Quarterly results
Third quarter 1999 - Consolidated
($ in millions except per share amounts)
Three months ended September 30
1999
1998
Revenues
$1,855.6
$1,925.3
Pretax Operating Earnings (Loss)
Property-Liability Insurance
$193.2
$67.5
Life Insurance
$19.5
$19.8
Asset Management-Investment Banking
$30.4
$25.9
Parent and Other
($44.8)
($53.2)
Total Pretax Core Operating Earnings
$198.3
$60.0
Income Tax Expense
$42.5
($22.5)
Operating Earnings
$155.8
$82.5
Per Common Share (Basic)
$0.67
$0.34
Per Common Share (Diluted)
$0.64
$0.33
Realized Investment Gains, Net of Taxes
$24.1
$16.1
Per Common Share (Basic)
$0.11
$0.06
Per Common Share (Diluted)
$0.10
$0.06
Earnings Charges, Net of Taxes
($38.8)
$4.0
Per Common Share (Basic)
($0.17)
$0.02
Per Common Share (Diluted)
($0.16)
$0.02
Discontinued Operations, Net of Taxes
$185.7
($34.9)
Per Common Share (Basic)
$0.82
($0.15)
Per Common Share (Diluted)
$0.76
($0.14)
Net Income (Loss)
$326.8
$67.7
Per Common Share
$1.43
$0.27
Per Common Share (Diluted)
$1.34
$0.27
Six months ended Sept. 30
1999
1998
Revenues
$5,827.8
$6,097.9
Pretax Core Operating Earnings
Property-Liability Insurance
$604.3
$433.5
Life Insurance
$56.2
$57.0
Asset Management-Investment Banking
$89.4
$74.6
Parent and Other
($128.6)
($157.3)
Total Pretax Core Operating Earnings
$621.3
$407.8
Income Tax Expense (Benefit)
$132.5
$41.7
Operating Earnings from Continuing Operations
$488.8
$366.1
Per Common Share (Basic)
$2.11
$1.52
Per Common Share (Diluted)
$2.00
$1.49
Realized Investment Gains, Net of Taxes
$111.2
$155.0
Per Common Share (Basic)
$0.48
$0.66
Per Common Share (Diluted)
$0.45
$0.66
Cumulative Effect of Accounting Change, Net of Taxes
($29.9)
-
Per Common Share (Basic)
($.013)
-
Per Common Share (Diluted)
($0.12)
-
Earnings Charges, Net of Taxes
($38.8)
($430.0)
Per Common Share (Basic)
($0.17)
($1.83)
Per Common Share (Diluted)
($0.16)
($1.81)
Discontinued Operations, Net of Taxes
$164.2
($102.5)
Per Common Share (Basic)
$0.72
($0.44)
Per Common Share (Diluted)
$0.67
($0.43)
Net Income (Loss)
$695.5
($11.4)
Per Common Share (Basic)
$3.01
($0.09)
Per Common Share (Diluted)
$2.84
($0.09)
Common Shareholders' Equity
$6,397.1
$6,619.6
Per Common Share
$28.20
$27.95
Third-quarter property-liability underwriting operations highlights
Three months ended Sept. 30
1999
1998
Net written premiums
$1,276.9
$1399.0
Net investment income (pretax)
$321.1
$322.1
Statutory Combined ratio
107.8
116.9
Nine-month property-liability underwriting operations highlights
Nine months ended Sept. 30
1999
1998
Net written premiums
$4,128.5
$4,240.7
Net investment income
$963.7
$985.0
Statutory Combined ratio
107.5
112.4
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