felanders/preprocessed huggingface dataset:
Management: E. HUriimann, General Manager. P. Alther, E. Bebier, J. N. Tolienaar, J. Gaiiloud, A
The Fire premium income has increased considerably, partly, however, owing to the improvement in the rate of exchange of certain important currencies, chiefly the Pound Sterling. The results of British Home and „General Foreign" business were favourable with the exception of Canada and the United States where we show a loss. Parts of the Continent gave satisfaction, especially countries with comparatively good currencies, excepting, however, Holland where conditions of Fire Insurance are unsatisfactory.
Marine business shows no perceptible improvement and we continue in our policy of reserve, the premium income for own account amounted to only Fes. 2,100,000.
Personal Accident results generally were satisfactory. As regards Liability business no improvement is as yet apparent on the Continent of Europe, rates for Motor Car risks are quite insufficient. America, on the other hand, showed a profit.
The re-conversion of the Life Portfolio into original currencies has been completed during the past year and consequently in determining the Life figures as at 81st December 1922 we have applied the average rates of exchange ruling for December, following the practice in the other branches. This re-conversion explains the fall in premium income and the Balance Sheet figures of the Life Department.
Interest, after deduction of interest accruing to the Life Department, amounts to Fes. 4,660,266.40.
The Profit & Loss Account closes with a profit of . . . . Fes. 3,097,824. 82 which the Board of Directors propose to distribute as follows: Special Reserve Fund Fes. 700,000. — Staff Life Insurance and Pension Fund ...... „ 250,000. ^ Dividend Fes. 150.— per share . . ...... , 1,500,000.—
' ^ Directors and Management . . . . . . . . . . „ 500,000.— ; ^ Carried forward . . . . . ........ . „ 147,824.82 -: :e--. • IfSilSi
PROFIT AND LOSS ACCOUNT for the year ending 31®' December, 1922.
Life DepL. Premium Reserve from 1921 . . Annuity Fund from 1921 Reserve for unsettled Claims from 1921 . . . . . Premiums, less cancellations Retrocessions withdrawn . Consideration for Annuities, less Retrocession . . . Interest Interest, after deduction of interest due to Life Bept-
Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine DepJ?: Premium Reserve Frs. 41,185,979.89 Reserve for unsettled Claims ....... . „ 21,825,878.-
Staff Life Insurance and Pension Fund ...... 250,000 — Dividend Frs. 150. — per share ......... 1,500,000 — Directors and Management . . . . . . . . . . 500,000 — Carried forward • • • 147,824 82
AMBAC Indemnity maintains its principal executive offices at One State Street Plaza, New York, New York 10004, which consists of approximately 97,000 square feet of office space, under an agreement which expires on September 30, 2014. AMBAC Indemnity also maintains offices in London, England and Westport, Connecticut.
In addition, the Company owns certain interests in real estate acquired in connection with the defeasance of AMBAC Indemnity's policy obligations with respect to certain industrial revenue bonds.
Selected financial data for the Company and its subsidiaries for each of the last five fiscal years is set forth under the caption "Financial Highlights" on page 3 of the Company's 1996 Annual Report to Stockholders. Such information is incorporated herein by reference and should be read in conjunction with the Consolidated Financial Statements and the Notes thereto contained on pages 30 to 49 of such Annual Report.
Management's Discussion and Analysis of Financial Condition and Results of Operations is set forth under the same caption on pages 21 through 28 of the Company's 1996 Annual Report to Stockholders. Such information is incorporated herein by reference and should be read in conjunction with the Consolidated Financial Statements and the Notes thereto contained on pages 30 to 49 of such Annual Report.
St. Paul Fire and Marine Insurance Company owns its corporate headquarters buildings, located at 385 Washington Street and 130 West Sixth Street, Saint Paul, Minnesota. These buildings, which are adjacent to one another and connected by skyway, are also occupied by The St. Paul. These buildings consist of approximately 1.1 million square feet of gross floor space. St. Paul Fire and Marine Insurance Company also owns a building in Freeport, Illinois that houses a portion of its personal insurance operations.
The "Management's Discussion and Analysis" section on pages 16 to 45 of the 1996 Annual Report to Shareholders is incorporated herein by reference.
Selected Consolidated Financial Data on page 13 of the MMI Companies, Inc. 1997 Annual Report to Stockholders is incorporated herein by reference and is filed in electronic format as Exhibit 13.1.
The Consolidated Financial Statements and Notes thereto and Report of Independent Auditors on pages 20 through 38 of the MMI Companies, Inc. 1997 Annual Report to Stockholders is incorporated herein by reference and is filed in electronic format as Exhibit 13.3.
Pafco also owns an investment property located at 2105 North Meridian, Indianapolis, Indiana. The property is a 21,700 square foot, multilevel building leased out entirely to third parties.
Superior's operations are conducted at leased facilities located in Atlanta, Georgia; Tampa, Florida; and Orange, California. Under a lease term which extends through February 2003, Superior leases office space at 280 Interstate North Circle, N.W., Suite 500, Atlanta, Georgia. Superior occupies 43,448 square feet at this location and subleases an additional 3,303 square feet to third-party tenants. Superior also has an office located at 3030 W. Rocky Pointe Drive, Suite 770, Tampa, Florida consisting of 18,477 square feet of space leased for a term extending through February, 2000. In addition, Superior occupies an office at 1745 West Orangewood, Orange, California consisting of 3,264 square feet under a lease extending through June 2000.
The discussion entitled "Management Discussion and Analysis of Financial Condition and Results of Operations" included in the 1997 Annual Report on pages 5 through 16 included as Exhibit 13 is incorporated herein by reference.
The consolidated financial statements in the 1997 Annual Report, included as Exhibit 13, and listed in Item 14 of this Report are incorporated herein by reference from the 1997 Annual Report.
"Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 3 through 8 of DHC's 1998 Annual Report to Stockholders (included as an exhibit hereto) is incorporated herein by reference.
The Consolidated Financial Statements of DHC and its subsidiaries, together with the Notes thereto, and "Quarterly Financial Data," included on pages 9 through 12, 13 through 24, and 26, respectively, of DHC's 1998 Annual Report to Stockholders (included as an exhibit hereto), are incorporated herein by reference.
- --------------- (a) Includes $246 million ($.94 per share) aftertax litigation settlements and $42 million ($.16 per share) aftertax Year 2000 costs. (b) Includes $247 million ($.99 per share) aftertax merger-related costs, $73 million ($.29 per share) aftertax loss on sale of non-strategic assets, and $33 million ($.13 per share) aftertax litigation settlement. (c) Includes $111 million ($.44 per share) aftertax loss on sale of non-strategic assets and $32 million ($.13 per share) aftertax write-down of USLIFE group insurance business. (d) Includes $140 million ($.57 per share) aftertax adjustment to the allowance for finance receivable losses. (e) Includes aftertax net realized investment losses of $115 million ($.47 per share). Net realized investment gains for 1995-1998 were immaterial. (f) Includes fair value adjustment related to securities. Additional information is incorporated herein by reference to the section "Investments - Fair Value of Securities" of MD&A in American General's 1998 ARS. (g) Excludes dividends paid by USLIFE.
Management's Discussion and Analysis of Financial Condition and Results of Operations is incorporated herein by reference to "Management's Discussion and Analysis" on pages 23-33 in American General's 1998 ARS.
Financial statements and supplementary data are incorporated herein by reference to pages 34-54 in American General's 1998 ARS.
The Company's headquarters are located at 440 Lincoln Street, Worcester, Massachusetts, and consist primarily of approximately 758,000 rentable square feet of office and conference space owned in fee and includes the headquarters of Hanover.
Reference is made to "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 22-45 of the 2000 Annual Report to Shareholders, which is incorporated herein by reference.
Reference is made to the Consolidated Financial Statements on pages 48-52 and the accompanying Notes to Consolidated Financial Statements on pages 53-78 of the 2000 Annual Report to Shareholders which meet the requirements of Regulation S-X, and which include a summary of quarterly results of consolidated operations (see Note 23 of Notes to Consolidated Financial Statements--page 78), which is incorporated herein by reference.
Summary of Operations - Fiscal years ended March 31, 1997, 1996 and 1995
During Fiscal 1997, revenue from vocational rehabilitation services totaled $1,219,890, a 5.7% decrease from the $1,293,166 reported for Fiscal 1996. Revenue for Fiscal 1996 had experienced only a marginal decrease (less than 1%) from the $1,304,212 generated in Fiscal 1995. The majority of the Company's vocational rehabilitation services are provided to the Washington State Department of Labor & Industries ("L & I"). Although referrals for services from this client have decreased, the Company has maintained a consistent market share in its two contract regions. Management has continued to focus its marketing plans on self-insured corporations as a source of new business and for decreasing its dependence on the L & I contracts.
Selling, general and administrative expenses during Fiscal 1997 decreased to $1,280,644 from $1,349,086 in Fiscal 96. During Fiscal 1995, selling, general and administrative expenses were $1,508,740. Management is currently exploring various alternatives to decrease corporate overhead which had previously supported the HBA division's operations.
Interest income increased to $417,293 during Fiscal 1997, as compared to interest income of $338,517 and $272,331 for Fiscal 1996 and Fiscal 1995, respectively. This increase was a direct result of the increase in
During Fiscal 1997, operating activities of continuing operations used $264,477, primarily due to gains on the sale of marketable securities and a decrease in income tax payable. Cash flows of $496,934 were provided by discontinued operations. During Fiscal 1996, cash flows used by operating activities amounted to $238,675 offset by $746,771 of net cash flows provided by discontinued operations.
Net cash provided by investing activities of $472,348 during the fiscal year ended March 31, 1997 consisted of $591,116 of proceeds from the sales of marketable securities, net of $118,768 of marketable securities purchases.
During Fiscal 1997, the Company used $298,217 in its financing activities to purchase 176,500 shares of its common stock. There were no cash flows from financing activities during Fiscal 1996.
The Company has intensified its review of strategic alternatives for maximizing shareholder value. With the disposition of the HBA division completed, the
Company will focus its attention on seeking acquisitions. Potential acquisitions will be evaluated based on their merits within its current line of business, as well as other fields. The Company believes that it has sufficient cash resources and working capital to meet its capital resource requirements for the foreseeable future.
The Company owns the office building and property located on the corner of North Columbia and West Rosemary Streets in Chapel Hill, North Carolina, which serves as the Company's corporate headquarters. The building contains approximately 23,000 square feet. The Company's principal subsidiary, ITIC, leases office space in 31 locations throughout North Carolina, South Carolina, Michigan and Virginia. NE-ITIC leases office space in New York.
Management's Discussion and Analysis of Financial Condition and Results of Operations in the 1999 Annual Report to Shareholders is incorporated herein by reference.
The supplementary financial information (Selected Quarterly Financial Data) in the 1999 Annual Report to Shareholders is incorporated herein by reference.
One field office is owned by EFL and leased to the Company. The rent expense for the field office leased from EFL was $.3 million in 2005.
The total operating expense, including rent expense, for all office space occupied by the Company in 2005 was $20.1 million. This amount was reduced by allocations to the Property and Casualty Group of $13.9 million for claims operations. The net amount after allocations is reflected in the Company’s cost of management operations.
Reference is made to the “Consolidated Financial Statements” and the “Quarterly Results of Operations” contained in the “Notes to Consolidated Financial Statements” in the 2005 Annual Report.
Suh-Managers: Ad. Ammann, Ch. Burnens, C. C. Calhurn, G. de Bardel, W. Habicht, Ch. Ochsenhein, P. Simon,
Fire Insurance, with a much increased premium income, produced a larger profit than in 1940, although the ratio is still appreciably lower than the average of previous years.
In Marine Insurance the general situation is obscured by the fact that, in conse­ quence of special regulations applied in most countries, advices of losses incurred are much delayed. This has been taken into consideration in establishing reserves. The further increase in the value of goods and hulls and in particular the sharp rise in freights, have led to an expansion in our premium income. The result is favourable.
The surplus obtained on Accident business in certain countries in Europe was almost entirely absorbed by deficits accruing in others, and particularly by the poor ex­ perience in Aviation Insurance. Our business in the United States, on the other hand, produced a higher profit.
In Sickness Insurance an increase in the loss ratio is to some extent counter­ balanced by a reduction of the costs.
In Burglary and Theft Insurance the shortage of commodities in certain countries led to a rise in the number of losses, resulting in reduced profit compared with previous years. Surety and Fidelity Guarantee as well as most of the Miscellaneous Branches produced favourable results.
The listed securities have, as usual, been entered at or. below the average market prices rating in December. Unquoted investments have been valued in accordance with statutory regulations. On fixing the rates of exchange for foreign currencies consideration was given to the possibilities of transfer and to the exchange risk on both assets and liabilities. Despite increased difficulties in international payments, it was possible to transfer to Switzerland in a satisfactory proportion the equivalent of the peld obtained abroad.
Life Dept Premium Reserve from 1940 . . . Annuity Fund from 1940 .... Reserve for Unsettled Claims from 1940 Premiums, less cancellations . . , Consideration for Annuities . . . Interest , Interest, after deduction of interest due to Life Depi^
Premiums for Retrocession, less cancellations Prs. 56,945,655.02 Premiums for Retrocession for which no reserve is necessary „ 9,820,851.38 Commission, less Retrocession Claims paid Frs. 125,843,485.24 less Retrocession , 34,110,114.25 Premium Reserve, less Retrocession Reserve for Unsettled Claims, less Retrocession . . . ... . Reserve for Extraordinary Losses
Liabilities. Capital (58,000 shares of Frs. 1000 each) . : Reserve Fund Special Reserve Fund Reserve for Contingencies Due to other Companies Life and other funds retained from other Companies . Sundry Creditors Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve Frs. 88,778,739.— Reserve for Unsettled Claims „ 113,410,625. — Reserve for Extraordinary Losses . , 10,000,000. —
Life Dep^ Premium Reserve Frs. 361,025,123 Annuity Fund ^ 8,761,207 Reserve for Unsettled Claims „ 6,749,573
Contribution to Stalf Life Insurance and Pension Fund ...... Dividend Directors Social Welfare contributions . Carried forward . .
The principal office of the Company is a building complex located at 151 Farmington Avenue, Hartford, Connecticut that is approximately 1.2 million square feet in size. The principal office is used by all the Company’s business segments. The Company also owns or leases other space in the greater Hartford area; Blue Bell, Pennsylvania; and various field locations throughout the country. Such properties are primarily used by the Company’s Health Care segment. The Company believes its properties are adequate and suitable for its business as presently conducted.
The information contained in Selected Financial Data in the Annual Report is incorporated herein by reference.
CNA Plaza, owned by Continental Assurance Company, serves as the home office for CNA and its insurance subsidiaries. An adjacent building (located at 55 E. Jackson Blvd.), jointly owned by Continental Casualty Company and Continental Assurance Company, is partially situated on grounds under leases expiring in 2058. Approximately 35% of the adjacent building is rented to non-affiliates. CNA's subsidiaries lease office space in various cities throughout the United States and in other countries. The following table sets forth certain information with respect to the principal office buildings owned or leased by CNA's subsidiaries:
------------------------------------------------------------------------- Amount Of Building Owned and Occupied or Leased by CNA or its Location Subsidiaries Principal Usage ------------------------------------------------------------------------- CNA Plaza 1,421,000 * Principal Executive 333 S. Wabash offices of CNA Chicago, Illinois
------------------------------------------------------------------------- Amount Of Building Owned and Occupied or Leased by CNA or its Location Subsidiaries Principal Usage ------------------------------------------------------------------------- 1431 Opus Place 100,991** Property,/Casualty, Downers Grove, Il. Surety Insurance Offices
1100 Ward Avenue, 95,450* First Insurance Honolulu, Hawaii Company of Hawaii, Ltd. Headquarters
Incorporated herein by reference from page 2 of the 1995 Annual Report to Shareholders.
Incorporated herein by reference from pages 12 through 25 of the 1995 Annual Report to Shareholders.
Statement of Consolidated Operations - Years Ended December 3l, 1995, 1994 and 1993
Statement of Consolidated Stockholders' Equity - Years Ended December 31, 1995, 1994 and 1993
Board of Directors: Ch. Simon, Chairman. E. Welti, Deputy-Chairman. W. C. Escher. Rob. Hegner.
Management: E. HUriimann, General Manager. P. Aither, E. Bebler, J. N. Toilenaar, J. Gaiiloud, A
The Fire account is affected by a large reduction of insurable values; the main factor, however, to which the reduction in our premium income is due, is the very con­ siderable depreciation which took place during 1921 of certain foreign currencies. One of the many serious effects of the war is the decline of the moral standard, against which the insuring Company finds it difficult to guard itself; no premium can ever adequately compensate this hazard. Furthermore, the increased cost of living has unfavourably affec­ ted the expense ratio. In some countries steps have been taken to compensate these new factors by an increase in the rates of premiums; unfortunately, however, this has not been done, or done insufficiently in most countries. A further adverse influence upon the loss ratio was the drought from which many countries suffered in 1921.
The results in the United States of America were very unfavourable; the other transatlantic countries also showed unsatisfactory results, the same as many continental countries, including Switzerland. On the other hand the results in England and Scandi­ navia were better than in the preceding years. In the latter country the premiums have been increased to an extent which gives hope of a lasting improvement in con­ ditions there.
Last year's record figures for new Life business have been exceeded in 1921. All first year's commissions have been written off as in the past. The mortality has been excep­ tionally favourable.
Further progress has been made in the great work of converting back into their original currencies our Life reinsurances and retrocessions which has been continued during the past year; the final result of the Life account has been written down to the rates of exchange of December.
The value of our investments has very considerably increased during 1921.
PROFIT AND LOSS ACCOUNT for the year ending 31®* December, 1921.
Premiums for Retrocession, less cancellations Commissions, less Retrocession Claims paid Prs. 76,090,290.50 less Retrocession , 32,183,535.69 Premium Reserve, less Retrocession Reserve for unsettled Claims Reserve for extraordinary Losses
Premium Reserve . Frs. 34,767,212.73 Reserve for unsettled Claims ....... , 22,950,565.14
Balance of Profit and Loss Account . 2,274,879 05 230,315,804 99
Assets, Shareholders' Liability . 15,000,000 — House Property • . . .... - • Frs. 2,500,000.-
Due by other Companies and Sundry Debtors . • • . 33,799,336 62 861,300 80
Board of Directors: Ch. Simon, Chairman. C. Abegg-Stockar, Deputy-Chairman. E. Hliriimann, Managing Director. Hans Suizer E. Welti Felix Calender Louis Dapples
Assistant Managers: V. V. Castelberg A. Hollinger E. Froelicb F. Niquille J. Gailloud 0. Wiesmann
We have pleasure in laying before you the seventieth Annual Report and Statement of Accounts of our Company, referring to the year 1933.
The reduction in the premium income of all the departmental accounts is partly a consequence of the economic crisis, as expressed in the fall in the value of insurable objects and in the slackening of the need for the insurance of large sums in the Life Branch. A more commanding influence however has been the depreciation of foreign currencies, and especially that of the Dollar, the effects of which have been felt not only in the United States, but also in certain European countries, where confidence in the stability of the Dollar had led to life assurances and, in some cases, other classes of insurance, being contracted in this currency. As is well known, the depreciation of the Dollar has affected the currencies of other countries not belonging to the gold block.
Fire business was very profitable in nearly all the Continental countries, while in England it showed a slight improvement. The Far East and Australia closed with a hand­ some surplus, but Canada and South America were again disappointing. In the United States an exceptionally high ratio of profit was attained.
In the Life Department the mortality experience was once more veiy favourable. General economic conditions again found their expression in a decline in new business and in an increase in the number of surrenders.
The reduction in interest earnings reflects, in part the desirability of maintaining a large measure of liquidity, and in part currency depreciation.
The Profit & Loss Account closes with a profit of . . . Frs. 7,353,035.79 which at the General Meeting of the shareholders it was decided to distribute as follows: Staff Life Insurance and Pension Fund Frs. 300,000.— Dividend Frs. 125.66 per share .......... » 6,283,000.— Directors . » 154,639.— Carried forward » 615,396.79
PROFIT AND LOSS ACCOUNT for the year ending 31$t December, 1933.
Life DepL. Premium Reserve from 1932 Annuity Fund from 1932 Reserve for unsettled Claims from 1932 . . . Premiums, less cancellations . i Consideration for Annuities Interest . . . Interest, after deduction of interest due to Life Dept. . . . .
Premiums for Retrocession, less cancellations Frs. 73,093,440.30 Premiums for Retrocession for which no reserve is necessary . , 11,709,120.03 Commission, less Retrocession . . Claims paid Frs. 114,081,436.83 less Retrocession , 52,011,571.13 Premium Reserve, less Retrocession . . . Reserve for unsettled Claims, less Retrocession ....... Reserve for extraordinary Losses
Consolidated Statements of Operations for each of the three years in the period ended December 31, 1993
Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 1993
Consolidated Statements of Stockholders' Equity for each of the three years in the period ended December 31, 1993
The Company leases approximately 2,700 square feet of space at its executive office in Jericho, New York under a lease, as extended, which expires in November 2003. RPM leases approximately 3,900 square feet of office space in Spokane, Washington. This lease expires in June 2000. RPM also maintains an office in Moses Lake, Washington which is leased on a month-to-month basis.
- --------------- (1) There were no cash dividends paid per Common Share during this period.
Selling, general and administrative expenses were $1,133,580, $1,199,277, and $1,280,644 in Fiscal 1999, Fiscal 1998 and Fiscal 1997, respectively. It is anticipated that certain expenditures related to the Company's search for acquisition candidates will increase.
The Company's primary source of cash is internally generated funds. At March 31, 1999, the Company had working capital of $8,120,621 as compared to working capital of $7,988,972 at March 31, 1998.
For Fiscal 1999, net cash provided by operating activities of continuing operations was $192,779. The primary sources of cash were net earnings from continuing operations of $59,924 and a $48,045 increase in income tax payable.
Assessment of both Company and client information systems is ongoing. The Company believes that with minor modifications to existing operating systems, the Year 2000 issue will not pose significant operational problems for its computer systems. Communications are in progress with all significant clients and vendors to determine the extent to which the Company's systems are vulnerable to such third parties' failure to remediate their own Year 2000 issues. The Company can provide no assurance that such clients and vendors will complete their respective Year 2000 solutions in time for the Company to fully test interfaces with them. Although the Company does not have a formal Year 2000 contingency plan, it will be responding to any disruption in service from a Year 2000 compliance problem in its systems and software or in a client's or vendor's system. There is no assurance, however, that the Company will be able to remedy any disruption in service, in particular any disruption from a client's or vendor's failure to be Year 2000 compliant.
Based on current plans and efforts to date, management expects that there will be no material adverse effect on operations and the associated costs to be incurred are not considered to be material. There is no guarantee, however, that all problems will be foreseen and corrected. In the event that the Company was unable to complete any portion of its Year 2000 plans, the Company could be unable to receive new case referrals, invoice clients and collect payments electronically.
Safe Harbor Statement under the Private Securities Litigation Act - -----------------------------------------------------------------
Board of Directors: Ch. Simon, Chairman. E. Weiti, Deputy-Chairman. W. C. Escher Rob. Hegner Ö, Abegg Hans Siilzer Felix Caionder , t; -
We beg to submit the sixty-first Annual Jteport and Accounts for the year 1924. The past year again brought a large increase in Premium Income despite a further depreciation in currencies, which was felt the more owing to the fact that countries from which an important part of our business is derived were affected by it.
The Fire Loss Ratio was very satisfactory except in the case of a few countries particularly the United States of America. The revival of business following the stabilisation of currency in certain Continental fields has been accompanied by severe competition and, in consequence, results have been adversely affected.
The Burglary Branch has again given satisfaction. Fidelity and Surety business, the main part of which originates from the United
States, does not show any improvement. Our Credit business has developed along normal lines as we have held aloof on principle from non-commercial credits and this policy has so far stood us in good stead. Credit Insurance is apparently being called upon to play an important part in the economic reconstruction of Europe. This will prove a difficult problem for Insurers and we fear that the lack of technical knowledge in some quarters may unfavourably influence the results of this Branch.
All foreign currencies have been converted into Swiss Francs at the average rates of exchange ruling for December 1924, both as regards the Profit and Loss Account and the Balance Sheet.
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PROFIT AND LOSS ACCOUNT for the year ending 31®* December, 1924.
Premium Reserve from 1923 Reserve for unsettled Claims from 1923 Reserve for extraordinary Losses . . . . Premiums, less cancellations
Life DepL. Premium Reserve from 1923 Annuity Fund from 1923 Reserve for unsettled Claims from 1923 . . Premiums, less cancellations Consideration for Annuities, less Retrocession Interest . Interest, after deduction of interest due to Life Dept-
Premiums for Retrocession, less cancellations ....... Commissions, less Retrocession Claims paid Fr.". 105,900,422.43 less Retrocession , 49,195,389.87 Premium Reserve, less Retroceasiou . i Reserve for unsettled Claims . . . . . . . Reserve for extraordinary Losses
Citizens owns its home office, located at 645 W. Grand River, Howell, Michigan, which is approximately 127,000 rentable square feet. Citizens also owns a three-building complex located at 808 North Highlander Way, Howell, Michigan, with approximately 209,000 rentable square feet, where various business operations are conducted.
Reference is made to the "Five Year Summary of Selected Financial Highlights" on page 25 of the 1998 Annual Report to Shareholders, which is incorporated herein by reference.
on the same 15.0 acre campus is a 12,800 square foot building. Nearly 9,800 square feet of this building
building, is leased to two RLI Insurance Company Branch offices, with the
other operations of RLI Corp. lease the office space which they need in various
to the Selected Financial Data on pages 58 through 59 of the Annual Report to
to the Management’s Discussion and Analysis of Financial Condition and Results
39 of the Annual Report to Shareholders attached in Exhibit 13.
pages 30 through 53 of the Annual Report to Shareholders for the year ended
(See Index to Financial Statements and Schedules attached on page 23.)
The Company leases administrative space in six cities, substantially all under leases for periods of three to five years. The aggregate monthly rent is approximately $81 thousand.
Marketing offices are leased in 20 cities, substantially all under leases for periods of three to five years with five leases running longer than five years. The aggregate monthly rent is approximately $48 thousand.
(1) Reduced by $1,261 or $.05 per share representing a one-time adjustment to income tax expense due to the change in the corporate income tax rate from 34% to 35%. (2) Reduced by $1,053 or $.04 per share representing the cumulative effect of a change in accounting principle for the adoption of SFAS No. 106. (3) Prior periods have been restated to reflect a two-for-one stock split on June 1, 1995. (4) Net income per share is computed using the weighted average number of shares outstanding during each period. (5) Excludes contingently issuable shares of 208,233, 225,061, 262,730, and 257,272 at December 31, 1996, 1995, 1994, and 1993, respectively. The dilutive effect of such shares on earnings per share is less than three percent. (6) Reported as "minority interest in consolidated subsidiaries" in the Company's financial statements.
The financial statements and supplementary data for the Company and its subsidiaries, which are included under the caption "Consolidated Financial Statements" in the Company's 1996 Annual Report to Stockholders, are incorporated herein by reference.
Our report on the consolidated financial statements of Protective Life Corporation and subsidiaries has been incorporated by reference in this Form 10-K from page 49 of the 1996 Annual Report to Stockholders of Protective Life Corporation. In connection with our audits of such financial statements, we have also audited the related financial statement schedules listed in the index on page 26 of this Form 10-K.
The Company occupies its executive headquarters in Irvine, California pursuant to leases for approximately 16,500 sq. feet, which expire in September 2000. The Company also leases facilities of approximately 18,000 sq. feet in Boston, Massachusetts under a lease that expires in May 2000, and approximately 22,500 sq. feet in Burlington, Massachusetts under leases that expire in December 2001 and April 2002. Additionally, the Company leases facilities of approximately 16,000 sq. feet in Los Angeles, California under a lease that expires in June 1998, approximately 18,000 sq. feet in Silver Spring, Maryland under a lease that expires in June 2001, approximately 10,000 sq. feet in Novi, Michigan under a lease that expires in August 1998, approximately 7,400 sq. feet in Austin, Texas under a lease that expires in September 1999 and approximately 2,400 sq. feet in Forth Worth, Texas under a lease that expires in July 1998.
Suh-Managers: Ad. Ammann, Ch. Burnens, C. C. Calburn, G. de Bardel, F. Eggenberger, W. Habicht, Ch. Ochsenbein, P. Simon,
The surplus in the Marine Department was satisfactory, notwithstanding an increase in reserves necessitated by delays in loss advices. War Risk Pools which had been set up with State co-operation in various countries began to operate on the outbreak of war and have been of considerable assistance in limiting the demand for reinsurance in respect of this unassessable type of risk.
Burglary and Theft Insurance as well as Surety and Fidelity Guarantee have again, as for many years past, shown very satisfactory results.
The continually increasing menace of an outbreak of hostilities during the year under review led companies to direct special attention to the effect of war on Life Insurance. In many countries where the insurers had not themselves provided a solution of this problem standard regulations were set up, in most cases with the co-operation of the supervising authorities, based in the main on a mutual plan.
Our interest account was affected by the reduction in rates of interest and an investment policy, which, in view of the existing political and economic uncertainty, was directed towards short-term loans with low yields, as well as by the maintenance of liquid funds at a figure far in excess of normal requirements; exchange fluctuations led to a further reduction of our interest earnings.
The decline in security values which almost everywhere followed the outbreak of war necessitated the writing off of substantial amounts on account of depreciation in investments.
Listed securities have as usual been entered at or below the market prices ruling in December, while unquoted investments have been valued with our customary caution and with due regard to legal provisions. The Reserve for Contingencies will be increased to Frs. 8,500,000.—.
PROFIT AND LOSS ACCOUNT for the year ending 31st Oecember, 1939.
Premium Reserve from 1938 . . . Reserve for Unsettled Claims from 1938 Reserve for Extraordinary Losses Premiums, less cancellations Frs. 180,575,424.20 Premiums for which no reserve is necessary „ 34,342,984.60
Liabilities. Capital (58,000 shares of Frs. 1000 each) 58,000,000 — Reserve Fund 20,000,000 — Special Reserve Fund 16,500,000 — Reserve for Contingencies 8,500,000 — Due to other Companies 34,539,565 72 ! Life and other funds retained from other Companies . 117,526,398 36
Contribution to Staff Life Insurance and Pension Fund 500,000 — Dividend 7,404,280 — Directors 147,840 — Social Welfare contributions 100,000 — Carried forward 2,633,059 62
Zenith Insurance owns a 120,000 square foot office facility in Woodland Hills, California which, since November of 1987, has been the corporate home office of Zenith, Zenith Insurance and ZNAT Insurance.
"Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations," included in Zenith's 1997 Annual Report to Stockholders on pages 24 to 33 is hereby incorporated by reference.
Reference is made to pages 36 and 37 of Zenith's 1997 Annual Report to Stockholders for information setting forth the loss and loss adjustment expense liability development for 1987 through 1997 and to the consolidated financial statements and notes thereto on pages 38 to 56 of Zenith's 1997 Annual Report to Stockholders, which are hereby incorporated by reference.
Total net income for the year ended December 31, 2007 was $170.2 million, representing a decrease of $49.8 million from 2006. As discussed above, the decrease was primarily a result of decreased interest on time deposits placed due to smaller cash balance. Income tax expense for the year ended December 31, 2007 was $85.1million, representing a decrease of $50.5 million from 2006 due to decreased interest income.
Total expenses (excluding income taxes) for the year ended December 31, 2006 were $214 thousand, representing a increase of $8 thousand compared to 2005.
Main Place’s significant accounting principles are described in Note 2 of the financial statements and are essential to understanding Management’s Discussion and Analysis of Financial Condition and Results of Operations. Some of Main Place’s accounting principles require significant judgment to estimate values of either assets or liabilities. In addition, certain accounting principles require significant judgment in applying the accounting principles to individual transactions to determine the most appropriate treatment. We have established procedures and processes to facilitate making the judgments necessary to prepare financial statements.
Main Place engages in derivative trading-related activities. The management process related to the derivative positions is discussed in detail in the Quantitative and Qualitative Disclosures About Market Risk section in
The financial statements required are listed in the Index to Financial Statements and are incorporated herein by reference.
Fire, Marine, Accident and Burglary DepM. Premium Reserve from 1906 Reserve for outstanding losses from 1906 .... Net premiums
Life DepL. Premium Reserve from 1906 .......... Annuity Fund from 1906 . Reserve for outstanding losses from 1906 . • . . . . Premiums, less cancellations • . . . . . . . Consideration for Annuities, less commissions . , . Interest Interest, after deduction of interest on Life Dept- account
Retrocession Premiums, less cancellations Commissions, less retrocession .... Losses paid less retrocession . . Premium Reserve Reserve for outstanding losses ....
Life DepL. Retrocession Premiums Retrocession on annuities .... Commissions and expenses, less, retrocession Surrenders, less retrocession . Losses paid, less retrocession Annuities paid, less retrocession Premium Reserve Annuity Fund Reserve for outstanding losses Expenses of management . . . Taxes Amortisation on Securities . . Net profit
Shareholder's Capital (4000 shares of Fr. 2000 each) . -8,000,000 —
Sundry creditors 27,360 84 Reserves, Fire, Marine, Accident and Burglary Depli-: i for unexpired risks Fr. 5,443,829. -
Reserves, Life Dept-: Premium Reserve ....... ... . ., Fr. 22,875,687. -
Board of Directors; J. R. Hanhart, Chairman Zurich. D"" E. Welti, Deputy-chairman . . ; . . Berne. Ed. Leicht Zurich. 0. StUnzi-Baumann ......... » t Ed. A. Keller-StUrke . . .... . W. C. Escher
The discussion entitled "Management Discussion and Analysis of Financial Condition and Results of Operations" included in the 1998 Annual Report on pages 5 through 17 included as Exhibit 13 is incorporated herein by reference.
The Company believes its existing properties are well utilized and are suitable and adequate for its present circumstances.
separate fiber optic feeds will serve this data center. The center is cabled for two separate power grids and has sufficient diesel standby generator power to power the data center and personal work areas for critical staff. The home office in Philadelphia will become the hotsite for all operations. Over the next two years, the Company will migrate its operations from the current New York site to the data center in Ohio and the two existing hotsites to the Philadelphia hotsite. This will ensure 24/7/365 availability at the Dayton site and full business recovery capability at the Philadelphia data center.
The information set forth in the table on page 15 of the Company's 2001 Annual Report to Stockholders under the caption "Selected Financial and Statistical Data" is hereby incorporated by reference.
A description of the major plants and properties owned and operated by Celite, Europerlite and Harborlite is set forth below. All of the following properties are owned, with the exception of Plant # 1 at Quincy, Washington, the headquarters offices at Santa Barbara and Lompoc, California, the Nanterre, France, Santiago, Chile and Izmir, Turkey, offices and the plant at Wissembourg, France, which are leased.
World Minerals, Celite, Harborlite and Europerlite also lease warehouses, office space and other facilities in the United States and abroad. A joint venture between Celite and the Government of Iceland has rights to mine diatomaceous earth in sections of Lake Myvatn, Iceland, and Celite's joint ventures in PRC have rights to mine diatomaceous earth in sections of Jilin Province, PRC.
The operations of Alleghany's Heads and Threads division are conducted in 16 states at 19 locations. There are either warehouses, or combined warehouses and sales offices, at such locations; two locations are owned and the remainder are leased. Heads and Threads' headquarters in Northbrook, Illinois is owned by Alleghany.
API's headquarters is located in leased premises of approximately 2,500 square feet in Sacramento, California. API or its subsidiary owns 30 properties in fee in California. Such properties are comprised primarily of improved and unimproved commercial land (office, retail and industrial) and improved and unimproved commercial and residential lots. In addition, 112.3 acres of commercial/residential unimproved land located in Roseville, California, which is subject to a first deed of trust, is held by a joint venture in dissolution in which API has an interest, but the liquidation of such joint venture has not yet been completed.
The information required by this Item 6 is incorporated by reference from page 18 of Alleghany's Annual Report to Stockholders for the year 1997, filed as Exhibit 13 hereto.
The information required by this Item 8 is incorporated by reference from pages 22 through 38 of Alleghany's Annual Report to Stockholders for the year 1997, filed as Exhibit 13 hereto.
The following financial data (in thousands, except per share data) has been summarized from, and should be read in conjunction with, AFEI's financial statements.
In February 1997, AFEI and AFG announced that they are examining the feasibility of a transaction under which AFEI would become wholly-owned.
In September 1996, AFEI sold its investment in Citicasters for approximately $76 million in cash and repaid the $19.9 million owed under its credit line with American Premier Underwriters. Pursuant to a rights offering, AFEI purchased 390,000 shares of American Annuity for $3.7 million in August 1995 using funds borrowed under its bank line.
American Financial Group AFG reported net income of $233.3 million in 1996 and $161.4 million in the nine months ended December 31, 1995. AFG's results for 1996 included $182 million in after-tax realized gains on investments and an after-tax charge of $80 million resulting from a decision to strengthen certain insurance reserves. Additionally, AFG's equity in net earnings of investees decreased $32 million compared to 1995 due primarily to certain fourth quarter writedowns and other unusual costs recorded by its investee. As discussed in Note A to the financial statements, AFEI received shares of AFG, a new company formed to own both AFC and American Premier, in exchange for its American Premier stock on a one-for-one basis in April 1995. No gain or loss was recorded on the exchange of shares.
American Annuity American Annuity reported net income of $55.1 million in 1996, $55.3 million in 1995 and $36.1 million in 1994. American Annuity's results for 1996 included after-tax realized gains of $800,000 compared to realized gains of $10.2 million in 1995 and losses of $100,000 in 1994.
Gains on Sales of Affiliates AFEI recognized pretax gains of $57.6 million in 1996 and $95,000 in 1995 on the disposal of Citicasters shares and $339,000 in 1994 on the sale of General Cable shares.
Administrative and General Expenses Administrative and general expenses included charges of $320,000 in each of the years 1996, 1995 and 1994 for accounting, legal, data processing, tax and investment services provided by AFC. As a subsidiary of AFC, AFEI does not incur all of the costs of operating as an independent entity. While it is not practical to estimate all of the costs of operating as a separate entity, management believes the above expense allocation is reasonable. Also included in administrative and general expenses for 1996 is $1.2 million which represents the fair value of securities donated as charitable contributions.
Statement of Cash Flows: Years ended December 31, 1996, 1995 and 1994
"Selected Quarterly Financial Data" has been included in Note G to AFEI's Financial Statements.
The CLIC owns a four-story office building in the Tri-County area of Cincinnati containing approximately 127,000 square feet. At the present time, 100% of the building is currently being leased. This property is carried in the financial statements at $5,650,634 as of December 31, 1993.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND ---------------------------------------------------------------- RESULTS OF OPERATIONS ---------------------
Independent Auditors' Report Consolidated Balance Sheets--December 31, 1993 and 1992 Consolidated Statements of Income--Years ended December 31, 1993, 1992, and 1991 Consolidated Statements of Cash Flows--Years ended December 31, 1993, 1992, and 1991. Consolidated Statements of Shareholders' Equity--Years ended December 31, 1993, 1992, and 1991 Notes to Consolidated Financial Statements