- Ameriprise Financial's investment portfolio experienced increased unrealized losses during the third quarter of 2008 due to widespread spread widening across fixed income markets.
- The portfolio emphasizes high quality, diversified holdings including investment grade corporate bonds from industries like utilities and telecommunications as well as agency residential mortgage-backed securities.
- Total unrealized losses increased by $602 million in the third quarter, with the largest losses occurring in investment grade corporate bonds and state and municipal bonds.
This document provides an executive summary and investment asset summary for Ameriprise Financial as of December 31, 2008. It shows that Ameriprise had $33.75 billion in total invested assets, with 86% in cash and available-for-sale securities including corporate bonds, mortgage-backed securities, and municipal bonds. While unrealized losses increased, they generally resulted from risk premium widening across all fixed income asset classes during market dislocation. Below investment grade securities represented 5% of total invested assets.
1. Webster Financial Corporation conducted an exchange of convertible preferred securities and trust preferred securities, which contributed to improvements in its Tier 1 common equity ratio and tangible common equity ratio.
2. The exchange raised $173 million in new Tier 1 common equity at a price more than double Webster's pre-exchange stock price.
3. As a result of the exchange and higher provision for loan losses, Webster reported a net loss of $31.6 million for the second quarter of 2009, compared to a net loss of $28.7 million in the second quarter of 2008.
The document provides a summary of Citigroup's earnings for the first quarter of 2008. Key points include:
- Net income declined significantly to a $5.1 billion loss compared to a $5 billion profit in Q1 2007.
- Major losses were driven by write-downs on subprime exposures, consumer credit losses, and losses on leveraged finance commitments.
- Revenues declined 48% year-over-year due to losses in fixed income markets and the consumer segment.
- Expenses increased 4% year-over-year due to repositioning charges despite cost cutting efforts.
Nationwide is one of the largest insurance and financial services companies in the world. In 2003, Nationwide achieved strong financial results, with net income increasing significantly from the previous year. Nationwide also reached milestones of issuing its one millionth annuity contract and gaining its one millionth life insurance customer. Nationwide is focused on serving customers through initiatives like expanding distribution channels, pursuing cross-selling opportunities, and investing in financial education programs. Nationwide is also committed to giving back to communities through corporate donations and employee volunteerism.
The document provides a summary of Citigroup's financial results for the third quarter of 2011. Key points include:
- Net credit losses declined 41% year-over-year as credit trends continued to improve. Loan loss reserves remained high at $32.1 billion or 5.1% of total loans.
- Citigroup maintained a strong capital base with a Tier 1 Common ratio of 11.7% and ample liquidity resources of $300 billion.
- Holdings now represents 15% of Citigroup's balance sheet as the wind down continued, while Citicorp saw total loans increase 13% year-over-year with continued investments in its core businesses.
American Express Earnings Conference Call 4Q’08earningsreport
American Express reported financial results for 4Q 2008. Total revenues declined 11% to $6.5 billion due to decreases in billed business, cardmember spending, and interest income. Income from continuing operations declined 72% to $238 million and diluted EPS declined 71% to $0.21. Significant charges in 4Q 2008 included a $273 million reengineering charge and a $66 million Delta reserve increase. Metrics such as billed business, cardmember loans, and travel sales were down across all segments. The company emphasized strengthening its capital position and improving liquidity.
Access National Corporation reported a 50% increase in annual earnings and increased its dividend. Net income for 2021 was $11.4 million, up from $7.6 million in 2020. Based on strong results, the Board increased the quarterly dividend to $0.05 per share. Loans increased by $77.9 million to $569.4 million due to higher demand. Deposits decreased slightly to $645 million as non-core deposits declined.
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.
This document provides an executive summary and investment asset summary for Ameriprise Financial as of December 31, 2008. It shows that Ameriprise had $33.75 billion in total invested assets, with 86% in cash and available-for-sale securities including corporate bonds, mortgage-backed securities, and municipal bonds. While unrealized losses increased, they generally resulted from risk premium widening across all fixed income asset classes during market dislocation. Below investment grade securities represented 5% of total invested assets.
1. Webster Financial Corporation conducted an exchange of convertible preferred securities and trust preferred securities, which contributed to improvements in its Tier 1 common equity ratio and tangible common equity ratio.
2. The exchange raised $173 million in new Tier 1 common equity at a price more than double Webster's pre-exchange stock price.
3. As a result of the exchange and higher provision for loan losses, Webster reported a net loss of $31.6 million for the second quarter of 2009, compared to a net loss of $28.7 million in the second quarter of 2008.
The document provides a summary of Citigroup's earnings for the first quarter of 2008. Key points include:
- Net income declined significantly to a $5.1 billion loss compared to a $5 billion profit in Q1 2007.
- Major losses were driven by write-downs on subprime exposures, consumer credit losses, and losses on leveraged finance commitments.
- Revenues declined 48% year-over-year due to losses in fixed income markets and the consumer segment.
- Expenses increased 4% year-over-year due to repositioning charges despite cost cutting efforts.
Nationwide is one of the largest insurance and financial services companies in the world. In 2003, Nationwide achieved strong financial results, with net income increasing significantly from the previous year. Nationwide also reached milestones of issuing its one millionth annuity contract and gaining its one millionth life insurance customer. Nationwide is focused on serving customers through initiatives like expanding distribution channels, pursuing cross-selling opportunities, and investing in financial education programs. Nationwide is also committed to giving back to communities through corporate donations and employee volunteerism.
The document provides a summary of Citigroup's financial results for the third quarter of 2011. Key points include:
- Net credit losses declined 41% year-over-year as credit trends continued to improve. Loan loss reserves remained high at $32.1 billion or 5.1% of total loans.
- Citigroup maintained a strong capital base with a Tier 1 Common ratio of 11.7% and ample liquidity resources of $300 billion.
- Holdings now represents 15% of Citigroup's balance sheet as the wind down continued, while Citicorp saw total loans increase 13% year-over-year with continued investments in its core businesses.
American Express Earnings Conference Call 4Q’08earningsreport
American Express reported financial results for 4Q 2008. Total revenues declined 11% to $6.5 billion due to decreases in billed business, cardmember spending, and interest income. Income from continuing operations declined 72% to $238 million and diluted EPS declined 71% to $0.21. Significant charges in 4Q 2008 included a $273 million reengineering charge and a $66 million Delta reserve increase. Metrics such as billed business, cardmember loans, and travel sales were down across all segments. The company emphasized strengthening its capital position and improving liquidity.
Access National Corporation reported a 50% increase in annual earnings and increased its dividend. Net income for 2021 was $11.4 million, up from $7.6 million in 2020. Based on strong results, the Board increased the quarterly dividend to $0.05 per share. Loans increased by $77.9 million to $569.4 million due to higher demand. Deposits decreased slightly to $645 million as non-core deposits declined.
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.
Credit Suisse Group reported record net income of CHF 2.6 billion in the first quarter of 2006, up 36% from the first quarter of 2005. All business segments saw improved income, driven by positive market conditions and strong client activity. Investment Banking saw the largest increase in income of 68% due to a 44% rise in net revenues. Private Banking and Asset Management also experienced higher income, with Private Banking achieving net new assets of CHF 14.8 billion. Winterthur continued its operational improvements with a 21% increase in income.
Supplementary Investor Information Y13880_Edgar_992_0333_finance18
The document provides supplementary investor information for The Chubb Corporation for the third quarter of 2005, including:
1) Consolidated balance sheet highlights and summaries of invested assets for both corporate and property/casualty segments.
2) Property/casualty underwriting results for the first nine months of 2005, showing a statutory underwriting income of $293.6 million.
3) Details of changes in net unpaid losses and the estimated impact of catastrophes including Hurricane Katrina of $511 million pre-tax cost.
BancorpSouth presented an investor presentation in November 2011. The presentation provided an overview of BancorpSouth, including its $13.2 billion in assets and presence across an 8-state region. It also summarized recent operating results, showing stable pre-tax, pre-provision earnings. Furthermore, the presentation highlighted BancorpSouth's diversified revenue stream, with over 35% of revenue historically coming from noninterest sources such as insurance commissions, mortgage lending, and card/merchant fees.
The document provides supplementary investor information from The Chubb Corporation as of June 30, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $32.9 billion including fixed maturities and equity securities.
- Summaries of invested assets for Chubb's Corporate and Property & Casualty segments totaling over $31 billion.
- Investment income after taxes for the second quarter and first half of 2005, with Property & Casualty investment income of $261 million and $513 million respectively.
- Property & Casualty underwriting results for the second quarter and first half of 2005, including a $4.3 billion statutory policyholders' surplus for the P
Fifth Third Bancorp reported 2007 earnings of $1.1 billion, or $2.03 per diluted share, compared to $1.2 billion, or $2.13 per diluted share in 2006. Fourth quarter 2007 earnings were $38 million, or $0.07 per diluted share, compared to $325 million, or $0.61 per diluted share in the third quarter of 2007. Results were impacted by non-cash charges including lowering the value of a Bank-Owned Life Insurance policy and reserves related to potential Visa litigation settlements. Excluding these items, operating earnings were lower due to deterioration in credit performance and increased loan loss reserves in response to challenging credit conditions expected to continue in the near
This document provides supplementary financial information for The Chubb Corporation for the quarter ending March 31, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $31.9 billion.
- Summaries of invested assets by corporate and property/casualty segments.
- Investment income after taxes for corporate and property/casualty segments.
- Property/casualty insurance group statutory surplus of $8.25 billion.
- Changes in net unpaid losses for various lines of business.
- Worldwide underwriting results by line of business, showing a total statutory underwriting income of $134.4 million.
Simmons First National Corporation reported earnings of $5.2 million for the first quarter of 2009, down from $0.45 per share in the same period in 2008. The company's net interest income increased 2.6% year-over-year due to strategic initiatives to grow core deposits while reducing reliance on time deposits. Asset quality remained strong with non-performing assets at 0.80% of total assets.
This document provides supplemental investment information for Allstate's financial results for Q4 2008. It discusses Allstate's actions to mitigate investment risks and optimize returns, including reducing exposures to financial and real estate sectors. It also analyzes realized capital gains and losses, including $1.93B in net losses from impairments, changes in intent, derivatives, and limited partnerships. Finally, it provides details on problem investments, collateralized securities, and accounting classifications.
Goldman Sachs Presentation at the 2008 Merrill Lynch Banking and Financial Se...Manya Mohan
This document provides a cautionary note about forward-looking statements in Goldman Sachs' presentations. It notes that actual results may differ from what is presented. It directs the reader to risk factors in Goldman's annual report and information about non-GAAP calculations on their website. The statements are current as of November 11, 2008, the date of the presentation.
This document analyzes Microsoft's shareholder equity between 1994-2000 when the company grew rapidly. It discusses several key points:
1. Microsoft's revenue grew 700% and earnings grew 1200% during this period, with its stock price peaking between $36-120 per share.
2. Microsoft used stock options extensively to attract talent, but GAAP accounting did not report this significant cost as an expense or liability.
3. Various issues are analyzed including cash paid to shareholders, comprehensive income calculation, dilution from stock options, and proper valuation of shares given stock option treatment.
4. The quality of Microsoft's reported income and share valuations during this period are questionable given the underreporting of significant
This document provides an overview of Xcel Energy from their presentation at the Edison Electric Institute Financial Conference in October 2003. Key points include Xcel achieving several accomplishments in 2003 including settling with NRG creditors, maintaining investment grade ratings, and refinancing debt. Projections for 2004 include earnings of $1.15-1.25 per share assuming NRG emerges from bankruptcy. The presentation outlines Xcel's objectives, investments, regulatory strategy, and earnings drivers to emphasize the company as a low-risk, integrated utility with a total return of 7-8%.
This document provides an overview of basic financial concepts for members of the armed forces, including saving, using credit wisely, checking your credit report, insurance, avoiding inappropriate deals, budgeting, cash equivalent investments, creating an emergency fund, investing basics, asset classes like stocks and bonds, active and passive investment strategies, and basic investment products like stocks, bonds, mutual funds, and US savings bonds. The goal is to help service members take control of their finances and plan for both short- and long-term financial goals.
This document provides supplementary investor information from The Chubb Corporation for the quarter ending September 30, 2008. It includes a consolidated balance sheet, share repurchase activity, summaries of invested assets for corporate and property & casualty divisions, and investment income and underwriting results. Beginning in Q3 2008, foreign currency fluctuations will impact property & casualty loss reporting differently than in the past.
This document summarizes Jeffrey Peek's remarks from a Lehman Brothers Financial Services Conference on September 8, 2008. Peek discusses CIT's transition to a global commercial finance company, securing over $11 billion in liquidity, continued funding progress in Q3, reducing high risk exposures, and initiatives to enhance profitability. The future vision is outlined as a global commercial finance company focused on the middle market with a balanced funding model and strong capital levels and ratings.
Fifth Third Bancorp reported a net loss for Q2 2008 due to charges related to leveraged leases. Excluding these charges, pre-tax earnings were up 16% year-over-year due to increases in noninterest income and average loans. However, credit costs increased significantly due to deteriorating economic conditions, particularly in real estate loans in Florida and Michigan. In response, Fifth Third raised capital levels and reduced the common dividend to strengthen its position during the economic downturn.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
1) JPMorgan Chase reported earnings of $2.4 billion on revenue of $17.9 billion for 1Q08, down 49% from record earnings in 1Q07. EPS was $0.68.
2) The Investment Bank took markdowns of $2.6 billion related to subprime, Alt-A, prime mortgages, and leveraged lending commitments. It reported a net loss of $87 million on revenue of $3 billion, down 52% year-over-year.
3) The firm increased its credit reserves by $2.5 billion, including $1.1 billion related to the home equity portfolio. It transferred $4.9 billion of lever
Fannie Mae reported a $29 billion loss for Q3 2008, driven by a $21.4 billion non-cash charge to establish a valuation allowance against deferred tax assets due to deteriorating mortgage market conditions. Credit-related expenses increased to $9.2 billion due to higher loan charge-offs and additions to loss reserves. Net worth declined to $9.4 billion from $41.4 billion in Q2 2008 primarily due to the deferred tax asset valuation allowance. Fannie Mae was placed into conservatorship by FHFA in September 2008.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
United Health Group Consolidated Financial Statementsfinance3
UnitedHealth Group reported strong financial results in 2001 with record revenues of $23.5 billion, up 11% from 2000. Net earnings reached a record $913 million, up 30% from 2000. All business segments experienced revenue and earnings growth. The consolidated operating margin increased to 6.7% due to productivity gains and a shift to higher-margin fee-based products. Return on shareholders' equity improved to 24.5% from 19.0% in 2000, demonstrating superior performance.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
1) The document is an investor presentation by GMAC's EVP & CFO from April 2007.
2) It summarizes GMAC's financial performance in 2006, noting challenges in the US residential mortgage market.
3) It provides an outlook for 2007, expecting continued pressure from nonprime assets but stabilization overall as strategic initiatives are implemented.
This document provides quarterly financial data for Citigroup, including:
1) Income statements for Citigroup's major business segments broken down by product and region, showing revenues, expenses, profits.
2) Key metrics for Citigroup as a whole, including revenues, income, earnings per share, assets, equity.
3) Specific data on performance of Citigroup's Global Consumer credit card business, including revenues, expenses, profits, and effects of securitization activities.
Credit Suisse Group reported record net income of CHF 2.6 billion in the first quarter of 2006, up 36% from the first quarter of 2005. All business segments saw improved income, driven by positive market conditions and strong client activity. Investment Banking saw the largest increase in income of 68% due to a 44% rise in net revenues. Private Banking and Asset Management also experienced higher income, with Private Banking achieving net new assets of CHF 14.8 billion. Winterthur continued its operational improvements with a 21% increase in income.
Supplementary Investor Information Y13880_Edgar_992_0333_finance18
The document provides supplementary investor information for The Chubb Corporation for the third quarter of 2005, including:
1) Consolidated balance sheet highlights and summaries of invested assets for both corporate and property/casualty segments.
2) Property/casualty underwriting results for the first nine months of 2005, showing a statutory underwriting income of $293.6 million.
3) Details of changes in net unpaid losses and the estimated impact of catastrophes including Hurricane Katrina of $511 million pre-tax cost.
BancorpSouth presented an investor presentation in November 2011. The presentation provided an overview of BancorpSouth, including its $13.2 billion in assets and presence across an 8-state region. It also summarized recent operating results, showing stable pre-tax, pre-provision earnings. Furthermore, the presentation highlighted BancorpSouth's diversified revenue stream, with over 35% of revenue historically coming from noninterest sources such as insurance commissions, mortgage lending, and card/merchant fees.
The document provides supplementary investor information from The Chubb Corporation as of June 30, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $32.9 billion including fixed maturities and equity securities.
- Summaries of invested assets for Chubb's Corporate and Property & Casualty segments totaling over $31 billion.
- Investment income after taxes for the second quarter and first half of 2005, with Property & Casualty investment income of $261 million and $513 million respectively.
- Property & Casualty underwriting results for the second quarter and first half of 2005, including a $4.3 billion statutory policyholders' surplus for the P
Fifth Third Bancorp reported 2007 earnings of $1.1 billion, or $2.03 per diluted share, compared to $1.2 billion, or $2.13 per diluted share in 2006. Fourth quarter 2007 earnings were $38 million, or $0.07 per diluted share, compared to $325 million, or $0.61 per diluted share in the third quarter of 2007. Results were impacted by non-cash charges including lowering the value of a Bank-Owned Life Insurance policy and reserves related to potential Visa litigation settlements. Excluding these items, operating earnings were lower due to deterioration in credit performance and increased loan loss reserves in response to challenging credit conditions expected to continue in the near
This document provides supplementary financial information for The Chubb Corporation for the quarter ending March 31, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $31.9 billion.
- Summaries of invested assets by corporate and property/casualty segments.
- Investment income after taxes for corporate and property/casualty segments.
- Property/casualty insurance group statutory surplus of $8.25 billion.
- Changes in net unpaid losses for various lines of business.
- Worldwide underwriting results by line of business, showing a total statutory underwriting income of $134.4 million.
Simmons First National Corporation reported earnings of $5.2 million for the first quarter of 2009, down from $0.45 per share in the same period in 2008. The company's net interest income increased 2.6% year-over-year due to strategic initiatives to grow core deposits while reducing reliance on time deposits. Asset quality remained strong with non-performing assets at 0.80% of total assets.
This document provides supplemental investment information for Allstate's financial results for Q4 2008. It discusses Allstate's actions to mitigate investment risks and optimize returns, including reducing exposures to financial and real estate sectors. It also analyzes realized capital gains and losses, including $1.93B in net losses from impairments, changes in intent, derivatives, and limited partnerships. Finally, it provides details on problem investments, collateralized securities, and accounting classifications.
Goldman Sachs Presentation at the 2008 Merrill Lynch Banking and Financial Se...Manya Mohan
This document provides a cautionary note about forward-looking statements in Goldman Sachs' presentations. It notes that actual results may differ from what is presented. It directs the reader to risk factors in Goldman's annual report and information about non-GAAP calculations on their website. The statements are current as of November 11, 2008, the date of the presentation.
This document analyzes Microsoft's shareholder equity between 1994-2000 when the company grew rapidly. It discusses several key points:
1. Microsoft's revenue grew 700% and earnings grew 1200% during this period, with its stock price peaking between $36-120 per share.
2. Microsoft used stock options extensively to attract talent, but GAAP accounting did not report this significant cost as an expense or liability.
3. Various issues are analyzed including cash paid to shareholders, comprehensive income calculation, dilution from stock options, and proper valuation of shares given stock option treatment.
4. The quality of Microsoft's reported income and share valuations during this period are questionable given the underreporting of significant
This document provides an overview of Xcel Energy from their presentation at the Edison Electric Institute Financial Conference in October 2003. Key points include Xcel achieving several accomplishments in 2003 including settling with NRG creditors, maintaining investment grade ratings, and refinancing debt. Projections for 2004 include earnings of $1.15-1.25 per share assuming NRG emerges from bankruptcy. The presentation outlines Xcel's objectives, investments, regulatory strategy, and earnings drivers to emphasize the company as a low-risk, integrated utility with a total return of 7-8%.
This document provides an overview of basic financial concepts for members of the armed forces, including saving, using credit wisely, checking your credit report, insurance, avoiding inappropriate deals, budgeting, cash equivalent investments, creating an emergency fund, investing basics, asset classes like stocks and bonds, active and passive investment strategies, and basic investment products like stocks, bonds, mutual funds, and US savings bonds. The goal is to help service members take control of their finances and plan for both short- and long-term financial goals.
This document provides supplementary investor information from The Chubb Corporation for the quarter ending September 30, 2008. It includes a consolidated balance sheet, share repurchase activity, summaries of invested assets for corporate and property & casualty divisions, and investment income and underwriting results. Beginning in Q3 2008, foreign currency fluctuations will impact property & casualty loss reporting differently than in the past.
This document summarizes Jeffrey Peek's remarks from a Lehman Brothers Financial Services Conference on September 8, 2008. Peek discusses CIT's transition to a global commercial finance company, securing over $11 billion in liquidity, continued funding progress in Q3, reducing high risk exposures, and initiatives to enhance profitability. The future vision is outlined as a global commercial finance company focused on the middle market with a balanced funding model and strong capital levels and ratings.
Fifth Third Bancorp reported a net loss for Q2 2008 due to charges related to leveraged leases. Excluding these charges, pre-tax earnings were up 16% year-over-year due to increases in noninterest income and average loans. However, credit costs increased significantly due to deteriorating economic conditions, particularly in real estate loans in Florida and Michigan. In response, Fifth Third raised capital levels and reduced the common dividend to strengthen its position during the economic downturn.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
1) JPMorgan Chase reported earnings of $2.4 billion on revenue of $17.9 billion for 1Q08, down 49% from record earnings in 1Q07. EPS was $0.68.
2) The Investment Bank took markdowns of $2.6 billion related to subprime, Alt-A, prime mortgages, and leveraged lending commitments. It reported a net loss of $87 million on revenue of $3 billion, down 52% year-over-year.
3) The firm increased its credit reserves by $2.5 billion, including $1.1 billion related to the home equity portfolio. It transferred $4.9 billion of lever
Fannie Mae reported a $29 billion loss for Q3 2008, driven by a $21.4 billion non-cash charge to establish a valuation allowance against deferred tax assets due to deteriorating mortgage market conditions. Credit-related expenses increased to $9.2 billion due to higher loan charge-offs and additions to loss reserves. Net worth declined to $9.4 billion from $41.4 billion in Q2 2008 primarily due to the deferred tax asset valuation allowance. Fannie Mae was placed into conservatorship by FHFA in September 2008.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
United Health Group Consolidated Financial Statementsfinance3
UnitedHealth Group reported strong financial results in 2001 with record revenues of $23.5 billion, up 11% from 2000. Net earnings reached a record $913 million, up 30% from 2000. All business segments experienced revenue and earnings growth. The consolidated operating margin increased to 6.7% due to productivity gains and a shift to higher-margin fee-based products. Return on shareholders' equity improved to 24.5% from 19.0% in 2000, demonstrating superior performance.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
1) The document is an investor presentation by GMAC's EVP & CFO from April 2007.
2) It summarizes GMAC's financial performance in 2006, noting challenges in the US residential mortgage market.
3) It provides an outlook for 2007, expecting continued pressure from nonprime assets but stabilization overall as strategic initiatives are implemented.
This document provides quarterly financial data for Citigroup, including:
1) Income statements for Citigroup's major business segments broken down by product and region, showing revenues, expenses, profits.
2) Key metrics for Citigroup as a whole, including revenues, income, earnings per share, assets, equity.
3) Specific data on performance of Citigroup's Global Consumer credit card business, including revenues, expenses, profits, and effects of securitization activities.
The document provides an overview of key corporate financial disclosure documents including the directors' report, auditor's report, profit and loss statement, balance sheet, and cash-flow statement. It discusses the importance of these documents for understanding a company's financial performance and position. The profit and loss statement is described as a roadmap from revenue to net profit, and the balance sheet provides a snapshot of a company's assets and liabilities. Footnotes and definitions of common financial ratios are also provided.
- El Paso Corporation reported a net loss of $321 million for Q3 2005, impacted by $80 million in significant items including asset impairments and a contract termination.
- Regulated pipelines continue to perform solidly, while non-regulated businesses such as production, power, and field services faced challenges from hurricanes and commodity price volatility.
- Restoration of gas flows following hurricanes Katrina and Rita is progressing, but full recovery is not expected until year-end due to dependencies on third-party infrastructure and production.
- El Paso Corporation provides natural gas and related energy products. In Q3 2005 it reported a net loss of $321 million compared to a $214 million loss in Q3 2004.
- Significant items negatively impacting results included $162 million in asset impairments and a $28 million contract termination charge, partially offset by a $110 million gain on asset sales.
- Cash flow from operating activities was negative $398 million for the first nine months of 2005, compared to positive $799 million for the same period in 2004, largely due to working capital changes.
- Total debt increased to $17.9 billion as of September 30, 2005, up from $17.5 billion as of June 30,
Constellation Energy Group reported strong financial results in 2002 despite challenges in the energy sector. Earnings per share grew to $3.20 compared to $0.57 in 2001, though some of the growth came from special items like asset sales. Excluding special items, earnings still grew 4.6% to $2.52 per share. The company sharpened its focus on core businesses of generating and selling energy by selling $708 million in non-core assets. It also strengthened its balance sheet through debt refinancing, allowing it to be well positioned for future growth in a challenging environment.
This document provides a summary of Fannie Mae's 2005 10-K investor report. It highlights that Fannie Mae saw increased net income of $6.3 billion in 2005, up 28% from 2004. Their single-family business saw revenue growth of 13% and net income growth of 15%. Their capital markets business generated $3 billion in net income, up 42% from 2004 levels. The summary also provides financial results and income statements for each of Fannie Mae's business segments for 2005 compared to 2004 and 2003.
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.
- Progressive is scheduled to hold a conference call on February 27, 2009 at 9am Eastern time to address questions about their 2008 Shareholders' Report and Form 10-K filing with the SEC.
- In December 2008, Progressive reported a net loss of $123.2 million compared to net income of $67.6 million in December 2007. Earnings per share was $(0.18) for December 2008.
- Progressive saw a 3.1 point increase in its combined ratio, which measures underwriting profitability, rising to 98.9% for December 2008 from 95.8% the previous year.
Progressive reported its December 2008 results. Net premiums written were $905.7 million, unchanged from the prior year. Net income was a loss of $123.2 million compared to income of $67.6 million in the prior year. The combined ratio was 98.9%, up 3.1 percentage points from the prior year, driven by losses on securities. Policies in force increased 2% for personal auto and 7% for special lines compared to the prior year. Progressive also announced a conference call in February to discuss 2008 results.
General Motors reported financial results for 2005, 2004, and 2003. In 2005, GM reported a net loss of $10.6 billion compared to net income of $2.8 billion in 2004. Total revenues were $192.6 billion in 2005. Earnings per share from continuing operations was a loss of $18.50 in 2005, compared to earnings of $4.94 in 2004. The number of common stock shares outstanding remained steady at around 565 million shares.
This document provides a summary of Fannie Mae's 2007 10-K investor report. It includes tables showing Fannie Mae's consolidated financial results for 2007 compared to 2006. Net interest income, guaranty fee income, and other revenue were down in 2007 from the prior year due to the severe housing crisis. Fannie Mae reported a net loss in 2007 driven by credit-related expenses from losses on mortgages and mortgage-backed securities. While facing significant challenges from the troubled housing market, Fannie Mae met its obligations under a consent agreement with regulators and remained focused on protecting its capital position.
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.
Northern Trust Corporation reported strong financial results for 2008 despite challenging market conditions. Revenues increased 21% to a record $4.3 billion due to growth in foreign exchange trading and net interest income. Net income increased 9% to $794.8 million. However, excluding one-time gains from the Visa IPO, operating earnings declined 22% from 2007. Northern Trust maintained a strong capital position and conservative risk management practices, positioning it for continued growth.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services G...finance8
This document provides a summary of GMAC's preliminary first quarter 2007 earnings. It reports a net loss of $305 million compared to net income of $495 million in the first quarter of 2006. Pressures in the US residential mortgage market impacted results at ResCap. Auto finance had strong operating performance. ResCap maintained strong liquidity at $72.1 billion and GMAC had cash and marketable securities of $12.8 billion.
- Net sales and revenues for General Motors in 2003 were $185.5 billion, up 4.6% from 2002. Income from continuing operations was $2.9 billion, up $0.9 billion.
- The net profit margin from continuing operations was 1.5%, up from 1.1% the previous year. Earnings per share from continuing operations increased to $5.03 from $3.51.
- AMD reported a net loss of $67 million for Q3 2008 and $1.6 billion for the first 9 months of 2008 due to losses from discontinued operations related to its memory chip business Spansion. Revenue increased 14% in Q3 2008 compared to Q3 2007 but gross margin percentage increased from 41% to 51%.
- Total assets decreased from $11.55 billion as of December 2007 to $9.49 billion as of September 2008 mainly due to assets transferred from discontinued operations to liabilities held for sale. Cash and marketable securities decreased from $1.89 billion to $1.34 billion over the same period.
The 1999 Nordstrom annual report discusses the company's transition to better position itself for future competition. While sales growth was achieved through new store openings, existing store sales did not grow as expected due to excess inventory levels. The company took steps to better align inventory levels with sales. It also streamlined its buying structure to improve accountability and gain leverage in the market. Going forward, Nordstrom aims to generate quality sales growth from both new and existing stores through various new initiatives focused on the customer experience.
The 1999 Nordstrom annual report discusses the company's transition to better position itself for future success and increased competition. Key points include:
- Sales growth was driven by new full-line store openings and Rack store expansion. However, inventory levels had expanded faster than sales.
- The company realigned its buying structure to streamline decision making and gain leverage in the market.
- Initiatives are outlined to drive quality sales growth from existing stores through listening to customers and inspiring brand loyalty.
- The company is well positioned for future growth through new store opportunities and adapting to changing customer demands.
This annual report from Nordstrom provides an overview of the company's financial performance in 2000 and discusses some changes made that year based on customer feedback. It highlights that Nordstrom's greatest asset is its employees and salespeople. The report emphasizes focusing resources on supporting employees and giving them ownership over merchandise selection to best meet customer needs at the local level. It provides examples of top performing salespeople to illustrate Nordstrom's culture of customer service.
This annual report from Nordstrom provides an overview of the company's financial performance in 2000 and discusses some changes made that year based on customer feedback. It highlights that Nordstrom's greatest asset is its employees and salespeople. The report emphasizes focusing resources on supporting employees and giving them ownership over merchandise selection to best meet customer needs at the local level. It provides examples of top performing salespeople to illustrate Nordstrom's culture of customer service.
Nordstrom's 2001 Annual Report provides key financial highlights and performance metrics for the fiscal year. It discusses comparable store sales growth, total sales growth, earnings per share, and other metrics. The report also features interviews with Nordstrom employees discussing how the company is responding to challenges in retail by focusing on great products, customer service, and relationships. Employees discuss benefits of new initiatives like Perpetual Inventory and how Nordstrom transfers its core values to new markets. An operations executive also discusses bringing expenses under control by focusing on the customer experience and leveraging the company's size.
Nordstrom reported financial results for fiscal year 2001 with net sales increasing 1.9% to $5.6 billion and net earnings growing 22.3% to $124.7 million. Nordstrom saw comparable store sales growth and increased sales per square foot. The company focused on offering great styles, value, and customer service during challenging times for retail. Nordstrom implemented Perpetual Inventory to improve inventory management and the customer experience.
The annual report for 2002 provides financial highlights for the company including:
- Net sales increased 6.1% from 2001 to $5.975 billion.
- Earnings before income taxes decreased 4.3% to $195.6 million.
- Net earnings decreased 27.6% to $90.2 million.
The annual report summarizes Nordstrom's financial performance in 2002. Net sales increased 6.1% to $5.975 billion compared to 2001. Earnings before taxes decreased 4.3% to $195.6 million. Net earnings decreased 27.6% to $90.2 million and basic earnings per share decreased 28% to $0.67. Nordstrom made progress increasing sales and reducing expenses as a percentage of sales but recognizes there is still work to be done to reach its goals.
Nordstrom reported strong financial results for fiscal year 2003, with net sales increasing 8.6% to $6.49 billion and net earnings increasing 169.2% to $242.8 million. The company saw improvements in key metrics like gross profit margin and inventory turnover. Nordstrom aims to further enhance the customer experience through new technologies like touchscreen registers and personal book software. The report discusses Nordstrom's focus on listening to customers, providing quality service, and investing in employees and tools to build long-term customer loyalty and competitive advantage.
Nordstrom reported strong financial results for fiscal year 2003, with net sales increasing 8.6% to $6.49 billion and net earnings increasing 169.2% to $242.8 million. The company saw improvements in key metrics like gross profit margin and inventory turnover. Nordstrom aims to further enhance the customer experience through new technologies like touchscreen registers and personal book software. The report discusses Nordstrom's focus on disciplined growth, delivering the right merchandise assortments to each store, and leveraging technology improvements to better serve customers and drive profitable growth.
The document lists various job roles within the fashion retail business, including designers, salespeople, managers, and support staff. It then provides financial highlights and key metrics for Nordstrom, Inc. for the year 2004, including total revenue, net earnings, earnings per share, and total number of employees. The roles listed help illustrate the wide range of positions involved in operating a large retail fashion business.
The document lists various job roles within the fashion retail business of Nordstrom, Inc. It includes designers, salespeople, managers, servers, and other operational roles across the company. The roles support functions like design, sales, store operations, visual merchandising, and supply chain management.
This document is Nordstrom's annual report on Form 10-K filed with the SEC, summarizing its business operations for the fiscal year ended January 31, 2009. It discusses Nordstrom's segments including retail stores, direct, credit, and other. It provides an overview of Nordstrom's operations, including its store count, real estate strategy, brands, suppliers, seasonality, inventory management, and competitive environment. The report also addresses risks to Nordstrom's business from economic conditions, consumer spending, competition, and other factors.
This document is Nordstrom's annual report on Form 10-K for the fiscal year ending January 31, 2009. It provides information on Nordstrom's business operations and financial results. Specifically, [1] it describes Nordstrom's retail operations including its full-line department stores, Nordstrom Rack off-price stores, and clearance stores; [2] it notes that Nordstrom operates 171 stores across 28 U.S. states as of March 2009; and [3] it divides Nordstrom's business into four segments: Retail Stores, Direct, Credit, and Other. The filing also includes details on store openings, financial and operating results, risk factors, properties, legal proceedings, and other disclosures required in an annual
- Nordstrom reported strong financial results for fiscal year 2005 with total sales increasing 8.3% to $7.7 billion and same-store sales growth of 6%. Net earnings increased 40.1% to $551 million compared to 2004.
- The company aims to continue its growth in 2006 by focusing on maximizing sales in women's apparel, providing a seamless shopping experience across channels, and expanding into new markets like Boston.
- Nordstrom's strategies for continuous improvement include testing new store concepts, enhancing its online presence, leveraging technology investments, and refining inventory management tools.
Nordstrom reported strong financial results for fiscal year 2006. Total sales increased 10.8% to a record $8.6 billion and net earnings increased 23% to $678 million. Other highlights included gross profit and earnings before taxes reaching record high percentages of net sales. Nordstrom also announced a $2.8 billion capital plan to fund new stores, remodels, and other customer-facing initiatives to drive further growth. The company is well positioned for future growth given its focus on serving customers through both stores and online channels.
Nordstrom reported strong financial results for fiscal year 2006. Total sales increased 10.8% to a record $8.6 billion, with earnings before taxes exceeding $1 billion for the first time. The gross profit rate was 37.5% and expenses as a percentage of sales improved for the sixth consecutive year. Nordstrom also announced a $2.8 billion capital investment plan focused on new stores, remodels, and technology improvements to enhance the customer experience across channels. The Chairman expressed optimism for Nordstrom's future given its focus on serving customers and executing narrow initiatives through the lens of its values.
The document is Nordstrom's annual report (Form 10-K) filed with the SEC for the fiscal year ended February 2, 2008. It provides an overview of Nordstrom's business segments and operations, discusses competitive conditions and risks. Key points include:
- Nordstrom has four business segments: Retail Stores, Direct, Credit, and Other. Retail Stores and Direct are the main segments.
- In 2007, Nordstrom opened new stores and remodeled existing stores. It also sold its Façonnable boutiques.
- Nordstrom faces competition from other retailers and risks including its ability to respond to fashion trends, effective inventory management, and economic conditions.
The document is Nordstrom's annual report (Form 10-K) filed with the SEC for the fiscal year ended February 2, 2008. It provides an overview of Nordstrom's business segments and operations, discusses competitive conditions and risks. Key points include:
- Nordstrom has four business segments: Retail Stores, Direct, Credit, and Other. Retail Stores and Direct are the main segments.
- In 2007, Nordstrom opened new stores and remodeled existing stores. It also sold its Façonnable boutiques.
- Nordstrom faces competition from other retailers and risks including its ability to respond to fashion trends, effective inventory management, and economic conditions.
This document is Nordstrom's annual report on Form 10-K filed with the SEC, summarizing its business operations for the fiscal year ended January 31, 2009. It discusses Nordstrom's segments including Retail Stores, Direct, Credit, and Other. It provides an overview of Nordstrom's operations including its store count, real estate strategy, and sales by segment. It also outlines the company's trademarks, return policy, seasonality, inventory management, competition, employees, and risk factors associated with its business.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
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Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
2. Executive Summary
> Diversified investment portfolio constructed in alignment with product liabilities
> High quality strategy followed in recent years in response to an environment of
narrow risk premiums
> Portfolio construction:
− Sector selection based on relative value, fundamental outlook, and aggregate
portfolio risk
− Sizing of individual positions based on fundamentals, value, structure and risk
analysis
> The company has under $680 million fair value of enhanced bonds
− $590 million in municipals, where a substantial portion of the market is enhanced
− Buy / sell decisions based on underlying security and cash flow characteristics,
not enhancement
> Limited alternative asset portfolio:
− No Credit Default Swaps or other structured credit exposures in the corporate
bond portfolio
− No private equity
− No hybrids
− Limited exposure to CLO’s, equities, trading securities and hedge funds; total just
over 1% of the investment portfolio, almost entirely to seed new investment
products
> While unrealized losses have increased on the portfolio, they are generally the result
of spread widening across all fixed income asset classes
2
3. Invested Assets Summary
Net Unrealized Gain/(Loss) by Investment Type
% of Total Unrealized Gain Unrealized Gain
Change in
Amortized Cost Fair Value Invested (Loss) last (Loss) this
Unrealized
Assets quarter quarter
($ millions)
Cash and cash equivalents $ 4,043 $ 4,043 13% $ -$ -$ -
Corporate debt securities - Investment Grade 12,093 11,341 35% (281) (752) (471)
Corporate debt securities - High Yield 1,458 1,252 4% (144) (206) (62)
Residential Mortgage backed securities - Agency 4,148 4,146 13% (10) (2) 8
Residential Mortgage backed securities - Prime 647 541 2% (49) (106) (57)
Residential Mortgage backed securities - Alt-A 1,257 1,054 3% (307) (203) 104
Asset backed securities - Subprime 267 239 1% (38) (28) 10
Asset backed securities - Other 845 814 3% (24) (31) (7)
Commercial mortgage backed securities 2,804 2,711 8% (50) (93) (43)
State and municipal obligations 1,033 923 3% (34) (110) (76)
US government and agencies obligations 258 265 1% 6 7 1
Other AFS 202 209 0% 16 7 (9)
Total cash, cash equivalents and available-for-sale securities $ 29,055 $ 27,538 86% $ (915) $ (1,517) $ (602)
Commercial mortgage loans, net of reserve 2,921 2,921 9% - - -
Policy loans 730 730 2% - - -
Trading securities 374 374 1% - - -
Other investments (includes bank loans) 581 581 2% - - -
Total Invested Assets $ 33,661 $ 32,144 100% $ (915) $ (1,517) $ (602)
3
4. Gross Unrealized Losses
Gross Unrealized Loss by Investment Type
Less than 12 months 12 months or more Total
Gross Gross Gross % of Total
Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Unrealized
($ millions) Loss Loss Loss Loss
Cash and cash equivalents $ -$ -$ -$ -$ -$ - 0%
Corporate debt securities - Investment Grade 48%
6,693 (361) 2,734 (421) 9,427 (782)
Corporate debt securities - High Yield 13%
221 (15) 975 (194) 1,196 (209)
Residential Mortgage backed securities - Agency 2%
1,033 (11) 913 (24) 1,946 (35)
Residential Mortgage backed securities - Prime 6%
342 (56) 176 (50) 518 (106)
Residential Mortgage backed securities - Alt-A 13%
340 (74) 462 (130) 802 (204)
Asset backed securities - Subprime 2%
97 (9) 117 (19) 214 (28)
Asset backed securities - Other 2%
673 (25) 117 (6) 790 (31)
Commercial mortgage backed securities 6%
1,381 (29) 1,171 (66) 2,552 (95)
State and municipal obligations 7%
558 (67) 251 (47) 809 (114)
US government and agencies obligations 97 - 35 (1) 0%
132 (1)
Other AFS 17 - 39 (11) 1%
56 (11)
Total cash, cash equivalents and available-for-sale securities $ 11,452 $ (647) $ 6,990 $ (969) $ 18,442 $ (1,616) 100%
Gross Unrealized Loss by Ratio of Fair Value to Amortized Cost
Less than 12 months 12 months or more Total
Gross Gross Gross
Amort. Amort. Amort.
Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized
Cost Cost Cost
($ millions) Loss Loss Loss
95%-100% $ 8,118 $ 7,974 $ (144) $ 2,543 $ 2,481 $ (62) $ 10,661 $ 10,455 $ (206)
90%-95% 2,193 2,039 (154) 1,873 1,732 (141) 4,066 3,771 (295)
80%-90% 1,181 1,013 (168) 2,089 1,784 (305) 3,270 2,797 (473)
Less than 80% 607 426 (181) 1,454 993 (461) 2,061 1,419 (642)
Total cash, cash equivalents and available-for-sale securities $ 12,099 $ 11,452 $ (647) $ 7,959 $ 6,990 $ (969) $ 20,058 $ 18,442 $ (1,616)
The primary driver of increased unrealized losses during the quarter was widening of credit
spreads for investment grade corporate bonds
4
5. Corporates - Investment Grade
Industry Composition & Top 10 Issuers
Industry Composition Diversity of Bank/Brokerage Holdings
($ millions) ($ millions)
% of
Invested % of Banking
Industry Fair Value Assets Total
Fair Value
Large U.S. Banks (1)
Utilities $ 2,262 7% $1,081 47%
International Institutions (2)
Banking 1,969 6% 610 27%
Regional U.S. Banks
Communications 1,731 5% 591 26%
Consumer Non Cyclicals 1,228 4% $2,282
Energy 735 2%
Consumer Cyclicals 668 2%
Transportation 629 2%
Capital Goods 539 2% (1) Includes $20 million below investment grade (not included in industry comp. table)
Insurance/HMO's 498 1% (2) Includes $39 million preferred stock (not included in industry comp. table)
REITs 330 1%
Brokerage 254 1%
Basic Industries 288 1%
Finance 210 1%
35%
$ 11,341
The portfolio was constructed with a higher quality bias due to narrow risk premiums in the
2003-2006 time frame
Preference for credits in industries with regulatory oversight such as banks, utilities, and
telecommunications
Biased toward asset rich companies with strong cash flow generating capabilities
Focus on seniority in the capital structure and being as close to the assets as possible from a
structural standpoint. (First Mortgage or operating company level securities)
Within the BBB-rated exposure, 65% is in the Telecommunications, Electric Utilities, Consumer
Non-cyclical, and Energy industries - regulated, asset rich, non-cyclical industries and issuers
The duration of our Investment Grade corporate portfolio is 3.5 yrs
The portfolio has zero CDS and no structured credit exposure
5
6. Corporates - Investment Grade
Net Unrealized Gain (Loss) Position
06/30/2008 09/30/2008
Net
Net Unrealized Change in
Amort. Cost Fair Value Unrealized Amort. Cost Fair Value
Gain (Loss) Unrealized
Gain (Loss)
($ millions)
Utilities $ 2,126 $ 2,101 $ (25) $ 2,349 $ 2,262 $ (87) $ (62)
Banking 2,455 2,348 (107) 2,230 1,969 (261) (154)
Communications 1,693 1,667 (26) 1,806 1,731 (75) (49)
Consumer Non Cyclicals 1,260 1,238 (22) 1,276 1,228 (48) (26)
Energy 695 693 (2) 765 735 (30) (28)
Consumer Cyclicals 748 724 (24) 706 668 (38) (14)
Transportation 610 589 (21) 669 629 (40) (19)
Capital Goods 567 574 7 549 539 (10) (17)
Insurance/HMO's 553 544 (9) 526 498 (28) (19)
REITs 360 340 (20) 360 330 (30) (10)
Brokerage 477 464 (13) 303 254 (49) (36)
Basic Industries 311 310 (1) 294 288 (6) (5)
Finance 210 192 (18) 260 210 (50) (32)
$ 12,065 $ 11,784 $ (281) $ 12,093 $ 11,341 $ (752) $ (471)
The unrealized loss increased by $471 million during the 3rd quarter, due to the overall spread
widening in the investment grade universe
This increase in unrealized loss represents slightly under 4 percentage points of the portfolio,
compared to a 7.5 point decline in the average dollar price of the Lehman Corporate Index over
the same period
6
7. Below Investment Grade
Summary
% of Total Unrealized Gain Unrealized Gain
Amortized Change in
Fair Value Invested (Loss) last (Loss) this
Cost Unrealized
Assets quarter quarter
($millions)
Total Below Investment Grade $2,327 $2,119 7% ($160) ($208) ($48)
Other AFS Fair Value Below B
5%
$359
BB
42%
Corporate
Bank
Bonds
Loans $508 B
$1,252 53%
Below B includes Not Rated
Corporate bond high yield portfolio constructed with a focus on higher quality and lower beta
issuers.
Well-diversified with 84 issuers that have an average exposure of $17 million
In addition to rating agency ratings, a proprietary risk rating system is utilized for all credits;
92% of high yield holdings fall in the Top 2 categories of this 1-4 scale
Bank loan portfolio is highly diversified, with the average position less than 0.5% of the portfolio,
and largest position size less than 1.25%
Senior in capital structure and secured by all or substantially all of the assets of company
Focus on the higher quality loans - generally purchase BBs and higher B quality loans
Targeting those loans with superior collateral coverage versus the broader leveraged loan
market - provides downside protection
7
8. Residential Mortgage Backed Securities
Agency
06/30/2008 09/30/2008
Net
Amort. Fair Net Unrealized Amort. Change in
Fair Value Unrealized
Cost Value Gain (Loss) Cost Unrealized
($ millions) Gain (Loss)
$ 4,344 $ 4,334 $ (10) $ 4,148 $ 4,146 $ (2) $ 8
Agency
WAL: 4.3 yrs
Effective Duration: 2.8 yrs
Effective Convexity: -0.6
The agency mortgage portfolio consists of approximately 50% Collateralized Mortgage
Obligations (CMO’s) and 50% pass through’s
Securities are seasoned 5+ years on average, and as a result have superior convexity
characteristics
Liquidity in agency pass through’s remains relatively strong despite weakness in related
sectors
The CMO portfolio consists primarily of seasoned securities that have very stable cash
flow profile, with relatively short average lives
8
9. Residential Mortgage Backed Securities
Prime
AAA AA A BBB BB & Below Total
Amort. Fair Amort. Fair Amort. Fair Amort. Amort. Fair Amort. Fair
Cost Value Cost Value Cost Value Cost Fair Value Cost Value Cost Value
($ millions)
Prime
2003 & prior $ 140 $ 133 $ - $ - $ - $ - $ - $ - $ - $ - $ 140 $ 133
2004 166 147 25 16 - - - - - - 191 163
2005 208 174 79 48 - - - - - - 287 222
2006 6 5 6 4 - - - - - - 12 9
2007 17 14 - - - - - - - - 17 14
2008 - - - - - - - - - - - -
Total Prime $ 537 $ 473 $ 110 $ 68 $ - $ - $ - $ - $ - $ - $ 647 $ 541
06/30/2008 09/30/2008
Net Net
Amort. Fair Amort. Fair Change in
Unrealized Unrealized
Cost Value Cost Value Unrealized
Gain (Loss) Gain (Loss)
($ millions)
Prime
2003 & prior $ 131 $ 125 $ (6) $ 140 $ 133 $ (7) $ (1)
2004 194 182 (12) 191 163 (28) (16)
2005 293 263 (30) 287 222 (65) (35)
2006 12 11 (1) 12 9 (3) (2)
2007 18 18 - 17 14 (3) (3)
2008 - - - - - - -
Total Prime $ 648 $ 599 $ (49) $ 647 $ 541 $ (106) $ (57)
Seasoned portfolio, almost entirely 2005 and earlier production
The vast majority of the portfolio is AAA-rated, with the remainder AA-rated
Prime collateral has recently been under pressure, but collateral enhancement on these
securities is expected to provide adequate protection
9
10. Residential Mortgage Backed Securities
Alt-A
AAA AA A BBB BB & Below Total
Amort. Amort. Amort. Amort. Amort. Amort.
Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value
Cost Cost Cost Cost Cost Cost
($ millions)
Alt-A
2003 & prior $ 8 $ 8 $ - $ - $ - $ - $ - $ - $ - $ - $ 8 $ 8
2004 89 79 27 18 - - - - - - 116 97
2005 432 364 77 40 6 5 - - 20 20 535 429
2006 85 78 22 17 34 26 21 21 175 175 337 317
2007 171 124 32 26 - - 22 17 36 36 261 203
2008 - - - - - - - - - - - -
Total Alt-A $ 785 $ 653 $ 158 $ 101 $ 40 $ 31 $ 43 $ 38 $ 231 $ 231 $ 1,257 $ 1,054
06/30/2008 09/30/2008
Amort. Unrealized Amort. Unrealized Change in
Fair Value Fair Value
Cost Gain (Loss) Cost Gain (Loss) Unrealized
($ millions)
Alt-A
2003 & prior $ 8 $ 8 $ -$ 8 $ 8 $ -$ -
2004 120 100 (20) 116 97 (19) 1
2005 552 450 (102) 535 429 (106) (4)
2006 424 308 (116) 337 317 (20) 96
2007 283 214 (69) 261 203 (58) 11
2008 - - - - - - -
Total Alt-A $ 1,387 $ 1,080 $ (307) $ 1,257 $ 1,054 $ (203) $ 104
Alt-A sector of the non-agency mortgage market is experiencing the most stress
Majority of Alt-A holdings are currently paying principal, and have a “super senior” level of
credit enhancement and a significantly enhanced risk profile versus subordinated tranches
Securities with Option ARM collateral have all been impaired with the exception of those that
are in the most senior position in the securitization
10
11. Asset Backed Securities
Subprime Mortgage Backed Securities
AAA AA A BBB BB & Below Total
Amort. Amort. Amort. Amort. Amort. Amort.
Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value
Cost Cost Cost Cost Cost Cost
($ millions)
Subprime
2003 & prior $ 2 $ 1 $ - $ - $ - $ - $ - $ - $ - $ - $ 2 $ 1
2004 17 15 8 7 - - 10 9 - - 35 31
2005 95 85 - - 5 4 2 2 - - 102 91
2006 65 58 27 23 - - - - 19 19 111 100
2007 - - - - - - - - 6 6 6 6
2008 11 10 - - - - - - - - 11 10
Total Subprime $ 190 $ 169 $ 35 $ 30 $ 5 $ 4 $ 12 $ 11 $ 25 $ 25 $ 267 $ 239
06/30/2008 09/30/2008
Amort. Fair Value Unrealized Amort. Change in
Unrealized
Fair Value
Cost Gain (Loss) Cost Unrealized
($ millions) Gain (Loss)
Subprime
2003 & prior $ 2 $ 1 $ (1) $ 2 $ 1 $ (1) $ -
2004 33 29 (4) 35 31 (4) -
2005 106 96 (10) 102 91 (11) (1)
2006 117 104 (13) 111 100 (11) 2
2007 15 5 (10) 6 6 - 10
2008 12 12 - 11 10 (1) (1)
Total Subprime $ 285 $ 247 $ (38) $ 267 $ 239 $ (28) $ 10
Absolute exposure to Subprime is less than 0.8% of the entire investment portfolio; very
limited exposure
Exposure to subprime residential mortgages is predominantly high quality, short duration,
with limited negative convexity
Holdings are concentrated in assets that are high priority within the AAA structure
More than 1/3rd of the holdings are in fixed-rate loans with no reset risk to borrowers
11
12. Asset Backed Securities
Other
Agency AAA AA A BBB BB & Below Total
Amort. Amort. Amort. Amort. Amort. Amort. Amort.
Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value
Cost Cost Cost Cost Cost Cost Cost
($ millions)
Other (non-RMBS) ABS
Small Business Administration $ 366 $ 355 $ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 366 $ 355
Auto - - 90 88 28 26 58 57 13 13 - - 189 184
Credit Card - - 58 54 - - 23 22 - - - - 81 76
Student Loan - - 77 74 - - - - - - - - 77 74
Other - - 87 86 25 24 - - 2 2 18 13 132 125
Total Non Residential ABS $ 366 $ 355 $ 312 $ 302 $ 53 $ 50 $ 81 $ 79 $ 15 $ 15 $ 18 $ 13 $ 845 $ 814
06/30/2008 09/30/2008
Amort. Unrealized Unrealized Change in
Fair Value Amort. Cost Fair Value
Cost Gain (Loss) Gain (Loss) Unrealized
($ millions)
Other (non-RMBS) ABS
Small Business Administration $ 425 $ 415 $ (10) $ 366 $ 355 $ (11) $ (1)
Auto 146 144 (2) 189 184 (5) (3)
Credit Card 81 79 (2) 81 76 (5) (3)
Student Loan 80 77 (3) 77 74 (3) -
Other 118 111 (7) 132 125 (7) -
(31) $ (7)
Total Other (non-RMBS) $ 850 $ 826 $ (24) $ 845 $ 814 $
Small Business Administration securities (43% of non-residential ABS) are backed by the full
faith and credit of the U.S. Government
Asset Backed Securities holdings were underwritten for the underlying collateral quality; nearly
all holdings are at the most senior level of the securitization
The Asset Backed Securities market is sensitive to the strength of the consumer; lack of credit
and a weakening economy is a concern, however the holdings’ structural enhancement is
expected to provide ample cushion
12
13. Commercial Mortgage Backed Securities
Rating & Vintage
Agency AAA AA A BBB BB & Below Total
Amort. Fair Amort. Amort. Fair Amort. Amort. Amort. Amort.
Cost Value Cost Fair Value Cost Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value
($ millions)
CMBS
2003 & prior $ 948 $ 936 $ 821 $ 801 $ -$ -$ -$ -$ -$ -$ -$ -$ 1,769 $ 1,737
2004 54 54 345 332 - - - - - - - - 399 386
2005 21 21 578 532 - - - - - - - - 599 553
2006 - - 12 12 - - - - - - - - 12 12
2007 - - 25 23 - - - - - - - - 25 23
2008 - - - - - - - - - - - - - -
Total CMBS $ 1,023 $ 1,011 $ 1,781 $ 1,700 $ -$ -$ -$ -$ -$ -$ -$ -$ 2,804 $ 2,711
06/30/2008 09/30/2008
Amort. Fair Unrealized Amort. Unrealized Change in
Cost Value Gain (Loss) Cost Fair Value Gain (Loss) Unrealized
($ millions)
CMBS
2003 & prior $ 1,867 $ 1,849 $ (18) $ 1,769 $ 1,737 $ (32) $ (14)
2004 409 402 (7) 399 386 (13) (6)
2005 603 578 (25) 599 553 (46) (21)
2006 12 12 - 12 12 - -
2007 - - - 25 23 (2) (2)
2008 - - - - - - -
Total CMBS $ 2,891 $ 2,841 $ (50) $ 2,804 $ 2,711 $ (93) $ (43)
High quality and well diversified portfolio; 100% AAA-rated; 37% agency
Portfolio is nearly entirely in 2005 and earlier vintages; Commercial real estate underwriting for
securitizations deteriorated in late 2006 and continued through 2007
Most securities have significant credit enhancement, generally in the 20-30% range and are in
the senior-most position in the securitization
13
14. Municipal Bonds
06/30/2008 09/30/2008
Net Net
Change in
Amort. Cost Fair Value Unrealized Amort. Cost Fair Value Unrealized
Unrealized
Gain (Loss) Gain (Loss)
($ millions)
Municipal Bonds $ 1,025 $ 991 $ (34) $ 1,033 $ 923 $ (110) $ (76)
BBB
Number of issuers 296
15% AAA
27%
A
22%
AA
36%
High quality portfolio, 85% A-rated or higher
Average issuer exposure is less than 35bp of the portfolio
Diversified geographically and by industry
14
15. Direct Commercial Mortgage Loans
Region & Property Type
($ millions) ($ millions)
Amortized % of Amortized % of
Region Cost Total Property Type Cost Total
East North Central 292 10% Apartments 427 15%
East South Central 78 3% Hotel 77 3%
Middle Atlantic 252 9% Industrial 521 18%
Mountain 345 12% Mixed Use 51 2%
New England 191 6% Office 873 29%
Pacific 487 17% Other 90 3%
South Atlantic 675 22% Retail 899 30%
West North Central 393 13% $2,939 100%
West South Central 226 8%
$2,939 100%
LTV 54%
Delinquencies 0
Coverage 1.83
Unallocated Reserve
Balance 18
Portfolio of commercial loans is well diversified geographically and by property type
Average loan to value ratio of 54%
Debt service coverage ratio of over 1.8x
Portfolio has had no delinquencies over the past 2 years
15