IMPORTANT NOTE: On January 1, 2011, the Company adopted FASB Accounting Standards Update No. 2010-26 on a retrospective basis. As a result, certain financial information for prior periods was restated, including various items of information contained in this historical report. Accordingly, readers of this report should refer to the Company's Financial Supplement for the first quarter of 2011, which is available on the Company's website at www.delphifin.com/financial/stats.html, for such items of information, as restated, since this report has not been updated or revised in any manner to reflect the impacts of such restatement.
- Delphi achieved operating return on beginning equity of 14.3%.
- Book value per share grew 15% during the year to reach an all-time high.
- Safety National increased core premiums 9% and expanded its leadership position in excess workers' compensation insurance.
- Reliance Standard maintained superior underwriting margins among group benefits carriers despite a challenging market environment.
- Delphi increased annuity sales by 52% and expanded funds under management in its asset accumulation business to $1.7 billion.
- Delphi enhanced its financial flexibility by obtaining a new $300 million bank credit facility and retiring a senior note issue.
- Delphi raised its quarterly cash dividend by 10% to $0.11 per share.
Delphi's operating ROE of 14.3%, comfortably above what our peers achieve, was driven by our industry- leading underwriting margins and robust investment performance. 
(1) Core premium and fee income consists of premium and fee income excluding premiums from non-core group employee benefits products which include products that have been discontinued, newer products which have not demonstrated their financial potential, products which are not expected to comprise a significant percentage of earned premiums and products for which sales are episodic in nature, such as loss portfolio transfers ("LPTs"). Beginning in 2009, payments received in connection with LPTs are recorded as liabilities rather than as premiums. Beginning in the third quarter of 2009, assumed workers' compensation and casualty reinsurance is included in the Company's core products. Accordingly, to assist in comparability with prior years, premium from this product has also been included in core products for prior periods. Premiums from non-core group employee benefits products were $9,709, $8,464, $10,647, $22,044 and $30,134 in 2010, 2009, 2008, 2007 and 2006, respectively.
