Restatements within Columbus Life Insurance Co.'s latest quarterly statutory statement resulted in a material reduction in the amount of ordinary individual annuity business attributable to the Western & Southern Mutual Holding Co. subsidiary.
The amended filing, as obtained Dec. 5 by S&P Global Market Intelligence, indicated that the original document contained "errors ... that resulted in overstated amounts" for the ordinary life and ordinary individual annuity lines and an understatement in the other accident and health line. The company added that the errors, which were in Exhibit 1, had no other impact to its Sept. 30 financial statements.
The company originally reported year-to-date direct ordinary individual annuity considerations of $1.66 billion; the amended filing slashed that figure to $42.3 million. The company's total for the first three quarters of 2018 was $73 million.
Other adjustments were less significant. Ordinary life direct premiums, which in the original filing totaled $203.4 million, were lowered to $193.8 million. The field for direct premiums in the other accident and health line was left blank in the original filing. It was populated with a value of less than $14,000 in the amended exhibit.
Business attributable to deposit-type contracts of $1.25 billion was unchanged in the amended submission.
All told, Columbus Life reported a total of $1.48 billion in direct premiums and considerations in the amended filing, as compared with $3.11 billion as originally reported.