Fourth-quarter and year-end 1998 results
Consolidated Year-end
Year ended Dec. 31
1998
1997
Core Revenues
$9,137,409,000
$9,623,179,000
Pretax Core Operating Earnings
Property-Liability Insurance
$392,443,000
$978,253,000
Life Insurance
$75,908,000
$63,886,000
Asset Management
$103,960,000
$92,617,000
Parent and Other
($196,072,000)
($222,096,000)
Total Pretax Core Operating Earnings
$376,239,000
$912,660,000
Income Tax Expense (Benefit)
($20,962,000)
$169,801,000
Core Operating Earnings* from Continuing Operations
$397,201,000
$742,859,000
Per Common Share (Basic)
$1.63
$3.16
Per Common Share (Diluted)
$1.61
$2.95
Restructuring Charges, Net of Taxes
($22,295,000)
-
Per Common Share (Basic)
($0.09)
-
Per Common Share (Diluted)
($0.09)
-
Merger-Related Charges, Net of Taxes
($457,517,000)
-
Per Common Share (Basic)
($1.95)
-
Per Common Share (Diluted)
($1.92)
-
Core Realized Investment Gains, Net of Taxes
$147,768,000
$254,183,000
Per Common Share (Basic)
$0.63
$1.11
Per Common Share (Diluted)
$0.62
$1.01
Discontinued Operations, Net of Taxes
-
($67,750,000)
Per Common Share (Basic)
-
($0.30)
Per Common Share (Diluted)
-
($0.27)
Net Income
$65,157,000
$929,292,000
Per Common Share (Basic)
$0.22
$3.97
Per Common Share (Diluted)
$0.22
$3.69
Common Shareholders´ Equity
$6,596,620,000
$6,591,443,000
Per Common Share
$28.22
$28.27
*Core operating earnings exclude the 1998 second-quarter merger-related changes and fourth-quarter restructuring charges.
Three months ended Dec. 31
1998
1997
Core Revenues
$2,193,271,000
$2,403,536,000
Pretax Core Operating Earnings
Property-Liability Insurance
$114,144,000
$267,859,000
Life Insurance
$18,929,000
$18,130,000
Asset Management
$29,378,000
$25,334,000
Parent and Other
($38,827,000)
($58,426,000)
Total Pretax Core Operating Earnings
$123,624,000
$252,897,000
Income Tax Expense (Benefit)
($9,873,000)
$46,009,000
Core Operating Earnings* from Continuing Operations
$133,497,000
$206,888,000
Per Common Share (Basic)
$0.55
$0.87
Per Common Share (Diluted)
$0.53
$0.82
Core Realized Investment Gains (Losses), Net of Taxes
($7,244,000)
$48,872,000
Per Common Share (Basic)
$0.22
($0.03)
Per Common Share (Diluted)
($0.03)
$0.19
Restructuring Charge, Net of Taxes
($22,295,000)
-
Per Common Share (Basic)
($0.09)
-
Per Common Share (Diluted)
($0.09)
-
Net Income
$103,958,000
$255,760,000
Per Common Share (Basic)
$0.43
$1.09
Per Common Share (Diluted)
$0.41
$1.01
*Core operating earnings exclude the 1998 second-quarter merger-related changes and fourth-quarter restructuring charges.
Year-End property-liability underwriting operations highlights
Year ended Dec. 31
1998
1997
Net written premiums
$6,693,168,000
$6,931,928,000
Net investment income (pretax)
$1,306,828,000
$1,323,967,000
Core Statutory Combined ratio
112.5
103.8
Fourth-quarter property-liability underwriting operations highlights
Three months ended Dec. 31
1998
1997
Net written premiums
$1,566,409,000
$1,605,565,000
Net investment income (pretax)
$321,841,000
$338,273,000
Core Statutory Combined ratio
110.7
103.8
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