Alleghany Announces 2004 Third Quarter Results.NEW YORK -- Alleghany Corporation (NYSE:Y) reported a net loss in the third quarter of 2004 of $47.0 million, or $6.12 per share (per share information throughout is presented on a diluted basis), compared with net earnings of $74.9 million, or $9.79 per share, in the third quarter of 2003, John J. Burns, Jr., President and chief executive officer of Alleghany, announced today. "We are pleased that our insurance subsidiaries remain profitable on a year-to-date basis, despite record-setting catastrophe loss activity in the 2004 third quarter, and that our common stockholders' equity per share has increased 5% since the end of 2003" said Mr. Burns. Net gains on investment transactions after tax (taxed at the federal income tax rate) were $4.3 million, or $0.57 per share, in the 2004 third quarter, compared with $50.6 million, or $6.62 per share, in the 2003 third quarter. Third quarter 2004 net catastrophe losses were $97.8 million, or $12.75 per share, compared with net catastrophe losses of $10.9 million, or $1.43 per share, in the 2003 third quarter. Third quarter 2004 net earnings excluding gains on investment transactions after taxes (taxed at the federal income tax rate) and net catastrophe losses were $46.5 million, or $6.06 per share, compared with $35.2 million, or $4.60 per share in the corresponding 2003 period.
Three Months Ended September 30,
--------------------------------
(in millions, except for per
share and share amounts)
Per Share(1)
2004 2003 2004 2003
---- ---- ---- ----
Net (loss) earnings $(47.0) $ 74.9 $ (6.12) $ 9.79
Net gains on investment
transactions (2) 4.3 50.6 0.57 6.62
Net catastrophe losses (3) (97.8) (10.9) (12.75) (1.43)
Net earnings, excluding net
gains on investment
transactions (2) and net
catastrophe losses (3) $ 46.5 $ 35.2 $ 6.06 $ 4.60
Average number of outstanding
shares of common stock (4) 7,675,313 7,617,920
(1) Represents diluted earnings per share of common stock.
(2) After tax, taxed at the federal income tax rate.
(3) Net of reinsurance and tax at the federal income tax rate.
(4) Adjusted to reflect the dividend of common stock declared in March
2004.
In the first nine months of 2004, Alleghany's net earnings were $63.8 million, or $8.29 per share, compared with $88.6 million, or $11.64 per share, in the first nine months of 2003. Net gains on investment transactions after taxes (taxed at the federal income tax rate) in the first nine months of 2004 were $28.7 million, or $3.74 per share, compared with $53.8 million, or $7.06 per share in the corresponding 2003 period. 2004 nine-month net catastrophe losses were $100.9 million, or $13.10 per share, compared with net catastrophe losses of $11.4 million, or $1.50 per share, in the first nine months of 2003. For the first nine months of 2004, net earnings excluding gains on investment transactions after taxes (taxed at the federal income tax rate) and net catastrophe losses were $135.9 million, or $17.66 per share, compared with $46.2 million, or $6.07 per share in the corresponding 2003 period.
Nine Months Ended September 30,
-------------------------------
Per Share(1)
(in millions, except for per
share and share amounts) 2004 2003 2004 2003
-------- ------- ---------- ----------
Net (loss) earnings $63.8 $88.6 $8.29 $11.64
Net gains on investment
transactions (2) 28.7 53.8 3.74 7.06
Net catastrophe losses (3) $(100.9) $(11.4) $(13.10) $(1.50)
Net earnings, excluding net
gains on investment
transactions (2) and net
catastrophe losses (3) $135.9 $46.2 $17.66 $6.07
Average number of outstanding
shares of common stock (4) 7,665,295 7,586,665
(1) Represents diluted earnings per share of common stock.
(2) After tax, taxed at the federal income tax rate.
(3) Net of reinsurance and tax at the federal income tax rate.
(4) Adjusted to reflect the dividend of common stock declared in March
2004.
Alleghany's common stockholders' equity per share at September 30, 2004 was $215.48, a decrease from common stockholders equity per share of $218.32 as of June 30, 2004, but an increase from common stockholders' equity per share of $204.44 as of December 31, 2003 (all as adjusted for the stock dividend declared in March 2004). The comparative contributions to (losses) earnings before taxes made by Alleghany's operating units Alleghany Insurance Holdings LLC ("AIHL AIHL - Australian Ice Hockey League," a holding company for Alleghany's property and casualty insurance businesses, consisting of RSUI RSUI - Rescue Swimmer Under Instruction (USMC) Group, Inc. ("RSUI"), Capitol Transamerica Corporation ("CATA") and Darwin Professional Underwriters, Inc. ("Darwin")), and World Minerals, Inc. (industrial minerals business), as well as by corporate activities which include parent company results and the results of miscellaneous subsidiaries, were as follows (in millions):
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- -------------------
2004 2003 2004 2003
AIHL $(81.5) $75.0 $84.4 $82.6
World Minerals 6.0 6.9 16.8 18.3
Corporate activities (4.0) 25.9 (10.5) 27.2
---------- --------- ----------- -------
Total $(79.5) $107.8 $90.7 $128.1
========== ========= =========== =======
On a per-share, after-tax basis, the foregoing earnings (losses) contributions may be broken down as follows:
Three Months Ended September 30,
--------------------------------
AIHL World Corporate Total
Minerals activities
---------- --------- ----------- -------
2004
----
Operating (loss) income * $ (7.36) $ 0.43 $ 0.24 $(6.69)
Net gains on investment
transactions after taxes** 0.57 -- -- 0.57
--------- -------- ---------- ------
Net (loss) earnings per share $ (6.79) $ 0.43 $ 0.24 $(6.12)
========= ======== ========== ======
2003
----
Operating income* $ 2.42 $ 0.46 $ 0.29 $ 3.17
Net gains on investment
transactions after taxes** 3.93 -- 2.69 6.62
--------- -------- ---------- ------
Net earnings per share $ 6.35 $ 0.46 $ 2.98 $ 9.79
========= ======== ========== ======
Nine Months Ended September 30,
-------------------------------
AIHL World Corporate Total
Minerals activities
---------- --------- ----------- -------
2004
----
Operating income (loss)* $ 3.81 $ 1.18 $ (0.44) $ 4.55
Net gains on investment
transactions after taxes** 3.59 -- 0.15 3.74
--------- -------- ---------- ------
Net earnings (loss) per share $ 7.40 $ 1.18 $ (0.29) $ 8.29
========= ======== ========== ======
2003
----
Operating income* $ 3.22 $ 1.21 $ 0.15 $ 4.58
Net gains on investment
transactions after taxes** 4.03 -- 3.03 7.06
--------- -------- ---------- ------
Net earnings per share $ 7.25 $ 1.21 $ 3.18 $11.64
========= ======== ========== ======
* Operating (loss) income represents net (loss) earnings per share on
a GAAP (generally accepted accounting principles) basis less the
net gain or loss on investment transactions taxed at the federal
income tax rate.
** Taxed at the federal income tax rate.
AIHL recorded a net loss of $52.1 million on revenues of $216.4 million in the 2004 third quarter, compared with net earnings of $48.5 million on revenues of $221.5 million in the third quarter of 2003, and net earnings of $56.9 million on revenues of $664.7 million in the first nine months of 2004, compared with net earnings of $55.2 million on revenues of $298.5 million in the first nine months of 2003. AIHL's 2004 third quarter net losses include net investment income after taxes (taxed at the federal income tax rate) of $5.9 million and net gains on investment transactions after taxes (taxed at the federal income tax rate) of $4.3 million, compared with net investment income after taxes (taxed at the federal income tax rate) of $3.7 million and net gains on investment transactions after taxes (taxed at the federal income tax rate) of $30.1 million in the corresponding 2003 period. The comparative pre-tax contributions to AIHL's results made by its operating units RSUI, CATA and Darwin, and total AIHL results, were as follows (in thousands, except ratios):
Three Months Ended September 30,
--------------------------------
RSUI(1) CATA(2) Darwin(3) AIHL
------------ --------- --------- ---------
2004
----
Gross premiums written (4) $ 305,460 $43,750 $25,283 $374,493
Net premiums written (4) 155,736 39,134 17,212 212,082
Net premiums earned $ 147,498 $37,687 $13,421 $198,606
Loss and loss adjustment
expenses 212,199 21,238 8,729 242,166
Underwriting expenses 23,252 20,918 4,530 48,700
----------- ------- ------- --------
Underwriting (loss)
profit (5) $ (87,953) $(4,469) $ 162 (92,260)
=========== ======= =======
Interest, dividend and other
income 11,094
Net gains on investment
transactions 6,688
Other expenses (6,982)
--------
Losses before income taxes $(81,460)
========
Loss ratio (6) 143.9 56.4 65.0 121.9
Expense ratio (7) 15.7 55.5 33.8 24.5
Combined ratio (8) 159.6 111.9 98.8 146.4
2003
----
Gross premiums written(4) $489,868(9)$43,003 $ 6,177 $539,383
Net premiums written(4) 457,157 35,217 5,547 497,921
Net premiums earned $ 135,777 $30,935 $ 1,107 $167,819
Loss and loss adjustment
expenses 81,645 18,239 725 100,609
Underwriting expenses 25,439 12,837 1,821 40,097
----------- ------- ------- --------
Underwriting profit
(loss) (5) $ 28,693 $ (141) $(1,439) 27,113
=========== ======= =======
Interest, dividend and other
income 7,359
Net gains on investment
transactions 46,275
Other expenses (5,780)
--------
Earnings before income taxes $ 74,967
========
Loss ratio (6) 60.1 59.0 65.5 59.9
Expense ratio (7) 18.7 41.5 164.5 23.9
Combined ratio (8) 78.8 100.5 230.0 83.8
Nine Months Ended September 30,
-------------------------------
RSUI(1) CATA(2) Darwin(3) AIHL
------------ --------- --------- -----------
2004
----
Gross premiums written (4)$ 907,941 $132,130 $66,065 $1,106,136
Net premiums written (4) 465,241 118,134 45,831 629,206
Net premiums earned $ 449,810 $111,660 $30,019 $ 591,489
Loss and loss adjustment
expenses 345,565 62,628 19,087 427,280
Underwriting expenses 70,241 51,679 11,168 133,088
----------- -------- ------- ----------
Underwriting profit (loss)
(5) $ 34,004 $ (2,647) $ (236) 31,121
=========== ======== =======
Interest, dividend and
other income 30,754
Net gains (loss) on
investment transactions 42,488
Other expenses (19,947)
----------
Earnings before income
taxes $ 84,416
==========
Loss ratio (6) 76.8 56.1 63.6 72.3
Expense ratio (7) 15.6 46.3 37.2 22.4
Combined ratio (8) 92.4 102.4 100.8 94.7
2003
----
Gross premiums written(4) $489,868 (9) $123,477 $8,273 $ 621,618
Net premiums written(4) 457,157 106,892 7,531 571,580
Net premiums earned $ 135,777 $ 97,768 $ 1,214 $ 234,759
Loss and loss adjustment
expenses 81,645 57,843 789 140,277
Underwriting expenses 25,439 39,683 3,258 68,380
----------- -------- ------- ----------
Underwriting profit (loss)
(5) $ 28,693 $ 242 $(2,833) 26,102
=========== ======== =======
Interest, dividend and
other income 16,569
Net gains on investment
transactions 47,147
Other expenses (7,257)
----------
Earnings before income
taxes $ 82,561
==========
Loss ratio (6) 60.1 59.2 65.0 59.8
Expense ratio (7) 18.7 40.6 268.4 29.1
Combined ratio (8) 78.8 99.8 333.4 88.9
(1) Since July 1, 2003.
(2) Includes the results of Platte River Insurance Company, which was
acquired contemporaneously with CATA in January 2002 and operates
in conjunction with CATA.
(3) Although Darwin is an underwriting manager for Platte River and
certain subsidiaries of CATA, Darwin is managed on an operating
unit basis and therefore, the results of business generated by
Darwin have been separated from CATA's results for purposes of
this table.
(4) Amounts do not reflect the impact of an inter-company pooling
agreement.
(5) Represents net premiums earned less loss and loss adjustment
expenses and underwriting expenses, all as determined in
accordance with generally accepted accounting principles in the
United States of America ("GAAP"), and does not include interest,
dividend and other income or net gains on investment transactions.
Underwriting profit (loss) does not replace net income (loss)
determined in accordance with GAAP as a measure of profitability;
rather, it provides a basis for management to evaluate the
underwriting performance of its insurance operating units.
(6) Loss and loss adjustment expenses divided by net premiums earned,
all as determined in accordance with GAAP.
(7) Underwriting expenses divided by net premiums earned, all as
determined in accordance with GAAP.
(8) The sum of the Loss Ratio and Expense Ratio, all as determined in
accordance with GAAP, representing the percentage of each premium
dollar an insurance company has to spend on losses (including loss
adjustment expenses) and underwriting expenses.
(9) Includes $320.8 million of unearned premiums which were acquired
with RSUI in July 2003 and $169.9 million of premiums assumed on a
net basis.
RSUI recorded an underwriting loss of $87.9 million in the 2004 third quarter, primarily reflecting $146.7 million of pre-tax catastrophe losses, net of reinsurance and $10.5 million of reinsurance reinstatement premiums, from Hurricanes Charley, Francis, Ivan and Jeanne. An underwriting profit of $28.7 million was earned for the comparable period in 2003 during which there were $16.6 million of pre-tax catastrophe losses. Despite the hurricane losses in the 2004 third quarter, RSUI reported an underwriting profit of $34.0 million for the first nine months of 2004, primarily reflecting strong property results in the first half of 2004. CATA's 2004 third quarter underwriting results primarily reflect $3.8 million of pre-tax catastrophe losses, higher underwriting expenses and continued unfavorable results in its surety lines of business, partially offset by better underwriting margins in its casualty lines of business on the current accident year. The increase in CATA's gross premiums written in the first nine months of 2004 compared with the corresponding 2003 period reflect the continued expansion of its business into the excess and surplus markets. Darwin's results in the third quarter and first nine months of 2004 continue to reflect organizational build-up expenses incurred to support premium levels, as well as increased competition across all of its lines of business. World Minerals recorded pre-tax earnings of $6.0 million on revenues of $72.9 million in the 2004 third quarter, compared with pre-tax earnings of $6.9 million on revenues of $67.4 million in the 2003 third quarter, and pre-tax earnings of $16.8 million on revenues of $211.2 million in the first nine months of 2004, compared with pre-tax earnings of $18.3 million on revenues of $198.6 million in the first nine months of 2003. The 2004 nine month results reflect lower margins due to competitive pricing pressures, increased energy, labor and benefit costs and expenses in connection with information technology initiatives, partially offset by an increase in net shipments and the continuing favorable impact of the strong euro versus the U.S. dollar. Corporate activities recorded a pre-tax loss of $4.0 million on revenues of $49.3 million in the third quarter of 2004, compared with pre-tax earnings of $25.9 million on revenues of $66.0 million in the corresponding period in 2003, and a pre-tax loss of $10.5 million on revenues of $140.8 million in the first nine months of 2004, compared with pre-tax earnings of $27.2 million on revenues of $140.8 million in the corresponding 2003 period. The 2004 third quarter net earnings include no net gains or (losses) on investment transactions, compared with net gains on investment transactions after taxes (taxed at the federal income tax rate) of $20.5 million in the corresponding 2003 period. 2004 nine month net earnings include net gains on investment transactions after taxes (taxed at the federal income tax rate) of $1.1 million, compared with $23.1 million in the first nine months of 2003. As of September 30, 2004, Alleghany beneficially owned 8.0 million shares, or approximately 2.0 percent, of the outstanding common stock of Burlington Northern Santa Fe Corporation, which had an aggregate market value on that date of approximately $306.5 million, or $38.31 per share, compared with a market value on June 30, 2004 of $280.6 million, or $35.07 per share. The aggregate cost of such shares is approximately $96.6 million, or $12.07 per share. Alleghany has previously announced that it may purchase shares of its common stock in open market transactions from time to time. In the third quarter of 2004, Alleghany did not purchase any shares of its common stock. As of September 30, 2004, Alleghany had 7,675,313 shares of common stock outstanding (which includes the stock dividend declared in March 2004). Additional information regarding the 2004 third quarter results of Alleghany and its operating businesses is contained in Alleghany's Report on Form 10-Q for the quarter ended September 30, 2004, which was filed with the U.S. Securities and Exchange Commission on November 9, 2004. Comment on Regulation G This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures are included herein. Throughout the press release Alleghany presents its operations in the way it believes will be most meaningful and useful to the investing public and others who use such information in evaluating Alleghany's results. In addition to the GAAP presentations of net earnings (loss), Alleghany reports operating income, a non-GAAP financial measure, which is net earnings (loss) excluding net gains on investment transactions after tax. Management presents operating income as a measure of its performance because the realization of gains on investment transactions is largely discretionary as to timing and can fluctuate significantly, which could distort the analysis of trends and comparability of reported periods. Alleghany also shows net earnings (loss) exclusive of both catastrophe losses and net gains on investment transactions after tax, a non-GAAP financial measure, which is intended to assist investors in analyzing the impact of such items. Catastrophe losses are significant to Alleghany's 2004 results and, similar to gains on investment transactions, can fluctuate significantly, which could distort the analysis of trends and comparability of reported periods. Alleghany also reports underwriting profit (loss), a non-GAAP financial measure, in the tables relating to the comparative pre-tax contributions to AIHL's results made by its operating units RSUI, CATA and Darwin. Underwriting profit is net premiums earned less loss and loss adjustment expense and underwriting expense and does not include interest, dividend and other income or net gains on investment transactions. Management believes that underwriting profit provides a basis to evaluate the underwriting performance of its insurance operations. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.
ALLEGHANY CORPORATION
COMBINING STATEMENTS OF EARNINGS
(dollars in thousands)
(unaudited)
THREE MONTHS ENDED SEPTEMBER 30, 2004
-----------------------------------------
ALLEGHANY
INSURANCE WORLD CORPORATE
HOLDINGS MINERALS ACTIVITIES COMBINED
-----------------------------------------
Revenues
Net fastener sales $ 0 $ 0 $ 41,846 $ 41,846
Interest, dividend and
other income 11,094 (356) 7,418 18,156
Net premiums earned 198,606 0 0 198,606
Net mineral and filtration
sales 0 73,276 0 73,276
Net gain (loss) on
investment transactions 6,688 0 0 6,688
--------- ------- -------- ---------
Total revenues 216,388 72,920 49,264 338,572
Costs and expenses
Underwriting expenses 48,700 0 0 48,700
Salaries, administrative
and other operating
expenses 6,830 10,321 9,550 26,701
Loss and loss adjustment
expenses 242,166 0 0 242,166
Cost of goods sold -
fasteners 0 0 32,880 32,880
Cost of mineral and
filtration sales 0 55,974 0 55,974
Interest expense 0 598 748 1,346
Corporate administration 152 0 10,147 10,299
--------- ------- -------- ---------
Total costs and
expenses 297,848 66,893 53,325 418,066
--------- ------- -------- ---------
Earnings before income taxes ($81,460) $ 6,027 ($4,061) (79,494)
========= ======= ========
Income taxes (32,490)
---------
Net earnings ($47,004)
=========
ALLEGHANY CORPORATION
COMBINING STATEMENTS OF EARNINGS
(dollars in thousands)
(unaudited)
THREE MONTHS ENDED SEPTEMBER 30, 2003
---------------------------------------
ALLEGHANY
INSURANCE WORLD CORPORATE
HOLDINGS MINERALS ACTIVITIES COMBINED
---------------------------------------
Revenues
Net fastener sales $ 0 $ 0 $30,559 $ 30,559
Interest, dividend and other
income 7,359 (54) 3,791 11,096
Net premiums earned 167,819 0 0 167,819
Net mineral and filtration
sales 0 67,502 0 67,502
Net gain (loss) on investment
transactions 46,275 0 31,599 77,874
-------- ------- ------- --------
Total revenues 221,453 67,448 65,949 354,850
Costs and expenses
Underwriting expenses 40,097 0 0 40,097
Salaries, administrative and
other operating
expenses 5,780 9,908 7,226 22,914
Loss and loss adjustment
expenses 100,609 0 0 100,609
Cost of goods sold -
fasteners 0 0 23,614 23,614
Cost of mineral and
filtration sales 0 50,174 0 50,174
Interest expense 0 451 930 1,381
Corporate administration 0 0 8,218 8,218
-------- ------- ------- --------
Total costs and
expenses 146,486 60,533 39,988 247,007
-------- ------- ------- --------
Earnings before income taxes $ 74,967 $ 6,915 $25,961 107,843
======== ======= =======
Income taxes 32,973
--------
Net earnings $ 74,870
========
ALLEGHANY CORPORATION
COMBINING STATEMENTS OF EARNINGS
(dollars in thousands)
(unaudited)
NINE MONTHS ENDED SEPTEMBER 30, 2004
------------------------------------------
ALLEGHANY
INSURANCE WORLD CORPORATE
HOLDINGS MINERALS ACTIVITIES COMBINED
------------------------------------------
Revenues
Net fastener sales $ 0 $ 0 $ 123,226 $ 123,226
Interest, dividend and
other income 30,754 (429) 15,850 46,175
Net premiums earned 591,489 0 0 591,489
Net mineral and filtration
sales 0 211,603 0 211,603
Net gain (loss) on
investment transactions 42,488 0 1,735 44,223
-------- -------- --------- ----------
Total revenues 664,731 211,174 140,811 1,016,716
Costs and expenses
Underwriting expenses 133,088 0 0 133,088
Salaries, administrative
and other operating
expenses 19,656 30,185 27,033 76,874
Loss and loss adjustment
expenses 427,280 0 0 427,280
Cost of goods sold -
fasteners 0 0 93,221 93,221
Cost of mineral and
filtration sales 0 162,417 0 162,417
Interest expense 0 1,727 2,178 3,905
Corporate administration 291 0 28,902 29,193
-------- -------- --------- ----------
Total costs and
expenses 580,315 194,329 151,334 925,978
-------- -------- --------- ----------
Earnings before income taxes$ 84,416 $ 16,845 ($10,523) 90,738
======== ======== =========
Income taxes 26,955
----------
Net earnings $ 63,783
==========
ALLEGHANY CORPORATION
COMBINING STATEMENTS OF EARNINGS
(dollars in thousands)
(unaudited)
NINE MONTHS ENDED SEPTEMBER 30, 2003
------------------------------------------
ALLEGHANY
INSURANCE WORLD CORPORATE
HOLDINGS MINERALS ACTIVITIES COMBINED
------------------------------------------
Revenues
Net fastener sales $ 0 $ 0 $ 85,804 $ 85,804
Interest, dividend and
other income 16,569 165 19,453 36,187
Net premiums earned 234,759 0 0 234,759
Net mineral and filtration
sales 0 198,410 0 198,410
Net gain (loss) on
investment transactions 47,147 0 35,569 82,716
-------- -------- --------- ----------
Total revenues 298,475 198,575 140,826 637,876
Costs and expenses
Underwriting expenses 68,380 0 0 68,380
Salaries, administrative
and other operating
expenses 7,257 28,656 24,585 60,498
Loss and loss adjustment
expenses 140,277 0 0 140,277
Cost of goods sold -
fasteners 0 0 65,182 65,182
Cost of mineral and
filtration sales 0 150,295 0 150,295
Interest expense 0 1,322 2,805 4,127
Corporate administration 0 0 21,001 21,001
-------- -------- --------- ----------
Total costs and
expenses 215,914 180,273 113,573 509,760
-------- -------- --------- ----------
Earnings before income
taxes $ 82,561 $ 18,302 $ 27,253 128,116
======== ======== =========
Income taxes 39,526
----------
Net earnings $ 88,590
==========
ALLEGHANY CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
SEPTEMBER DECEMBER
30, 31,
2004 2003*
(unaudited) (audited)
----------- -----------
ASSETS
Available for sale securities at fair value:
Equity securities $612,454 $620,754
Debt securities 1,327,385 917,270
Short-term investments 74,422 135,079
----------- -----------
2,014,261 1,673,103
Cash 275,838 231,583
Notes receivable 91,804 92,082
Accounts receivable, net 76,592 75,154
Premium balances receivable 170,578 279,682
Reinsurance receivables 580,425 211,753
Ceded unearned premium reserves 284,589 231,166
Deferred acquisition costs 56,885 47,282
Property and equipment - at cost, net of
accumulated depreciation 170,924 177,708
Inventory 85,696 84,612
Goodwill and other intangibles, net of
amortization 230,483 233,739
Deferred tax assets 111,074 85,736
Current taxes receivable 21,555 0
Other assets 75,909 94,898
----------- -----------
$4,246,613 $3,518,498
=========== ===========
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
Current taxes payable $0 $49,605
Losses and loss adjustment expenses 1,153,846 437,994
Other liabilities 224,738 211,000
Reinsurance payable 103,990 255,117
Unearned premiums 735,208 644,068
Subsidiaries' debt 158,724 167,050
Deferred tax liabilities 216,233 190,842
----------- -----------
Total liabilities 2,592,739 1,955,676
Common stockholders' equity 1,653,874 1,562,822
----------- -----------
$4,246,613 $3,518,498
=========== ===========
COMMON SHARES OUTSTANDING (adjusted for stock
dividends) 7,675,313 7,644,232
=========== ===========
* Certain amounts have been restated and reclassified to conform to
the 2004 presentation.
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