Quarterly results
Fourth quarter 1999 - Consolidated
($ in millions except per share amounts)
Three months ended December 31
1999
1998
Revenues
$1,942.0
$1,842.6
Pretax Operating Earnings (Loss)
Property-Liability Insurance
$166.4
$106.6
Life Insurance
$18.8
$18.9
Asset Management-Investment Banking
$33.3
$29.4
Parent and Other
($27.0)
($39.0)
Total Pretax Core Operating Earnings
$191.5
$115.9
Income Tax Expense
$35.6
($12.7)
Operating Earnings from Continuing Operations
$155.9
$128.6
Per Common Share (Basic)
$0.67
$0.53
Per Common Share (Diluted)
$0.64
$0.51
Realized Investment Gains, Net of Taxes
$70.7
$7.8
Per Common Share (Basic)
$0.31
$0.03
Per Common Share (Diluted)
$0.29
$0.03
Earnings Charges, Net of Taxes
-
$25.3
Per Common Share (Basic)
-
$0.11
Per Common Share (Diluted)
-
$0.10
Discontinued Operations, Net of Taxes
$(87.7)
$5.3
Per Common Share (Basic)
($0.38)
$0.02)
Per Common Share (Diluted)
($0.36)
$0.02
Net Income (Loss)
$138.9
$100.8
Per Common Share
$.60
$0.41
Per Common Share (Diluted)
$.57
$0.40
Twelve months ended December 31
1999
1998
Revenues
$7,569.0
$7,736.7
Pretax Operating Earnings (Loss)
Property-Liability Insurance
$757.2
$524.8
Life Insurance
$75.0
$75.9
Asset Management
$122.7
$104.0
Parent and Other
($155.5)
($196.2)
Total Pretax Operating Earnings
$799.4
$508.5
Income Tax Expense
$163.1
$23.6
Operating Earnings from Continuing Operations
$636.3
$484.9
Per Common Share (Basic)
$2.74
$2.01
Per Common Share (Diluted)
$2.61
$1.98
Realized Investment Gains, Net of Taxes
$181.7
$147.3
Per Common Share (Basic)
$0.80
$0.63
Per Common Share (Diluted)
$0.73
$0.61
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)
($432.0)
Per Common Share (Basic)
($0.17)
($1.84)
Per Common Share (Diluted)
($0.16)
($1.81)
Discontinued Operations, Net of Taxes
$85.1
($110.0)
Per Common Share (Basic)
$0.37
($0.47)
Per Common Share (Diluted)
$0.35
($0.46)
Net Income
$834.4
($89.3)
Per Common Share (Basic)
$3.61
($0.33)
Per Common Share (Diluted)
$3.41
($0.32)
Common Shareholders' Equity
$6,447.9
$6,620.8
Per Common Share
$28.68
$28.32
Fourth-quarter property-liability underwriting operations highlights
Three months ended December 31
1999
1998
Net written premiums
$1,163.4
$1226.1
Net investment income (pretax)
$304.5
$317.8
Statutory Combined ratio
108.4
114.9
Twelve-month property-liability underwriting operations highlights
Twelve months ended December 31
1999
1998
Net written premiums
$5,111.8
$5,275.6
Net investment income
$1,255.9
$1,292.7
Statutory Combined ratio
107.9
113.4
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