Quarterly results

First quarter 1999 - Consolidated
($ in millions except per share amounts)

Three months ended March 31

1999

1998

Revenues

$2,244.3

$2,324.2

Pretax Core Operating Earnings

Property-Liability Insurance

$183.9

$209.0

Life Insurance

$19.1

$18.2

Asset Management-Investment Banking

$28.7

$23.6

Parent and Other

($38.8)

($50.3)

Total Pretax Core Operating Earnings 

$192.9

$200.5

Income Tax Expense

$40.4

$37.7

 Operating Earnings

$152.4

$162.8

Per Common Share (Basic)

$0.65

$0.68

Per Common Share (Diluted)

$0.62

$0.64

Realized Investment Gains, Net of Taxes

$42.3

$31.9

Per Common Share (Basic)

$0.18

$0.14

Per Common Share (Diluted)

$0.17

$0.13

Cumulative Effect of Accounting Change,
Net of Taxes

($29.9)

-

Per Common Share (Basic)

($0.13)

-

Per Common Share (Diluted)

($0.12)

-

Net Income

$164.9

$194.7

Per Common Share (Basic)

$0.70

$0.82

Per Common Share (Diluted)

$0.67

$0.77

Common Shareholder´ Equity

$6,405.1

$6,825.9

Per Common Share

$28.18

$29.11

First Quarter Underwriting Operations Highlights

Net written premiums

$1,566.0

$1,654.6

Net Investment incom

$322.0

$331.8

Statutory Combined ratio

107.8

107

Third-quarter property-liability underwriting operations highlights

Three months ended Sept. 30

1998

1997

Net written premiums

$1,726,918,000

$1,826,455,000

Net investment income (pretax)

$322,094,000

$328,360,000

Core Statutory Combined ratio

116.7

102.2

Nine-month property-liability underwriting operations highlights

Nine months ended Sept. 30

1998

1997

Net written premiums

$5,126,759,000

$5,326,363,000

Net investment income

$984,987,000

$985,694,000

Core Statutory Combined ratio

113.1

103.8