...Operating Profitability Relatively Flat During first-half 2015, pretax operating earnings increased 2% over the prior-year period for GAAP reporting companies in Fitch's rating universe. Pretax operating income continued to benefit from higher fee income, which was offset by lower interest margins and unfavorable mortality. Operating profitability remained relatively flat with average operating ROE of 12.8% in first-half 2015 compared with 12.7% in the prior-year period. Results Vary by Segment Variable annuities, retirement plans and asset management segments continued to benefit from higher account values caused by strong equity markets and solid sales during first-half 2015. Results in individual life and fixed annuities were adversely affected by unfavorable mortality and continued interest margin compression during the period. The group benefits business was aided by favorable claims experience but continues to face competitive pricing pressure. Company Results Mixed Operating results...
