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.
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.
This document is Gannett Co., Inc.'s 2005 annual report. It includes the company's financial summary for 2005, a letter to shareholders from the chairman and CEO, and information about the company's operations. The letter discusses leadership changes at Gannett in 2005, the company's financial performance for the year which saw increased revenues and operating cash flow despite challenges, and strategic acquisitions and investments made to expand Gannett's digital offerings and ability to reach audiences across multiple platforms.
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 2006 4th Earnings Press Releasefinance7
Allstate reported 2006 fourth quarter net income of $1.213 billion and operating income of $1.121 billion. Net income per share was $1.93 and operating income per share was $1.78. Catastrophe losses were $279 million for the quarter, down from $657 million in the prior year. The property-liability combined ratio was 85.7% for the quarter and 83.6% for the year, benefiting from lower catastrophe losses. Allstate will provide an outlook for the 2007 property-liability combined ratio excluding catastrophes of 84-86%.
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.
allstate Quarterly Investor Information 2004 4th Earnings Press Release finance7
Allstate reported a 52% increase in fourth quarter net income per share and a 34% increase in fourth quarter operating income per share compared to the previous year. For the full year, Allstate earned record levels of operating income per share and net income per share. Allstate also announced guidance for 2005 operating income per share to be in the range of $5.40 to $5.80, representing growth of 22-32% over 2004 levels.
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.
The document discusses The Shaw Group's 2002 annual report. It describes how in 2002 Shaw significantly expanded its capabilities through the acquisition of The IT Group, adding environmental, infrastructure, and homeland security services. This made Shaw a stronger competitor able to handle more issues for more customers. The acquisition helped drive record financial results in 2002, with revenues increasing 106% to over $3.2 billion and net income up 61% to $98.4 million. Looking ahead, Shaw aims to continue growing in areas like power sector maintenance and environmental markets as well as expanding internationally, especially in China.
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.
This document is Gannett Co., Inc.'s 2005 annual report. It includes the company's financial summary for 2005, a letter to shareholders from the chairman and CEO, and information about the company's operations. The letter discusses leadership changes at Gannett in 2005, the company's financial performance for the year which saw increased revenues and operating cash flow despite challenges, and strategic acquisitions and investments made to expand Gannett's digital offerings and ability to reach audiences across multiple platforms.
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 2006 4th Earnings Press Releasefinance7
Allstate reported 2006 fourth quarter net income of $1.213 billion and operating income of $1.121 billion. Net income per share was $1.93 and operating income per share was $1.78. Catastrophe losses were $279 million for the quarter, down from $657 million in the prior year. The property-liability combined ratio was 85.7% for the quarter and 83.6% for the year, benefiting from lower catastrophe losses. Allstate will provide an outlook for the 2007 property-liability combined ratio excluding catastrophes of 84-86%.
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.
allstate Quarterly Investor Information 2004 4th Earnings Press Release finance7
Allstate reported a 52% increase in fourth quarter net income per share and a 34% increase in fourth quarter operating income per share compared to the previous year. For the full year, Allstate earned record levels of operating income per share and net income per share. Allstate also announced guidance for 2005 operating income per share to be in the range of $5.40 to $5.80, representing growth of 22-32% over 2004 levels.
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.
The document discusses The Shaw Group's 2002 annual report. It describes how in 2002 Shaw significantly expanded its capabilities through the acquisition of The IT Group, adding environmental, infrastructure, and homeland security services. This made Shaw a stronger competitor able to handle more issues for more customers. The acquisition helped drive record financial results in 2002, with revenues increasing 106% to over $3.2 billion and net income up 61% to $98.4 million. Looking ahead, Shaw aims to continue growing in areas like power sector maintenance and environmental markets as well as expanding internationally, especially in China.
HSBC reported financial results for the first half of 2008. While total operating income increased slightly, pre-tax profits decreased 28% to $10.2 billion due to a 58% rise in loan impairment charges. Net income attributable to shareholders fell 29% to $7.7 billion. However, HSBC maintained a strong capital position with tier 1 and total capital ratios of 8.8% and 11.9% respectively. The company also announced a 6% increase in its interim dividend and the completion of the sale of its regional bank network in France.
The Progressive Corporation reported strong financial results for the first half of 2004, with net income of $846.3 million, up 46% from the same period in 2003. Net premiums earned grew 18% to $6.3 billion due to a 12% increase in net premiums written. The combined ratio was 84.3%, substantially better than industry averages. Progressive expects growth to slow as fewer customers actively shop for better rates in the stable market conditions. The company made progress on initiatives to improve claims handling and customer service.
Raytheon reported strong financial results for the fourth quarter and full year 2006. Quarterly sales increased 12% to $5.7 billion due to growth at Integrated Defense Systems, Missile Systems, and Network Centric Systems. Earnings per share from continuing operations increased 27% to $0.65 for the quarter. For the full year, sales increased 7% to $20.3 billion and earnings per share from continuing operations increased 37% to $2.46. Raytheon also provided guidance for 2007, forecasting earnings per share from continuing operations between $2.85 to $3.00 on sales between $21.4 to $21.9 billion.
This document summarizes Fannie Mae's 2006 10-K investor report. It highlights that in 2006, Fannie Mae's net income decreased 39% to $3.5 billion due to higher administrative and credit-related expenses, despite a 7% increase in its mortgage book of business to $2.5 trillion. It also notes that while Fannie Mae continued to hit regulatory milestones like filing its 2005 10-K, its three business segments saw varying financial performances in 2006, with the Single-Family Credit Guaranty generating $2 billion in net income, down 22% from 2005, and the Capital Markets segment earning $1.7 billion, down 48% from the previous year. The summary emphasizes that F
This annual report summarizes the financial performance of W.R. Berkley Corporation in 2002. Key points include:
- Net income, total revenues, premiums written, and underwriting profit all reached record highs in 2002.
- All four domestic operating segments (specialty, alternative markets, reinsurance, and regional) contributed significantly to growth through higher premium volumes and earnings.
- The company benefited from industry trends of higher insurance prices, improved terms and conditions, and a contraction of overall industry capacity amidst widespread balance sheet problems facing competitors.
allstate Quarterly Investor Information 2004 2ndEarnings Press Release 2004 2...finance7
- Allstate reported a 75% increase in net income and a 73% increase in operating income for Q2 2004 compared to Q2 2003. Revenues increased 5.1% to $8.3 billion.
- Property-Liability net income increased due to higher premiums earned, lower catastrophe losses, continued favorable auto and homeowner loss trends, and favorable prior year reserve re-estimates. The combined ratio improved 10.8 points to 86.3.
- Allstate Financial premiums and deposits increased 30% to $4.3 billion due to higher sales, though operating income declined slightly to $126 million primarily due to restructuring and certain credit insurance policies.
allstate Quarterly Investor Information 2006 1st Earnings Press Release finance7
- Net income and operating income per share increased 34% and 20% respectively in Q1 2006 compared to Q1 2005, driven by strong underwriting income in Property-Liability.
- Property-Liability underwriting income increased $261 million to $1.24 billion in Q1 2006 due to higher premiums earned, continued favorable auto and homeowner loss trends excluding catastrophes, and favorable prior year reserve reestimates, partially offset by higher restructuring charges and current year severity.
- Allstate Financial operating income declined to $144 million from $149 million in Q1 2005 primarily due to $10 million in higher restructuring charges, partially offset by higher gross margin and lower operating expenses.
Danaher reported record results for the fourth quarter and full year of 2006. Net earnings for Q4 2006 increased 28.5% to $323.7 million compared to Q4 2005. For the full year, net earnings increased 25% to $1.122 billion compared to 2005. Sales for Q4 2006 increased 17.5% to $2.66 billion and increased 20% for the full year to $9.596 billion. Danaher also expanded its segment reporting to include Medical Technologies as its own segment.
1) In Q4 2007, the company repurchased 4.8 million shares for $222 million, and a total of 12.4 million shares in 2007 for $591 million. They also repurchased an additional 1 million shares in early 2008 for $40 million.
2) In Q4 2007, the company completed two acquisitions for a total of $97.1 million and seven acquisitions in 2007 for a total of $273.6 million. They also finalized the sale of six businesses in 2007 resulting in an after-tax loss of $17.1 million.
3) Organic revenue growth was 2.3% for 2007, with acquisitions contributing 9.7
Genworth MI Canada Inc. reported solid results for Q4 2012 and full year 2012. Some highlights included:
- Net operating income of $226M for Q4 2012 and $462M for full year 2012
- Adjusted net operating income of $89M for Q4 2012 and $339M for full year 2012
- Continued improvement in underwriting performance with loss ratios of 31% for Q4 2012 and 33% for full year 2012
- Strong capital position with MCT ratio of 170% at end of Q4 2012 and 211% at beginning of 2013
- Book value per share growth to $30.62 at end of Q4 2012
The presentation provided an overview of Genworth's
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.
U.S. Bancorp reported record net income and earnings per share for the first quarter of 2006. Net income increased 7.7% compared to the first quarter of 2005, to $1,153 million, while earnings per share grew 10.5% to $0.63. Total net revenue increased 6.6% driven by 16.8% growth in noninterest income, which offset a 1.5% decline in net interest income. The provision for credit losses decreased 33.1% and credit quality remained strong.
- Raytheon reported strong second quarter 2007 results with EPS from continuing operations up 30% and sales up 9%.
- They completed the sale of Raytheon Aircraft Company, resulting in $2.4 billion in after-tax proceeds.
- For the full year, Raytheon increased guidance for EPS, bookings, and return on invested capital.
- Segment results were positive with Integrated Defense Systems sales up 12% and operating income up 20% compared to the second quarter of 2006.
During the fourth quarter of 2008:
- The company repurchased 10 million shares at an average price of $46.15 per share, completing its $500 million share repurchase program.
- It acquired one company for $3.9 million to boost its Fluid Management segment.
- It sold a line of business for a $7.5 million gain in its Electronic Technologies segment.
- It incurred tax expenses of $28 million related to prior tax matters and discontinued operations.
Raytheon reported strong financial results for Q3 2006, with EPS up 41% and bookings of $6.1 billion. The company increased full-year 2006 guidance for EPS, bookings, operating cash flow and ROIC. Segments such as IDS, MS and RAC saw higher sales and improved operating performance compared to Q3 2005. Raytheon also provided initial guidance for 2007 with projected continued growth.
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.
Kindred Healthcare announced plans to acquire RehabCare Group for approximately $35 per share, or $1.3 billion total including assumed net debt. The transaction is expected to close on or about June 30, 2011 and will be substantially accretive to Kindred's earnings and cash flows. Kindred has identified $40 million in annual cost and operating synergies from the deal.
Dover Corporation reported record results for the fourth quarter and full year of 2006. Revenue for Q4 2006 increased 20% to $1.7 billion compared to the previous year. For the full year, revenue increased 22% to $6.5 billion. Earnings from continuing operations for Q4 2006 were $156.1 million, a 28% increase over the previous year. For the full year, earnings from continuing operations increased 35% to $603.3 million. The company also reported strong cash flow from operations of over $880 million for the full year, up 57% from 2005.
This document provides a summary of Leggett & Platt's debt obligations, derivative financial instruments, foreign investments, and stock performance. It discloses that over 75% of Leggett's debt is fixed rate and carries an average interest rate of 4.99% in 2006. It also uses derivatives to hedge interest rate, foreign currency, and commodity risks. Leggett views its foreign subsidiaries as long-term investments and does not hedge them except through one net investment hedge. Finally, it shows Leggett's stock has outperformed its industry peers and the S&P 500 over the past 5 years.
Brief explanation of what is product marketing, what does a product marketer do and what does product marketing leads to.
For more queries, please tweet to me - @shahnawazkarim
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.
HSBC reported financial results for the first half of 2008. While total operating income increased slightly, pre-tax profits decreased 28% to $10.2 billion due to a 58% rise in loan impairment charges. Net income attributable to shareholders fell 29% to $7.7 billion. However, HSBC maintained a strong capital position with tier 1 and total capital ratios of 8.8% and 11.9% respectively. The company also announced a 6% increase in its interim dividend and the completion of the sale of its regional bank network in France.
The Progressive Corporation reported strong financial results for the first half of 2004, with net income of $846.3 million, up 46% from the same period in 2003. Net premiums earned grew 18% to $6.3 billion due to a 12% increase in net premiums written. The combined ratio was 84.3%, substantially better than industry averages. Progressive expects growth to slow as fewer customers actively shop for better rates in the stable market conditions. The company made progress on initiatives to improve claims handling and customer service.
Raytheon reported strong financial results for the fourth quarter and full year 2006. Quarterly sales increased 12% to $5.7 billion due to growth at Integrated Defense Systems, Missile Systems, and Network Centric Systems. Earnings per share from continuing operations increased 27% to $0.65 for the quarter. For the full year, sales increased 7% to $20.3 billion and earnings per share from continuing operations increased 37% to $2.46. Raytheon also provided guidance for 2007, forecasting earnings per share from continuing operations between $2.85 to $3.00 on sales between $21.4 to $21.9 billion.
This document summarizes Fannie Mae's 2006 10-K investor report. It highlights that in 2006, Fannie Mae's net income decreased 39% to $3.5 billion due to higher administrative and credit-related expenses, despite a 7% increase in its mortgage book of business to $2.5 trillion. It also notes that while Fannie Mae continued to hit regulatory milestones like filing its 2005 10-K, its three business segments saw varying financial performances in 2006, with the Single-Family Credit Guaranty generating $2 billion in net income, down 22% from 2005, and the Capital Markets segment earning $1.7 billion, down 48% from the previous year. The summary emphasizes that F
This annual report summarizes the financial performance of W.R. Berkley Corporation in 2002. Key points include:
- Net income, total revenues, premiums written, and underwriting profit all reached record highs in 2002.
- All four domestic operating segments (specialty, alternative markets, reinsurance, and regional) contributed significantly to growth through higher premium volumes and earnings.
- The company benefited from industry trends of higher insurance prices, improved terms and conditions, and a contraction of overall industry capacity amidst widespread balance sheet problems facing competitors.
allstate Quarterly Investor Information 2004 2ndEarnings Press Release 2004 2...finance7
- Allstate reported a 75% increase in net income and a 73% increase in operating income for Q2 2004 compared to Q2 2003. Revenues increased 5.1% to $8.3 billion.
- Property-Liability net income increased due to higher premiums earned, lower catastrophe losses, continued favorable auto and homeowner loss trends, and favorable prior year reserve re-estimates. The combined ratio improved 10.8 points to 86.3.
- Allstate Financial premiums and deposits increased 30% to $4.3 billion due to higher sales, though operating income declined slightly to $126 million primarily due to restructuring and certain credit insurance policies.
allstate Quarterly Investor Information 2006 1st Earnings Press Release finance7
- Net income and operating income per share increased 34% and 20% respectively in Q1 2006 compared to Q1 2005, driven by strong underwriting income in Property-Liability.
- Property-Liability underwriting income increased $261 million to $1.24 billion in Q1 2006 due to higher premiums earned, continued favorable auto and homeowner loss trends excluding catastrophes, and favorable prior year reserve reestimates, partially offset by higher restructuring charges and current year severity.
- Allstate Financial operating income declined to $144 million from $149 million in Q1 2005 primarily due to $10 million in higher restructuring charges, partially offset by higher gross margin and lower operating expenses.
Danaher reported record results for the fourth quarter and full year of 2006. Net earnings for Q4 2006 increased 28.5% to $323.7 million compared to Q4 2005. For the full year, net earnings increased 25% to $1.122 billion compared to 2005. Sales for Q4 2006 increased 17.5% to $2.66 billion and increased 20% for the full year to $9.596 billion. Danaher also expanded its segment reporting to include Medical Technologies as its own segment.
1) In Q4 2007, the company repurchased 4.8 million shares for $222 million, and a total of 12.4 million shares in 2007 for $591 million. They also repurchased an additional 1 million shares in early 2008 for $40 million.
2) In Q4 2007, the company completed two acquisitions for a total of $97.1 million and seven acquisitions in 2007 for a total of $273.6 million. They also finalized the sale of six businesses in 2007 resulting in an after-tax loss of $17.1 million.
3) Organic revenue growth was 2.3% for 2007, with acquisitions contributing 9.7
Genworth MI Canada Inc. reported solid results for Q4 2012 and full year 2012. Some highlights included:
- Net operating income of $226M for Q4 2012 and $462M for full year 2012
- Adjusted net operating income of $89M for Q4 2012 and $339M for full year 2012
- Continued improvement in underwriting performance with loss ratios of 31% for Q4 2012 and 33% for full year 2012
- Strong capital position with MCT ratio of 170% at end of Q4 2012 and 211% at beginning of 2013
- Book value per share growth to $30.62 at end of Q4 2012
The presentation provided an overview of Genworth's
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.
U.S. Bancorp reported record net income and earnings per share for the first quarter of 2006. Net income increased 7.7% compared to the first quarter of 2005, to $1,153 million, while earnings per share grew 10.5% to $0.63. Total net revenue increased 6.6% driven by 16.8% growth in noninterest income, which offset a 1.5% decline in net interest income. The provision for credit losses decreased 33.1% and credit quality remained strong.
- Raytheon reported strong second quarter 2007 results with EPS from continuing operations up 30% and sales up 9%.
- They completed the sale of Raytheon Aircraft Company, resulting in $2.4 billion in after-tax proceeds.
- For the full year, Raytheon increased guidance for EPS, bookings, and return on invested capital.
- Segment results were positive with Integrated Defense Systems sales up 12% and operating income up 20% compared to the second quarter of 2006.
During the fourth quarter of 2008:
- The company repurchased 10 million shares at an average price of $46.15 per share, completing its $500 million share repurchase program.
- It acquired one company for $3.9 million to boost its Fluid Management segment.
- It sold a line of business for a $7.5 million gain in its Electronic Technologies segment.
- It incurred tax expenses of $28 million related to prior tax matters and discontinued operations.
Raytheon reported strong financial results for Q3 2006, with EPS up 41% and bookings of $6.1 billion. The company increased full-year 2006 guidance for EPS, bookings, operating cash flow and ROIC. Segments such as IDS, MS and RAC saw higher sales and improved operating performance compared to Q3 2005. Raytheon also provided initial guidance for 2007 with projected continued growth.
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.
Kindred Healthcare announced plans to acquire RehabCare Group for approximately $35 per share, or $1.3 billion total including assumed net debt. The transaction is expected to close on or about June 30, 2011 and will be substantially accretive to Kindred's earnings and cash flows. Kindred has identified $40 million in annual cost and operating synergies from the deal.
Dover Corporation reported record results for the fourth quarter and full year of 2006. Revenue for Q4 2006 increased 20% to $1.7 billion compared to the previous year. For the full year, revenue increased 22% to $6.5 billion. Earnings from continuing operations for Q4 2006 were $156.1 million, a 28% increase over the previous year. For the full year, earnings from continuing operations increased 35% to $603.3 million. The company also reported strong cash flow from operations of over $880 million for the full year, up 57% from 2005.
This document provides a summary of Leggett & Platt's debt obligations, derivative financial instruments, foreign investments, and stock performance. It discloses that over 75% of Leggett's debt is fixed rate and carries an average interest rate of 4.99% in 2006. It also uses derivatives to hedge interest rate, foreign currency, and commodity risks. Leggett views its foreign subsidiaries as long-term investments and does not hedge them except through one net investment hedge. Finally, it shows Leggett's stock has outperformed its industry peers and the S&P 500 over the past 5 years.
Brief explanation of what is product marketing, what does a product marketer do and what does product marketing leads to.
For more queries, please tweet to me - @shahnawazkarim
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 2005 1st Earnings Press Release finance7
Allstate reported a 22% increase in first quarter net income and a 16% increase in operating income per share compared to the first quarter of 2004. Property-liability underwriting income increased 13.4% due to higher premiums and continued declines in auto and homeowner loss frequencies. Allstate is confirming its 2005 operating income per share guidance range of $5.40 to $5.80 despite $164 million in first quarter catastrophe losses, up from $102 million in the first quarter of 2004. Allstate Financial also had a solid quarter with a 15.2% increase in premiums and deposits and 12.9% increase in operating income.
allstate Highlights & Chairman's Letter 2002finance7
The document provides an annual report from The Allstate Corporation for the year 2002. It summarizes the company's financial highlights for 2002, noting increases in revenues, total assets, and operating income compared to 2001. It also includes a message from the Chairman, Edward M. Liddy, who discusses Allstate's strategy, priorities, and accomplishments in 2002, including improved financial results, risk management actions, and business transformations to broaden offerings and customer base. He expresses confidence in Allstate's position and strategy for continued growth and profitability.
This document is Motorola's Form 10-Q filing for the second quarter of 2008:
- It provides unaudited financial statements including the condensed consolidated statement of operations, balance sheet, and statement of cash flows for the quarter.
- Motorola reported a net loss of $190 million for the first six months of 2008 compared to a net loss of $209 million in the same period of 2007.
- Cash used by operating activities from continuing operations was $139 million, driven by changes in working capital accounts.
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 2003 1st finance7
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 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.
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.
- Ameriprise Financial reported net income of $171 million for Q4 2006, up 54% from Q4 2005. Adjusted earnings excluding one-time costs were $251 million, up 30%.
- Revenues grew 16% to $2.2 billion driven by higher fees from increased assets under management and strong sales. Expenses rose 13% primarily due to increased compensation.
- For the full year, income grew 13% to $631 million and adjusted earnings grew 25% to $866 million. The company exceeded its cost savings target for the year.
allstate Quarterly Investor Information Earnings Press Release 2005 2ndfinance7
Allstate reported a 16.3% increase in net income per share and a 12.9% increase in operating income per share for Q2 2005 compared to Q2 2004. Property-Liability premiums written grew 3.7% driven by increases in auto and homeowners premiums. Underwriting income increased 11.9% to $994 million due to higher premiums earned and favorable loss trends. Catastrophe losses were lower than the prior year. Allstate Financial operating income grew 8.7% to $137 million. Based on strong year-to-date results, Allstate increased its full-year operating income per share guidance to a range of $6.00 to $6.40.
U.S. Bancorp reported net income of $1,130 million for the first quarter of 2007, down slightly from $1,153 million in the first quarter of 2006. Diluted earnings per share were $0.63, equal to the prior year. The net interest margin declined to 3.51% from 3.80% a year ago due to competitive pressures and changes in the yield curve. Noninterest income grew 5.1% driven by fee businesses, but this growth was offset by increased credit costs and the impact of items in the year-ago period. Overall results were solid given the challenging environment, and credit quality remained strong.
- The Progressive Corporation reported strong financial results for the second quarter and first half of 2005, with net premiums written growth of 8% and an underwriting margin of 85.6%.
- Progressive saw growth in both new customers and retention of existing customers, with policies in force up 7-16% across business lines.
- Strategic initiatives around the Drive and Progressive Direct brands, expanded claims service centers, and technology projects were progressing well in the first half of the year.
- The Progressive Corporation reported strong financial results for the second quarter and first half of 2005, with net premiums written growth of 8% and an underwriting margin of 85.6%.
- Progressive saw growth in both new customers and retention of existing customers, with policies in force up 7-16% across business lines.
- Strategic initiatives around claims handling, branding, and technology were making progress, including expanding the number of claims service centers, deploying new customer billing and claims management platforms, and breaking ground on a new data center.
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 is a letter from the leadership of General Motors to its stockholders. It summarizes GM's financial performance in 2003, noting record revenue but unmet profit expectations. It identifies challenges like healthcare costs and foreign competition. However, it emphasizes GM's progress in areas like new vehicle development, global coordination, and brand differentiation. It outlines an optimistic outlook based on GM's strengths, and promises an onslaught of exciting new products to strengthen its position.
Allstate reported strong financial results for the second quarter of 2007, with net income up 16.2% and return on equity reaching 25%. Revenues increased 6.5% due to growth in auto insurance sales and investment income. While operating income declined due to increased catastrophe costs, the underlying business performed well. Allstate also continued share repurchases and reinsurance initiatives to enhance returns and manage catastrophe risk.
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.
Merck announced its 2007 financial results, reporting:
1) Full-year non-GAAP EPS of $3.20 and fourth-quarter non-GAAP EPS of $0.80, excluding certain previously disclosed items.
2) Worldwide product revenue growth driven by drugs like Singulair, Januvia, Gardasil, and Varivax.
3) Reaffirmation of its 2008 non-GAAP EPS forecast range despite charges related to legal issues including a VIOXX settlement.
The Progressive Corporation reported strong financial results for the third quarter of 2004, with net income up 22% from the prior year. While growth rates slowed due to soft market conditions, new business policies and average premiums per policy were stable. Retention rates declined slightly. The company purchased $1.24 billion in its own shares through a tender offer and launched a new brand, Drive Insurance, to be distributed through agents. Claims handling of multiple hurricanes was effective with over 94% of claims closed.
The Progressive Corporation reported strong financial results for the third quarter of 2004, with net income up 22% from the prior year. While growth rates slowed due to soft market conditions, new business policies and average premiums per policy were stable. Retention rates declined slightly. The company purchased $1.24 billion in its own shares through a tender offer and launched a new "Drive Insurance" brand for agents. Claims handling of multiple hurricanes was effective with over 94% of claims closed quickly.
- Ameriprise Financial reported financial results for Q1 2008 with net income of $191 million, up 16% from $165 million in Q1 2007. Earnings per share increased 21% to $0.82.
- Revenues increased 3% to $2.1 billion due to 10% growth in management fees, partially offset by lower investment income. Expenses rose 10% due to higher benefits costs from variable annuities.
- The company repurchased $270 million of stock in Q1 2008 and authorized an additional $1.5 billion repurchase program over the next two years. Challenging markets negatively impacted results but the company maintained a strong balance sheet.
- 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.
- Ameriprise Financial reported income before discontinued operations of $111 million for Q4 2005, down from $226 million in Q4 2004, primarily due to one-time separation costs.
- Adjusted earnings, which exclude one-time items, decreased 4% to $193 million compared to $202 million in Q4 2004, due to a lower tax provision in 2004. Revenues grew 5% to $1.9 billion.
- Key highlights included a 6% increase in mass affluent clients, higher advisor productivity, improved investment performance, and a 5% increase in owned, managed, and administered assets to over $428 billion.
u.s.bancorp4Q 2003 Earnings Release and Supplemental Analyst Schedules finance13
U.S. Bancorp reported a 19.2% increase in net income for the fourth quarter of 2003 compared to the same period in 2002. Earnings per share increased 16.3% to $0.50. Net interest income increased 2.9% to $1.816.7 million due to growth in average earning assets. Provision for credit losses decreased 18.1% and noninterest expense decreased 9.7% contributing to the rise in net income. The company also completed the spin-off of Piper Jaffray Companies.
Similar to allstate Quarterly Investor Information 2003 4th Earnings Press Release (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.
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Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
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Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
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Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
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BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
allstate Quarterly Investor Information 2003 4th Earnings Press Release
1. For Immediate Release
Allstate Reports 2003 Fourth Quarter
71% Increase in Net Income EPS,
22% Increase in Operating Income EPS,
Board Approves Quarterly Dividend Increase and
$1 billion Addition to Share Repurchase Program
NORTHBROOK, Ill., Feb. 4, 2004 – The Allstate Corporation (NYSE: ALL) today reported for the fourth
quarter of 2003:
1
Consolidated Highlights
Three Months Ended December 31, Twelve Months Ended December 31,
Change Change
(in millions, except per share amounts Est. Est.
and ratios) 2003 2002 $ Amt % 2003 2002 $ Amt %
Consolidated revenues $8,262 $7,587 $675 8.9 $32,149 $29,579 $2,570 8.7
Net income 761 447 314 70.2 2,705 1,134 1,571 138.5
Net income per diluted share 1.08 0.63 0.45 71.4 3.83 1.60 2.23 139.4
1
Operating income 752 618 134 21.7 2,662 2,075 587 28.3
1
Operating income per diluted share 1.06 0.87 0.19 21.8 3.77 2.92 0.85 29.1
Property-Liability combined ratio 92.3 97.8 -- (5.5)pts 94.6 98.9 -- (4.3) pts
Book value per diluted share 29.04 24.75 4.29 17.3 29.04 24.75 4.29 17.3
Property-Liability premiums written1 grew 6% over the fourth quarter of 2002. Allstate brand standard
•
auto and homeowners new business premiums written increased 31% and 39%, respectively.
Property-Liability underwriting income1 increased 272% or $353 million in the fourth quarter to $483
•
million from $130 million in the fourth quarter of 2002 due to higher premiums earned and continued
favorable auto and homeowners loss frequencies, partially offset by higher catastrophes.
• Catastrophe losses in the fourth quarter increased to $412 million compared to $237 million in the
fourth quarter of 2002. The impact of catastrophe losses on the combined ratio increased to 6.5 pts
from 4.0 pts in the fourth quarter of 2002.
Allstate Financial had premiums and deposits1 of $3.30 billion, 20% over the prior year fourth quarter.
•
• At its February 3, 2004 meeting, the Board of Directors declared a quarterly dividend of $0.28 per
share, which is a 22% increase from the previous quarter. The board also approved a $1 billion
increase of the current share repurchase program, which has $350 million remaining. The expanded
program is expected to be completed in 2005.
Allstate’s operating income per diluted share guidance 1 for 2004 (assuming the level of average
•
expected catastrophe losses used in pricing for the year) is in the range of $4.30 to $4.55.
“Allstate had a strong quarter and an outstanding year,” said Chairman, President and CEO Edward M.
Liddy. “I am very pleased with our performance in the fourth quarter, which showed good top line growth,
strong unit growth for Allstate brand standard auto and homeowners and outstanding bottom line results.
“Just as impressive were our results for the entire year. Compared to 2002, net income more than
doubled to $2.7 billion, consolidated revenues were up almost 9% to $32.1 billion, and operating income
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.
1
2. was up 28% to $2.7 billion. And looking at our results since becoming a public company more than 10
years ago, 2003 marked a year in which we achieved the second highest net income per diluted share,
the largest amount of written premium and the highest operating income (in total dollars and per diluted
share), all while experiencing the largest amount of catastrophe losses since 1994, which included the
Northridge earthquake.
“Despite this year’s excellent results, we will not rest on this success. Our goals remain unchanged and
our strategy continues to be validated and well executed. We are seeking long-term, sustainable,
profitable growth and 2003 helped us continue the momentum that began more than eight quarters ago.
We want to be better and bigger in our protection business and broader in financial services and we are
very optimistic about our prospects for 2004 and beyond. We have a good record of executing on our
strategies and remain focused on underwriting and pricing discipline as we grow the company,” said
Liddy.
In the quarter, we appointed a new chief marketing officer and launched a new multi-million dollar
advertising campaign. Both of these moves are intended to help us grow our business and reach more
households. In addition to the investments in advertising, we have invested in our agency force, growing it
by 5 percent or some 600 exclusive agencies this year, including approximately 200 exclusive financial
specialists, thereby increasing our proprietary distribution capacity for financial services products.
New business growth in our Allstate brand standard auto and homeowners insurance lines was strong.
Standard auto and homeowners new business premiums written increased 31% and 39%, respectively,
over the fourth quarter of 2002. In addition, policies in force for these two lines continued a trend that
began in the second quarter of 2003 by showing sequential positive unit growth of 1.0% and 1.3%,
respectively, compared to the third quarter.
“During the quarter, Allstate Protection experienced excellent auto and homeowners loss frequency
trends. Catastrophe losses were much higher this quarter, largely as a result of losses suffered by our
policyholders in Southern California due to severe wildfires that struck the area. I am particularly proud of
our Allstate agents and claim adjusters and their commitment to restoring the lives of our customers in a
state that not only experienced devastating fires, but mudslides and even an earthquake during the
quarter,” continued Liddy.
In an increasingly competitive environment, Allstate Financial had mixed results in the quarter. Premiums
and deposits were up 20 percent and revenues were up 6 percent, while operating income was down 36
percent reflecting the impact of several non-recurring items.
To better position itself for the competitive pressures and challenges in the financial services
marketplace, Allstate Financial is pursuing a strategy of operational excellence which emphasizes
focused product manufacturing for our targeted distribution partners to enable them to serve their clients'
financial protection, savings and retirement needs. The results of this concentrated effort started to be
realized in the fourth quarter of 2003 as non-deferred operating expenses, net of restructuring charges,
were flat with the prior year’s fourth quarter. In addition, Allstate Financial introduced an innovative and
flexible living benefit guarantee on its variable annuities in January 2004. The TrueReturnSM Accumulation
Benefit feature replaced the income benefit previously offered. These initiatives, along with expectations
of improving economic conditions, are expected to drive higher revenue and operating income in 2004
and subsequent years.
“Overall, I am very optimistic about our ability to continue the momentum we generated over the past two
years and believe strongly that we can continue to deliver excellent value to our shareholders. We have
added $1 billion to our share repurchase program, significantly increased our dividend, continue to
maintain a strong competitive position in all our businesses and we know how to execute. More than ever
before, ‘You’re in good hands with Allstate®’,” said Liddy.
2
3. Consolidated Highlights
Three Months Ended Twelve Months Ended Discussion of Results for the
December 31, December 31, Three Months Ended December 31, 2003
($ in millions, except per share Est. Est.
and return amounts) 2003 2002 2003 2002
<
Consolidated revenues $8,262 $7,587 $32,149 $29,579 Higher premiums earned in Property-Liability and
realized capital gains.
<
Operating income 752 618 2,662 2,075 Increase of $190 in Property-Liability operating
income, partially offset by decrease of $57 in Allstate
Financial operating income.
<
Realized capital gains and 58 (158) 134 (598) See the Components of realized capital gains and
losses, after-tax losses (pretax) table.
<
(Loss) gain on disposition of (20) (3) (26) 2 Loss related to the disposition of Allstate Financial’s
operations, after-tax direct response distribution business.
<
Cumulative effect of change in (14) -- (15) (331) Adoption of Derivatives Implementation Group issue
accounting principle, after-tax B36 related to modified coinsurance and FIN No. 46
for variable interest entities.
<
Net income 761 447 2,705 1,134 Realized capital gains and higher operating income.
Net income per share (diluted) 1.08 0.63 3.83 1.60
<
Operating income per share 1.06 0.87 3.77 2.92 Compared to First Call mean estimate of $1.04, with a
(diluted) range of $0.94 to $1.14.
<
Weighted average shares 707.2 705.7 706.2 709.9 On a year to date basis during 2003, Allstate
outstanding (diluted) purchased 4.2 million shares of its stock for $149.97
million, or an average cost per share of $35.68.
These repurchases were offset by shares issued in
connection with Allstate’s equity incentive plans.
<
Return on equity 14.2 6.5 14.2 6.5 See the return on equity calculation in the Definitions
of Non-GAAP and Operating Measures section of this
document.
<
Operating income return on 16.5 13.7 16.5 13.7 See the return on equity calculation in the Definitions
1
equity of Non-GAAP and Operating Measures section of this
document.
<
Book value per diluted share 29.04 24.75 29.04 24.75 At December 31, 2003 and 2002, net unrealized gains
on fixed income securities, after-tax, totaling $2,307
and $2,302, respectively, represented $3.26 and
$3.27, respectively, of book value per diluted share.
• Book value per diluted share increased 17.3% compared to December 31, 2002. The minimum
pension liability adjustment impacted book value per share $0.51 and $1.16 at December 31, 2003
and 2002, respectively. The decline in the minimum pension liability at December 31, 2003 was due
to contributions during 2003 totaling $871 million and the impact of market appreciation on the
valuation of plan assets.
• The Board of Directors declared a dividend of twenty-eight cents ($0.28) on each outstanding share
of stock. This dividend is payable in cash on April 1, 2004 to stockholders of record at the close of
business on February 27, 2004.
3
4. Property-Liability Highlights
Three Months Ended Twelve Months Ended Discussion of Results for the
December 31, December 31, Three Months Ended December 31, 2003
($ in millions, except ratios) Est. Est.
2003 2002 2003 2002
<
Property-Liability $6,199 $5,854 $25,187 $23,917 See the Property-Liability Premiums written by
Premiums written market segment table and the Property-Liability
net rate changes approved table.
<
Property-Liability revenues 6,848 6,234 26,642 24,521 Premiums earned increased $352 or 5.9%.
<
Underwriting income 483 130 1,332 263 Higher premiums earned, continued favorable
auto and homeowners frequencies, partially
offset by higher catastrophes and increased
expenses. See the Allstate Protection market
segment analysis tables.
<
Net investment income 435 400 1,677 1,656 Higher portfolio balances due to positive cash
flows from operations and higher income from
partnerships, partially offset by lower yields.
<
Operating income 680 490 2,327 1,629 Increase of $230 in underwriting income, after-
tax, partially offset by an unfavorable difference
between years of $70 million related to favorable,
nonrecurring adjustments to prior years’ tax
liabilities.
<
Realized capital gains and 72 (74) 192 (314) See the Components of realized capital gains
losses, after-tax and losses (pretax) table.
(Loss) gain on disposition of -- 1 3 6
operations, after-tax
Cumulative effect of -- -- (1) (48)
change in accounting
principle, after-tax
<
Net income 752 417 2,521 1,273 Higher operating income and realized capital
gains.
<
Catastrophe losses 412 237 1,489 731 Higher losses due to California wildfires.
Ratios:
Property-Liability combined ratio 92.3 97.8 94.6 98.9
Effect of Discontinued Lines and
Coverages 0.1 1.1 2.3 1.0
Allstate Protection combined ratio 92.2 96.7 92.3 97.9
Effect of catastrophe losses 6.5 4.0 6.0 3.1
• Allstate brand standard auto and homeowners policies in force (PIF) increased 1.0% and 1.3%,
respectively, from September 30, 2003 levels, resulting in the third consecutive sequential quarterly
increase in standard auto PIF and the fifth consecutive sequential quarterly increase in homeowners
PIF. Both standard auto and homeowners experienced growth in most states. In total, Allstate brand
standard auto, non-standard auto and homeowners PIF increased 0.8% as of December 31, 2003
when compared to December 31, 2002. These results exclude impacts from Allstate Canada and
Allstate Motor Club.
• In addition to higher new business premiums written during the fourth quarter of 2003 compared to
the prior year fourth quarter, the retention ratio for the Allstate brand standard auto increased to 90.1
as of December 31, 2003 compared to 88.9 as of December 31, 2002. The retention ratio for Allstate
brand homeowners was 87.5 as of December 31, 2003 compared to 87.8 as of December 31,
2002.These results exclude impacts from Allstate Canada.
4
5. Allstate Financial Highlights
Three Months Ended Twelve Months Ended Discussion of Results for the
December 31, December 31, Three Months Ended December 31, 2003
($ in millions) Est. Est.
2003 2002 2003 2002
<
Premiums and deposits $3,303 $2,761 $13,095 $11,834 Higher sales of institutional products, variable
annuities and life products, partially offset by
lower sales of fixed annuities. See the Allstate
Financial premiums and deposits table.
<
Allstate Financial 1,401 1,325 5,452 4,982 Lower realized capital losses and higher net
Revenues investment income, partially offset by lower
premiums and contract charges.
<
Operating income 101 158 449 556 Higher mortality margin, offset by a net
unfavorable difference between years of $49 due
to nonrecurring adjustments for prior years’ tax
liabilities, higher amortization of DAC on a closed
annuity block of $10, after-tax and lower
investment margin.
<
Realized capital gains and (11) (92) (53) (287) See the Components of realized capital gains and
losses, after-tax losses (pretax) table.
<
(Loss) gain on disposition of (20) (4) (29) (4) Loss related to the disposition of the direct
operations, after-tax response distribution business.
<
Cumulative effect of change in (17) -- (17) (283) Adoption of Derivatives Implementation Group
accounting principle, after-tax issue B36 related to modified coinsurance and
FIN No. 46 for variable interest entities.
<
Net income (loss) 38 55 305 (22) Lower operating income, cumulative effect of
change in accounting principle and loss on
disposition of operations, partly offset by lower
realized capital losses.
• Premiums and deposits for the fourth quarter of 2003 increased 19.6% over the prior year fourth
quarter due to strong sales of institutional products, variable annuities and life products, partially
offset by lower fixed annuity sales.
• Net cash payments for Allstate Financial’s variable annuity guaranteed minimum death benefits
(GMDB) were $16 million for the fourth quarter of 2003, net of reinsurance, hedging gains and losses,
and other contractual arrangements. This is $6 million less than payments made in the fourth quarter
of 2002, and $3 million less than the third quarter of 2003 payments.
GMDB values in excess of contractholders’ account values, payable if all contractholders were to
have died at December 31, 2003, were estimated to be $2.46 billion, net of reinsurance, compared to
$3.13 billion at September 30, 2003 and $4.07 billion at December 31, 2002.
• The weighted average interest crediting rate on fixed annuity and interest-sensitive life products in
force, excluding market value adjusted annuities, was approximately 70 basis points more than the
underlying long-term guaranteed rates on these products.
5
6. THE ALLSTATE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31, December 31,
Est. Percent Est. Percent
($ in millions, except per share data) 2003 2002 (1) Change 2003 2002 (1) Change
Revenues
Property-liability insurance premiums $ 6,302 $ 5,950 5.9 $ 24,677 $ 23,361 5.6
Life and annuity premiums
and contract charges 594 661 (10.1) 2,304 2,293 0.5
Net investment income 1,275 1,222 4.3 4,972 4,849 2.5
Realized capital gains and losses 91 (246) 137.0 196 (924) 121.2
Total revenues 8,262 7,587 8.9 32,149 29,579 8.7
Costs and expenses
Property-liability insurance
claims and claims expense 4,248 4,404 (3.5) 17,432 17,657 (1.3)
Life and annuity contract benefits 471 557 (15.4) 1,851 1,770 4.6
Interest credited to contractholder funds 466 448 4.0 1,846 1,764 4.6
Amortization of deferred policy
acquisition costs 1,069 917 16.6 4,058 3,694 9.9
Operating costs and expenses 804 753 6.8 3,001 2,761 8.7
Restructuring and related charges 18 24 (25.0) 74 119 (37.8)
Interest expense 71 74 (4.1) 275 278 (1.1)
Total costs and expenses 7,147 7,177 (0.4) 28,537 28,043 1.8
(Loss) gain on disposition of operations (32) (3) - (41) 4 -
Income from operations before income
tax expense (benefit), dividends on preferred
securities and cumulative effect of change
in accounting principle, after-tax 1,083 407 166.1 3,571 1,540 131.9
Income tax expense (benefit) 308 (43) - 846 65 -
Income before dividends on preferred
securities and cumulative effect of change
in accounting principle, after-tax 775 450 72.2 2,725 1,475 84.7
Dividends on preferred securities
of subsidiary trust - (3) 100.0 (5) (10) 50.0
Cumulative effect of change in accounting
principle, after-tax (14) - - (15) (331) 95.5
Net income $ 761 $ 447 70.2 $ 2,705 $ 1,134 138.5
Net income per share - Basic $ 1.08 $ 0.63 $ 3.85 $ 1.60
Weighted average shares - Basic 703.5 702.6 703.5 707.1
Net income per share - Diluted $ 1.08 $ 0.63 $ 3.83 $ 1.60
Weighted average shares - Diluted 707.2 705.7 706.2 709.9
(1) To conform to current period presentations, certain prior period balances have been reclassified.
6
7. THE ALLSTATE CORPORATION
CONTRIBUTION TO INCOME
Three Months Ended Twelve Months Ended
December 31, December 31,
Est. Percent Est. Percent
($ in millions, except per share data) 2003 2002 (1) Change 2003 2002 (1) Change
Contribution to income
Operating income before the impact of
restructuring and related charges $ 764 $ 633 20.7 $ 2,710 $ 2,152 25.9
Restructuring and related charges,
after-tax 12 15 (20.0) 48 77 (37.7)
Operating income 752 618 21.7 2,662 2,075 28.3
Realized capital gains and losses, after-tax 58 (158) 136.7 134 (598) 122.4
DAC amortization expense on realized capital
gains and losses, after-tax (10) (2) - (30) (1) -
Reclassification of periodic settlements
and accruals on non-hedge derivative
instruments, after-tax (5) (5) - (15) (3) -
(Loss) gain on disposition of operations, after-tax (20) (3) - (26) 2 -
Dividends on preferred securities of
subsidiary trust - (3) 100.0 (5) (10) 50.0
Cumulative effect of change in accounting
principle, after-tax (14) - - (15) (331) 95.5
Net income $ 761 $ 447 70.2 $ 2,705 $ 1,134 138.5
Income per share (Diluted)
Operating income before the impact of
restructuring and related charges $ 1.08 $ 0.89 21.3 $ 3.84 $ 3.03 26.7
Restructuring and related charges,
after-tax 0.02 0.02 - 0.07 0.11 (36.4)
Operating income 1.06 0.87 21.8 3.77 2.92 29.1
Realized capital gains and losses, after-tax 0.09 (0.22) 140.9 0.19 (0.84) 122.6
DAC amortization expense on realized capital
gains and losses, after-tax (0.02) - - (0.05) - -
Reclassification of periodic settlements
and accruals on non-hedge derivative
instruments, after-tax (0.01) (0.01) - (0.02) (0.01) (100.0)
(Loss) gain on disposition of operations, after-tax (0.03) (0.01) - (0.04) - -
Dividends on preferred securities of
subsidiary trust - - - - (0.01) 100.0
Cumulative effect of change in accounting
principle, after-tax (0.01) - - (0.02) (0.46) 95.7
Net income $ 1.08 $ 0.63 71.4 $ 3.83 $ 1.60 139.4
Book value per share - Diluted $ 29.04 $ 24.75 17.3 $ 29.04 $ 24.75 17.3
(1) To conform to current period presentations, certain prior period balances have been reclassified.
7
8. THE ALLSTATE CORPORATION
COMPONENTS OF REALIZED CAPITAL GAINS AND LOSSES (PRETAX)
Three Months Ended December 31, 2003 (Est.)
($ in millions) Property- Allstate Corporate
Liability Financial and Other Total
Valuation of derivative instruments $ 4 $ (4) $ - $ -
Settlements of derivative instruments 5 (2) - 3
Sales 131 23 - 154
Investment write-downs (29) (34) (3) (66)
Total $ 111 $ (17) $ (3) $ 91
Twelve Months Ended December 31, 2003 (Est.)
($ in millions) Property- Allstate Corporate
Liability Financial and Other Total
Valuation of derivative instruments $ 10 $ 6 $ - $ 16
Settlements of derivative instruments 3 18 - 21
Sales 385 71 (3) 453
Investment write-downs (110) (180) (4) (294)
Total $ 288 $ (85) $ (7) $ 196
Three Months Ended December 31, 2002 (1)
($ in millions) Property- Allstate Corporate
Liability Financial and Other Total
Valuation of derivative instruments $ 8 $ 7 $ - $ 15
Settlements of derivative instruments (32) 8 - (24)
Sales (20) (10) 12 (18)
Investment write-downs (72) (146) (1) (219)
Total $ (116) $ (141) $ 11 $ (246)
Twelve Months Ended December 31, 2002 (1)
($ in millions) Property- Allstate Corporate
Liability Financial and Other Total
Valuation of derivative instruments $ (24) $ (36) $ - $ (60)
Settlements of derivative instruments (195) 19 - (176)
Sales (129) (104) 12 (221)
Investment write-downs (148) (311) (8) (467)
Total $ (496) $ (432) $ 4 $ (924)
(1) To conform to current period presentations, certain prior period balances have been reclassified. The
reclassifications result in periodic settlements and accruals on derivative instruments held for economic
hedging purposes but categorized as quot;non-hedgequot; for accounting purposes, being classified consistent
with the corresponding fair value adjustments on such instruments. The tables above include the following
reclassifications:
Three Months Ended Twelve Months Ended
December 31, December 31,
2003 2002 2003 2002
Valuation of derivative instruments $ 7 $ (2) $ 6 $ (22)
Settlements of derivative instruments 1 10 17 27
Net impact of reclassifications
on realized capital gains and
$ $ $ $
losses, pretax 8 8 23 5
The net impact of the reclassifications on realized capital gains and losses, pretax, are offset by a
corresponding change to net investment income or interest credited to contractholder funds.
8
9. THE ALLSTATE CORPORATION
SEGMENT RESULTS
Three Months Ended Twelve Months Ended
December 31, December 31,
($ in millions) Est. Est.
2003 2002 (1) 2003 2002 (1)
Property-Liability
Premiums written $ 6,199 $ 5,854 $ 25,187 $ 23,917
Premiums earned $ 6,302 $ 5,950 $ 24,677 $ 23,361
Claims and claims expense 4,248 4,404 17,432 17,657
Amortization of deferred policy acquisition costs 930 817 3,520 3,216
Operating costs and expenses 629 576 2,326 2,108
Restructuring and related charges 12 23 67 117
Underwriting income 483 130 1,332 263
Net investment income 435 400 1,677 1,656
Income tax expense on operations 238 40 682 290
Operating income 680 490 2,327 1,629
Realized capital gains and losses, after-tax 72 (74) 192 (314)
Gain on disposition of operations, after-tax - 1 3 6
Cumulative effect of change in accounting principle, after-tax - - (1) (48)
Net income $ 752 $ 417 $ 2,521 $ 1,273
Catastrophe losses $ 412 $ 237 $ 1,489 $ 731
Operating ratios
Claims and claims expense ratio 67.4 74.0 70.6 75.6
Expense ratio 24.9 23.8 24.0 23.3
Combined ratio 92.3 97.8 94.6 98.9
Effect of catastrophe losses on combined ratio 6.5 4.0 6.0 3.1
Effect of restructuring and related charges on combined ratio 0.2 0.4 0.3 0.5
Effect of Discontinued Lines and Coverages on combined ratio 0.1 1.1 2.3 1.0
Allstate Financial
Premiums and deposits $ 3,303 $ 2,761 $ 13,095 $ 11,834
Investments including Separate Accounts assets $ 76,320 $ 66,389 $ 76,320 $ 66,389
Premiums and contract charges $ 594 $ 661 $ 2,304 $ 2,293
Net investment income 824 805 3,233 3,121
Periodic settlements and accruals on non-hedge derivative instruments 8 8 23 5
Contract benefits 471 557 1,851 1,770
Interest credited to contractholder funds 466 448 1,846 1,764
Amortization of deferred policy acquisition costs 124 96 492 476
Operating costs and expenses 174 177 672 649
Restructuring and related charges 6 1 7 2
Income tax expense on operations 84 37 243 202
Operating income 101 158 449 556
Realized capital gains and losses, after-tax (11) (92) (53) (287)
DAC amortization expense on realized capital gains and losses, after-tax (10) (2) (30) (1)
Reclassification of periodic settlements and accruals on non-hedge
derivative instruments, after-tax (5) (5) (15) (3)
Loss on disposition of operations, after-tax (20) (4) (29) (4)
Cumulative effect of change in accounting principle, after-tax (17) - (17) (283)
Net income (loss) $ 38 $ 55 $ 305 $ (22)
Corporate and Other
Net investment income $ 16 $ 17 $ 62 $ 72
Operating costs and expenses 72 74 278 282
Income tax benefit on operations (27) (27) (102) (100)
Operating loss (29) (30) (114) (110)
Realized capital gains and losses, after-tax (3) 8 (5) 3
Dividends on preferred securities of subsidiary trust - (3) (5) (10)
Cumulative effect of change in accounting principle, after-tax 3 - 3 -
Net loss $ (29) $ (25) $ (121) $ (117)
Consolidated net income $ 761 $ 447 $ 2,705 $ 1,134
(1) To conform to current period presentations, certain prior period balances have been reclassified.
9
10. THE ALLSTATE CORPORATION
UNDERWRITING RESULTS BY AREA OF BUSINESS
Three Months Ended Twelve Months Ended
December 31, December 31,
Est. Percent Est. Percent
($ in millions) 2003 2002 Change 2003 2002 Change
Consolidated Underwriting Summary
Allstate Protection $ 492 $ 196 151.0 $ 1,903 $ 497 -
Discontinued Lines and Coverages (9) (66) 86.4 (571) (234) (144.0)
Underwriting income $ 483 $ 130 - $ 1,332 $ 263 -
Allstate Protection Underwriting Summary
Premiums written $ 6,197 $ 5,854 5.9 $ 25,175 $ 23,910 5.3
Premiums earned $ 6,300 $ 5,948 5.9 $ 24,664 $ 23,351 5.6
Claims and claims expense 4,240 4,342 (2.3) 16,858 17,424 (3.2)
Amortization of deferred policy acquisition costs 930 817 13.8 3,520 3,216 9.5
Other costs and expenses 626 570 9.8 2,316 2,097 10.4
Restructuring and related charges 12 23 (47.8) 67 117 (42.7)
Underwriting income $ 492 $ 196 151.0 $ 1,903 $ 497 -
Catastrophe losses $ 412 $ 237 73.8 $ 1,489 $ 731 103.7
Operating ratios
Claims and claims expense ratio 67.3 73.0 68.4 74.6
Expense ratio 24.9 23.7 23.9 23.3
Combined ratio 92.2 96.7 92.3 97.9
Effect of catastrophe losses
on combined ratio 6.5 4.0 6.0 3.1
Effect of restructuring and related
charges on combined ratio 0.2 0.4 0.3 0.5
Discontinued Lines and Coverages
Underwriting Summary
Premiums written $ 2 $ - - $ 12 $ 7 71.4
Premiums earned $ 2 $ 2 - $ 13 $ 10 30.0
Claims and claims expense 8 62 (87.1) 574 233 146.4
Other costs and expenses 3 6 (50.0) 10 11 (9.1)
Underwriting loss $ (9) $ (66) 86.4 $ (571) $ (234) (144.0)
Effect of Discontinued Lines and Coverages
on the Property-Liability combined ratio 0.1 1.1 2.3 1.0
10
11. THE ALLSTATE CORPORATION
PROPERTY-LIABILITY PREMIUMS WRITTEN BY MARKET SEGMENT
Three Months Ended Twelve Months Ended
December 31, December 31,
Est. Percent Est. Percent
($ in millions) 2003 2002 Change 2003 2002 Change
Allstate Brand
Standard auto $ 3,416 $ 3,175 7.6 $ 13,632 $ 12,825 6.3
Non-standard auto 455 524 (13.2) 1,975 2,337 (15.5)
Auto 3,871 3,699 4.6 15,607 15,162 2.9
Involuntary auto 47 55 (14.5) 226 206 9.7
Commercial lines 215 196 9.7 854 776 10.1
Homeowners 1,279 1,173 9.0 5,153 4,653 10.7
Other personal lines 308 284 8.5 1,313 1,226 7.1
5,720 5,407 5.8 23,153 22,023 5.1
Ivantage
Standard auto 277 276 0.4 1,202 1,195 0.6
Non-standard auto 42 34 23.5 170 114 49.1
Auto 319 310 2.9 1,372 1,309 4.8
Involuntary auto 10 (1) - 40 4 -
Homeowners 123 116 6.0 510 484 5.4
Other personal lines 25 22 13.6 100 90 11.1
477 447 6.7 2,022 1,887 7.2
Allstate Protection 6,197 5,854 5.9 25,175 23,910 5.3
Discontinued Lines
and Coverages 2 - - 12 7 71.4
Property-Liability $ 6,199 $ 5,854 5.9 $ 25,187 $ 23,917 5.3
11
12. THE ALLSTATE CORPORATION
PROPERTY-LIABILITY NET RATE CHANGES APPROVED (1)
Three Months Ended
December 31, 2003
# of Weighted Average
States Rate Change (%)
Allstate Brand
Standard auto 3 9.1
Non-standard auto 2 6.1
Homeowners 2 29.7
Ivantage
Standard auto (Encompass) - -
Non-standard auto (Deerbrook) 2 10.3
Homeowners (Encompass) - -
Twelve Months Ended
December 31, 2003
Annual Impact
# of Weighted Average of Rate Changes on
States Rate Change (%) Premiums Written (%)
Allstate Brand
Standard auto 25 6.0 4.5
Non-standard auto 13 8.1 5.7
Homeowners (2) 20 1.8 1.2
Ivantage
Standard auto (Encompass) 40 8.1 9.2
Non-standard auto (Deerbrook) 14 8.6 7.8
Homeowners (Encompass) 40 11.7 15.3
(1) Rate increases that are indicated based on a loss trend analysis to achieve a targeted return,
will continue to be pursued in all locations and for all products.
(2) Allstate brand homeowners rate changes include an 8.7% decrease effective in September
in the state of Texas, excluding this decrease the Allstate brand homeowners weighted
average rate change for the twelve months ended December 31, 2003 was 4.9%.
12
13. THE ALLSTATE CORPORATION
ALLSTATE PROTECTION MARKET SEGMENT ANALYSIS
Three Months Ended December 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 Catastrophe Losses Expense Ratio
Allstate Brand
Standard auto $ 3,446 $ 3,219 69.1 76.9 68.9 76.3
Non-standard auto 486 569 59.1 69.8 58.6 69.2
Auto 3,932 3,788 67.9 75.8 67.7 75.3
Homeowners 1,269 1,136 67.4 62.8 38.7 46.6
Other (1) 595 552 61.7 71.4 56.8 66.8
Total Allstate brand (2) 5,796 5,476 67.1 72.7 60.2 68.5 24.5 23.0
Ivantage
Standard auto 301 298 61.5 87.9 61.5 88.3
Non-standard auto 43 32 88.4 93.8 86.0 93.8
Auto 344 330 64.8 88.5 64.5 88.8
Homeowners 127 120 73.2 44.2 66.9 39.2
Other (1) 33 22 100.0 77.3 93.9 72.7
Total Ivantage 504 472 69.2 76.7 67.1 75.4 29.4 31.8
Allstate Protection $ 6,300 $ 5,948 67.3 73.0 60.8 69.0 24.9 23.7
Twelve Months Ended December 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 Catastrophe Losses Expense Ratio
Allstate Brand
Standard auto $ 13,406 $ 12,667 70.1 74.9 68.7 74.2
Non-standard auto 2,075 2,413 65.6 72.4 64.9 72.1
Auto 15,481 15,080 69.5 74.5 68.2 73.9
Homeowners 4,892 4,275 63.2 75.8 41.4 63.8
Other (1) 2,316 2,147 68.1 70.7 62.5 67.4
Total Allstate brand 22,689 21,502 68.0 74.4 61.8 71.2 23.5 22.5
Ivantage
Standard auto 1,195 1,194 69.4 79.1 68.7 78.6
Non-standard auto 163 89 84.7 109.0 84.0 109.0
Auto 1,358 1,283 71.2 81.1 70.5 80.7
Homeowners 494 470 76.7 75.1 60.1 64.7
Other (1) 123 96 71.5 40.6 67.5 37.5
Total Ivantage 1,975 1,849 72.6 77.5 67.7 74.4 29.3 32.5
Allstate Protection $ 24,664 $ 23,351 68.4 74.6 62.4 71.5 23.9 23.3
(1) Other includes involuntary auto, commercial lines and other personal lines.
(2) Increases in the expense ratio for the three months ended December 31, 2003 compared to the same period in the prior year
resulted from higher agent incentives, charitable contributions, marketing and employee-related expenses.
13
14. THE ALLSTATE CORPORATION
PROPERTY-LIABILITY
EFFECT OF PRETAX PRIOR YEAR RESERVE REESTIMATES ON THE COMBINED RATIO
Three Months Ended December 31,
Effect of Pretax Reserve
Pretax Reestimates on the
Reserve Reestimates Combined Ratio
Est. Est.
($ in millions) 2003 2002 2003 Change
Auto $ (44) $ 35 (0.7) (1.3)
Homeowners 30 28 0.5 -
Other (17) 8 (0.3) (0.4)
Allstate Protection (31) 71 (0.5) (1.7)
Discontinued Lines and Coverages 8 60 0.1 (0.9)
Property-Liability $ (23) $ 131 (0.4) (2.5)
Allstate Brand $ (45) $ 34 (0.7) (1.3)
Ivantage 14 37 0.2 (0.4)
Allstate Protection $ (31) $ 71 (0.5) (1.7)
Twelve Months Ended December 31,
Effect of Pretax Reserve
Pretax Reestimates on the
Reserve Reestimates Combined Ratio
Est. Est.
($ in millions) 2003 2002 2003 Change
Auto $ (221) $ 44 (0.9) (1.1)
Homeowners 13 367 0.1 (1.4)
Other 35 43 0.1 (0.1)
Allstate Protection (173) 454 (0.7) (2.6)
Discontinued Lines and Coverages 574 231 2.3 1.3
Property-Liability $ 401 $ 685 1.6 (1.3)
Allstate Brand $ (209) $ 386 (0.8) (2.4)
Ivantage 36 68 0.1 (0.2)
Allstate Protection $ (173) $ 454 (0.7) (2.6)
14
16. THE ALLSTATE CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, December 31,
(in millions, except par value data) 2003 (Est.) 2002
Assets
Investments
Fixed income securities, at fair value
(amortized cost $82,607 and $72,123) $ 87,741 $ 77,152
Equity securities, at fair value (cost $4,028 and $3,223) 5,288 3,683
Mortgage loans 6,539 6,092
Short-term 1,815 2,215
Other 1,698 1,508
Total investments 103,081 90,650
Cash 366 462
Premium installment receivables, net 4,386 4,075
Deferred policy acquisition costs 4,842 4,385
Reinsurance recoverables, net 3,121 2,883
Accrued investment income 1,068 946
Property and equipment, net 1,046 989
Goodwill 929 927
Other assets 1,878 984
Separate Accounts 13,425 11,125
Total assets $ 134,142 $ 117,426
Liabilities
Reserve for property-liability insurance
claims and claims expense $ 17,714 $ 16,690
Reserve for life-contingent contract benefits 11,020 10,256
Contractholder funds 47,071 40,751
Unearned premiums 9,187 8,578
Claim payments outstanding 698 739
Other liabilities and accrued expenses 8,283 7,150
Deferred income taxes 1,103 259
Short-term debt 3 279
Long-term debt (1) 5,073 3,961
Separate Accounts 13,425 11,125
Total liabilities 113,577 99,788
Mandatorily Redeemable Preferred Securities of Subsidiary Trust - 200
Shareholders' equity
Preferred stock, $1 par value, 25 million
shares authorized, none issued - -
Common stock, $.01 par value, 2.0 billion shares
authorized and 900 million issued, 704 million
and 702 million shares outstanding 9 9
Additional capital paid-in 2,614 2,599
Retained income 21,641 19,584
Deferred compensation expense (194) (178)
Treasury stock, at cost (196 million and 198 million shares) (6,261) (6,309)
Accumulated other comprehensive income:
Unrealized net capital gains and losses and net gains and losses on
derivative financial instruments 3,125 2,602
Unrealized foreign currency translation adjustments (10) (49)
Minimum pension liability adjustment (359) (820)
Total accumulated other comprehensive income 2,756 1,733
Total shareholders' equity 20,565 17,438
Total liabilities and shareholders' equity $ 134,142 $ 117,426
(1) The adoption of FIN No. 46R caused long-term debt to increase by $1.04 billion in 2003. Of the
increase, $691 million was recognized in the fourth quarter in connection with the consolidation of two
investment management entities used to hold assets on behalf of third party investors. The remaining
increase primarily related to the consolidation of an entity used to acquire a headquarters office
building and up to 38 automotive collision repair stores, and the deconsolidation of an entity used to
issue mandatorily redeemable preferred securities. Although consolidation was required under FIN No. 46R
for the two investment management entities, Allstate has no direct legal ownership of the assets
consolidated and no obligation to repay the related notes whose only recourse is to the assets
of the individual investment management entities. Allstate’s maximum loss exposure related to its
investment in the two investment management entities is the current carrying value of its equity investment,
which totaled $12 million at December 31, 2003.
16
17. THE ALLSTATE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
December 31, December 31,
(in millions) 2003 (Est.) 2002 (1)
Cash flows from operating activities
Net income $ 2,705 $ 1,134
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, amortization and other non-cash items (3) (62)
Realized capital gains and losses (196) 924
Cumulative effect of change in accounting principle 15 331
Interest credited to contractholder funds 1,846 1,764
Changes in:
Policy benefit and other insurance reserves 1,127 331
Unearned premiums 546 617
Deferred policy acquisition costs (414) (309)
Premium installment receivables, net (284) (99)
Reinsurance recoverables, net (227) (190)
Income taxes payable 582 66
Other operating assets and liabilities (6) (89)
Net cash provided by operating activities 5,691 4,418
Cash flows from investing activities
Proceeds from sales
Fixed income securities 20,298 17,700
Equity securities 2,700 3,892
Investment collections
Fixed income securities 6,652 5,447
Mortgage loans 733 603
Investment purchases
Fixed income securities (35,627) (31,553)
Equity securities (3,351) (3,138)
Mortgage loans (1,175) (927)
Change in short-term investments, net 419 (440)
Change in other investments, net (2) 56 (348)
Purchases of property and equipment, net (169) (239)
Net cash used in investing activities (9,464) (9,003)
Cash flows from financing activities
Change in short-term debt, net (276) 52
Proceeds from issuance of long-term debt 410 599
Repayment of long-term debt (332) (338)
Contractholder fund deposits 10,373 9,484
Contractholder fund withdrawals (5,794) (4,036)
Dividends paid (633) (582)
Treasury stock purchases (153) (446)
Other 82 51
Net cash provided by financing activities 3,677 4,784
Net (decrease) increase in cash (96) 199
Cash at beginning of year 462 263
Cash at end of year $ 366 $ 462
(1) To conform to current period presentations, certain prior period balances have been reclassified.
(2) Change in other investments, net includes $46 million of cash held by the investment management entities
included on the Consolidated Statements of Financial Position due to the initial adoption of FIN No. 46R.
The adoption of FIN 46R also resulted in an increase to long-term debt and investment assets. However,
since these changes are non-cash items, they had no impact to the Consolidated Statements of Cash Flows.
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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 methods 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:
• realized capital gains and losses, after-tax, except for periodic settlements and accruals on non-hedge
derivative instruments which are reported with realized capital gains and losses but included in operating
income,
• amortization of deferred policy acquisition costs (“DAC”), to the extent that it resulted from the recognition of
realized capital gains and losses, and
• (loss) gain on disposition of operations, after-tax.
In the fourth quarter of 2003 it was necessary to revise our reconciliation of operating income to reflect the
reclassification in the consolidated financial statements of the periodic settlements and accruals for non-hedge
derivatives to realized capital gains and losses. With the adoption of Financial Accounting Standards Board
Interpretation No. 46 in the third quarter of 2003, the mandatorily redeemable preferred securities of a subsidiary
trust are deconsolidated, dividends on the preferred securities are no longer reported in the consolidated financial
statements and the interest on the related junior debentures is prospectively recognized in interest expense and
included in operating income.
Net income is the GAAP measure that is most directly comparable to operating income.
We use operating income to evaluate our results of operations and as an integral component for incentive
compensation. It reveals trends in our insurance and financial services business that may be obscured by the net
effect of realized capital gains and losses and (loss) gain on disposition of operations. These items may vary
significantly between periods and are generally driven by business decisions and economic developments such as
market conditions, the timing of which is unrelated to the insurance underwriting process. Moreover, we reclassify
periodic settlements on non-hedge derivative instruments into operating income to report them in a manner
consistent with the economically hedged investment or product attributes (e.g. net investment income and interest
credited to contractholder funds) and thereby appropriately reflect trends in product performance. Therefore, we
believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our
performance. We note that the price to earnings multiple commonly used by insurance investors as a forward-
looking valuation technique uses operating income as the denominator. Operating income should not be
considered as a substitute for net income and does not reflect the overall profitability of our business.
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19. The following tables reconcile operating income and net income for the three months and twelve months ended
December 31, 2003 and 2002.
For the three months ended December 31,
Property- Allstate
Liability Financial Consolidated Per diluted share
($ in millions, except per share Est. Est. Est. Est.
data) 2003 2002 2003 2002 2003 2002 2003 2002
Operating income $ 680 $ 490 $ 101 $ 158 $ 752 $ 618 $ 1.06 $ 0.87
Realized capital gains and losses 111 (116) (17) (141) 91 (246)
Income tax benefit (expense) (39) 42 6 49 (33) 88
Realized capital gains and losses,
after-tax 72 (74) (11) (92) 58 (158) 0.09 (0.22)
DAC amortization expense on
realized capital gains and losses,
after-tax -- -- (10) (2) (10) (2) (0.02) --
Reclassification of periodic
settlements and accruals on non-
hedge derivative instruments, after-
tax -- -- (5) (5) (5) (5) (0.01) (0.01)
(Loss) gain on disposition of
operations, after-tax -- 1 (20) (4) (20) (3) (0.03) (0.01)
Income before dividends on preferred
securities and cumulative effect of
change in accounting principle,
after-tax 752 417 55 55 775 450 1.09 0.63
Dividends on preferred securities of
subsidiary trust, after-tax -- -- -- -- -- (3) -- --
Cumulative effect of change in
accounting principle, after-tax -- -- (17) -- (14) -- (0.01) --
Net income (loss) $ 752 $ 417 $ 38 $ 55 $ 761 $ 447 $ 1.08 $ 0.63
For the twelve months ended December 31,
Property- Allstate
Liability Financial Consolidated Per diluted share
($ in millions, except per share Est. Est. Est. Est.
data) 2003 2002 2003 2002 2003 2002 2003 2002
Operating income $ 2,327 $ 1,629 $ 449 $ 556 $ 2,662 $ 2,075 $ 3.77 $ 2.92
Realized capital gains and losses 288 (496) (85) (432) 196 (924)
Income tax benefit (expense) (96) 182 32 145 (62) 326
Realized capital gains and losses,
after-tax 192 (314) (53) (287) 134 (598) 0.19 (0.84)
DAC amortization expense on
realized capital gains and losses,
after-tax -- -- (30) (1) (30) (1) (0.05) --
Reclassification of periodic
settlements and accruals on non-
hedge derivative instruments, after-
tax -- -- (15) (3) (15) (3) (0.02) (0.01)
(Loss) gain on disposition of
operations, after-tax 3 6 (29) (4) (26) 2 (0.04) --
Income before dividends on preferred
securities and cumulative effect of
change in accounting principle,
after-tax 2,522 1,321 322 261 2,725 1,475 3.85 2.07
Dividends on preferred securities of
subsidiary trust, after-tax -- -- -- -- (5) (10) -- (0.01)
Cumulative effect of change
in accounting principle, after-tax (1) (48) (17) (283) (15) (331) (0.02) (0.46)
Net income (loss) $ 2,521 $ 1,273 $ 305 $ (22) $ 2,705 $ 1,134 $ 3.83 $ 1.60
In this press release, we provide guidance on operating income per diluted share for 2004 (assuming a level
of average expected catastrophe losses used in pricing for the year). A reconciliation of this measure to net
income is not accessible on a forward-looking basis because it is not possible to provide a reliable forecast of
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20. realized capital gains and losses including periodic settlements and accruals on non-hedge derivative
instruments, 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 DAC amortization on realized capital gains and losses nor income taxes. The other reconciling
items between operating income and net income on a forward-looking basis are (loss) gain on disposition of
operations, after-tax, which we assume to be zero in 2004, and cumulative effect of changes in accounting
principle, for which impacts are currently not determinable.
Underwriting income (loss) is premiums earned, less claims and claims expense (“losses”), amortization of
DAC, operating costs and expenses and restructuring and related charges as determined using GAAP.
Management uses this measure in its evaluation of results of operations to analyze the profitability of our
Property-Liability insurance operations separately from investment results. It is also an integral component of
incentive compensation. We believe it is useful for investors to evaluate the components of income
separately and in the aggregate when reviewing our performance. Net income is the most directly comparable
GAAP measure. Underwriting income (loss) should not be considered as a substitute for net income and does
not reflect the overall profitability of our business. A reconciliation of Property-Liability Underwriting income
to net income is provided in the Segment Results table.
Operating income return on equity is a ratio that uses a non-GAAP measure. 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. We believe that this measure is useful to
investors because it eliminates the effect of items that can fluctuate significantly from period to period: the
after-tax effects of realized and unrealized capital gains and losses and the cumulative effect of change in
accounting principle. Return on equity is the most directly comparable GAAP measure. The following table
shows the two computations.
For the twelve months ended
($ in millions) December 31,
Est. 2003 2002
Return on equity
Numerator:
Net income $ 2,705 $ 1,134
Denominator:
Beginning shareholders’ equity 17,438 17,196
Ending shareholders’ equity 20,565 17,438
Average shareholders’ equity $ 19,002 $ 17,317
ROE 14.2 6.5
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21. For the twelve months ended
($ in millions) December 31,
Est. 2003 2002
Operating income return on equity
Numerator:
Operating income $ 2,662 $ 2,075
Denominator:
Beginning shareholders’ equity 17,438 17,196
Unrealized net capital gains 2,602 1,789
Adjusted beginning shareholders’ equity 14,836 15,407
Ending shareholders’ equity 20,565 17,438
Unrealized net capital gains 3,125 2,602
Adjusted ending shareholders’ equity 17,440 14,836
Average shareholders’ equity $ 16,138 $ 15,122
Operating income ROE 16.5 13.7
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.
Three Months Ended Twelve Months Ended
December 31, December 31,
($ in millions) Est. Est.
2003 2002 2003 2002
Premiums written $ 6,199 $ 5,854 $ 25,187 $ 23,917
(Increase) decrease in Unearned Premiums 88 98 (581) (556)
Other 15 (2) 71 --
Premiums earned $ 6,302 $ 5,950 $ 24,677 $ 23,361
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