Quarterly results
Fourth quarter 1997 results - Consolidated
Three months ended September 30
1997
1996
Revenues
$6,219,273,000
$5,734,156,000
Pretax Core Operating Earnings
Underwriting
$615,445,000
$477,535,000
Asset Management-Investment Banking
$92,617,000
$91,697,000
Parent and Other
($97,439,000)
($88,621,000)
Total Pretax Operating Earnings
$610,623,000
$480,611,000
Income Tax Expense
$79,538,000
$65,856,000
Core Operating Earnings from Continuing Operations
$531,085,000
$414,755,000
Per Common Share (Diluted)
$5.77
$4.56
Per Common Share (Basic)
$6.20
$4.85
Core Realized Investment Gains, Net of Taxes
$242,138,000
$143,103,000
Per Common Share (Diluted)
$2.62
$1.55
Per Common Share (Basic)
$2.90
$1.72
Discontinued Operations, Net of Taxes
($67,750,000)
($107,759,000)
Per Common Share (Diluted)
($0.73)
($1.17)
Per Common Share (Basic)
($0.82)
($1.29)
Net Income
$705,473,000
$450,099,000
Per Common Share (Diluted)
$7.66
$4.94
Per Common Share (Basic)
$8.28
$5.28
Common Shareholders Equity
$4,609,985,000
$3,987,757,000
Per Common Share
$55.06
$47.93
Fourth quarter 1997
Three months ended September 30
1997
1996
Revenues
$1,544,311,000
$1,563,633,000
Pretax Core Operating Earnings
Underwriting
$165,754,000
$148,593,000
Asset Management-Investment Banking
$25,334,000
$25,179,000
Parent and Other
($25,804,000)
($26,566,000)
Total Pretax Operating Earnings
$165,284,000
$147,206,000
Income Tax Expense
$17,775,000
$40,037,000
Core Operating Earnings from Continuing Operations
$147,509,000
$107,169,000
Per Common Share (Diluted)
$1.59
$1.18
Per Common Share (Basic)
$1.71
$1.26
Core Realized Investment Gains, Net of Taxes
$39,487,000
$56,160,000
Per Common Share (Diluted)
$0.43
$0.61
Per Common Share (Basic)
$0.48
$0.67
Discontinued Operations, Net of Taxes
-
($101,038,000)
Per Common Share (Diluted)
-
($1.10)
Per Common Share (Basic)
-
($1.21)
Net Income
$186,996,000
$62,291,000
Per Common Share (Diluted)
$2.02
$0.69
Per Common Share (Basic)
$2.19
$0.72
Twelve-months underwriting operations highlights
Three months ended September 30
1997
1996
Net written premiums
$4,479,903,000
$4,396,122,000
Net investment income
$880,802,000
$794,901,000
Combined ratio
105.1
105.5
Fourth-quarter underwriting operations highlights
Three months ended September 30
1997
1996
Net written premiums
$1,081,561,000
$1,136,615,000
Net investment income
$225,612,000
$210,265,000
Combined ratio
105.2
105.2
Recent quarterly results