Quarterly results
First quarter 1998 - Consolidated
Three months ended March 31
1998
1997
Revenues
$1,467,157,000
$1,557,203,000
Pretax Core Operating Earnings
Underwriting
$148,104,000
$148,059,000
Asset Management-Investment Banking
$23,617,000
$22,704,000
Parent and Other
($23,316,000)
($21,145,000)
Total Pretax Operating Earnings
$148,405,000
$149,618,000
Income Tax Expense
$23,035,000
$19,450,000
Core Operating Earnings from Continuing Operations
$125,370,000
$130,168,000
Per Common Share (Diluted)
$1.36
$1.43
Per Common Share (Basic)
$1.46
$1.53
Core Realized Investment Gains, Net of Taxes
$28,630,000
$62,131,000
Per Common Share (Diluted)
$.31
$.67
Per Common Share (Basic)
$.34
$.75
Discontinued Operations, Net of Taxes
-
($67,750,000)
Per Common Share (Diluted)
-
($.73)
Per Common Share (Basic)
-
($.82)
Net Income
$154,000,000
$124,549,000
Per Common Share (Diluted)
$1.67
$1.37
Per Common Share (Basic)
$1.80
$1.46
Common Shareholders' Equity
$4,803,215,000
$3,884,831,000
Per Common Share
$57.16
$46.51
First-quarter underwriting operations highlights
Three months ended March 31
1998
1997
Net written premiums
$1,000,847,000
$1,029,220,000
Net investment income
$218,803,000
$218,269,000
Statutory Combined ratio
107.5
107.5
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