Question-and-Answer Session
Operator
(Operator Instructions). And our first question comes from Bob Glasspiegel – Langen McAlenney.
Bob Glasspiegel – Langen McAlenney
Thank you. One clarification, didn't quite follow whether the RMBS rating change was reflected in the current RBC ratio you gave, or will be reflected? I got lost on the 12%.
Chris Wilkos
It is reflected, Bob.
Bob Glasspiegel – Langen McAlenney
And so it would have been what, without it?
Chris Wilkos
Twelve points less.
Bob Glasspiegel – Langen McAlenney
How many points?
Chris Wilkos
Twelve points.
Jim Wehr
Q3, Bob.
Chris Wilkos
Q3.
Bob Glasspiegel – Langen McAlenney
And remind me how big the closed block represents relative to the company today with respect to either capital – I guess it's about 58% of investments, but when you think about your sort of core run rate operating earnings, how important is the closed block?
Chris Wilkos
Well, on a GAAP basis, you can see it on the summary slide on page –
Bob Glasspiegel – Langen McAlenney
Six?
Chris Wilkos
Five. And you can see the closed block has about 15.5 million of quarterly GAAP earnings emerging. Now the point there is that there are no expenses charged against that earning stream because expenses are not part of the closed block. That'll give you a sense for how it contributes to the bottom line.
Bob Glasspiegel – Langen McAlenney
How about capital allocation?
Chris Wilkos
Capital allocation, we haven't provided a specific breakout. We do allocate – as against all product lines – at a 300% RBC capital level.
Bob Glasspiegel – Langen McAlenney
So I mean it's well over 100% of core earnings today, right?
Chris Wilkos
No. Again, there are no expenses against that block, so –
Bob Glasspiegel – Langen McAlenney
You want to put the interest expense on it. Is there corporate – I guess there should be some corporate allocation as well?
Chris Wilkos
There's – yes, there's operating expense that's supported by those earnings, so I wouldn't call – certainly wouldn't put it north of 100.
Operator
Our next question comes from Jimmy Bhullar – JP Morgan.
Jimmy Bhullar – JP Morgan
Hi. Thank you. I had a couple of questions. The first one is just on your earnings. In your release, you quantified sort of the X unusuals earnings number to be about $0.29. I just wanted to get an idea, is that a number you expect to repeat going forward or it's somewhere in that neighborhood, assuming that everything's normal? Because there are things this quarter that I would not consider being run rate even though they weren't mentioned, like mortality was pretty good, net investment income might stay high through the fourth quarter but certainly doesn't seem like it'll stay this high through next year.
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