Quarterly results
Second quarter 1998 - Consolidated
Three months ended June 30
1998
1997
Revenues
$2,408,689,000
$2,493,102,000
Pretax Core Operating Earnings
Property-Liability Insurance
$54,633,000
$238,150,000
Life Insurance
$19,001,000
$15,047,000
Asset Management-Investment Banking
$25,093,000
$21,430,000
Parent and Other
($53,776,000)
($55,091,000)
Total Pretax Operating Earnings
$44,951,000
$219,536,000
Income Tax Expense (Benefit)
($8,260,000)
$42,636,000
Core Operating Earnings from Continuing Operations
$53,211,000
$176,900,000
Per Common Share (Basic)
$0.21
$0.76
Per Common Share (Diluted)
$0.21
$0.71
One-time Charge, Net of Taxes
($457,517,000)
-
Per Common Share (Basic)
($1.95)
-
Per Common Share (Diluted)
($1.95)
-
Core Realized Investment Gains, Net of Taxes
$107,025,000
$112,042,000
Per Common Share (Basic)
$0.46
$0.49
Per Common Share (Diluted)
$0.46
$0.44
Net Income (Loss)
($297,281,000)
$288,942,000
Per Common Share (Basic)
($1.28)
$1.25
Per Common Share (Diluted)
($1.28)
$1.15
Consolidated first-half results
Six months ended June 30
1998
1997
Revenues
$4,732,881,000
$4,895,353,000
Pretax Core Operating Earnings
Property-Liability Insurance
$263,620,000
$465,052,000
Life Insurance
$37,225,000
$28,796,000
Asset Management-Investment Banking
$48,710,000
$44,134,000
Parent and Other
($104,118,000)
($105,292,000)
Total Pretax Core Operating Earnings
$245,437,000
$432,690,000
Income Tax Expense (Benefit)
$29,452,000)
$81,096,000
Core Operating Earnings from Continuing Operations
$215,985,000
$351,594,000
Per Common Share (Basic)
$0.89
$1.50
Per Common Share (Diluted)
$0.89
$1.40
One-time Charge, Net of Taxes
($457,517,000)
-
Per Common Share (Basic)
($1.95)
-
Per Common Share (Diluted)
($1.95)
-
Core Realized Investment Gains, Net of Taxes
$138,929,000
$174,516,000
Per Common Share (Basic)
$0.60
$0.76
Per Common Share (Diluted)
$0.60
$0.69
Discontinued Operations, Net of Taxes
-
($67,750,000)
Per Common Share (Basic)
-
($0.30)
Per Common Share (Diluted)
-
($0.27)
Net Income (Loss)
($102,603,000)
$458,360,000
Per Common Share (Basic)
($0.46)
$1.96
Per Common Share (Diluted)
($0.46)
$1.82
Common Shareholders' Equity
$6,473,719,000
$5,827,054,000
Per Common Share
$27.45
$25.34
Second-quarter property-liability underwriting operations highlights
Three months ended June 30
1998
1997
Net written premiums
$1,745,262,000
$1,827,104,000
Net investment income
$331,130,000
$326,827,000
Core Statutory Combined ratio
116.0
103.0
First-half property-liability underwriting operations highlights
Six months ended June 30
1998
1997
Net written premiums
$3,399,841,000
$3,499,908,000
Net investment income
$662,893,000
$657,334,000
Core Statutory Combined ratio
111.4
104.6
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