Quarterly results
Third quarter 1997 - Consolidated
Three months ended September 30
1997
1996
Revenues
$1,497,048,000
$1,476,158,000
Pretax Core Operating Earnings
Underwriting
$157,975,000
$75,013,000
Asset Management-Investment Banking
23,149,000
23,282,000
Parent and Other
(25,866,000)
(19,928,000)
Total Pretax Operating Earnings (Loss)
$155,258,000
$78,367,000
Income Tax Expense (Benefit)
$22,666,000
($11,836,000)
Core Operating Earnings from Continuing Operations
$132,592,000
$90,203,000
Per Common Share (Diluted)
$1.43
$0.99
Core Realized Investment Gains, Net of Taxes
$30,812,000
$24,620,000
Per Common Share (Diluted)
$0.33
$0.27
Discontinued Operations, Net of Taxes
$14,111,000
$0.16
Net Income
$163,404,000
$128,934,000
Per Common Share (Diluted)
$1.76
$1.42
Consolidated nine-months results
1997
1996
Three months ended September 30
$4,674,962,000
$4,170,523,000
Revenues
Pretax Core Operating Earnings
$449,691,000
$328,942,000
Underwriting
67,283,000
66,518,000
Asset Management-Investment Banking
(71,635,000)
(62,055,000)
Parent and Other
$445,339,000
$333,405,000
Total Pretax Operating Earnings
$61,763,000
$25,819,000
Income Tax Expense
$383,576,000
$307,586,000
Core Operating Earnings from Continuing Operations
$4.16
$3.37
Per Common Share (Diluted)
$202,651,000
$86,943,000
Core Realized Investment Gains, Net of Taxes
$2.19
$0.94
Per Common Share (Diluted)
($67,750,000)
($6,721,000)
Discontinued Operations, Net of Taxes
($0.73)
($0.07)
Per Common Share (Diluted)
$518,477,000
$387,808,000
Net Income
$5.62
$4.24
Per Common Share (Diluted)
Third-quarter underwriting operations highlights
1997
1996
Three months ended September 30
$1,182,837,000
$1,246,970,000
Net written premiums
$220,400,000
$201,914,000
Net investment income
102.5
106.6
Combined ratio
Nine-months underwriting operations highlights
1997
1996
Three months ended September 30
$3,398,342,000
$3,259,507,000
Net written premiums
$655,190,000
$584,636,000
Net investment income
105.0
105.6
Combined ratio
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