Quarterly results
Second quarter 1997 - Consolidated
Three months ended June 30
1997
1996
Revenues
$1,620,711,000
$1,364,474,000
Pretax Core Operating Earnings
Underwriting
$143,657,000
$122,990,000
Asset Management-Investment Banking
21,430,000
21,669,000
Parent and Other
(24,624,000)
(19,189,000)
Total Pretax Operating Earnings
$140,463,000
$125,470,000
Income Tax Expense
$19,647,000
$21,254,000
Core Operating Earnings from Continuing Operations
$120,816,000
$104,216,000
Per Common Share (Diluted)
$1.31
$1.14
Core Realized Investment Gains, Net of Taxes
$109,708,000
$31,079,000
Per Common Share (Diluted)
$1.19
$0.34
Discontinued Operations, Net of Taxes
-
$(5,242,000)
Per Common Share (Diluted)
-
$(0.06)
Net Income
$230,524,000
$130,053,000
Per Common Share (Diluted)
$2.50
$1.42
Consolidated six-months results
Three months ended June 30
1997
1996
Revenues
$3,177,914,000
$2,694,365,000
Pretax Core Operating Earnings
Underwriting
$291,716,000
$253,929,000
Asset Management-Investment Banking
44,134,000
43,236,000
Parent and Other
(45,769,000)
(42,127,000)
Total Pretax Operating Earnings
$290,081,000
$255,038,000
Income Tax Expense
$39,097,000
$37,655,000
Core Operating Earnings from Continuing Operations
$250,984,000
$217,383,000
Per Common Share (Diluted)
$2.74
$2.38
Core Realized Investment Gains, Net of Taxes
$171,839,000
$62,323,000
Per Common Share (Diluted)
$1.85
$0.67
Discontinued Operations, Net of Taxes
$(67,750,000)
$(20,832,000)
Per Common Share (Diluted)
$ (0.73)
$(0.22)
Net Income
$355,073,000
$258,874,000
Per Common Share (Diluted)
$3.86
$2.83
Second-quarter underwriting operation highlights
1997
1996
Three months ended June 30
$1,186,285,000
$1,077,926,000
Net written premiums
$216,521,000
$193,819,000
Net investment income
105.0
104.3
Combined ratio
Six-months underwriting operations highlights
1996
Three months ended June 30
1997
$2,012,537,000
Net written premiums
$2,215,505,000
$382,722,000
Net investment income
$434,790,000
105.2
Combined ratio
106.2
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