felanders/preprocessed huggingface dataset:
(4) The Company acquired Industrial Indemnity Holdings, Inc. on August 1, 1997.
(5) For 2000 and 1999, dilutive securities were excluded from diluted weighted average shares because the effect would have been antidilutive.
The Company's Consolidated Financial Statements, including supplementary data, are set forth in the "Index" on page 56 hereof.
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 include the headquarters of Hanover.
Citizens owns its home office, located at 645 W. Grand River, Howell, Michigan, which is approximately 119,000 rentable square feet. Citizens also owns a three-building complex located at 808 North Highlander Way, Howell, Michigan, with 156,000 rentable square feet, where various business operations are conducted.
Reference is made to the Consolidated Financial Statements on pages 47-50 and the accompanying Notes to Consolidated Financial Statements on pages 51-75 of the 1997 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 22 of Notes to Consolidated Financial Statements--page 75), which is incorporated herein by reference.
The Company also owns several parcels and two buildings adjacent to the Company's facility.
The supplementary financial information set forth in "Selected Quarterly Financial Data" in the 2002 Annual Report to Shareholders is incorporated by reference in this Form 10-K Annual Report.
The Registrant's subsidiaries own and occupy office buildings in six states and certain foreign countries, and lease office space elsewhere in the United States and in various foreign cities. Loss of the use of any owned or leased property, while potentially disruptive, would have no material impact on the Registrant.
The Registrant hereby incorporates by reference the "Selected Financial Data" table on page 52 of the Annual Report.
The Registrant hereby incorporates by reference "Financial and Operations Highlights - Management's Discussion and Analysis" on pages 18 through 24 and "Information Concerning Forward-Looking Statements" on page 54 of the Annual Report.
The Registrant hereby incorporates by reference the following statements, notes and data from the Annual Report. Page(s) ------- Consolidated Financial Statements ..................... 25 - 29 Notes to Consolidated Financial Statements ............ 30 - 50 Report of Ernst & Young LLP, Independent Auditors ..... 51 Quarterly Financial Data .............................. 53
At December 31, 1998, the Company leased office space in various cities throughout the United States under leases expiring between 1999 and 2006 and which required annual rentals of $2.1 million in 1998.
Guarantee Life's headquarters are located at 8801 Indian Hills Drive, Omaha, Nebraska and consist of 200,000 square feet of office space owned by Guarantee Life, including a 60,000 square foot office building constructed in 1995. In addition, Guarantee Life leases the space used by its group sales offices under short-term leases. Management believes that, with the completion of the additional office building, its facilities will be adequate for its anticipated needs in all material respects.
The information required by this Item is incorporated herein by reference from "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 16 - 25 in Guarantee Life's 1996 Annual Report to Shareholders.
The Company’s principal executive office is located in Irvine, California in approximately 12,000 square feet of leased space. The lease expires in March 2013. The Company leases 129 branch offices in 45 states, which range in size from 500 square feet up to 24,000 square feet. The lease terms for the branch offices range from monthly to ten years and expire through 2016. The Company believes that its facilities are adequate for its current needs and that suitable additional space will be available as required.
The selected consolidated financial data of the Company appears in a separate section of this Annual Report on Form 10-K on page 33 and is incorporated herein by this reference.
Management’s Discussion and Analysis of Financial Condition and Results of Operations appears in a separate section of this Annual Report on Form 10-K beginning on page 34 and is incorporated herein by this reference.
The Company owns or leases medical centers ranging in size from approximately 1,500 to 80,000 square feet. Most of the medical centers are leased or subleased to providers within Humana's network. The Company's administrative market offices are generally leased, with square footage ranging from approximately 700 to 89,000. The following chart lists the location of properties used in the operation of the Company at December 31, 1998:
In addition, the Company owns buildings in Louisville, Kentucky, San Antonio, Texas, Green Bay, Wisconsin and Jacksonville, Florida, and leases facilities in Madison, Wisconsin, all of which are used for customer service and claims processing. The Louisville and Green Bay facilities also perform enrollment processing and other corporate functions.
Preruium Reserve from 1915 ..... Reserve for outstanding Losses from 1915 Premiums, less cancellations
Life DepL. Premium Reserve from 1915 . . . Annuity Fund from 1915 . . . Reserve for outstanding Losses from 1915 . . . , Premiums, less cancellations . Consideration for Annuities, less Retrocession . . . Interest . Interest, after deduction of interest due to Life Dept'
„ 60,000. — to Staff Insurance and Pension Fund. „ 760,000. — Dividends. „ 212,500. — to Directors and Management. , 168,361.96 Balance carried to next year's account.
Fire,' Liability, Accident, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve . Frs. 22,255,824— Reserve for outstanding Losses . „ 18,195,063. -
Life DeptPremium Reserve . Frs. 59,086,599.Annuity Fund . ... . . . ... . . . . , 4,470,731 — Reserve for outstanding Losses . . ; . . . . . „ 1,980,876. - 65,538,206 —
Balance of Profit and Loss Account . . . . . . . 1,390,861 96 154,060,905 79
Board of Directors; MM. J. R. Hanhart, Chairman. E. Welti, Deputy-Chairman. W. C. Escher. Ed. Leicht.
Selected financial data have been included on Page 18 of the Registrant's Annual Report to Stockholders for the year ended December 31, 1997, and such information is incorporated herein by reference. See Exhibit 13 hereto.
Reference is made to the information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” which is contained in the registrant’s 2010 Annual Report to Stockholders (attached hereto as Exhibit 13), which information is incorporated herein by reference.
The consolidated financial statements of the registrant which are contained in the registrant’s 2010 Annual Report to Stockholders (attached hereto as Exhibit 13) are incorporated herein by reference.
The "Selected Consolidated Financial Data" section on page 12 of the Company's Annual Report to stockholders for the year ended December 31, 2000, which is included as Exhibit (13) to this Form 10-K Report, is incorporated herein by reference.
The Company owns three of its field offices. Three field offices are owned by and leased from the Exchange. The annual rent expense incurred by the Company for the field offices and home office complex totaled $10,319,616 in 1999. One office is owned by and leased from EFL at an annual rental in 1999 of $302,676. The remaining 13 offices are leased from various unaffiliated parties at an aggregate annual rental in 1999 of approximately $1,537,884. The Company is reimbursed by its affiliates for a percentage of the rent and expenses for office space used by its affiliates, which was approximately $670,000 in 1999.
Reference is made to "Selected Consolidated Financial Data" on page 17 of the Annual Report for the year ended December 31, 1999, incorporated herein by reference.
Reference is made to the "Consolidated Financial Statements" included on pages 33 through 36 and to the "Quarterly Results of Operations" contained in the "Notes to Consolidated Financial Statements" on page 49 of the Annual Report for the year ended December 31, 1999, incorporated herein by reference.
Net income per common share is calculated upon the weighted average number of common shares outstanding during the relevant year. The weighted average number of shares includes common shares and the dilutive effect of the AIG Option (where applicable), employee stock options and stock grants, using the treasury stock method. The net (loss) per common share for the year ended December 31, 2001 is calculated on the weighted average number of shares outstanding during the year, excluding the anti-dilutive effect of the AIG Option and employee stock options.
Basic book value per common share is calculated as shareholders’ equity divided by the number of common shares outstanding on the balance sheet date.
Diluted book value per common share is calculated as shareholders’ equity divided by the number of common shares outstanding on the balance sheet date, after considering the dilutive effects of the AIG Option (where applicable), stock grants and the options granted to employees, calculated using the treasury stock method. At December 31, 2004 the average weighted number of shares outstanding, including the dilutive effect of employee stock options and stock grants using the treasury stock method was 48,440,140.
The Company’s Home Office is located at 2801 Highway 280 South, Birmingham, Alabama. This campus includes the original 142,000 square-foot building which was completed in 1976 and a second contiguous 220,000 square-foot building which was completed in 1985. In addition, parking is provided for approximately 1,200 vehicles. During 2000, the Company will begin construction of a third contiguous building which will have approximately 315,000 square feet and parking for approximately 1,560 vehicles.
Year Ended December 31 ---------------------------------------------------------------------- 1999 1998 1997 1996 1995 ----------- -------------- -------------- -------------- ----------- (dollars in thousands, except per share amounts) INCOME STATEMENT DATA
Total assets..........................$ 12,994,164 $11,989,495 $ 10,511,635 $ 8,263,205 $ 7,231,257 Long-term debt........................$ 181,023 $ 152,286 $ 120,000 $ 168,200 $ 115,500 Total debt............................$ 236,023 $ 172,035 $ 120,000 $ 181,000 $ 115,500 9% Cumulative Monthly Income Preferred Securities, Series A $ 55,000 $ 55,000 $ 55,000 $ 55,000 8.25% Trust Originated Preferred Securities $ 75,000 $ 75,000 $ 75,000 6.5% FELINE PRIDES $ 115,000 $ 115,000 $ 115,000 Share-owners' equity $ 865,223 $ 944,194 $ 758,197 $ 615,316 $ 526,557 Share-owners' equity excluding unrealized gains and losses on investments $ 1,011,304 $ 889,137 $ 696,470 $ 608,628 $ 468,694
(1) Due to early extinguishment of debt,net of income tax. (2) Prior periods have been restated to reflect a two-for-one stock split on April 1, 1998. (3) Net income excluding realized investment gains and losses and related amortization and extraordinary loss.
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 1999 Annual Report to Share Owners, are incorporated herein by reference.
The NSA Group's principal offices are leased facilities located in Birmingham, Alabama (57,000 square feet), Atlanta (78,000 square feet) and Norcross (58,000 square feet), Georgia and Independence, Ohio (29,000 square feet). These leases expire in January 1995, May 1998, August 2000 and March 1998, respec- tively.
The Company's Apparatus unit operates four plants in four states, which have an aggregate floor space of approximately 301,000 square feet. Two of these four plants (aggregating 41,000 square feet) are leased under leases expiring in July 1996 and January 1997, respectively, and both have renewal options.
All of the Company's oil and gas properties are located in the United States. As of December 31, 1993, the Company had interests in 73 gross (36 net) producing oil wells and 4 gross (1 net) producing gas wells and 6,160 gross (2,965 net) developed and 23,246 gross (5,601 net) undeveloped acres. As of March 31, 1993, DI had interests in 238 gross (9 net) producing oil wells and 574 gross (14.7 net) producing gas wells and 179,539 gross (5,648 net) developed and 335 net undeveloped acres.
The Company and a subsidiary own fee interests in approxi- mately 161,000 acres of coal properties in Illinois, Ohio and Pennsylvania. Approximately 105,000 acres of these properties remain leased at various royalty rates to coal mining companies under long-term arrangements, including fixed-term leases with renewal options and exhaustion leases.
Subsidiaries of the Company own GCT and rights to develop floor space in the Grand Central Terminal area of New York City, as discussed under Item 1 - -"Description of Businesses--Non- Insurance Operations--GCT and Related Development Rights".
"Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 15 through 24 of the Company's 1993 Annual Report to Shareholders is incorporated herein by reference.
The consolidated financial statements of the Company and its subsidiaries, included on pages 26 through 44 of the Company's 1993 Annual Report to Shareholders, and "Quarterly Financial Data", included on page 46 of such Annual Report, are incorporated herein by refer- ence.
Bankers Security owns a 60,000 square foot office building, completed in 1980, at 950 North Glebe Road, Arlington, Virginia. USLICO's life companies occupy 77% of this property.
At December 31, 1993, Bankers Security and United Services owned total foreclosed properties of $3 million.
The five-year financial data appearing on page of the accompanying 1993 Annual Report to Shareholders is incorporated by reference in this Form 10- K Annual Report as Exhibit 13.
The information set forth under the caption "Selected Financial Data" in the Annual Report to Shareholders of Argonaut Group for the fiscal year ended December 31, 1997, is incorporated herein by reference. See Exhibit Index.
The information set forth under the caption "Management's Discussion and Analysis of Results of Operations and Financial Condition" in the Annual Report to Shareholders of Argonaut Group for the fiscal year ended December 31, 1997, is incorporated herein by reference. See Exhibit Index.
On January 28, 1998, the Company announced that it was reviewing a range of strategic alternatives to enhance shareholder value. These alternatives include the potential combination with another company. The Company has engaged Credit Suisse First Boston Corporation to assist in this process. There can be no assurance that any strategic combination or other transaction will result from this review.
The Company does not identify each asset with any one line of business and any such allocation would be arbitrary.
HMEC’s home office property at 1 Horace Mann Plaza in Springfield, Illinois, consists of an office building totaling 230,000 square feet, approximately 200,000 square feet of which is office space, which is owned by the Company. Also in Springfield, the Company owns and leases some smaller buildings at other locations. In addition, the Company leases office space in suburban Dallas, Texas, and Raleigh, North Carolina, for its claims operations and leases office space in a number of states for its field marketing operations. These properties, which are utilized by all of the Company’s business segments, are adequate and suitable for the Company’s current and anticipated future needs.
We own six commercial buildings on our 20 acre corporate campus in Peoria, Illinois. Our primary building is a two-story 80,000 square foot office building, which serves as our corporate headquarters. Located on the same campus is a 24,000 square foot building which is used by two branch offices of RLI Ins. and a supporting department. We also own a 25,400 square foot multi-story building used for record storage, a training center and office space, a 12,800 square foot building used as office space as well as storage for furniture and equipment and a 15,000 square foot office building. We share ownership with Maui Jim, Inc. of a 16,800 square foot airplane hangar located at the Greater Peoria Regional Airport.
Refer to the Management’s Discussion and Analysis of Financial Condition and Results of Operations on pages 6 through 30 of the 2012 Annual Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein. Certain accounting policies are viewed by management to be “critical accounting policies.” These policies relate to unpaid loss and settlement expenses, investment valuation and other-than-temporary impairment, recoverability of reinsurance balances, deferred policy acquisition costs and deferred taxes. A detailed discussion of these critical accounting policies can be found on pages 8 through 13 of the 2012 Annual Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein.
Throughout this report (including portions incorporated by reference herein), we present our operations in the way we believe will be most meaningful, useful and transparent to anyone using this financial information to evaluate our performance. In addition to the GAAP presentation of net income, we show certain statutory reporting information and other non-GAAP financial measures that are valuable in managing our business, including underwriting income and combined ratios. A detailed discussion of these measures can be found on pages 7 through 8 of the 2012 Annual Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein.
We derived the following selected consolidated financial for the years ended December 31, 2006, 2005, 2004, 2003 and 2002 from our Audited Consolidated Financial Statements and related notes. These historical results are not necessarily indicative of results to be expected from any future period.
The section of our 2006 Annual Report to Shareholders entitled ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’’ is incorporated herein by reference and is filed as Exhibit 13.1 to this Form 10-K.
The Report of Independent Registered Public Accounting Firm, Audited Consolidated Financial Statements, Notes to the Audited Consolidated Financial Statements and the Condensed Unaudited Quarterly Financial Data included in our 2006 Annual Report to Shareholders are incorporated herein by reference and are filed as Exhibit 13.1 to this Form 10-K.
The information required by this Item is included in the Registrant's Annual Report to Shareholders for the year ended December 31, 2005, under the caption "Selected Financial Data" and is incorporated herein by reference.
The information required by this Item is included in the Registrant's Annual Report to Shareholders for the year ended December 31, 2005, under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" and is incorporated herein by reference.
PROPERTIES. - ------- ----------- The buildings which house the headquarters of Harleysville Group and the Mutual Company are leased to the Mutual Company by a subsidiary of Harleysville Group. See "Business-Relationship with the Mutual Company." The Mutual Company charges Harleysville Group for an appropriate portion of the rent under an intercompany allocation agreement. The buildings containing the headquarters of Harleysville Group and the Mutual Company have approximately 220,000 square feet of office space. Harleysville Group also rents office facilities in certain of the states in which it does business.
"Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 7 through 12 of DHC's 1996 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 13 through 16, 17 through 30, and 32, respectively, of DHC's 1996 Annual Report to Stockholders (included as an exhibit hereto), are incorporated herein by reference.
Information required for this item is the subject of a Form 12b-25 filed with the Securities and Exchange Commission on April 1, 2002 and such information will be filed at a later date pursuant to an amendment to this Form 10-K.
Many Continental countries as well as England and the Overseas territories have been satisfactory and in some cases have recorded very gratifying results. Our Fire business in the U. S. A. has materially improved.
The volume of Marine business has also remained relatively small, our net premium income amounting to Fr. 6,546,200.61. It even shows a slight decrease which, in view of the unsatisfactory results which this business continues to yield, particularly in Great Britain where fortunately our business is not important, is not to be regretted.
The results of Third Party Liability business are influenced by the inadequate rates asked for Motorcar Third Party Insurance, and also in many fields by a certain slackness in the adjustment of losses. Unsound competition in the more important Continental countries has brought about conditions which render any improvement difficult.
Generally speaking Burglary and Theft Insurance has been satisfactory and the same can be said of the other allied branches, such as Water Damage, Plate Glass, Fidelity and Surety Insurance. As against this, however. Credit Insurance in Germany has shewn a loss, though elsewhere the results of this branch have been satisfactory.
Premium Reserve from 1924 . . . . Reserve for unsettled Claims from 1924 Reserve for extraordinary Losses . . Premiums, less cancellations ....
Life DepL. Premiums for Retrocession . . . . . . . Retrocession of Annuities . . Commission and Expenses, less Retrocession . . , . .. . . . Surrenders, less Retrocession . . . . ... . . . . . . Losses paid, less Retrocession . , . .... . . . . . . Annuities paid, less Retrocession . . .... . . ... . Premium Reserve, less Retrocession . . . . . . . . . . . Annuity Fund, less Retrocession . . . . . . . . ... . Reserve for unsettled Claims, less Retrocession ...... Expenses of Management . . . . Taxes . . . ... . . . . . . . Net Profit. ...... . . . . . i . . . , . . . .
Liabilities. Capital (30,000 shares of Frs. 1000 each) 30,000,000 — Reserve Fund . :. - . . 5,000,000 — Special Reserve Fund . ..... 7,500,000 — Due to other Companies . 25,459,768 20 Life and other funds retained from other Companies . 48,673,455 63 Sundry Creditors 5,172,239 56 ! Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine DeplS; Premium Reserve . . . Frs. 58,797,675.-
The home office of Aetna, owned by Aetna Life Insurance Company, is a building complex located at 151 Farmington Avenue, Hartford, Connecticut, with approximately 1.6 million square feet. The company also owns or leases other space in the greater Hartford area as well as various field locations throughout the country. The company vacated certain of these facilities in 1994. (Please see MD&A - Overview in the Annual Report.)
We lease office space, which as of February 9, 2001, totaled approximately 24,426 square feet. Our home office in Columbus, Ohio aggregates approximately 7,000 square feet. The lease is month-to-month tenancy with monthly rental of $8,875. In January 2001, we entered into an eight year lease for 11,868 square feet of office space for its Columbus location, replacing the existing commitment. Occupancy was assumed under the new lease January 1, 2001 and shall terminate on December 31, 2008. The lease provides for monthly rent of $13,230. American Legal Publishing rents 5,558 square feet on the 12th floor at 432 Walnut Street, Cincinnati, Ohio under an operating lease which will expire July 31, 2003. The lease provides for monthly rent of $5,442, net of reimbursements payable to the lessor for cost of maintenance and operation of the building.
The information required by this item is included under the caption "Selected Financial Data" in our 2000 Annual Report and is incorporated herein by reference.
The information required by this item is included under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2000 Annual Report and is incorporated herein by reference.
Our consolidated balance sheets as of December 31, 2000 and 1999, and the consolidated statements of income, comprehensive income, shareholders' equity and cash flows for each of the three years in the period ended December 31, 2000 and the notes to the financial statements, together with the independent auditors' report thereon appear in our 2000 Annual Report and are incorporated herein by reference.
Our Financial Statement Schedules and the Independent Auditor's Consent and Report on the Financial Statement Schedules are included in response to Item 14 hereof.
Selected Financial Data Selected financial data of the Corporation on page 5 of the Form 8-K filed on February 26, 1998 is incorporated herein by reference.
Management's Discussion and Analysis of Financial Condition and Results of Operations Management's Discussion and Analysis on pages 30 through 46 of the Form 8-K filed on February 26, 1998 is incorporated herein by reference.
The Life Company presently leases space for 61 district and detached offices in Delaware, Maryland, the District of Columbia, West Virginia, Virginia, Tennessee and North Carolina. The termination dates on these leases range from 1996 to 2005; all of the longer term leases being for district office purposes. The maximum annual rent paid under any lease is $28,776. The annualized rent under all leases in effect on December 31, 1995 was approximately $750,000.
Incorporated herein by reference from the 1995 Annual Report to Stockholders, page 23.
Consolidated financial statements of the Corporation at December 31, 1995 and 1994 and for each of the three years in the period ended December 31, 1995 and the independent auditor's report thereon and the Corporation's unaudited quarterly financial data for the two year period ended December 31, 1995 are incorporated herein by reference from the 1995 Annual Report to Stockholders, pages 6 through 19 and 22.
GEICO also maintains and continually upgrades sophisticated electronic data processing equipment and software and telecommunications facilities to enable it to process applications and claims efficiently.
In response to this Item the material under the caption "Selected Financial Data" (pages 6 and 7) in the Corporation's 1994 Annual Report to Shareholders is incorporated herein by reference.
In response to this Item the consolidated financial statements and the notes thereto contained in the Corporation's 1994 Annual Report to Shareholders (pages 27 through 43) and the Quarterly Highlights of Operating Results (page 44) are incorporated herein by reference.
Information required by this item is set forth in the table titled "Five Year Summary" on pages 49 and 50 of the Company's 2000 Annual Report to Shareholders and is incorporated herein by reference.
Information required by this item is set forth on pages 23 through 48 of the Company's 2000 Annual Report to Shareholders and is incorporated herein by reference.
Financial statement schedules are included on pages 24 through 31 herein. Reference is made to the index to financial statement schedules included on page 19 herein.
CFC-I owns a fully leased 85,000 square feet office building in downtown Cincinnati that is currently leased to an unaffiliated company, on a net, net, net lease basis. This property is carried in the financial statements at $535,000 as of December 31, 1999.
CFC-I also owns the Home Office building located on 75 acres of land in Fairfield, Ohio. This building contains approximately 380,000 square feet. The John J. and Thomas R. Schiff & Company, an affiliated company, occupies approximately 5,350 square feet, and the balance of the building is occupied by CFC and its subsidiaries. The property is carried in the financial statements at $9,967,693 as of December 31, 1999.
CFC-I also owns the Fairfield Executive Center which is located on the northwest corner of the home office property in Fairfield, Ohio. This is a four-story office building containing approximately 103,000 rentable square feet. CFC and its subsidiaries occupy approximately 91% of the building, unaffiliated tenants occupy approximately 7% of the building, and approximately 2% of the building is unoccupied. The property is carried in the financial statements at $9,407,040 as of December 31, 1999.
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 by an unaffiliated tenant. This property is carried in the financial statements at $3,619,373 as of December 31, 1999.
In addition, the Company is in the process of constructing a second office tower to be used by CFC and its subsidiaries. This building is identical and connected to the current Home Office building. The total cost of the building is expected to be approximately $60 million. The new construction and related renovations will be completed in the first half of 2000. As of December 31, 1999, the Company had paid $45.8 million of such costs.
This information is included in the Annual Report of the Registrant to its shareholders on pages 16 and 17 for the year ended December 31, 1999 and is incorporated herein by reference (see exhibit 13 to this filing).
The following consolidated financial statements of the Registrant and its subsidiaries, included in the Annual Report of the Registrant to its shareholders on pages 24 to 36 for the year ended December 31, 1999, are incorporated herein by reference (see Exhibit 13 to this filing).
Consolidated Balance Sheets--December 31, 1999 and 1998 Consolidated Statements of Income--Years ended December 31, 1999, 1998, and 1997 Consolidated Statements of Shareholders' Equity--Years ended December 31, 1999, 1998, and 1997 Consolidated Statements of Cash Flows--Years ended December 31, 1999, 1998, and 1997. Notes to Consolidated Financial Statements Independent Auditors' Report
Selected quarterly financial data, included in the Annual Report of the Registrant to its shareholders on page 15 for the year ended December 31, 1999, is incorporated herein by reference (see Exhibit 13 to this filing).
PROPERTIES Kansas City Life's home office is located at 3520 Broadway in Kansas City, Missouri. The Company owns and wholly occupies two five story buildings on an eight acre site.
Net income per common share is based upon the 	weighted average number of common shares outstanding during the 	relevant period. The weighted average number of shares includes 	common shares and the dilutive effect of the AIG Option and 	employee stock options, using the treasury stock method. The net 	(loss) per common share for the year ended December 31, 	2001 is based on the actual number of shares outstanding during 	the period.
Dividend per common share is based on the number 	of average outstanding common shares during the years ended 	December 31, 2001, 2000, 1999, 1998, and 1997, respectively.
The loss and loss adjustment expense ratio is 	calculated by dividing the losses and loss expenses incurred by 	the net premiums earned. The expense ratio is calculated by 	dividing the sum of acquisition costs and general and 	administrative expenses (excluding gains and losses from foreign 	exchange) by net premiums earned. The combined ratio is the sum 	of the loss and loss expense ratio and the expense ratio.
Diluted book value per common share is based on 	the number of common shares outstanding on the relevant date, 	after considering the effect of the AIG Option as of each date 	presented and after considering the effect of options granted to 	employees, calculated on the basis described in note (1) 	above. At December 31, 2001 the average weighted number of 	shares outstanding, including the dilutive effect of employee 	stock options using the treasury stock method was 48,250,491.
The Company and its consolidated subsidiaries own and lease offices in various locations primarily in the United States. None of these properties is material to the Company's business. At December 31, 1995, the Company and its consolidated subsidiaries employed approximately 8,630 persons in approximately 460 offices.
See the information in 'Reliance Financial Services Corporation and Subsidiaries Financial Review' on pages 26 through 31 of the Reliance Financial 1995 Annual Report, which information is incorporated herein by reference.
The financial statements of the Company and its consolidated subsidiaries, included on pages 1 through 24 of the Reliance Financial 1995 Annual Report, which information is incorporated herein by reference, are listed in Item 14 below.
THE FOLLOWING DISCUSSION OF OUR RESULTS OF OPERATION SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND RELATED NOTES TO THE FINANCIAL STATEMENTS INCLUDED ELSEWHERE IN THIS ANNUAL REPORT. THIS DISCUSSION CONTAINS FORWARD-LOOKING STATEMENTS THAT RELATE TO FUTURE EVENTS OR OUR FUTURE FINANCIAL PERFORMANCE. THESE STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE OUR ACTUAL RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THESE RISKS AND OTHER FACTORS INCLUDE, AMONG OTHERS, THOSE LISTED UNDER “FORWARD-LOOKING STATEMENTS” AND “RISK FACTORS” AND THOSE INCLUDED ELSEWHERE IN THIS ANNUAL REPORT.
Results of Operations - For the year ended December 31, 2009 compared to the year ended December 31, 2008
Our net loss of $16,109 for the year ended December 31, 2009 was a decrease of $40,290 and 71% less than that of $56,399 in the year ended December 31, 2008. The principal reason for the decrease was a decline in General and Administrative expenses in 2009, compared with the previous year in 2008.
Capital resources. We have no material commitments for capital expenditures as of the end of the last fiscal year. We have no capital resources.
Financial position on 31 December, 1906. CAPITAL fully subscribed (25 "/o paid-up) Frs. 8,000,000. — RESERVE FUND „ 1,000,000.SPECIAL RESERVE „ 660,000.-
Property, Deposits, Cash in Bank and in Hand .... Frs. 33,231,924.72
' Annuity Fund from 1905 : . . . 1,300,083 — Reserve for outstanding losses from 1905 . . . . . . . . . 247,186 —
^ Premiums, less cancellations 6,293,668 88 1 Consideration for Annuities, less commissions . 1,286,114 98
Interest 844,970 69 28,298,929 55 1 Interest, after deduction of interest on Life Dept- account . . . 538,291 97 ^ 1 Interest, after deduction of interest on Life Dept- account . . .
Commissions, less retrocession 2,996,774 23 Losses paid Fr. 16,914.952.41 less retrocession „ 7,294,484.23 9,620,468 18 (including Fr. 3,570,619.37 San Francisco loss)
Premiura Reserve 5,265,412 23 Reserve for outstanding losses . . . . ...... . . ' . 4,796,388 03 81,192,379 23
Shareholder's Capital (4000 shares of Fr. 2000 each) . . 8,000,000 — ; Reserve Fund 1,000,000 — ; Special Reserve 660,000 —
Board of Directors; J. R. Hanhart, Chairman . . D' E. Welti, Deputy-chairman Ed. Leicht .... 0. Stiinzi-Baumann . . Ed. A. Keller-Stürke .
Gallagher generally operates in leased premises. Certain office space leases have options permitting renewals for additional periods. In addition to minimum fixed rentals, a number of leases contain annual escalation clauses generally related to increases in an inflation index. See Note 16 to the Consolidated Financial Statements of Gallagher’s 2003 Financial Statements on pages 43 to 47, which are incorporated herein by reference for information with respect to Gallagher’s lease commitments at December 31, 2003.
(2) Based on the weighted average number of common and common equivalent shares outstanding during the year.
(4) Represents annual net earnings divided by stockholders' equity as of the beginning of the year.
Information regarding Management’s Discussion and Analysis of Financial Condition and Results of Operations is included in Gallagher’s 2003 Financial Statements under the caption entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 2 to 14 and is incorporated herein by reference. All of such information should be read in conjunction with Gallagher’s Consolidated Financial Statements and related notes thereto, which have been incorporated by reference in Item 8 of this annual report.
Gallagher’s Consolidated Financial Statements, the related notes thereto, Management’s Report and Report of Independent Auditors are included in Gallagher’s 2003 Financial Statements on pages 16 to 52 and are incorporated herein by reference.
Principal properties of the Company and its subsidiaries includes offices located in Louisville, Kentucky (Commonwealth Life), Valley Forge, Pennsylvania (National Liberty and Worldwide Insurance) and Pleasonton, California (Providian Bancorp), which are owned; and Louisville, Kentucky (Providian Corporation), Durham, North Carolina (Peoples Security and Capital Security) and San Francisco and San Ramon, California (Providian Bancorp), which are leased.
SELECTED FINANCIAL DATA Selected Financial Data on pages 16 and 17 of the Annual Report for the year ended December 31, 1994, is incorporated by reference.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Consolidated Results and Analysis on pages 16 through 18, Results by Business Segment on pages 18, 19, and 23 through 32, Business Segment Data on pages 20 and 21, Supplemental Earnings Data on page 35 and Liquidity and Capital Resources and Inflation on pages 32 and 33 of the Annual Report for the year ended December 31, 1994, are incorporated by reference.
The consolidated financial statements of McM Corporation and its subsidiaries and the report of the Company's independent auditors filed in response to Item 8 is submitted under a separate section of this report beginning on page 44.
We operate in almost 50 countries around the world including the U.S., Bermuda, the U.K., and Japan. Most of the office facilities that we occupy are leased. We are not dependent on our facilities to conduct business.
This item is incorporated by reference to pages 19 through 57 of the 2002 Annual Report to Shareholders filed in Exhibit 13.1 filed with this Form 10-K.
This item is incorporated by reference to pages 58 through 110 of the 2002 Annual Report to Shareholders filed in Exhibit 13.1 filed with this Form 10-K.
The financial statements and supplementary data in the 2005 Annual Report to Shareholders are incorporated by reference in this Form 10-K Annual Report.
The supplementary financial information set forth in the section entitled "Selected Quarterly Financial Data" in Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2005 Annual Report to Shareholders is incorporated by reference in this Form 10-K Annual Report.
All of our properties are owned or leased by subsidiaries of The Progressive Corporation and are used for office functions (corporate, claims, and business unit), as call centers, for training, for warehouse space, or as Service Centers that provide our concierge level of claims service.
We lease approximately 2.4 million square feet of space throughout the United States and one location in Australia. These leases are generally short-term to medium-term leases of commercial space.
Properties. 	The Company owns its 275,000 square foot principal offices located in 	Amelia, Ohio. The Company's insurance subsidiaries lease office space 	in Montgomery, Alabama, St. Louis, Missouri, Auburn Hills, Michigan and 	Grand Rapids, Michigan. The Company's transportation subsidiaries lease 	offices in Metairie, Louisiana.
Management's Discussion and Analysis of Financial Condition and Results 	of Operations. 	Incorporated by reference to pages 20 through 25 of the Registrant's 	1999 Annual Report to Shareholders.
Financial Statements and Supplementary Data. 	 Incorporated by reference to pages 26 through 40 of the Registrant's 	 1999 Annual Report to Shareholders.
The Company and its subsidiaries, the Exchange and its subsidiary, Flagship, and EFL share a corporate home office complex in Erie, Pennsylvania which contains 488,997 square feet and is owned by the Exchange. At December 31, 2002 in addition to the Erie branch office, the Company also operated 22 field offices in 11 states. Of these sites, 17 provide both agency support and claims services and are referred to as “Branch Offices”, while the remaining 5 provide only claims services and are considered “Claims Offices”.
The Company owns three of its field offices. Three field offices are owned by and leased from the Exchange. The annual rent expense incurred by the Company for the field offices and home office complex totaled $11.3 million in 2002. One office is owned by and leased from EFL at an annual rental in 2002 of $0.3 million. The remaining 14 offices are leased from various unaffiliated parties at an aggregate annual rental in 2002 of approximately $2.0 million.
Total rent and operating expenses for all office space occupied by the Company in 2002 was $19.8 million. This amount was reduced by allocations to the Property and Casualty Group of $12.8 million for claims operations. The net amount after allocations is reflected in the cost of management operations.
The Company, through its insurance subsidiaries, recorded $0.9 million in rental expense in policy acquisition and other underwriting expenses. This represents the Company’s 5.5% share of the total rental expense of the Property and Casualty Group.
Reference is made to “Selected Consolidated Financial Data” in the Annual Report for the year ended December 31, 2002, incorporated herein by reference.
Reference is made to the “Consolidated Financial Statements” and the “Quarterly Results of Operations” contained in the “Notes to Consolidated Financial Statements” in the Annual Report for the year ended December 31, 2002, incorporated herein by reference.
CNA Surety leases office space for its primary processing and service center at 101 South Phillips Avenue, Sioux Falls, South Dakota, under a lease expiring in 2012. CNA Surety's office space, consisting of approximately 82,900 square feet, is leased from a partnership in which the Company owns a 50% interest. The annual rent, which is subject to annual adjustments, was $0.8 million as of December 31, 2001. CNA
CNA Surety Corporation is a holding company for the combined surety business of CNAF and Capsure. Pursuant to a reorganization agreement, CNAF and Capsure merged their respective operations at the close of business on September 30, 1997. The surety operations of CNAF are referred to as CCC Surety Operations ("Predecessor"). For a more detailed description of the merger transactions and their effects on the Company's financial data, see the Consolidated Financial Statements and related Notes thereto and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in the 2001 Annual Report to Shareholders which are incorporated herein by reference.
(2) Does not include the effects of certain general and administrative expenses, which are indirect or overhead in nature, since such costs were not historically allocated to the CCC Surety Operations by CNAF or its subsidiaries. Accordingly, the comparability of this data to other data that include such costs is affected.
Incorporated herein by reference from pages 25 through 38 of the 2001 Annual Report to Shareholders.
Consolidated Statements of Income for the Years Ended December 31, 2001, 2000 and 1999
At December 31, 1998, the Company owned a building located in Perrysburg, Ohio, having an aggregate book value of $499,000, including improvements. There are no outstanding mortgages on the building.
Information under the caption "Financial Highlights" on the inside front foldout page of the Company's 1998 Annual Report to Shareholders is incorporated herein by reference.
Information under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 18-23 of the Company's 1998 Annual Report to Shareholders is incorporated herein by reference.
Information required by this item is set forth on page 33 of LNC's 2001 Annual Report to Shareholders and is incorporated herein by reference.
Information required by this is set forth on pages 36 through 69 of LNC's 2001 Annual Report to Shareholders and is incorporated herein by reference.
Information required by this item is set forth on page 33, pages 77 through 127 and page 129 of LNC's 2001 Annual Report to Shareholders and is incorporated herein by reference.
Zenith Insurance owns a 130,000 square foot office facility in Woodland Hills, California which is the corporate home office of Zenith National and its subsidiaries. Zenith Insurance also owns a 120,000 square foot branch office facility in Sarasota, Florida and a 2 acre vacant parcel in the
Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations, included in Zenith's 2002 Annual Report to Stockholders, is hereby incorporated by reference.
Information as to selected financial data is incorporated by reference to the material under the heading “Selected Financial Data” in the portions of the Company’s 2005 Annual Report to Shareholders set forth as Exhibit 13 in this report.
Information as to management’s discussion and analysis of financial condition and results of operations is incorporated by reference to the material under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the portions of the Company’s 2005 Annual Report to Shareholders set forth as Exhibit 13 in this report.
Business Properties Real estate owned and used in the regular conduct of business consists of 12 business properties located in various cities throughout the United States. The Corporation's Mount Washington Center, located in Baltimore, Maryland, is the principal owned property. This is the headquarters for the life insurance operations, and the location of the information systems and training and development complexes.
In addition, the Corporation leases approximately 120 offices in various cities in the regular course of business. See Note 5 of Notes to the Consolidated Financial Statements. The principal leased property is a 40-story home office building in Baltimore, Maryland, sold in 1984 and leased back by the Corporation.
Selected Financial Data Selected financial data of the Corporation on pages 56 and 57 of the Annual Report to Shareholders for 1993 is incorporated herein by reference.
Management's Discussion and Analysis of Financial Condition and Results of Operations Management's Discussion and Analysis on pages 34 through 55 of the Annual Report to Shareholders for 1993 is incorporated herein by reference.
The information set forth under the caption "Management's Discussion and Analysis of Results of Operations and Financial Condition" in the Annual Report to Shareholders of Argonaut Group for the fiscal year ended December 31, 1995, is incorporated herein by reference. See Exhibit Index.
Selected Financial Data is included on Page 26 of Tenere's 1997 Annual Report to Stockholders and is incorporated by reference herein.
Consolidated Statements of Operations Years ended December 31, 1997, 1996 and 1995 10
Consolidated Statements of Stockholders' Equity/Policyholders' Surplus Years ended December 31, 1997, 1996 and 1995 11