Financial Highlights

     
      2002     2001
(Dollars in millions, except per share data)            
FOR THE YEAR            
Revenues(1)    $ 8,918   $ 8,919
Operating earnings (loss)(1)     290     (941)
Operating earnings (loss) per common share(1)     1.24     (4.52)
Operating earnings (loss) return on beginning common equity(2)     6.1%     (13.6%)
Net income (loss)     218     (1,088)
Net income (loss) per common share
    0.92     (5.22)
Dividends paid per common share     1.15     1.11
             
AT YEAR END
           
Total investments
   $ 22,733   $ 22,178
Total assets
    39,920     38,321
Common shareholders’ equity
    5,681     5,056
Book value per common share
    25.05     24.35
Market value per common share
    34.05     43.97
Common shares outstanding
    226,798,457     207,624,375
Debt as a percentage of total capitalization
    29%     26%
Total employees
    9,700     10,200

(1) From continuing operations. Operating earnings represent net income excluding after-tax realized gains and after-tax losses from discontinued operations.
(2) Equity excludes unrealized appreciation on fixed income investments.