Allstate reported strong financial results for the first quarter of 2003, with net income increasing 40% over the prior year to $665 million. Operating income per share increased 39.7% to $0.95, beating analyst estimates. This was driven by improved performance in Property-Liability, with underwriting income up significantly due to higher premiums earned and a lower combined ratio. Results were also boosted by lower realized capital losses. Allstate increased guidance for full-year operating income per share. While Allstate Financial results declined from lower annuity sales and an accounting adjustment, overall performance was solid given economic conditions.
allstate Quarterly Investor Information 2003 2nd finance7
Allstate reported strong financial results for the second quarter of 2003, with net income increasing 70.9% compared to the second quarter of 2002. Operating income increased 32.2% driven by an improvement in Property-Liability Underwriting income. However, catastrophe losses also increased significantly. Overall results were positively impacted by higher premiums, continued improvement in auto and homeowners claim frequencies, and lower prior year reserve strengthening, despite higher catastrophes. Allstate increased its full year 2003 operating income guidance.
allstate Quarterly Investor Information Earnings Press Release 2004 1stfinance7
Allstate reported strong financial results for the first quarter of 2004, with a 43% increase in net income and 52% increase in operating income per share compared to the first quarter of 2003. Operating income reached $1 billion for the first quarter, driven by higher premiums earned in Property-Liability and higher realized capital gains. Property-Liability underwriting income increased 109% due to higher premiums, favorable loss trends, and lower catastrophes. Allstate Financial also saw increases in premiums and deposits as well as operating income. As a result of the strong performance, Allstate increased its full-year 2004 operating income per share guidance.
allstate Quarterly Investor Information 2002 1stfinance7
The Allstate Corporation reported financial results for the first quarter of 2002, with net income of $426 million, down from $500 million in the same period the previous year. Operating income was $488 million compared to $552 million in 2001. While revenues grew slightly by 2.3%, increased loss costs and decreased investment income contributed to the decline in profits. The company remains on track to meet its full-year earnings guidance despite challenges from higher claims in areas like Texas and ongoing cost pressures.
Nationwide is one of the largest insurance and financial services companies in the world. In 2003, Nationwide achieved strong financial results, with net income increasing significantly from the previous year. Nationwide also reached milestones of issuing its one millionth annuity contract and gaining its one millionth life insurance customer. Nationwide is focused on serving customers through initiatives like expanding distribution channels, pursuing cross-selling opportunities, and investing in financial education programs. Nationwide is also committed to giving back to communities through corporate donations and employee volunteerism.
allstate Quarterly Investor Information 2002 3rd finance7
The Allstate Corporation reported higher net income and operating income in the third quarter of 2002 compared to the same period in 2001. Operating income increased to $548 million from $401 million due primarily to increased property-liability premiums earned, improved auto and homeowners loss frequencies, and lower catastrophe losses. However, these gains were partly offset by reserve strengthening for asbestos and environmental losses and decreased operating income at Allstate Financial. For the full year 2002, Allstate anticipates operating income per share will be between $2.80 to $3.00, excluding restructuring charges.
allstate Quarterly Investor Information Earnings Press Release 2004 3rdfinance7
Allstate reported financial results for Q3 2004. While underlying business remained strong with increased premiums and policies in force, catastrophe losses from Hurricanes Charley, Frances, Ivan and Jeanne totaling $1.71 billion resulted in a net loss of $56 million compared to a $691 million profit in Q3 2003. Premiums and deposits for Allstate Financial increased to $4.02 billion for the quarter. Allstate revised its 2004 annual operating income per share guidance downward due to higher than expected catastrophe losses.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
- GMAC reported a preliminary Q3 2007 loss of $1.6 billion compared to a loss of $173 million in Q3 2006. The loss was driven by disappointing results at ResCap including a $455 million goodwill impairment.
- Excluding ResCap, GMAC's Q3 operating income was $665 million, 51% above Q3 2006. However, ResCap reported a loss of $1.806 billion for the quarter.
- Results at ResCap reflect unprecedented disruptions in global capital markets, leading ResCap to implement a significant restructuring of its mortgage operations.
allstate Quarter Information 2008 1st Earnings Press Releasefinance7
Allstate reported lower net income and operating income for Q1 2008 compared to Q1 2007 due to higher catastrophe losses offsetting strong underlying insurance performance. Catastrophe losses totaled $568M in Q1 2008, up from $161M in Q1 2007. However, the underlying combined ratio was 85.8%, within Allstate's full-year target range of 87-89%. Allstate will continue monitoring results and may revise its full-year outlook. Revenue declined 13.3% to $8.1B due to realized capital losses compared to gains in Q1 2007.
allstate Quarterly Investor Information 2003 2nd finance7
Allstate reported strong financial results for the second quarter of 2003, with net income increasing 70.9% compared to the second quarter of 2002. Operating income increased 32.2% driven by an improvement in Property-Liability Underwriting income. However, catastrophe losses also increased significantly. Overall results were positively impacted by higher premiums, continued improvement in auto and homeowners claim frequencies, and lower prior year reserve strengthening, despite higher catastrophes. Allstate increased its full year 2003 operating income guidance.
allstate Quarterly Investor Information Earnings Press Release 2004 1stfinance7
Allstate reported strong financial results for the first quarter of 2004, with a 43% increase in net income and 52% increase in operating income per share compared to the first quarter of 2003. Operating income reached $1 billion for the first quarter, driven by higher premiums earned in Property-Liability and higher realized capital gains. Property-Liability underwriting income increased 109% due to higher premiums, favorable loss trends, and lower catastrophes. Allstate Financial also saw increases in premiums and deposits as well as operating income. As a result of the strong performance, Allstate increased its full-year 2004 operating income per share guidance.
allstate Quarterly Investor Information 2002 1stfinance7
The Allstate Corporation reported financial results for the first quarter of 2002, with net income of $426 million, down from $500 million in the same period the previous year. Operating income was $488 million compared to $552 million in 2001. While revenues grew slightly by 2.3%, increased loss costs and decreased investment income contributed to the decline in profits. The company remains on track to meet its full-year earnings guidance despite challenges from higher claims in areas like Texas and ongoing cost pressures.
Nationwide is one of the largest insurance and financial services companies in the world. In 2003, Nationwide achieved strong financial results, with net income increasing significantly from the previous year. Nationwide also reached milestones of issuing its one millionth annuity contract and gaining its one millionth life insurance customer. Nationwide is focused on serving customers through initiatives like expanding distribution channels, pursuing cross-selling opportunities, and investing in financial education programs. Nationwide is also committed to giving back to communities through corporate donations and employee volunteerism.
allstate Quarterly Investor Information 2002 3rd finance7
The Allstate Corporation reported higher net income and operating income in the third quarter of 2002 compared to the same period in 2001. Operating income increased to $548 million from $401 million due primarily to increased property-liability premiums earned, improved auto and homeowners loss frequencies, and lower catastrophe losses. However, these gains were partly offset by reserve strengthening for asbestos and environmental losses and decreased operating income at Allstate Financial. For the full year 2002, Allstate anticipates operating income per share will be between $2.80 to $3.00, excluding restructuring charges.
allstate Quarterly Investor Information Earnings Press Release 2004 3rdfinance7
Allstate reported financial results for Q3 2004. While underlying business remained strong with increased premiums and policies in force, catastrophe losses from Hurricanes Charley, Frances, Ivan and Jeanne totaling $1.71 billion resulted in a net loss of $56 million compared to a $691 million profit in Q3 2003. Premiums and deposits for Allstate Financial increased to $4.02 billion for the quarter. Allstate revised its 2004 annual operating income per share guidance downward due to higher than expected catastrophe losses.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
- GMAC reported a preliminary Q3 2007 loss of $1.6 billion compared to a loss of $173 million in Q3 2006. The loss was driven by disappointing results at ResCap including a $455 million goodwill impairment.
- Excluding ResCap, GMAC's Q3 operating income was $665 million, 51% above Q3 2006. However, ResCap reported a loss of $1.806 billion for the quarter.
- Results at ResCap reflect unprecedented disruptions in global capital markets, leading ResCap to implement a significant restructuring of its mortgage operations.
allstate Quarter Information 2008 1st Earnings Press Releasefinance7
Allstate reported lower net income and operating income for Q1 2008 compared to Q1 2007 due to higher catastrophe losses offsetting strong underlying insurance performance. Catastrophe losses totaled $568M in Q1 2008, up from $161M in Q1 2007. However, the underlying combined ratio was 85.8%, within Allstate's full-year target range of 87-89%. Allstate will continue monitoring results and may revise its full-year outlook. Revenue declined 13.3% to $8.1B due to realized capital losses compared to gains in Q1 2007.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were completed or underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the organization's capabilities were increased.
This document provides an overview of Duke Energy's 2004 annual report. It discusses Duke Energy's objectives for 2004 including generating cash, reducing debt, preserving dividends, resizing assets, improving safety, and restoring credibility. The chairman highlights accomplishments like exceeding financial targets, reducing debt, and stabilizing credit ratings. However, safety failures and an operational incident are noted as disappointments. Unfinished business is also mentioned, like developing a sustainable business model for Duke Energy North America. The chairman expresses optimism for 2005 while pursuing growth and leadership in the industry.
Viacom reported financial results for the first quarter of 2008 that showed increases in revenue, operating income, and earnings per share compared to the first quarter of 2007. Revenue grew 15% to $3.117 billion. Operating income increased 29% to $567 million. Diluted earnings per share from continuing operations rose 45% to $0.42. Media Networks and Filmed Entertainment, Viacom's two business segments, both saw revenue growth for the quarter despite lower theatrical revenues at Filmed Entertainment. Viacom also provided guidance for 2008-2010 of low double-digit annual growth in diluted earnings per share from continuing operations.
Capital Product Partners Fourth Quarter 2008 Earningsearningsreport
Capital Product Partners L.P. reported strong fourth quarter 2008 results with net income of $14.3 million and operating surplus of $17.4 million. They announced a non-recurring exceptional cash distribution of $1.05 per unit, returning profit sharing revenues earned in 2008. Despite a weak shipping market outlook, the company has long-term contracts with reputable counterparties and adequate financial reserves to weather uncertain market conditions.
Reconciliations 2008 Annual Meeting of Stockholdersfinance6
This document contains reconciliations and summaries of Safeway's financial metrics for 2006-2008, including:
1) Adjusted EPS for 2006-2007 which excludes certain tax adjustments and a tax settlement;
2) Reconciliation of net income to adjusted EBITDA and interest coverage ratios for 2007-2003;
3) Basis point changes in operating profit margin guidance excluding fuel impact;
4) Reconciliation of GAAP cash flow to free cash flow forecasts for 2008-2005.
This document is BB&T Corporation's 2005 annual report. It provides financial highlights for 2005, noting that net income increased 6.1% to $1.654 billion and diluted earnings per share grew 7.1% to $3.00. Operating earnings rose 7.2% to $1.674 billion. Cash basis operating earnings, which exclude intangible assets and purchase accounting adjustments, increased 7.1% to $1.763 billion. The report discusses BB&T's strong loan, deposit and balance sheet growth in 2005 and notes the bank hired additional revenue producers and implemented strategies to boost organic account growth.
This 2003 annual report summarizes Cummins' financial performance and business highlights for 2003. Some key points:
- Sales increased 8% to $6.3 billion compared to 2002, with net earnings of $50 million.
- The engine business had sales of $3.6 billion, up 6% from 2002. Power generation sales were $1.3 billion, up 8% despite challenging market conditions. Filtration and other business sales reached a record $1.1 billion, up 11%.
- New partnerships and supply agreements were signed to expand the company's customer base. International joint ventures also grew, particularly in China and Asia.
- While markets remained difficult, the company focused on cost
- Ameriprise Financial reported increased earnings for the second quarter of 2007, with net income per share up 42% and adjusted earnings per share up 24%.
- Revenues grew 6% to $2.2 billion, driven by strong growth in fee-based businesses. Expenses rose 5% while income before taxes grew 14%.
- Net income was $196 million, up 39% from the prior year, while adjusted earnings rose 22% to $237 million, reflecting expense controls.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had $1 billion year-over-year swing in profits.
- Pipelines segment saw record earnings and a 22% increase in earnings from 2005. E&P segment replaced 108% of production primarily through drilling.
- For full year 2006, the company reported $1.75 billion in EBIT and $475 million in net income.
- The company used $2.5 billion in cash for debt reduction in 2006 and reduced net debt to $14.1 billion at the end of the year.
United Health Group [PDF Document] Form 8-K Related to Earnings Releasefinance3
This document is a Form 8-K filed by UnitedHealth Group with the Securities and Exchange Commission announcing their fourth quarter and full year 2005 financial results. Some key highlights include:
- Fourth quarter earnings per share of $0.65, up 20% year-over-year. Full year earnings per share of $2.48, up 26% year-over-year.
- Fourth quarter revenues of $12.05 billion, up 15% year-over-year. Full year revenues of $45.37 billion, up 22% year-over-year.
- Operating margin for the fourth quarter was 11.9% and 11.8% for the full year.
- On December 20
- BB&T Corporation reported lower operating earnings for the fourth quarter of 2008 compared to the same period in 2007. Operating earnings available to common shareholders decreased 41.4% to $243 million.
- Net interest income increased 14.2% to $1,132 million due to higher interest income, but this was more than offset by a large increase in the provision for credit losses of $344 million.
- Returns and profitability ratios declined from the prior year, with the return on average common equity decreasing to 7.26% and the efficiency ratio worsening to 51.9%.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services G...finance8
This document provides a summary of GMAC's preliminary first quarter 2007 earnings. It reports a net loss of $305 million compared to net income of $495 million in the first quarter of 2006. Pressures in the US residential mortgage market impacted results at ResCap. Auto finance had strong operating performance. ResCap maintained strong liquidity at $72.1 billion and GMAC had cash and marketable securities of $12.8 billion.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services U...finance8
This document is the transcript from a fixed income investor presentation given by Sanjiv Khattri, Executive Vice President and Chief Financial Officer of GMAC. The presentation summarizes GMAC's financial performance in Q2 2007, including details on results from their auto finance, insurance, and Residential Capital (ResCap) business segments. It provides key metrics on ResCap's mortgage portfolios and credit quality, noting continued challenges from the weak US housing market.
The Progressive Corporation announced financial results for December 2005 and the full year 2005. For December, net income was $122.9 million, down 32% from the previous year due to an additional week of results in 2004. For the full year, net income was $1.393.9 billion, down 15% from 2004 which had 53 weeks of activity compared to 52 weeks in 2005. The company also held a conference call in March 2006 to discuss the full year 2005 results and filed its annual report with the SEC.
Bank of America reported second quarter 2008 results. Key highlights included diluted EPS of $0.72, record quarterly revenue of $20.3 billion, and net income of $3.41 billion. Credit costs increased significantly to $5.83 billion due to weakness in the housing market. Revenue growth was driven by higher net interest income, though partially offset by lower noninterest income and higher expenses.
Danaher Corporation reported financial results for Q4 and full year 2008. Q4 net earnings were $305.7 million compared to $320.2 million in Q4 2007. For the full year, net earnings were $1.3 billion compared to $1.37 billion in 2007. Sales increased 1% in Q4 to $3.18 billion and increased 15% for the full year to $12.7 billion. The CEO stated that while 2009 will be difficult, Danaher's portfolio of businesses and strong balance sheet will allow it to outperform in a challenging market.
Dover Corporation reported record results for the first quarter of 2007, with earnings per share increasing 5% over the previous year. Revenue was $1.78 billion, an increase of 18% year-over-year. The company saw strong revenue gains in four of its six segments. Looking forward, Dover expects continued strength in several of its industrial businesses and anticipates full-year revenue and earnings will set new records.
The Walt Disney Company reported financial results for its first fiscal quarter ended December 29, 2007. Diluted earnings per share were $0.63 compared to $0.79 in the prior year quarter. Revenue increased 9% to $10.5 billion driven by growth across all business segments. Media Networks revenue grew 10% and segment operating income increased 28% due to increases at cable networks and broadcasting. Parks and Resorts revenue increased 11% and segment operating income grew 25% due to increases at domestic and international parks. The Company repurchased $1 billion of its shares in the quarter and had $292 million remaining under its repurchase authorization.
- Disney reported higher revenues and earnings per share for the third quarter and first nine months of fiscal year 2006 compared to the same periods in 2005. Revenues increased 12% for the quarter and 5% year-to-date, while EPS grew 36% and 24% respectively.
- All of Disney's operating segments experienced growth in revenues and operating income for the quarter, led by Parks and Resorts and Studio Entertainment. Higher guest spending and attendance boosted Parks, while successful film releases increased profits at Studio Entertainment.
- Disney completed its acquisition of Pixar in May 2006, which added to earnings and increased outstanding shares. The company continues to invest in its brands and repurchase stock.
allstate Quarterly Investor Information 2001 4thfinance7
- Allstate reported lower operating income for Q4 2001 and full year 2001 compared to the same periods in 2000, due to increased loss costs, restructuring expenses, and lower investment income, partly offset by higher premiums.
- For Q4 2001, operating income was $309 million compared to $584 million in Q4 2000. For full year 2001, operating income was $1.49 billion compared to $2 billion in 2000.
- Allstate provided guidance for 2002 operating income per share of $2.50-$2.70, expecting improvement in results later in 2002 as pricing and underwriting actions take effect.
This document provides an annual report from Motorola for the year 2000. It summarizes Motorola's financial performance, with revenues increasing 17% to $37.6 billion. However, net earnings only increased 29% to $1.3 billion due to special charges in the Personal Communications Sector. It outlines Motorola's strategic reorganization to focus on customer solutions and improve profitability in its business segments. Key areas of focus include wireless networks and devices, broadband communications, and embedded semiconductor and systems solutions.
- Disney reported higher second quarter earnings per share of $0.44, up 19% from the prior year, and strong segment operating income growth across all business segments.
- For the six-month period, earnings per share increased to $1.24 from $0.74 the prior year, reflecting operating gains and asset sales.
- All business segments saw increases in operating income, led by the Media Networks segment from higher affiliate revenues at ESPN and growth at international Disney channels.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were completed or underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the organization's capabilities were increased.
This document provides an overview of Duke Energy's 2004 annual report. It discusses Duke Energy's objectives for 2004 including generating cash, reducing debt, preserving dividends, resizing assets, improving safety, and restoring credibility. The chairman highlights accomplishments like exceeding financial targets, reducing debt, and stabilizing credit ratings. However, safety failures and an operational incident are noted as disappointments. Unfinished business is also mentioned, like developing a sustainable business model for Duke Energy North America. The chairman expresses optimism for 2005 while pursuing growth and leadership in the industry.
Viacom reported financial results for the first quarter of 2008 that showed increases in revenue, operating income, and earnings per share compared to the first quarter of 2007. Revenue grew 15% to $3.117 billion. Operating income increased 29% to $567 million. Diluted earnings per share from continuing operations rose 45% to $0.42. Media Networks and Filmed Entertainment, Viacom's two business segments, both saw revenue growth for the quarter despite lower theatrical revenues at Filmed Entertainment. Viacom also provided guidance for 2008-2010 of low double-digit annual growth in diluted earnings per share from continuing operations.
Capital Product Partners Fourth Quarter 2008 Earningsearningsreport
Capital Product Partners L.P. reported strong fourth quarter 2008 results with net income of $14.3 million and operating surplus of $17.4 million. They announced a non-recurring exceptional cash distribution of $1.05 per unit, returning profit sharing revenues earned in 2008. Despite a weak shipping market outlook, the company has long-term contracts with reputable counterparties and adequate financial reserves to weather uncertain market conditions.
Reconciliations 2008 Annual Meeting of Stockholdersfinance6
This document contains reconciliations and summaries of Safeway's financial metrics for 2006-2008, including:
1) Adjusted EPS for 2006-2007 which excludes certain tax adjustments and a tax settlement;
2) Reconciliation of net income to adjusted EBITDA and interest coverage ratios for 2007-2003;
3) Basis point changes in operating profit margin guidance excluding fuel impact;
4) Reconciliation of GAAP cash flow to free cash flow forecasts for 2008-2005.
This document is BB&T Corporation's 2005 annual report. It provides financial highlights for 2005, noting that net income increased 6.1% to $1.654 billion and diluted earnings per share grew 7.1% to $3.00. Operating earnings rose 7.2% to $1.674 billion. Cash basis operating earnings, which exclude intangible assets and purchase accounting adjustments, increased 7.1% to $1.763 billion. The report discusses BB&T's strong loan, deposit and balance sheet growth in 2005 and notes the bank hired additional revenue producers and implemented strategies to boost organic account growth.
This 2003 annual report summarizes Cummins' financial performance and business highlights for 2003. Some key points:
- Sales increased 8% to $6.3 billion compared to 2002, with net earnings of $50 million.
- The engine business had sales of $3.6 billion, up 6% from 2002. Power generation sales were $1.3 billion, up 8% despite challenging market conditions. Filtration and other business sales reached a record $1.1 billion, up 11%.
- New partnerships and supply agreements were signed to expand the company's customer base. International joint ventures also grew, particularly in China and Asia.
- While markets remained difficult, the company focused on cost
- Ameriprise Financial reported increased earnings for the second quarter of 2007, with net income per share up 42% and adjusted earnings per share up 24%.
- Revenues grew 6% to $2.2 billion, driven by strong growth in fee-based businesses. Expenses rose 5% while income before taxes grew 14%.
- Net income was $196 million, up 39% from the prior year, while adjusted earnings rose 22% to $237 million, reflecting expense controls.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had $1 billion year-over-year swing in profits.
- Pipelines segment saw record earnings and a 22% increase in earnings from 2005. E&P segment replaced 108% of production primarily through drilling.
- For full year 2006, the company reported $1.75 billion in EBIT and $475 million in net income.
- The company used $2.5 billion in cash for debt reduction in 2006 and reduced net debt to $14.1 billion at the end of the year.
United Health Group [PDF Document] Form 8-K Related to Earnings Releasefinance3
This document is a Form 8-K filed by UnitedHealth Group with the Securities and Exchange Commission announcing their fourth quarter and full year 2005 financial results. Some key highlights include:
- Fourth quarter earnings per share of $0.65, up 20% year-over-year. Full year earnings per share of $2.48, up 26% year-over-year.
- Fourth quarter revenues of $12.05 billion, up 15% year-over-year. Full year revenues of $45.37 billion, up 22% year-over-year.
- Operating margin for the fourth quarter was 11.9% and 11.8% for the full year.
- On December 20
- BB&T Corporation reported lower operating earnings for the fourth quarter of 2008 compared to the same period in 2007. Operating earnings available to common shareholders decreased 41.4% to $243 million.
- Net interest income increased 14.2% to $1,132 million due to higher interest income, but this was more than offset by a large increase in the provision for credit losses of $344 million.
- Returns and profitability ratios declined from the prior year, with the return on average common equity decreasing to 7.26% and the efficiency ratio worsening to 51.9%.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services G...finance8
This document provides a summary of GMAC's preliminary first quarter 2007 earnings. It reports a net loss of $305 million compared to net income of $495 million in the first quarter of 2006. Pressures in the US residential mortgage market impacted results at ResCap. Auto finance had strong operating performance. ResCap maintained strong liquidity at $72.1 billion and GMAC had cash and marketable securities of $12.8 billion.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services U...finance8
This document is the transcript from a fixed income investor presentation given by Sanjiv Khattri, Executive Vice President and Chief Financial Officer of GMAC. The presentation summarizes GMAC's financial performance in Q2 2007, including details on results from their auto finance, insurance, and Residential Capital (ResCap) business segments. It provides key metrics on ResCap's mortgage portfolios and credit quality, noting continued challenges from the weak US housing market.
The Progressive Corporation announced financial results for December 2005 and the full year 2005. For December, net income was $122.9 million, down 32% from the previous year due to an additional week of results in 2004. For the full year, net income was $1.393.9 billion, down 15% from 2004 which had 53 weeks of activity compared to 52 weeks in 2005. The company also held a conference call in March 2006 to discuss the full year 2005 results and filed its annual report with the SEC.
Bank of America reported second quarter 2008 results. Key highlights included diluted EPS of $0.72, record quarterly revenue of $20.3 billion, and net income of $3.41 billion. Credit costs increased significantly to $5.83 billion due to weakness in the housing market. Revenue growth was driven by higher net interest income, though partially offset by lower noninterest income and higher expenses.
Danaher Corporation reported financial results for Q4 and full year 2008. Q4 net earnings were $305.7 million compared to $320.2 million in Q4 2007. For the full year, net earnings were $1.3 billion compared to $1.37 billion in 2007. Sales increased 1% in Q4 to $3.18 billion and increased 15% for the full year to $12.7 billion. The CEO stated that while 2009 will be difficult, Danaher's portfolio of businesses and strong balance sheet will allow it to outperform in a challenging market.
Dover Corporation reported record results for the first quarter of 2007, with earnings per share increasing 5% over the previous year. Revenue was $1.78 billion, an increase of 18% year-over-year. The company saw strong revenue gains in four of its six segments. Looking forward, Dover expects continued strength in several of its industrial businesses and anticipates full-year revenue and earnings will set new records.
The Walt Disney Company reported financial results for its first fiscal quarter ended December 29, 2007. Diluted earnings per share were $0.63 compared to $0.79 in the prior year quarter. Revenue increased 9% to $10.5 billion driven by growth across all business segments. Media Networks revenue grew 10% and segment operating income increased 28% due to increases at cable networks and broadcasting. Parks and Resorts revenue increased 11% and segment operating income grew 25% due to increases at domestic and international parks. The Company repurchased $1 billion of its shares in the quarter and had $292 million remaining under its repurchase authorization.
- Disney reported higher revenues and earnings per share for the third quarter and first nine months of fiscal year 2006 compared to the same periods in 2005. Revenues increased 12% for the quarter and 5% year-to-date, while EPS grew 36% and 24% respectively.
- All of Disney's operating segments experienced growth in revenues and operating income for the quarter, led by Parks and Resorts and Studio Entertainment. Higher guest spending and attendance boosted Parks, while successful film releases increased profits at Studio Entertainment.
- Disney completed its acquisition of Pixar in May 2006, which added to earnings and increased outstanding shares. The company continues to invest in its brands and repurchase stock.
allstate Quarterly Investor Information 2001 4thfinance7
- Allstate reported lower operating income for Q4 2001 and full year 2001 compared to the same periods in 2000, due to increased loss costs, restructuring expenses, and lower investment income, partly offset by higher premiums.
- For Q4 2001, operating income was $309 million compared to $584 million in Q4 2000. For full year 2001, operating income was $1.49 billion compared to $2 billion in 2000.
- Allstate provided guidance for 2002 operating income per share of $2.50-$2.70, expecting improvement in results later in 2002 as pricing and underwriting actions take effect.
This document provides an annual report from Motorola for the year 2000. It summarizes Motorola's financial performance, with revenues increasing 17% to $37.6 billion. However, net earnings only increased 29% to $1.3 billion due to special charges in the Personal Communications Sector. It outlines Motorola's strategic reorganization to focus on customer solutions and improve profitability in its business segments. Key areas of focus include wireless networks and devices, broadband communications, and embedded semiconductor and systems solutions.
- Disney reported higher second quarter earnings per share of $0.44, up 19% from the prior year, and strong segment operating income growth across all business segments.
- For the six-month period, earnings per share increased to $1.24 from $0.74 the prior year, reflecting operating gains and asset sales.
- All business segments saw increases in operating income, led by the Media Networks segment from higher affiliate revenues at ESPN and growth at international Disney channels.
In the quarter ended December 31, 2002:
- Revenues increased 6% to $7.5 billion while net income decreased 41% to $256 million compared to the previous year.
- Earnings per share were $0.13, down from $0.21 in the prior year quarter, due to one-time charges including a $83 million write-off related to United Airlines.
- Excluding one-time items, earnings per share increased 13% to $0.17 from $0.15 in the prior year.
allstate Quarterly Investor Information Earnings Press Release 2003 3rd finance7
Allstate reported strong financial results for the third quarter of 2003, with net income increasing 177% compared to the third quarter of 2002. Operating income also increased, driven by higher underwriting income in Property-Liability from increased premiums earned and favorable loss trends, partially offset by higher catastrophe losses. Premiums and deposits for Allstate Financial reached a record level. The company increased its guidance for full-year 2003 operating income per share.
allstate Quarterly Investor Information 2002 4th finance7
Allstate reported their fourth quarter and full year 2002 results. Some key highlights:
- Q4 2002 net income was $447 million, up 69% from Q4 2001. Full year 2002 net income was $1.13 billion, down slightly from 2001.
- Q4 2002 operating income was $618 million, up 100% from Q4 2001. Full year 2002 operating income was $2.08 billion, up from $1.49 billion in 2001.
- Results were driven by increased premiums earned, improved loss frequencies, and increased investment income, partly offset by higher claims severities and catastrophe losses.
- For 2003, Allstate expects operating income per share of $3.20-$3
allstate Quarterly Investor Information 2003 4th Earnings Press Release finance7
Allstate reported strong financial results for Q4 2003 and full year 2003. Net income increased 71% for Q4 and 138.5% for the full year compared to the previous periods. Operating income also increased significantly. For Q4, property-liability underwriting income increased 272% due to higher premiums and continued favorable loss trends, partially offset by higher catastrophe losses. Allstate also increased its quarterly dividend by 22% and added $1 billion to its share repurchase program. The company expects continued momentum and profitability in 2004.
Danaher Corporation announced record results for the second quarter of 2008, with net earnings from continuing operations of $363 million, an 18% increase over the second quarter of 2007. Sales increased 25% to $3.28 billion. The company also saw a 22% increase in adjusted net earnings from continuing operations, which excludes certain charges related to an acquisition. For the first six months of 2008, net earnings from continuing operations were $640 million, up 14.5% compared to the same period in 2007. The company's CEO stated that despite economic conditions, the company's businesses are well positioned for the rest of 2008.
allstate Quarterly Investor Information 2002 2nd finance7
The Allstate Corporation reported higher net income and operating income in the second quarter of 2002 compared to the same period in 2001. Net income increased to $344 million from $168 million, while operating income rose to $453 million from $230 million. The increases were driven by higher premiums earned, lower catastrophe losses, improved auto and homeowner loss trends, and increased income from Allstate Financial. However, reserves were strengthened for prior claims. For the full year 2002, operating income per share is estimated at $2.70 to $2.90, excluding restructuring charges.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
- Progressive is scheduled to hold a conference call on February 27, 2009 at 9am Eastern time to address questions about their 2008 Shareholders' Report and Form 10-K filing with the SEC.
- In December 2008, Progressive reported a net loss of $123.2 million compared to net income of $67.6 million in December 2007. Earnings per share was $(0.18) for December 2008.
- Progressive saw a 3.1 point increase in its combined ratio, which measures underwriting profitability, rising to 98.9% for December 2008 from 95.8% the previous year.
Progressive reported its December 2008 results. Net premiums written were $905.7 million, unchanged from the prior year. Net income was a loss of $123.2 million compared to income of $67.6 million in the prior year. The combined ratio was 98.9%, up 3.1 percentage points from the prior year, driven by losses on securities. Policies in force increased 2% for personal auto and 7% for special lines compared to the prior year. Progressive also announced a conference call in February to discuss 2008 results.
This document is a news release from Ameriprise Financial reporting their fourth quarter and full year 2008 financial results. Some key points:
1) Ameriprise reported a net loss of $369 million for Q4 2008 due to losses from investments and charges related to declining markets, compared to net income of $255 million in Q4 2007.
2) Excluding one-time impacts, core operating earnings were $176 million for Q4 2008, down from $262 million in the prior year period.
3) For the full year, Ameriprise reported a net loss of $38 million compared to net income of $814 million in 2007, while core operating earnings declined modestly.
3
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the production program was on budget.
allstate Quarter Information 2007 4th Earnings Press Releasefinance7
Allstate reported its fourth quarter and full year 2007 results. Net income for Q4 2007 was $760 million, down from $1.2 billion in Q4 2006 due to higher catastrophe losses and a worse underlying combined ratio. For the full year, net income was $4.6 billion, down slightly from 2006. Allstate's consumer-focused strategy helped grow new auto and home insurance products while maintaining pricing discipline. The Property-Liability combined ratio for 2007 was 89.8%, within guidance. Allstate will continue its focus on consumers, risk and return optimization, operational excellence, and capital management in 2008.
- Bank of America reported third quarter 2008 results, with earnings impacted by the challenging economic environment and market disruptions.
- Net income was $1.2 billion, down from the prior year due to higher credit costs from housing price declines and rising unemployment.
- Results also reflected charges related to financial institution failures, cash fund support, and losses on trading positions.
- Countrywide results were included for the first time, adding $259 million to earnings. Integration is proceeding as planned.
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
- Ameriprise Financial reported a 14% increase in net income for Q3 2007 to $198 million compared to Q3 2006. Adjusted earnings increased 3% to $237 million, excluding separation costs.
- Earnings per share increased 17% to $0.83 for Q3 2007 compared to Q3 2006, while adjusted earnings per share increased 5% to $0.99.
- Revenues grew 11% to $2.2 billion in Q3 2007 driven by strong growth in management fees, distribution fees, and net investment income from hedges.
- Progressive Corporation reported financial results for September and Q3 2007, with net income down 25% and 27% respectively from the previous year.
- Net premiums written decreased 1% for September and 3% for Q3, while net premiums earned decreased 2% for both periods.
- The combined ratio increased 7.9 points for September and 6.4 points for Q3, to 94.8% and 93.7% respectively, due to higher losses and loss adjustment expenses.
- Progressive will hold a conference call on November 2, 2007 to address questions about its financial results.
- Progressive Corporation reported financial results for September and Q3 2007, with net income down 25% and 27% respectively from the previous year.
- Net premiums written decreased 1% for September and 3% for Q3, while net premiums earned decreased 2% for both periods.
- The combined ratio increased 7.9 points for September and 6.4 points for Q3, to 94.8% and 93.7% respectively, due to higher losses and loss adjustment expenses.
- Progressive will hold a conference call on November 2, 2007 to address questions about its financial results.
allstate Quarterly Investor Information 2006 2nd Earnings Press Releasefinance7
Allstate reported an increase in net income and operating income for the second quarter of 2006 compared to the same period in 2005. Net income increased 5% and operating income increased nearly 14%, while net income per share grew 10.5% and operating income per share increased 20.5%. Allstate also increased its guidance for full-year 2006 operating income per share based on strong second quarter results and expectations for the remainder of the year.
Services - GMAC Annual and Fourth Quarter Earnings finance8
GMAC reported full year net income of $2.1 billion in 2006, down from $2.3 billion in 2005. The residential mortgage market experienced a slowdown due to declining home prices and weakness in nonprime credit. Auto finance results were stable despite one-time costs. Insurance reported record earnings through robust underwriting. ResCap results were negatively impacted by $839 million due to homebuilder equity sales and nonprime mortgage market deterioration.
The Progressive Corporation announced financial results for December 2005 and the full year 2005. For December, net income was $122.9 million, down 32% from the previous year due to an additional week of results in 2004. For the full year, net income was $1.393.9 billion, down 15% from 2004 which had an extra week. The combined ratio for December was 87.2% and for the full year was 88.1%. Progressive also provided supplemental information on premiums written, earned, loss ratios, and policies in force by business segment.
El Paso Corporation reported financial and operational results for the first quarter of 2008. Earnings per share were $0.33 compared to $0.18 in the prior year. Pipeline throughput increased 7% due to higher volumes on key systems. Exploration and production volumes grew 8% as lifting costs decreased 14%. The company also completed $598 million in asset divestitures.
Similar to allstate Quarterly Investor Information 2003 1st (20)
Return on total capital for the trailing 12 months ended June 28, 2008 was 20.8%. Net earnings for the 4 fiscal quarters spanning September 29, 2007 to June 28, 2008 totaled $1,104,607. The average total capital over the last 5 quarters, consisting of long-term debt, short-term debt, and equity, was $5,303,913. Return on capital was calculated by taking net earnings for the 12 month period and dividing by the average total capital.
This document is Sysco Corporation's 2000 annual report. It summarizes that fiscal 2000 was Sysco's 30th anniversary as a public company and marked record sales of $19.3 billion, up 11% from the previous fiscal year. Key drivers of growth were increased sales to customers served by Sysco marketing associates and continued growth of Sysco Brand sales. The report discusses Sysco's strategy of pursuing both acquisitions and internal expansion to continue driving future success through offering customers a breadth of products and superior service.
1) SYSCO reported strong sales and earnings growth in fiscal year 2001, with sales topping $20 billion for the first time.
2) Net earnings increased over 30% compared to the previous year, and return on shareholders' equity reached 31%.
3) Growth was driven by acquisitions, internal expansion, and a focus on customer relationships through initiatives like C.A.R.E.S.
SYSCO is a food distribution company that supplies over 415,000 customers like restaurants, hospitals, and schools. In fiscal year 2002, SYSCO reported $23.35 billion in sales, a 7% increase from the previous year. Net earnings increased 14% to $679.78 million compared to fiscal year 2001. SYSCO has over 46,800 employees and operates from 142 locations across North America, helping their customers succeed by providing food and related products and services.
This annual report summarizes Sysco Corporation's financial performance for fiscal year 2003. Key highlights include:
- Sales increased 12% to $26.14 billion and net earnings increased 14% to $778.28 million.
- Diluted earnings per share increased 17% to $1.18.
- Return on average shareholders' equity was 36%.
- The company distributed products from 145 locations across North America to over 420,000 customer locations.
This document provides an annual report for Sysco Corporation for the fiscal year ending July 3, 2004. It includes financial highlights showing sales increased 12% to $29.3 billion and net earnings increased 17% to $907 million. It discusses challenges in the year from high product cost inflation of 6.3% and fuel costs. It outlines Sysco's focus on growing profitable customer businesses and improving customer relationships. It describes Sysco's national supply chain initiative including new regional distribution centers to enhance service and reduce costs. In closing, it expresses confidence in addressing economic uncertainty through its employees, products/services, and financial resources.
The passage discusses the importance of summarization in an age of information overload. It notes that with the massive amounts of data available online, being able to quickly understand the key points of lengthy documents, articles, or reports is crucial. The ability to produce clear, concise summaries helps people filter through large amounts of information and identify what is most important or relevant to them.
- SYSCO achieved record sales of $37.5 billion and record net earnings of $1.1 billion in fiscal year 2008 despite challenging economic conditions.
- The company's focus on supply chain efficiency and helping customers succeed through business reviews allowed it to contain costs while growing market share.
- SYSCO continues to invest in its business, people, facilities, fleet and technology to support long-term growth while exploring alternative energy sources.
This document summarizes reconciling items for 2001 by quarter and fiscal year. It reports reorganization costs of $19.1 million in Q2 2001, $11.7 million in Q3 2001, and $10.6 million in Q4 2001 for workforce reductions and facility consolidations worldwide. Special items include a $19.4 million write-off in Q3 2001 and $3.5 million impairment charge in Q4 2001. The total net reconciling items after tax was $42.1 million for fiscal year 2001.
This document shows the reconciliation between GAAP and non-GAAP operating income for different regions and worldwide for 2001. For each quarter and the full year, it provides the operating income under GAAP and non-GAAP measurements, as well as the reconciling items between the two. On a non-GAAP basis, operating income margins ranged from -1.25% to 1.23% by region for the full year.
This document provides a reconciliation of GAAP to non-GAAP financial metrics for 2001. For each quarter and full year, it shows gross sales, gross profit, operating expenses, operating income, net income, and diluted EPS under GAAP and non-GAAP after adjusting for reconciling items. The reconciling items reduced operating expenses and increased operating income, net income, and diluted EPS for the non-GAAP results compared to GAAP.
This document summarizes reconciling items for 2002 by quarter and fiscal year total. It includes reorganization costs, other major program costs, gains/losses on securities sales, and tax effects. Total net reorganization and other major program costs for the fiscal year were $116.6 million. A $280.9 million cumulative effect of a new accounting standard adoption was also recorded. The total net impact of reconciling items for the fiscal year was $350.2 million.
The document shows the reconciliation between GAAP and non-GAAP operating income for North America, Europe, Asia-Pacific, Latin America, and worldwide total for Q1 2002 through FY 2002. It provides the operating income under GAAP and non-GAAP measurements, as well as the reconciling items and non-GAAP operating income as a percentage of revenue for each region and time period.
This document provides a reconciliation of net income and earnings per share (EPS) between Generally Accepted Accounting Principles (GAAP) and non-GAAP measures for 4 quarters (Q1 2002 - Q4 2002) and the full fiscal year 2002 for an unnamed company. It shows that reconciling items reduced operating expenses and increased operating income, net income, and EPS under the non-GAAP measures compared to the GAAP measures.
This document summarizes reconciling items for 2003, including reorganization costs and other major program costs by quarter. Total reorganization costs for the year were $21.6 million. Other costs included in selling, general and administrative expenses were $23.3 million and costs of sales were $0.5 million. Pre-tax items totaled $45.4 million for the year. A favorable tax resolution of $70.5 million occurred in Q3 03. The total net effect was a $39.6 million benefit.
This document shows the operating income for different regions and worldwide both according to GAAP (Generally Accepted Accounting Principles) standards and on a non-GAAP basis for Q1 2003, Q2 2003, Q3 2003, Q4 2003 and FY 2003. It provides the figures in US dollars and also shows the operating income as a percentage of revenue. The non-GAAP operating income is higher due to reconciling items which are additional costs excluded from the non-GAAP calculation.
This document presents a bridge between GAAP and non-GAAP financial results for a company for 2003. It shows GAAP and non-GAAP results for net income, earnings per share, gross profit, operating expenses, operating income, and sales on a quarterly and full year basis. Reconciling items between GAAP and non-GAAP results include adjustments to operating expenses that increased non-GAAP operating income and net income compared to GAAP.
This document summarizes reconciling items for 2004 by quarter and fiscal year. It includes reorganization costs, other major program costs, foreign exchange gains and losses, and tax effects. Reorganization costs were credits in Q3 and Q4 2004 due to lower than expected facility consolidation costs. Foreign exchange gains stemmed from a currency contract for an acquisition. A favorable tax resolution in Q3 and Q4 2004 reversed previously accrued federal and state income taxes. The total net tax effect for the fiscal year was a credit of $58.8 million.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metricsshruti1menon2
Poonawalla Fincorp Limited, under the leadership of Managing Director Abhay Bhutada, has achieved industry-leading Gross Non-Performing Assets (GNPA) below 1% and Net Non-Performing Assets (NNPA) below 0.5% as of May 31, 2024. This success is attributed to a strategic vision focusing on prudent credit policies, robust risk management, and digital transformation. Bhutada's leadership has driven the company to exceed its targets ahead of schedule, emphasizing rigorous credit assessment, advanced risk management, and enhanced collection efficiency. By prioritizing customer-centric solutions, leveraging digital innovation, and maintaining strong financial performance, Poonawalla Fincorp sets new benchmarks in the industry. With a continued focus on asset quality, digital enhancement, and exploring growth opportunities, the company is well-positioned for sustained success in the future.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
Navigating Your Financial Future: Comprehensive Planning with Mike Baumannmikebaumannfinancial
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
5 Compelling Reasons to Invest in Cryptocurrency NowDaniel
In recent years, cryptocurrencies have emerged as more than just a niche fascination; they have become a transformative force in global finance and technology. Initially propelled by the enigmatic Bitcoin, cryptocurrencies have evolved into a diverse ecosystem of digital assets with the potential to reshape how we perceive and interact with money.
5 Compelling Reasons to Invest in Cryptocurrency Now
allstate Quarterly Investor Information 2003 1st
1. For Immediate Release
Allstate Reports 2003 First Quarter Net Income of $665 Million,
40% Increase in Operating Income EPS,
Combined Ratio Improves 6 Points
NORTHBROOK, Ill., April 15, 2003 -- The Allstate Corporation (NYSE: ALL) today reported for the first
quarter of 2003:
Consolidated Highlights
Quarter Ended March 31,
Change
($ in millions, except per share amounts and ratios) Est. 2003 2002 $ Amt %
Consolidated revenues 7,861 7,298 563 7.7
Net income 665 95 570 --
Net income per diluted share 0.94 0.14 0.80 --
Operating income1 673 488 185 37.9
Operating income per diluted share1 0.95 0.68 0.27 39.7
Property-Liability combined ratio 93.1 99.2 (6.1)pts --
Book value per diluted share 25.42 23.66 1.76 7.4
• Operating income increased sequentially for the 3rd consecutive quarter to $673 million and
Operating income per diluted share was $0.95.
• Property-Liability Premiums earned increased $295 million or 5.2% to $6.0 billion from $5.7 billion
in first quarter of 2002. While total Premiums written1 grew 3.9%, the core lines grew at a faster
pace in the quarter, with the Allstate brand standard auto and homeowners lines growing 4.7%
and 10.6% respectively, reflecting our focus on profitable growth.
• Catastrophe losses increased 20.9% compared to the first quarter of 2002 to $133 million, but still
significantly below the historical average.
Property-Liability Underwriting income1 increased $370 million to $413 million from $43 million in
•
the first quarter of 2002 due to higher premiums earned, lower mold losses, and lower prior year
reserve strengthening, partially offset by higher operating expenses. The combined ratio
improved 6.1 points.
• Revised guidance for operating income for 2003 per diluted share (excluding restructuring
charges and assuming the level of average expected catastrophe losses used in pricing) is $3.35
to $3.50 compared with the previous guidance of $3.20 to $3.40 per diluted share. 1
“We are extremely pleased with our results this quarter,” said chairman, president and CEO Edward M.
Liddy. “Our Property-Liability business is clearly performing well, and benefiting from the targeted
management actions we implemented across the business over the last two years. Our Allstate auto and
homeowners lines are hitting their return targets. Our strategic risk management (SRM) process is
working well and is enabling us to attract excellent customers whom we expect to retain for the long term.
“In early 2002, we told investors that it would take between two and seven quarters to return the
homeowners line to acceptable profitability. Now that we have delivered on that statement, we remain
1
Measures used in this release that are not based on generally accepted accounting principles (“non-GAAP”) are defined and reconciled to the
most directly comparable GAAP measure and operating measures are defined in the Definitions of Non-GAAP and Operating Measures section
of this document.
2. committed to the disciplined pricing strategy that enabled this result. We will continue to focus on taking
rate increases that support our projected loss cost trends and return targets.
“In the quarter, the profitability of our auto insurance line continued to improve significantly. We saw claim
frequencies continue to trend downward, offsetting modest increases in claims severity. The retention
rate in our Allstate standard auto book of business is also trending positively. We intend to maintain the
momentum we have achieved through our successful use of SRM and well-executed underwriting actions
and to take rate increases as they become necessary.
“While the lower growth in Premiums written is the result of actions taken to intentionally slow growth, we
are getting excellent bottom line results and we are comfortable with our ability to grow profitably in those
markets that offer the opportunity to generate acceptable returns. The pace of decline in policies-in-force
(PIF) has slowed, with 23 states already having showed a sequential increase in PIF in the Allstate
standard auto line while 28 states showed a sequential increase in Allstate homeowners. Our PIF rate is
on pace with our expectation of sequential quarter over quarter increases by the end of the year. We will
increase our marketing spending in the coming quarters to drive more business to our agents’ offices and
compete for a broader section of the available market.
“Lastly, our personal lines business benefited from generally mild weather, with catastrophes coming in
significantly below the historical averages, but 21% over the first quarter of 2002.
“The story is a bit different for Allstate Financial. That business continues to deal with a very difficult
economic environment that has been plagued with weakness in the U.S. economy and geopolitical
uncertainty. . However, operating income decreased by 42.7% from the first quarter of 2002 to $82 million
primarily due to a $53 million after-tax accelerated amortization of deferred policy acquisition costs (DAC)
as a result of significantly lowering the future rate of return assumption on funds supporting our variable
annuity contracts. Resetting this assumption substantially lessens the likelihood of additional variable
annuity DAC unlocking in the future.
“We saw continued good sales of our Treasury-linked and other fixed annuities and our workplace
products in the first quarter of 2003 as compared to the same period last year, but a lackluster stock
market continued to depress variable annuity sales. New sales of financial products by Allstate exclusive
agencies1 were $350 million during the first quarter of 2003, an increase of 46.4% over the first quarter of
2002. Bank channel sales continued to shift to a broader range of investment-oriented products. With
funding agreement sales down from the prior year and the continued pricing discipline maintained for all
product lines, total Premiums and deposits1 were 10.5% below the first quarter of 2002.
“Following our strong underwriting performance for the first quarter and the improved quality of our book
of business, we are increasing our 2003 guidance for Operating income per diluted share. We are now
forecasting 2003 Operating income per diluted share in a range between $3.35 and $3.50 (excluding
restructuring charges and assuming the level of average annual expected catastrophes losses used in
pricing) compared with the previous estimate of $3.20 to $3.40.”
2
3. Summary of Consolidated Results
Quarter Ended March 31,
($ in millions except per share Change
amounts) Est. 2003 2002 Amt %
<
Consolidated revenues $7,861 $7,298 $563 7.7 Higher Premiums earned in Property-Liability and
Allstate Financial, higher Net investment income,
and lower realized capital losses.
<
Operating income 673 488 185 37.9 Increase in Property-Liability Underwriting income,
after-tax of $239, $61 of lower Allstate Financial
Operating income.
<
Realized capital gains and (5) (64) 59 (92.2) See the Components of realized capital gains and
losses, after-tax losses (pretax) table.
<
Cumulative effect of change in -- (331) 331 (100.0) Adoption of SFAS No. 142 for goodwill impairment in
accounting principle, after-tax 2002.
<
Net income 665 95 570 -- Increased Operating income, lower realized capital
losses, and 2002 accounting change.
Net income per share (diluted) 0.94 0.14 0.80 --
<
Operating income per share 0.95 0.68 0.27 39.7 Compared to First Call mean estimate of $0.78, with
(diluted) a range of $0.74 to $0.84.
<
Weighted average shares 705.2 713.8 (8.6) (1.2) During the first quarter of 2003, Allstate purchased
outstanding (diluted) 1.7 million shares of its stock for $53.7 million, or an
average cost per share of $31.53.
<
Net income return on equity 9.8 4.4 5.4 pts -- Higher Net income and a sequential increase over
the prior 5 quarters.
<
Operating income return on 14.8 9.2 5.6 pts -- Higher Operating income and a sequential increase
1
equity over the prior 5 quarters.
<
Book value per diluted share 25.42 23.66 1.76 7.4 At March 31, 2003 and 2002 the effect of unrealized
gains and losses on fixed income securities, after-
tax, totaling $2.34 billion and $1.06 billion,
respectively, increased book value per diluted share
by $3.32 and $1.48, respectively.
• Book value per diluted share is up 2.7% over December 31, 2002.
3
4. Property-Liability Highlights
Quarter Ended March 31,
Change
($ in millions, except ratios) Est. 2003 2002 Amt %
<
Property-Liability $ 5,937 $5,716 $ 221 3.9 See the Property-Liability Premiums
Premiums written Written by market segment and the Net
rate changes approved tables.
<
Property-Liability revenues 6,444 6,088 356 5.8 Premiums earned up $295 and 5.2%.
<
Net investment income 408 399 9 2.3 Higher portfolio balances from positive
cash flows from operations
<
Underwriting income 413 43 370 -- Higher Premiums earned, lower mold
losses, less prior year reserve
strengthening, higher operating
expenses.
<
Operating income 618 374 244 65.2 Underwriting income after-tax up $239.
<
Realized capital gains and 27 (12) 39 -- See the Components of realized capital
losses, after-tax gains and losses (pretax)table.
<
Cumulative effect of -- (48) 48 (100.0) Adoption of SFAS No. 142 for goodwill
change in accounting impairment in 2002.
principle, after-tax
<
Net income 645 319 326 102.2 Higher Operating income, realized
capital gains and 2002 accounting
change.
<
Catastrophe losses 133 110 23 20.9 Lower than historical experience as a
result of favorable weather.
<
Combined ratio before 90.9 97.3 (6.4) pts -- See the Effect of prior year reserve
impact of catastrophes reestimates on the combined ratio table.
Impact of catastrophes 2.2 1.9 0.3 pts --
<
Combined ratio 93.1 99.2 (6.1) pts -- Includes the Allstate Protection
Combined ratio of 92.5 compared to
99.2 in the first quarter of 2002.
• Allstate brand standard auto and homeowners policies-in-force (PIF) decreased 0.7% and increased
0.1% from December 31, 2002 levels, respectively. For Allstate brand standard auto, 29 states
representing 76% of our PIF had positive sequential growth or slowing levels of decline and 23 of
those states, representing 46% of the PIF, which had positive sequential growth. The states of
California and Texas showed a slowing level of decline in the quarter, while the state of Florida
continued to decline.
For Allstate brand homeowners, 28 states representing 67% of the PIF had positive sequential
growth. The states of California and Florida both showed positive sequential growth during the
quarter, while the state of Texas showed a slowing level of decline.
• Allstate brand has achieved targeted profitability in most states and plans to increase marketing and
advertising expenditures, invest in agency productivity such as new sales and retention, while
continuing the implementation of strategic risk management practices.
• Operating expenses increased as a result of employee related benefit and incentive expenses,
accruals for charitable contributions and advertising.
4
5. Allstate Financial Highlights
Quarter Ended March 31,
($ in millions) Change
Est. 2003 2002 Amt %
<
Premiums and deposits $ 2,496 $2,790 $(294) (10.5) Continued strong fixed annuity sales. Lower
sales of variable annuities and institutional
products. (See the Allstate Financial
Premiums and deposits table.)
<
Allstate Financial GAAP 1,402 1,194 208 17.4 Higher Life and annuity premiums and Net
Revenues investment income.
<
Operating income 82 143 (61) (42.7) Higher investment margin, lower mortality
margins, accelerated amortization of DAC
totaling $53 after-tax and higher operating
expenses.
<
Realized capital gains and (32) (52) 20 (38.5) See the components of realized capital gains
losses after-tax and losses table.
<
Cumulative effect of -- (283) 283 (100.0) Adoption of SFAS No. 142 for goodwill
change in accounting impairment in 2002.
principle, after-tax
<
Net income 50 (192) 242 (126.0) Lower Operating income,
lower realized capital losses, and 2002
accounting change.
• In the first quarter of 2003, we performed our annual comprehensive evaluation of the assumptions
used in our DAC amortization models for all investment products, including variable and fixed
annuities and universal life insurance products. We concluded that due to the sustained poor
performance of the equity markets coupled with an expectation of moderate future performance due
to continuing weakness in the U.S. economy and uncertainty in the geopolitical environment, it was
no longer reasonably possible that the variable annuity fund returns would revert to the expected long
term mean within the time horizon used in our reversion to the mean model. As a result, we unlocked
our DAC assumptions as of March 31, 2003 for all investment products.
The unlocking of DAC assumptions in the first quarter resulted in an aggregate acceleration of DAC
amortization amounting to $89 million before tax and other recoveries, which included $124 million of
pre-tax acceleration associated with variable annuities partially offset by the effect of favorable
investment margins on fixed annuities and favorable persistency on universal life products. The most
significant assumption changes were resetting our variable annuity reversion to the mean calculation
as of March 31, 2003, such that future equity market performance during the five year reversion
period was reduced from 13.25% to the long-term assumed return of 8% after fees, and increasing
the assumed lapse rate on variable annuity contracts. We will continue to employ a seven-year
reversion evaluation process in succeeding periods with an assumed long-term return after fees of
8%, a reversion to the mean floor of 0% and a revised lower cap of 12.75%.
We believe that as a result of this unlocking, the carrying value of the variable annuity DAC asset is
appropriate for the current economic environment. With moderate movements in the equity markets,
the likelihood of future DAC unlocking is substantially reduced since the projected return in the mean
reversion period is no longer at the maximum.
• For substantially all new variable products issued after January 1, 2003, Allstate Financial is entering
into various derivative instruments to hedge variable annuity guaranteed minimum death benefits
5
6. (GMDB) during the entire lifetime of these contracts. For inforce variable annuities issued prior to
2003, a portion of the GMDB risk is hedged through December 31, 2003.
Net cash payments for Allstate Financial’s variable annuity GMDB were $21 million for the first
quarter of 2003, net of reinsurance, hedging gains and losses, and other contractual arrangements.
This is $10 million above the first quarter of 2002, but similar to the fourth quarter of 2002.
• Fixed annuities and life insurance products in force continued to perform well in the first quarter with
attractive investment spreads and better than expected persistency. The weighted average interest
crediting rate on fixed annuity and interest-sensitive life products inforce, excluding market value
adjusted annuities, was approximately 120 basis points more than the underlying long term
guaranteed rates on these products.
• Operating expenses increased as a result of employee related benefit expenses, investments in
technology and higher non-deferrable commissions.
6
7. THE ALLSTATE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
Est. Percent
($ in millions except per share data) 2003 2002 Change
Revenues
Property-liability insurance premiums $ 5,999 $ 5,704 5.2
Life and annuity premiums
and contract charges 639 538 18.8
Net investment income 1,225 1,159 5.7
Realized capital gains and losses (2) (103) (98.1)
Total revenues 7,861 7,298 7.7
Costs and expenses
Property-liability insurance
claims and claims expense 4,151 4,369 (5.0)
Life and annuity contract benefits 530 376 41.0
Interest credited to contractholder funds 453 429 5.6
Amortization of deferred policy
acquisition costs 1,013 885 14.5
Operating costs and expenses 753 640 17.7
Restructuring and related charges 23 20 15.0
Interest expense 67 69 (2.9)
Total costs and expenses 6,990 6,788 3.0
Gain on disposition of operations - 7 (100.0)
Income from operations before income
tax expense, dividends on preferred
securities and cumulative effect of change
in accounting principle, after-tax 871 517 68.5
Income tax expense 203 88 130.7
Income before dividends on preferred
securities and cumulative effect of change
in accounting principle, after-tax 668 429 55.7
Dividends on preferred securities
of subsidiary trust (3) (3) -
Cumulative effect of change in accounting
principle, after-tax - (331) (100.0)
Net income $ 665 $ 95 -
Net income per share - Basic $ 0.95 $ 0.14
Weighted average shares - Basic 703.3 711.7
Net income per share - Diluted $ 0.94 $ 0.14
Weighted average shares - Diluted 705.2 713.8
7
8. THE ALLSTATE CORPORATION
CONTRIBUTION TO INCOME
Three Months Ended
March 31,
($ in millions except per share data) Est. Percent
2003 2002 Change
Contribution to income
Operating income $ 673 $ 488 37.9
Realized capital gains and losses (5) (64) (92.2)
Gain on disposition of operations - 5 (100.0)
Dividends on preferred securities
of subsidiary trust (3) (3) -
Cumulative effect of change in
accounting principle - (331) (100.0)
Net income $ 665 $ 95 -
Operating income before the impact of
restructuring and related charges $ 688 $ 501 37.3
Income per share (Diluted)
Operating income $ 0.95 $ 0.68 39.7
Realized capital gains and losses (0.01) (0.09) (88.9)
Gain on disposition of operations - 0.01 (100.0)
Dividends on preferred securities
of subsidiary trust - - -
Cumulative effect of change in
accounting principle - (0.46) (100.0)
Net income $ 0.94 $ 0.14 -
Operating income before the impact of
restructuring and related charges 0.98 0.70 40.0
Book value per share - Diluted $ 25.42 $ 23.66 7.4
8
9. THE ALLSTATE CORPORATION
COMPONENTS OF REALIZED CAPITAL GAINS AND LOSSES (PRETAX)
Three Months Ended March 31, 2003 (Est.)
($ in millions) Property- Allstate Corporate
Liability Financial and Other Total
Valuation of derivative instruments $ (6) $ (5) $ - $ (11)
Settlements of derivative instruments 8 2 - 10
Sales 60 23 - 83
Investment write-downs (25) (59) - (84)
Total $ 37 $ (39) $ - $ (2)
Three Months Ended March 31, 2002
($ in millions) Property- Allstate Corporate
Liability Financial and Other Total
Valuation of derivative instruments $ (14) $ (22) $ - $ (36)
Settlements of derivative instruments (6) 1 - (5)
Sales 23 (40) (1) (18)
Investment write-downs (18) (26) - (44)
Total $ (15) $ (87) $ (1) $ (103)
* Sales of fixed income securities resulted from actions taken to reduce our credit exposure to certain issuers
or industries, to take advantage of tax carryforwards, and to provide liquidity for the purchase of investments
which better meet our investment objectives.
9
10. THE ALLSTATE CORPORATION
SEGMENT RESULTS
Three Months Ended
March 31,
($ in millions except ratios) Est.
2003 2002
Property-Liability
Premiums written $ 5,937 $ 5,716
Premiums earned $ 5,999 $ 5,704
Claims and claims expense 4,151 4,369
Amortization of deferred policy acquisition costs 827 783
Operating costs and expenses 585 489
Restructuring and related charges 23 20
Underwriting income 413 43
Net investment income 408 399
Income tax expense on operations 203 68
Operating income 618 374
Realized capital gains and losses, after-tax 27 (12)
Gain on disposition of operations, after-tax - 5
Cumulative effect of change in accounting principle, after-tax - (48)
Net income $ 645 $ 319
Catastrophe losses $ 133 $ 110
Operating ratios
Claims and claims expense ratio 69.2 76.6
Expense ratio 23.9 22.6
Combined ratio 93.1 99.2
Effect of catastrophe losses on combined ratio 2.2 1.9
Effect of restructuring and related charges on combined ratio 0.4 0.4
Effect of Discontinued Lines and Coverages on combined ratio 0.6 -
Allstate Financial
Premiums and deposits $ 2,496 $ 2,790
Investments including
Separate Account assets $ 68,211 $ 61,662
Premiums and contract charges $ 639 $ 538
Net investment income 802 743
Contract benefits 530 376
Interest credited to contractholder funds 453 429
Amortization of deferred policy acquisition costs 172 108
Operating costs and expenses 168 150
Income tax expense on operations 36 75
Operating income 82 143
Realized capital gains and losses, after-tax (32) (52)
Cumulative effect of change in accounting principle, after-tax - (283)
Net income (loss) $ 50 $ (192)
Corporate and Other
Net investment income $ 15 $ 17
Operating costs and expenses 67 70
Income tax benefit on operations (25) (24)
Operating loss (27) (29)
Dividends on preferred securities
of subsidiary trust (3) (3)
Net loss $ (30) $ (32)
Consolidated net income $ 665 $ 95
10
11. THE ALLSTATE CORPORATION
UNDERWRITING RESULTS BY AREA OF BUSINESS
Three Months Ended
($ in millions except ratios) March 31,
Est. Percent
2003 2002 Change
Consolidated Underwriting Summary
Allstate Protection $ 451 $ 47 -
Discontinued Lines and Coverages (38) (4) -
Underwriting income $ 413 $ 43 -
Allstate Protection Underwriting Summary
Premiums written $ 5,936 $ 5,713 3.9
Premiums earned $ 5,997 $ 5,701 5.2
Claims and claims expense 4,113 4,366 (5.8)
Amortization of deferred policy acquisition costs 827 783 5.6
Other costs and expenses 583 485 20.2
Restructuring and related charges 23 20 15.0
Underwriting income $ 451 $ 47 -
Catastrophe losses $ 133 $ 110
Operating ratios
Claims and claims expense ratio 68.6 76.6
Expense ratio 23.9 22.6
Combined ratio 92.5 99.2
Effect of catastrophe losses
on combined ratio 2.2 1.9
Effect of restructuring and related
charges on combined ratio 0.4 0.4
Discontinued Lines and Coverages
Underwriting Summary
Premiums written $ 1 $ 3 (66.7)
Premiums earned $ 2 $ 3 (33.3)
Claims and claims expense 38 3 -
Other costs and expenses 2 4 (50.0)
Underwriting loss $ (38) $ (4) -
11
12. THE ALLSTATE CORPORATION
PROPERTY-LIABILITY PREMIUMS WRITTEN BY MARKET SEGMENT
Three Months Ended
March 31,
Est. Percent
($ in millions) 2003 2002 Change
ALLSTATE BRAND
Standard auto $ 3,344 $ 3,195 4.7
Non-standard auto 531 627 (15.3)
Involuntary auto 50 50 -
Commercial lines 206 188 9.6
Homeowners 1,042 942 10.6
Other personal lines 298 278 7.2
5,471 5,280 3.6
IVANTAGE
Standard auto 285 286 (0.3)
Non-standard auto 41 19 115.8
Involuntary auto 9 - -
Homeowners 110 108 1.9
Other personal lines 20 20 -
465 433 7.4
ALLSTATE PROTECTION 5,936 5,713 3.9
DISCONTINUED LINES
AND COVERAGES 1 3 (66.7)
PROPERTY-LIABILITY $ 5,937 $ 5,716 3.9
12
13. THE ALLSTATE CORPORATION
PROPERTY-LIABILITY
NET RATE CHANGES APPROVED
Three Months Ended
March 31, 2003
# of Weighted Average
States Rate Change (%)
ALLSTATE BRAND
Standard Auto 18 7.3
Non-standard Auto 6 4.7
Homeowners 12 8.6
IVANTAGE
Standard Auto (Encompass) 22 6.5
Non-standard Auto (Deerbrook) 3 15.0
Homeowners (Encompass) 22 12.4
* The increase in Premiums written is due to rates taken in 2003 and 2002. The rate of decline in
policies in force slowed due to modest gains in agency productivity, such as new sales and
retention.
13
14. THE ALLSTATE CORPORATION
ALLSTATE PROTECTION MARKET SEGMENT ANALYSIS
Three Months Ended March 31,
($ in millions) Est. 2003 2002 Est. 2003 2002 Est. 2003 2002 Est. 2003 2002
Loss Ratio
Excluding the Effect
Premiums Earned Loss Ratio of CAT Losses Expense Ratio
ALLSTATE BRAND
Standard auto $ 3,240 $ 3,094 71.5 74.4 71.5 73.9
Non-standard auto 548 625 75.2 75.5 75.2 75.4
Homeowners 1,174 1,007 56.6 85.0 47.6 76.7
Other (2) 556 522 68.0 77.0 65.3 76.2
Total Allstate-brand 5,518 5,248 68.4 76.8 66.2 74.8 23.3 21.8
IVANTAGE
Standard auto 296 300 73.6 77.0 73.6 77.3
Non-standard auto 36 13 83.3 92.3 83.3 92.3
Homeowners 121 116 64.5 81.0 55.4 75.0
Other (2) 26 24 53.8 (12.5) 50.0 (12.5)
Total Ivantage 479 453 71.0 73.7 68.5 72.4 30.5 31.3
ALLSTATE PROTECTION $ 5,997 $ 5,701 68.6 76.6 66.4 74.7 23.9 22.6
(2) Other includes involuntary auto, commercial lines and other personal lines.
14
15. THE ALLSTATE CORPORATION
PROPERTY-LIABILITY
EFFECT OF PRIOR YEAR RESERVE REESTIMATES ON THE COMBINED RATIO
Three Months Ended March 31,
Effect of Reserve
Reestimates on the
Reserve Reestimates Combined Ratio
(Pretax $ in millions) 2003 2002 2003 Change
Est. Est.
Auto $ (32) $ 78 (0.5) (1.9)
Homeowners 14 150 0.2 (2.4)
Other 25 20 0.4 0.1
Allstate Protection 7 248 0.1 (4.2)
Discontinued Lines and Coverages 38 5 0.6 0.5
Property-Liability $ 45 $ 253 0.7 (3.7)
Allstate Brand $ 1 $ 248 - (4.3)
Ivantage 6 - 0.1 0.1
Allstate Protection $ 7 $ 248 0.1 (4.2)
* Asbestos Reserves for Discontinued Lines and Coverages were increased due to new
information received for two manufacturers in bankruptcy.
* Incurred losses related to mold claims in Texas, have been:
2003 2002 2001
First Quarter $ 16 $ 119 $ 7
Second Quarter - 103 25
Third Quarter - 90 74
Fourth Quarter - 14 78
Year to Date $ 16 $ 326 $ 184
15
16. THE ALLSTATE CORPORATION
ALLSTATE FINANCIAL PREMIUMS AND DEPOSITS
Three Months Ended
March 31,
Est. Percent
($ in millions) 2003 2002 (3) Change
Life Products
Interest-sensitive life $ 243 $ 247 (1.6)
Traditional 87 87 -
Other 152 135 12.6
Subtotal 482 469 2.8
Annuities
Fixed annuities 926 644 43.8
Immediate annuities 265 184 44.0
Variable annuities 389 607 (35.9)
Subtotal 1,580 1,435 10.1
Institutional Products
Indexed funding agreements 114 99 15.2
Funding agreements backing medium-term notes 235 698 (66.3)
Other 4 9 (55.6)
Subtotal 353 806 (56.2)
Bank deposits 81 80 1.3
Total $ 2,496 $ 2,790 (10.5)
(3) To conform to current period presentations, certain prior period balances have been reclassified.
16
17. THE ALLSTATE CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
March 31, Dec. 31,
(In millions except par value data) 2003 2002
Est.
Assets
Investments
Fixed income securities, at fair value
(amortized cost $74,226 and $72,123) $ 79,480 $ 77,152
Equity securities, at fair value (cost $3,306 and $3,223) 3,688 3,683
Mortgage loans 6,165 6,092
Short-term 3,119 2,215
Other 1,530 1,508
Total investments 93,982 90,650
Cash 390 462
Premium installment receivables, net 4,094 4,075
Deferred policy acquisition costs 4,288 4,385
Reinsurance recoverables, net 2,899 2,883
Accrued investment income 994 946
Property and equipment, net 981 989
Goodwill 930 927
Other assets 1,151 984
Separate Accounts 10,553 11,125
Total assets $ 120,262 $ 117,426
Liabilities
Reserve for property-liability insurance
claims and claims expense $ 16,772 $ 16,690
Reserve for life-contingent contract benefits 10,544 10,256
Contractholder funds 41,820 40,751
Unearned premiums 8,566 8,578
Claim payments outstanding 650 739
Other liabilities and accrued expenses 8,891 7,150
Deferred income taxes 276 259
Short-term debt 120 279
Long-term debt 3,943 3,961
Separate Accounts 10,553 11,125
Total liabilities 102,135 99,788
Mandatorily Redeemable Preferred Securities of Subsidiary Trust 200 200
Shareholders' equity
Preferred stock, $1 par value, 25 million
shares authorized, none issued - -
Common stock, $.01 par value, 2 billion shares
authorized and 900 million issued, 704 million
and 702 million shares outstanding 9 9
Additional capital paid-in 2,608 2,599
Retained income 20,087 19,584
Deferred compensation expense (251) (178)
Treasury stock, at cost (196 million and 198 million shares) (6,255) (6,309)
Accumulated other comprehensive income:
Unrealized net capital gains and losses and net gains and losses on
derivative financial instruments 2,590 2,602
Unrealized foreign currency translation adjustments (41) (49)
Minimum pension liability adjustment (820) (820)
Total accumulated other comprehensive income 1,729 1,733
Total shareholders' equity 17,927 17,438
Total liabilities and shareholders' equity $ 120,262 $ 117,426
17
18. Definitions of Non-GAAP and Operating Measures
We believe that investors’ understanding of Allstate’s performance is enhanced by our disclosure of the
following non-GAAP financial measures. Our method of calculating these measures may differ from
those used by other companies and therefore comparability may be limited.
Operating income is “Income before dividends on preferred securities and cumulative effect of change in
accounting principle, after-tax” excluding the effects of Realized capital gains and losses, after-tax, and
Gain on disposition of operations, after-tax. We use this measure and we believe that it is useful to
investors because it excludes the net effect of Realized capital gains and losses, which are volatile
between periods and because investors often exclude such data when evaluating the performance of
insurers. In this computation we exclude Realized capital gains and losses, after-tax, net of the effects of
Allstate Financial’s deferred policy acquisition cost amortization and additional future policy benefits only
to the extent that such effects resulted from the recognition of Realized capital gains and losses. We
believe that using this information along with net income provides for a more complete analysis of results
of operations. Net income is the most directly comparable GAAP measure. The following is a
reconciliation of operating income to Net income for the first quarter of 2002 and 2003.
Consolidated Per diluted share
(in millions, except per share data) 2003 2002 2003 2002
Operating income $ 673 $ 488 $ 0.95 $ 0.68
Realized capital gains and losses (2) (103)
Reclassification of DAC amortization (14) 6
Income tax benefit (expense) 11 33
Realized capital gains and losses, after-tax (5) (64) (0.01) (0.09)
Gain on disposition of operations, after-tax -- 5 -- 0.01
Dividends on preferred securities of subsidiary trust(s), after-tax (3) (3) -- --
Cumulative effect of change in accounting principle, after-tax -- (331) -- (0.46)
Net income (loss) $ 665 $ 95 $ 0.94 $ 0.14
Property-Liability Allstate Financial Consolidated
(in millions) 2003 2002 2003 2002 2003 2002
Operating income $ 618 $ 374 $ 82 $ 143 $ 673 $ 488
Realized capital gains and losses 37 (15) (39) (87) (2) (103)
Reclassification of DAC amortization -- -- (14) 6 (14) 6
Income tax benefit (expense) (10) 3 21 29 11 33
Realized capital gains and losses,
after-tax 27 (12) (32) (52) (5) (64)
Gain on disposition of operations,
after-tax -- 5 -- -- -- 5
Dividends on preferred securities of
subsidiary trust(s), after-tax -- -- -- -- (3) (3)
Cumulative effect of change in
accounting principle, after-tax -- (48) -- (283) -- (331)
Net income (loss) $ 645 $ 319 $ 50 $ (192) $ 665 $ 95
In this press release, we provide guidance of operating income per diluted share for 2003 (excluding
restructuring charges and assuming a level of average expected catastrophe losses used in pricing). A
reconciliation of Operating income per diluted share to Net income is not accessible on a forward-looking
basis because it is not possible to provide a reliable forecast of Realized capital gains and losses, which
can vary substantially from one period to another and may have a significant impact on Net income.
Because a forecast of Realized capital gains and losses is not accessible, neither is a forecast of the
effects of Realized capital gains and losses on DAC amortization, additional future policy benefits and
income tax benefits. A variance in these effects also could have a significant impact on Net income. The
other reconciling items between Operating income and Net income on a forward-looking basis are Gains
18
19. (loss) on disposition of operations after-tax which is assumed to be zero in 2003 and Dividends on
preferred securities of subsidiary trusts, which are estimated to be $0.02 per diluted share for 2003.
We also compute Operating income excluding restructuring where Operating income is adjusted to
exclude the after tax effects of restructuring charges. We use this measure to compare Operating income
to our projected Operating income per diluted share for 2003, which excludes restructuring charges
because a forecast is not accessible. The following table reconciles Operating income to Operating
income excluding restructuring for the first quarter of 2003 and 2002.
Consolidated Per diluted share
( in millions, except per share amounts) 2003 2002 2003 2002
Operating income $ 673 $ 488 $ 0.95 $ 0.68
Restructuring charges, net of tax 15 13 0.03 0.02
Operating income, excluding restructuring $ 688 $ 501 $ 0.98 $ 0.70
Underwriting income is “Premiums earned, less claims and claims expense and underwriting expenses as
determined using GAAP.” We exclude the effects of Net investment income, Realized capital gains and
losses and other items in order to analyze the profitability of the insurance business without taking into
account any investment results and because investors often exclude such data when evaluating the
performance of insurers. We believe that using this information along with Net income provides investors
with a more complete analysis of results of operations. Net income is the most directly comparable
GAAP measure. A reconciliation of Property-Liability Underwriting income to Net income is provided in
the Segment results table.
19
20. Operating income return on equity is a ratio we calculate using non-GAAP measures. It is calculated
by dividing the rolling 12-month operating income by the average of the beginning and end of the 12-
month period shareholders’ equity after excluding the after-tax effect of unrealized net capital gains. We
use it to supplement our evaluation of net income and return on equity and because investors often use
this measure when evaluating the performance of insurers. It enhances investor understanding by
eliminating the after-tax effects of realized and unrealized capital gains and losses and the cumulative
effect of changes in accounting, which can fluctuate significantly. Return on Equity is the most directly
comparable GAAP measure. The following table shows the two computations.
($ in millions) For the twelve months
ended March 31,
Est. 2003 2002
Return on equity
Numerator:
Net income $ 1,704 $ 753
Denominator:
Beginning shareholders’ equity 16,887 17,544
Ending shareholders’ equity 17,927 16,887
Average shareholders’ equity $ 17,407 $ 17,216
ROE 9.8% 4.4%
Operating income return on equity
Numerator:
Operating income $ 2,260 $ 1,428
Denominator:
Beginning shareholders’ equity 16,887 17,544
Unrealized net capital gains 1,606 1,903
Adjusted beginning shareholders’ equity 15,281 15,641
Ending shareholders’ equity 17,927 16,887
Unrealized net capital gains 2,590 1,606
Adjusted ending shareholders’ equity 15,337 15,281
Average shareholders’ equity $ 15,309 $ 15,461
Operating income ROE 14.8% 9.2%
20
21. Operating Measures
We believe that investors’ understanding of Allstate’s performance is enhanced by our disclosure of the
following operating financial measures. Our method of calculating these measures may differ from that
used by other companies and therefore comparability may be limited.
Premiums written is the amount of premiums charged for policies issued during a fiscal period. Premiums
earned is a GAAP measure. Premiums are considered earned and are included in financial results on a pro-
rata basis over the policy period. The portion of premiums written applicable to the unexpired terms of the
policies is recorded as Unearned premiums on our Consolidated Statements of Financial Position.
The following table presents a reconciliation of premiums written to premiums earned for the three
months ended March 31.
2003 2002
(in millions)
Premiums written $ 5,937 $ 5,716
(Increase) decrease in Unearned Premiums 22 (9)
Other 40 (3)
Premiums earned $ 5,999 $ 5,704
Premiums and deposits is an operating measure that we use to analyze production trends for Allstate
Financial sales. It includes premiums on insurance policies and annuities and all deposits and other
funds received from customers on deposit-type products, which we account for as liabilities rather than as
revenue, including the net new deposits of Allstate Bank.
The following table illustrates where Premiums and deposits are reflected in the consolidated financial
statements.
For the three months ended March 31,
2003 2002
(in millions)
Life and annuity premiums (1) $ 412 $ 308
Deposits to contractholder funds, separate 2,084 2,482
accounts and other
Total Premiums and deposits $ 2,496 $ 2,790
(1)
Life and annuity contract charges in the amount of $227 million and $230 million for the three months ended March 31, 2003
and 2002, respectively, which are also revenues recognized for GAAP, have been excluded from the table above, but are a
component of the Consolidated Statements of Operations line item Life and annuity premium and contract charges.
New sales of financial products by Allstate exclusive agencies is an operating measure that we use
to quantify the current year sales of financial products by the Allstate proprietary distribution channel.
New sales of financial products by Allstate exclusive agencies includes annual premiums on new
insurance policies, initial premiums and deposits on annuities, deposits in the Allstate Bank, sales of other
company’s mutual funds, and generally excludes renewal premiums.
21
22. This press release contains forward-looking statements about our operating income for 2003, DAC
amortization, increases in policies in force and rate changes in our Property-Liability business. These
statements are subject to the Private Securities Litigation Reform Act of 1995 and are based on
management’s estimates, assumptions and projections. Actual results may differ materially from
those projected in the forward-looking statements for a variety of reasons. Projected weighted
average rate changes in our Property-Liability business may be lower than projected due to a
decrease in the number of policies in force. Loss costs in our Property-Liability business, including
losses due to catastrophes such as hurricanes and earthquakes, may exceed management’s
projections. Competitive pressures could lead to sales of Property-Liability products, including private
passenger auto and homeowners insurance, that are lower than we have projected, due to our
increased prices and our modified underwriting practices. Investment income may not meet
management’s projections due to poor stock market performance or lower returns on the fixed
income portfolio due to worsening credit conditions. Significantly lower interest rates and equity
markets could increase DAC amortization, reduce contract charges, the DAC asset, investment
margins and the profitability of the Allstate Financial segment. We encourage you to review the other
risk factors facing Allstate that we disclosed in our Notice of Annual Meeting and Proxy Statement
dated March 28, 2003. We undertake no obligation to publicly correct or update any forward-looking
statements. This press release contains unaudited financial information.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer.
Widely known through the “You’re In Good Hands With Allstate®” slogan, Allstate provides insurance
products to more than 16 million households and has approximately 12,300 exclusive agents and
financial specialists in the U.S. and Canada. Customers can access Allstate products and services
through Allstate agents, or in select states at allstate.com and 1-800-Allstate®. EncompassSM and
Deerbrook® Insurance brand property and casualty products are sold exclusively through independent
agents. Allstate Financial Group includes the businesses that provide life and supplemental
insurance, retirement, banking and investment products through distribution channels that include
Allstate agents, independent agents, and banks and securities firms.
We post an interim investor supplement on our web site. You can access it by going to allstate.com
and clicking on “About Allstate.” From there, go to the “Find Financial Information” button. We will
post additional information to the supplement over the next 30 days as it becomes available.
Contact: Michael Trevino
Media Relations
(847) 402-5600
Robert Block, Larry Moews, Phil Dorn
Investor Relations
(847) 402-2800
###
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