         101.4%

    --  Net operating income increased $46 million for the first quarter of 2015
        as compared with the prior year quarter due to improved underwriting
        results.
    --  The combined ratio improved 8.0 points for the first quarter of 2015 as
        compared with the prior year quarter. The loss ratio improved 10.2
        points, primarily due to an improved current accident year loss ratio.
        Catastrophe losses were $19 million, or 2.8 points of the loss ratio,
        for the first quarter of 2015 as compared with $60 million, or 8.4
        points of the loss ratio, for the prior year quarter. The expense ratio
        increased 2.1 points for the first quarter of 2015 as compared with the
        prior year quarter, primarily due to the unfavorable effect of lower net
        earned premiums.
    --  Net written premiums decreased $48 million for the first quarter of 2015
        as compared with the prior year quarter, primarily driven by
        underwriting actions taken in certain business classes and a lower level
        of new business, reflecting competitive market conditions, partially
        offset by positive rate and higher retention. Average rate increased 3%
        for the policies that renewed in the first quarter of 2015 while
        achieving a retention of 76%.


    International


                             Results for the Three Months
                                         Ended
                                       March 31
                                       --------

    ($ millions)                2015                    2014
                                ----                    ----

    Net written premiums                 $212                       $247

    NWP change (% year over
     year)                     (14)%                           15%

    Net operating income                   $9                        $16

    Net income                    10                             16


    Loss ratio excluding
     catastrophes and
     development               56.7%                         55.8%

    Effect of catastrophe
     impacts                     1.3                            1.2

    Effect of development-
     related items               2.7                          (2.8)
                                 ---                           ----

    Loss ratio                 60.7%                         54.2%
                                ====                           ====


    Combined ratio             98.3%                         93.5%


    Combined ratio excluding
     catastrophes and
     development               94.3%                         95.1%

    --  Net operating income decreased $7 million for the first quarter of 2015
        as compared with the prior year quarter, primarily due to the lower
        level of net earned premiums. Reinsurance commutations in the first
        quarter of 2014 reduced ceded losses from prior years and resulted in a
        release of the related allowance for uncollectible reinsurance.
    --  The combined ratio increased 4.8 points for the first quarter of 2015 as
        compared with the prior year quarter. The loss ratio increased 6.5
        points, due to the unfavorable effect of net prior year development and
        a higher current accident year loss ratio. The prior year quarter
        benefited from the favorable impact of commutations. The expense ratio
        improved 1.7 points due to decreased expenses, partially offset by the
        unfavorable effect of lower net earned premiums.
    --  Net written premiums decreased $35 million for the first quarter of 2015
        as compared with the prior year quarter. The decrease was primarily
        driven by the unfavorable effect of foreign currency exchange rates,
        unfavorable premium development at Hardy and the 2014 termination of a
        managing general underwriter relationship in Canada. Average rate
        decreased 1% for the policies that renewed in the first quarter of 2015
        while achieving a retention of 76%.


    Life & Group Non-Core


                             Results for the Three Months
                                         Ended
                                       March 31
                                       --------

    ($ millions)                 2015                  2014
                                 ----                  ----

    Total operating revenues              $326                 $315

    Net operating loss                   $(17)                $(2)

    Net income (loss)            (14)                       8

    --  Net operating loss increased $15 million for the first quarter of 2015
        as compared with the prior year quarter. The increase was driven by
        unfavorable morbidity in our long term care business.


    Corporate & Other Non-Core


                               Results for the Three Months
                                           Ended
                                         March 31
                                         --------

    ($ millions)                    2015                 2014
                                    ----                 ----

    Interest expense                         $39                   $44

    Net operating loss              (22)                      (27)

    Net loss                        (22)                      (23)

    --  Results in 2015 included lower interest expense due to the maturity of
        higher coupon debt in the fourth quarter of 2014.

About the Ҵý

Serving businesses and professionals since 1897, Ҵý is the country's eighth largest commercial insurance writer and the 13(th) largest property and casualty company. Ҵý's insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. Ҵý's services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit Ҵý at . "Ҵý" is a service mark registered by Ҵý Financial Corporation with the United States Patent and Trademark Office. Certain Ҵý Financial Corporation subsidiaries use the "Ҵý" service mark in connection with insurance underwriting and claims activities.

Conference Call and Webcast/Presentation Information

A conference call for investors and the professional investment community will be held at 10:00 a.m. (ET) today. On the conference call will be Thomas F. Motamed, Chairman and Chief Executive Officer of Ҵý Financial Corporation, and other members of senior management. Participants can access the call by dialing (888) 551-9020, or for international callers, (719) 457-2638. The call will also be broadcast live on the internet at or you may go to the investor relations pages of the Ҵý website () for further details. A presentation will be posted and available on the Ҵý website and will provide additional insight into the results.

The call is available to the media, but questions will be restricted to investors and the professional investment community. A taped replay of the call will be available through May 11, 2015 by dialing (888) 203-1112, or for international callers, (719) 457-0820. The replay passcode is 5337219. The replay will also be available on Ҵý's website. Financial supplement information related to the results is available on the investor relations pages of the Ҵý website or by contacting Robert Tardella at 312-822-4387.

Definition of Reported Segments

Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters.

Commercial works with an independent agency distribution system and a network of brokers to market a broad range of property and casualty insurance products and services to small, middle-market and large businesses and organizations.

International provides property and casualty insurance and specialty coverages in Canada, the United Kingdom and Continental Europe as well as globally through its operations at Lloyd's of London.

Life & Group Non-Core primarily includes the results of the individual and group long term care businesses that are in run off.

Corporate & Other Non-Core primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including Ҵý Re and asbestos and environmental pollution.

Financial Measures

In the evaluation of the results of Specialty, Commercial and International, management utilizes the loss ratio, the expense ratio, the dividend ratio and the combined ratio. These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios.

This press release may also reference or contain financial measures that are not in accordance with GAAP. For reconciliations of non-GAAP measures to the most comparable GAAP measures, please refer herein and/or to Ҵý's most recent 10-K on file with the Securities and Exchange Commission available at .

Forward-Looking Statement

This press release may include statements which relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as "believes", "expects", "intends", "anticipates", "estimates" and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by Ҵý. For a detailed description of these risks and uncertainties affecting Ҵý, please refer to Ҵý's most recent 10-K on file with the Securities and Exchange Commission available at .

Any forward-looking statements made in this press release are made by Ҵý as of the date of this press release. Further, Ҵý does not have any obligation to update or revise any forward-looking statement contained in this press release, even if Ҵý's expectations or any related events, conditions or circumstances change.



    CONTACT:


    MEDIA:                                    ANALYSTS:

    Brandon Davis, 312-822-5167               James Anderson, 312-822-7757

    Sarah Pang, 312-822-6394                  Derek G. Smith, 312-822-6612

                                              Robert Tardella, 312-822-4387

SOURCE Ҵý Financial Corporation

SOURCE: Ҵý Financial Corporation

Ҵý

Ҵý Financial Announces First Quarter 2015 Results

- NET OPERATING INCOME OF $225 MILLION; $0.83 PER SHARE

- OPERATING RETURN ON EQUITY OF 7.4%

- P&C COMBINED RATIO EXCLUDING CATASTROPHES AND DEVELOPMENT OF 96.7%

- BOOK VALUE PER SHARE EXCLUDING AOCI OF $44.47

- QUARTERLY DIVIDEND OF $0.25 PER SHARE

PR Newswire

CHICAGO, May 4, 2015 /PRNewswire/ --Ҵý Financial Corporation (NYSE: Ҵý) today announced first quarter 2015 net operating income of $225 million, or $0.83 per share, and net income of $233 million, or $0.86 per share. Property & Casualty Operations combined ratio for the first quarter was 98.9%, or 96.7% excluding catastrophes and development.

Ҵý Financial also declared a quarterly dividend of $0.25 per share, payable June3, 2015 to stockholders of record on May 18, 2015.



Results for the Three Months Ended
Ѳ31

($ millions, except per share data)

2015


2014

Net operating income (a)

$

225


$

190

Net realized investment gains

8


30

Loss from discontinued operations, net of tax


(207)

Net income

$

233


$

13





Net operating income per diluted share

$

0.83


$

0.70

Net income per diluted share

0.86


0.05




March 31, 2015


December 31, 2014

Book value per share

$

46.02


$

47.39

Book value per share excluding AOCI

44.47


45.91


(a)

Management utilizes the net operating income financial measure to monitor the Ҵý's operations. Please refer to Note P in the Consolidated Financial Statements within Ҵý's Annual Report on Form 10-K for the year ended December 31, 2014 for further discussion of this measure.



Property & Casualty Operations' net operating income was $264 million for the first quarter of 2015 as compared with $219 million in the prior year quarter. This increase was driven by improved current accident year underwriting results as well as higher net investment income. Catastrophe losses for the first quarter of 2015 were $19 million after tax as compared with $48 million after tax in the prior year quarter, primarily due to U.S. weather-related events.

After-tax net investment income improved to $394 million for the first quarter of 2015 as compared with $371 million in the prior year quarter. This increase was driven by limited partnerships, which returned 3.9% as compared with 2.7% in the prior year quarter.

Net income in the prior year quarter included Loss from discontinued operations, net of tax, of $207 million related to Continental Assurance Ҵý, our former life insurance subsidiary, which was sold in the third quarter of 2014.

Property & Casualty Operations

"Our Property & Casualty operations continue to show improving accident year profitability," said Thomas F. Motamed, Chairman and Chief Executive Officer of Ҵý Financial Corporation. "While we are pleased that decreased catastrophe activity and strong investment income contributed positively to our results, our primary focus remains improving the underlying loss ratio."



Results for the Three Months Ended
March 31

($ millions)

2015


2014

Net written premiums

$

1,669



$

1,767


NWP change (% year over year)

(6)

%


(1)

%

Net operating income

$

264



$

219


Net income

269



235








Loss ratio excluding catastrophes and development

62.3

%


63.9

%

Effect of catastrophe impacts

1.9



4.5


Effect of development-related items

0.3



(0.1)


Loss ratio

64.5

%


68.3

%







Combined ratio

98.9

%


101.6

%







Combined ratio excluding catastrophes and development

96.7

%


97.2

%













Business Operating Highlights












Specialty













Results for the Three Months Ended
Ѳ31

($ millions)

2015


2014

Net written premiums

$

698



$

713


NWP change (% year over year)

(2)

%


(2)

%

Net operating income

$

135



$

129


Net income

138



137








Loss ratio excluding catastrophes and development

62.2

%


63.3

%

Effect of catastrophe impacts

1.1



1.6


Effect of development-related items

(0.2)



(1.0)


Loss ratio

63.1

%


63.9

%







Combined ratio

94.6

%


94.1

%







Combined ratio excluding catastrophes and development

93.7

%


93.5

%

  • The combined ratio increased 0.5 points for the first quarter of 2015 as compared with the prior year quarter. The loss ratio improved 0.8 points due to an improved current accident year loss ratio, partially offset by less favorable net prior year development. The expense ratio increased 1.3 points for the first quarter of 2015 as compared with the prior year quarter, primarily driven by increased underwriting expenses.
  • Net written premiums for the first quarter of 2015 declined $15 million from the prior year period, primarily due to lower retention. Average rate increased 2% for the policies that renewed in the first quarter of 2015 while achieving retention of 84%.

Commercial













Results for the Three Months Ended
Ѳ31

($ millions)

2015


2014

Net written premiums

$

759



$

807


NWP change (% year over year)

(6)

%


(3)

%

Net operating income

$

120



$

74


Net income

121



82








Loss ratio excluding catastrophes and development

64.1

%


67.2

%

Effect of catastrophe impacts

2.8



8.4


Effect of development-related items



1.5


Loss ratio

66.9

%


77.1

%







Combined ratio

103.3

%


111.3

%







Combined ratio excluding catastrophes and development

100.5

%


101.4

%

  • Net operating income increased $46 million for the first quarter of 2015 as compared with the prior year quarter due to improved underwriting results.
  • The combined ratio improved 8.0 points for the first quarter of 2015 as compared with the prior year quarter. The loss ratio improved 10.2 points, primarily due to an improved current accident year loss ratio. Catastrophe losses were $19 million, or 2.8 points of the loss ratio, for the first quarter of 2015 as compared with $60 million, or 8.4 points of the loss ratio, for the prior year quarter. The expense ratio increased 2.1 points for the first quarter of 2015 as compared with the prior year quarter, primarily due to the unfavorable effect of lower net earned premiums.
  • Net written premiums decreased $48 million for the first quarter of 2015 as compared with the prior year quarter, primarily driven by underwriting actions taken in certain business classes and a lower level of new business, reflecting competitive market conditions, partially offset by positive rate and higher retention. Average rate increased 3% for the policies that renewed in the first quarter of 2015 while achieving a retention of 76%.

International








Results for the Three Months Ended
Ѳ31

($ millions)

2015


2014

Net written premiums

$

212



$

247


NWP change (% year over year)

(14)

%


15

%

Net operating income

$

9



$

16


Net income

10



16








Loss ratio excluding catastrophes and development

56.7

%


55.8

%

Effect of catastrophe impacts

1.3



1.2


Effect of development-related items

2.7



(2.8)


Loss ratio

60.7

%


54.2

%







Combined ratio

98.3

%


93.5

%







Combined ratio excluding catastrophes and development

94.3

%


95.1

%

  • Net operating income decreased $7 million for the first quarter of 2015 as compared with the prior year quarter, primarily due to the lower level of net earned premiums. Reinsurance commutations in the first quarter of 2014 reduced ceded losses from prior years and resulted in a release of the related allowance for uncollectible reinsurance.
  • The combined ratio increased 4.8 points for the first quarter of 2015 as compared with the prior year quarter. The loss ratio increased 6.5 points, due to the unfavorable effect of net prior year development and a higher current accident year loss ratio. The prior year quarter benefited from the favorable impact of commutations. The expense ratio improved 1.7 points due to decreased expenses, partially offset by the unfavorable effect of lower net earned premiums.
  • Net written premiums decreased $35 million for the first quarter of 2015 as compared with the prior year quarter. The decrease was primarily driven by the unfavorable effect of foreign currency exchange rates, unfavorable premium development at Hardy and the 2014 termination of a managing general underwriter relationship in Canada. Average rate decreased 1% for the policies that renewed in the first quarter of 2015 while achieving a retention of 76%.

Life & Group Non-Core























Results for the Three Months Ended
Ѳ31

($ millions)






2015


2014

Total operating revenues






$

326



$

315


Net operating loss






$

(17)



$

(2)


Net income (loss)






(14)



8


  • Net operating loss increased $15 million for the first quarter of 2015 as compared with the prior year quarter. The increase was driven by unfavorable morbidity in our long term care business.

Corporate & Other Non-Core





















Results for the Three Months Ended
Ѳ31

($ millions)







2015


2014

Interest expense







$

39



$

44


Net operating loss







(22)



(27)


Net loss







(22)



(23)


  • Results in 2015 included lower interest expense due to the maturity of higher coupon debt in the fourth quarter of 2014.

About the Ҵý

Serving businesses and professionals since 1897, Ҵý is the country's eighth largest commercial insurance writer and the 13th largest property andcasualtycompany. Ҵý's insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. Ҵý's services include risk management, information services, underwriting, risk control and claims administration.For more information, please visit Ҵý at ."Ҵý" is a service mark registered by Ҵý Financial Corporation with the United States Patent and Trademark Office. Certain Ҵý Financial Corporation subsidiaries use the "Ҵý" service mark in connection with insurance underwriting and claims activities.

Conference Call and Webcast/Presentation Information

A conference call for investors and the professional investment community will be held at 10:00 a.m. (ET) today. On the conference call will be Thomas F. Motamed, Chairman and Chief Executive Officer of Ҵý Financial Corporation, and other members of senior management. Participants can access the call by dialing (888) 551-9020, or for international callers, (719) 457-2638. The call will also be broadcast live on the internet at or you may go to the investor relations pages of the Ҵý website () for further details. A presentation will be posted and available on the Ҵý website and will provide additional insight into the results.

The call is available to the media, but questions will be restricted to investors and the professional investment community. A taped replay of the call will be available through May 11, 2015 by dialing (888) 203-1112, or for international callers, (719) 457-0820. The replay passcode is 5337219. The replay will also be available on Ҵý's website. Financial supplement information related to the results is available on the investor relations pages of the Ҵý website or by contacting Robert Tardella at 312-822-4387.

Definition of Reported Segments

Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters.

Commercial works with an independent agency distribution system and a network of brokers to market a broad range of property and casualty insurance products and services to small, middle-market and large businesses and organizations.

International provides property and casualty insurance and specialty coverages in Canada, the United Kingdom and Continental Europe as well as globally through its operations at Lloyd's of London.

Life & Group Non-Core primarily includes the results of the individual and group long term care businesses that are in run off.

Corporate & Other Non-Core primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including Ҵý Re and asbestos and environmental pollution.

Financial Measures

In the evaluation of the results of Specialty, Commercial and International, management utilizes the loss ratio, the expense ratio, the dividend ratio and the combined ratio. These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios.

This press release may also reference or contain financial measures that are not in accordance with GAAP. For reconciliations of non-GAAP measures to the most comparable GAAP measures, please refer herein and/or to Ҵý's most recent 10-K on file with the Securities and Exchange Commission available at .

Forward-Looking Statement

This press release may include statements which relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as "believes", "expects", "intends", "anticipates", "estimates" and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by Ҵý. For a detailed description of these risks and uncertainties affecting Ҵý, please refer to Ҵý's most recent 10-K on file with the Securities and Exchange Commission available at .

Any forward-looking statements made in this press release are made by Ҵý as of the date of this press release. Further, Ҵý does not have any obligation to update or revise any forward-looking statement contained in this press release, even if Ҵý's expectations or any related events, conditions or circumstances change.




CONTACT:






MEDIA:


ANALYSTS:

Brandon Davis, 312-822-5167


James Anderson, 312-822-7757

Sarah Pang, 312-822-6394


Derek G. Smith, 312-822-6612



Robert Tardella, 312-822-4387

SOURCE Ҵý Financial Corporation

Web Site: