felanders/preprocessed huggingface dataset:
The following selected consolidated financial data for each of the five years in the period ended December 31, 2007 have been derived from Gallagher’s Consolidated Financial Statements. Such data 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.
Certain Non-GAAP Financial Measures. The line item in the preceding selected financial data table entitled “Earnings from continuing operations before litigation and contingent commission matters and claims handling obligations per employee” may be considered a “non-GAAP financial measure” within the meaning of SEC regulations because it is derived from Gallagher’s consolidated financial information but is not required to be presented in financial statements that are prepared in conformity with U.S. generally accepted accounting principles (GAAP). Consistent with SEC regulations, a description of such information is provided in the table above and a reconciliation of certain of such items to GAAP is provided herein. Charges in 2006 related to retail contingent commission related matters totaled $9.0 million (or $5.4 million after tax). Charges in 2005 related to litigation related matters, retail contingent commission related matters and claims handling obligations totaled $131.0 million (or $84.2 million after tax), $73.6 million (or $44.2 million after tax) and $5.2 million (or $3.6 million after tax), respectively. There were no such items in 2003, 2004 or 2007. These amounts, which Gallagher believes are non-recurring, were added back to earnings from continuing operations in 2006 and 2005 in order to calculate earnings from continuing operations before litigation and contingent commission related matters and claims handling obligations per employee.
Gallagher believes the items included above provide meaningful additional information, which may be helpful to investors in assessing certain aspects of Gallagher’s operating performance and financial condition that may not be otherwise apparent from GAAP. Industry peers provide similar supplemental information, although they may not use the same or comparable terminology and may not make identical adjustments. This non-GAAP information should be used in addition to, but not as a substitute for, the GAAP information.
Surety and Marine Dep^. Premium Reserve Frs. 32,892,054.— Reserve for unsettled Claims .... „ 17,658,181.36 Reserve for extraordinary Losses ... „ 7,500,000. — „ 58,050,235.36
LIFE Department Premium Reserve Frs. 93,972,837. — Reserve for unsettled Claims .... „ 2,583,872. — „ 96,556,709. —
Balance carried to next year's account 33,823.54 TOTAL FUNDS Frs. 180,840,767.90
Shareholders' Liability . . . . House Property .... . . . . . . . . . . . . Frs. 2,500,000.— Mortgages .. . . . . " . . . , 30,151,103.15 Government and other Securities . , 51,700,111.65 Life and other funds deposited with ceding Companies . , 80,847,538.81 Bank Balances „ 5,780,259.76 Cash in hand . . 32,904.72 Due by other Companies and Sundry Debtors . . . . ; Accrued Interest •
Management's Discussion and Analysis of financial condition and results of operations appears on pages 4-15 in the Annual Report to the Stockholders for the year ended December 31, 2010, and is incorporated herein by reference.
CFC-I owns a fully leased 85,000 square feet office building in downtown Cincinnati that is currently leased to Procter and Gamble Company, an unaffiliated company, on a net, net, net lease basis. This property is carried in the financial statements at $577,557 as of December 31, 1996.
This information is included in the Annual Report of the Registrant to its shareholders on pages 14 and 15 for the year ended December 31, 1996 and is incorporated herein by reference (see Exhibit 13 to this filing).
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND --------------------------------------------------------------- RESULTS OF OPERATIONS ---------------------
(a) Financial Statements The following consolidated financial statements of the Registrant and its subsidiaries, included in the Annual Report of the Registrant to its shareholders on pages 19 to 30 for the year ended December 31, 1996, are incorporated herein by reference (see Exhibit 13 to this filing).
(b) Supplementary Data Selected quarterly financial data, included in the Annual Report of the Registrant to its shareholders on Page 30 for the year ended December 31, 1996, is incorporated herein by reference (see Exhibit 13 to this filing).
Since the Trust has been in existence less than one year, no comparison of financial data is possible. For further discussion regarding the financial statements of the Trust and the notes thereto, see Items 7 and 8.
Net assets in the MetLife Policyholder Trust increased $15,925 million for the period April 7, 2000 through December 31, 2000. This increase is primarily due to the initial capitalization of the Trust from the deposit of the Trust Shares on the Effective Date and unrealized gains on the Trust Shares. The Trust was established on April 7, 2000 in conjunction with Metropolitan Life's conversion from a mutual life insurance company to a stock life insurance company. In accordance with the Plan, each Beneficiary's policyholder membership interest was extinguished and Beneficiaries in the aggregate received, in exchange for such interests, Trust Interests of $7,046 million, representing 494,466,664 shares of Common Stock to be held in the Trust, valued at the initial public offering price of the Common Stock. Unrealized gains of $9,429 million on the Trust Shares for the period from April 7, 2000 through December 31, 2000 represent the difference between the market value and the cost basis of the Trust Shares at December 31, 2000. These increases are offset by a net decrease of 39,470,481 Trust Interests in connection with the Purchase and Sale Program. Net redemptions by Beneficiaries through the Purchase and Sale Program resulted in a $550 million decrease in net assets. Net investment income of $92 million, which consists of dividends received from the Holding Company's Common Stock, and net realized investment gains recognized on the sale of Trust Shares sold in the Purchase and Sale Program of $307 million were fully distributed to Beneficiaries.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets of the Trust as of December 31, 2000, the results of its operations and changes in its net assets for the period April 7, 2000 (date of inception) to December 31, 2000, in conformity with accounting principles generally accepted in the United States of America.
STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD APRIL 7, 2000 (DATE OF INCEPTION) THROUGH DECEMBER 31, 2000 (IN THOUSANDS, EXCEPT TRUST INTEREST AMOUNTS)
(a) Physical Properties of Registrant and Its Subsidiaries. The ------------------------------------------------------- Registrant leases it home office facilities in Montgomery, Alabama,from Mutual.
Management's Discussion and Analysis of Financial Condition and Results ----------------------------------------------------------------------- of Operations. --------------
The "Management's Discussion and Analysis" section on pages 14 through 20 of the Registrant's annual report to security holders for the fiscal year ended December 31, 1996, is incorporated herein by reference.
The selected consolidated financial data of the Company appears in a separate section of this Annual Report on Form 10-K on page 26 and is incorporated herein by this reference.
The Company’s consolidated financial statements, as listed under Item 15, appear in a separate section of this Annual Report on Form 10-K beginning on page 36 and is incorporated herein by this reference. The financial schedule is included below under Item 15.
Unitrin owns the 41-story office building at One East Wacker Drive, Chicago, Illinois, that houses the executive offices of Unitrin. Unitrin occupies approximately 45,000 square feet of the 527,000 rentable square feet in the building. In addition, Unitrin subsidiaries together own 11 buildings located in 8 states consisting of approximately 225,000 square feet in the aggregate.
Selected consolidated financial data for the five years ended December 31, 2004 is incorporated herein by reference to the data captioned “Financial Highlights” and filed as Exhibit 13.3 hereto.
The Financial Statements (including their related notes and the report of Deloitte & Touche LLP) are incorporated herein by reference to, and filed as, Exhibit 13.1 hereto.
Financial position on 31 December, 1898. CAPITAL fully subscribed (250/0 paid-up) Frs. 8,000,000. RESERVE FUND . 1,000,000. SPECIAL RESERVE , 500,000.
Life Depi. Premium Reserve from 1897 Reserve for outstanding losses from 1897 ... Special Reserve Premiums, less cancellations Consideration for Annuities, less commission Interest Interest, after deduction of interest on Life Dep'. account
Shareholders Mortgages Government securities and Bonds House Property Cash in Bank Cash in Hand Deposits bearing interest Loans on securities
Due by other Companies Due for Premium Reserve, Life Dep'Accrued interest
Information under the caption "Financial Highlights" on page 3 of the Company's 1997 Annual Report to Shareholders is incorporated herein by reference.
The Consolidated Financial Statements of Poe & Brown, Inc. and its subsidiaries, together with the report thereon of Arthur Andersen LLP appearing on pages 22-40 of the Company's 1997 Annual Report to Shareholders, are incorporated herein by reference.
The consolidated financial statements of the Company and related notes are set forth on pages 9 to 37 of the 2000 Annual Report to Shareholders and are incorporated herein by reference.
The Life and Health Group leases facilities at 171 locations in 26 states and the District of Columbia with aggregate square footage of approximately 382,000. The latest expiration date of the existing leases is October 2002.
Fireside Thrift occupies 41 leased facilities (including consumer finance branches and home office buildings) with an aggregate square footage of approximately 129,000. The latest expiration date of the existing leases is February 2003.
On January 22, 1998, Navistar International Corporation announced its intent to redeem its $6.00 Cumulative Convertible Preferred Stock, Series G, at a price of $50 per share. Unitrin owns 949,600 shares and expects to recognize an after-tax gain of approximately $27.7 million upon their redemption, which is anticipated in the first quarter of 1998. The Company expects to use the net proceeds from the redemption, approximately $40.2 million, for general corporate purposes.
The Financial Statements (including their related notes and the report of KPMG Peat Marwick LLP) are incorporated herein by reference to Exhibit 13.1 hereto.
Our Company has developed a semantic search engine called iGlue, which works by organizing content through the context of our user’s internet search. We have successfully launched our product and are currently marketing iGlue internationally through our website located at http://www.iglue.com.
We are currently in a development stage and have not begun our revenue generation strategy as described above. As such, we have not recognized any profit to date.
General and administrative expenses for the year ended December 31, 2013, was $2,013,288 as compared to $ 6,629,983 for the year ended December 31, 2012. The $4,616,695 decrease is attributable to the halt on reaserch and development activities and overall reduction in administrative activities in 2013.
Net loss for year ended December 31, 2013, was $ (2,104,727) or loss per share of $(0.18) as compared to $(7,664,922) or loss per share of $(0.66), for the comparable year ended December 31, 2012.
Inflation did not have a material impact on the Company’s operations for the period. Other than the foregoing, management knows of no trends, demands, or uncertainties that are reasonably likely to have a material impact on the Company’s results of operations.
The following table summarizes total current assets, liabilities and working capital at December 31, 2013, compared to December 31, 2012.
No cash was obtained through financing activities for the year ended December 31, 2013 as compared to $138,899 for the year ended December 31, 2012.
As of December 31, 2013 and 2012, consolidated cash and equivalent balances totaled $3,636 and $565, respectively. As of December 31, 2013 the Company’s cash balance is located in jurisdictions outside of the U.S. The Company’s ability to efficiently access cash balances in foreign jurisdictions is subject to local regulatory and statutory requirements.
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. A summary of the critical accounting policies and the judgments that we make in the application of those policies is presented in Note 2 to our financial statements. Our financial statements are based on the selection of accounting policies and the application of accounting estimates, some of which require management to make significant assumptions. Actual results could differ materially from the estimated amounts. The following accounting policy is critical to understanding and evaluating our reported financial results:
Our consolidated financial statements are contained in pages through which appear at the end of this annual report.
Heads & Threads leases approximately 12,000 square feet of office space in Sayreville, New Jersey for its headquarters. All of its four distribution centers, one packaging operation and nine warehouses are also in leased space, ranging in size from about 20,000 square feet to 165,000 square feet. In addition, Heads & Threads leases ten facilities that it no longer uses in operations. Seven are generating rental income from subleases and three are vacant. These leases expire in 2002 (3), 2003 (3), 2004 (3) and 2008 (1). In 2000, Heads & Threads sold the land and buildings it owned in Northbrook, Illinois, which housed its former headquarters, and Woodside, New York.
The information required by this Item 6 is incorporated by reference from page 20 of Alleghany's Annual Report to Stockholders for the year 2001, filed as Exhibit 13 hereto.
The information required by this Item 8 is incorporated by reference from pages 26 through 40 of Alleghany's Annual Report to Stockholders for the year 2001, filed as Exhibit 13 hereto.
Consolidated Financial Statements and Notes to the Consolidated Financial Statements, which are included on pages 22 through 39 of the 1996 Annual Report to Stockholders, together with the "Report of
The "Management's Discussion and Analysis of Results of Operations and Financial Condition" section on pages 9 to 15 of the Company's Annual Report to stockholders for the year ended December 31, 1997, which is included as Exhibit (13) to this Form 10-K Report, is incorporated herein by reference.
The consolidated financial statements on pages 16 to 27 of the Company's Annual Report to stockholders for the year ended December 31, 1997, which is included as Exhibit (13) to this Form 10-K Report, are incorporated herein by reference.
The following selected financial data for the year ended December 31, 2001 and the period from March 20, 2000 (date of incorporation) to December 31, 2000 have been derived from the Company's audited financial statements.
Liquidity. The Company was incorporated on March 20, 2000 and, as of March 1, 2002, has not commenced operations. When it does, its liquidity requirements will relate to payment of insurance losses, administrative expenses, and dividends. Premiums generated by the Company's reinsurance business, combined with investment earnings plus proceeds from the sale of the Company's Shares, will be its principal sources of funds. The Company believes that such funds will be sufficient to meet its liquidity requirements in 2002 and in future years to which its reinsurance liabilities will extend. No capital expenditures are expected in the forseeable future.
Results of Operations. The Company has not commenced operations as of the date of this report and accordingly, the Company's only income since incorporation has consisted of investment income earned on paid in capital with respect to the Common Stock. For the year ended December 31, 2001, the Company's first complete fiscal year, the Company had $32,595 of investment income. For the period from the date of incorporation to December 31, 2000, the Company had $43,667 of investment income. The diminution of investment income for the year ended December 31, 2001 over the period from the date of incorporation to December 31, 2000 is attributable to lower interest rates prevailing during the year ended December 31, 2001 compared to the prior period.
Under the terms of the Stock Purchase Agreement between Integon Corporation and the Company, Integon has agreed to bear (i) all organizational expenses and liabilities of the Company, (ii) expenses attributable to the registration of the Shares and initial compliance with federal and state securities and insurance laws, and (iii) all operational expenses and liabilities attributable to the Company's day-to day operations for the first year after Shares are first issued. As of December 31, 2001, the total amount of such expenses borne by Integon since inception totaled $504,868 (2001 - $104,493 and 2000 - $400,375).
Forward Looking Statements: The foregoing Management Discussion and Analysis contains various forward looking statements within the meaning of applicable federal securities laws and are based upon Company's current expectations and assumptions concerning future events, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated.
Property, Deposits, Cash in Bank and in Hand . . . . Frs. 24,133,426.67
PREMIUM RESERVE Life (inch Annuity Fund) Frs. 15,219,981.— Fire, Marine, Accident and Burglary . . . . „ 4,129,484.—
Fire, Marine, Accident and Burglary Depä. Premium Reserve from 1902 .... Reserve for outstanding losses from 1902 Net premiums
Life DepL. Premium Reserve and Annuity Fund from 1902 Reserve for outstanding losses from 1902 Premiums, less cancellations Consideration for Annuities, less commissions .... Interest Interest, after deduction of interest on Life Dept account
Reserves, Life Dept-: Premium Reserve . . . Annuity Fund . . . . . Reserve for outstanding losses
(Market value on SPl» Dezember, 1903: Fr. 13,385,483.95) Deposits hearing interest , 519,849.44 Cash in Bank , 698,812.67 Cash in Hand . . . . ; . .... , 4,204.26 Due by other Companies Due for Premium Reserve, Life Dept. . . . .. . . - . Accrued interest -
Board of Directors: Colonel H. Nabholz, Chairman Zurich. J. R. Hanhart, Deputy-chairman . . . . »
Management: Ch. Simon, Manager. G. Schütz, Sub-Manager Life and Accident DepK
Reference is made to "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 26-47 of the 1998 Annual Report to Shareholders, which is incorporated herein by reference.
Reference is made to the Consolidated Financial Statements on pages 49-53 and the accompanying Notes to Consolidated Financial Statements on pages 54-83 of the 1998 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 83), which is incorporated herein by reference.
SAFECO Trust Company, organized in 1994, provides asset management and trust administrative services to high net worth individuals and unrelated organizations.
SAFECO's property and casualty group leases from General America Corporation (wholly-owned subsidiary of SAFECO Corporation) its home office building complex located in Seattle, Washington. This complex totals 567,000 gross square feet. A 700-car parking garage is connected to the complex.
Other buildings owned and occupied by the companies include a service facility in Redmond, Washington, as well as regional and branch offices in Atlanta, GA; Fountain Valley, CA; Cincinnati, OH; Denver, CO; Portland, OR; St. Louis, MO; Redmond, WA and Spokane, WA comprising 949,000 gross square feet.
All owned buildings are of modern construction, including air conditioning. All other branch and service offices utilize leased premises comprising 425,000 gross square feet, generally for periods of five years or less.
Winmar Company, Inc., is engaged in the investment in and management of a wide variety of real estate projects, primarily regional shopping centers, located throughout the United States. The projects are owned by subsidiaries of Winmar and in conjunction with other investors, and others are leased under long-term leases. The following is a summary of leaseable property.
SAFECARE Company, Inc., owns and leases healthcare facilities, primarily skilled nursing facilities, which contain approximately 400 beds, to qualified operators.
Pages 27 through 39 of the 1995 Annual Report to Stockholders are incorporated herein by reference.
Pages 41 through 69 of the 1995 Annual Report to Stockholders are incorporated herein by reference.
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 $74 thousand.
Marketing offices are leased in 13 cities, substantially all under leases for periods of three to five years with only two leases running longer than five years. The aggregate monthly rent is approximately $30 thousand.
(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.
(6) Reported as "minority interest in consolidated subsidiaries" in the Company's financial statements.
Information regarding the Company's financial condition and results of operations is included under the caption "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" in the Company's 1995 Annual Report to Stockholders and is 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 63 of the 1995 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 27 of this Form 10-K.
RGA Reinsurance also conducts business from approximately 1,800 square feet of office space located in Hong Kong and approximately 1,300 square feet of office space located in Tokyo, Japan. The rental expenses paid by RGA Reinsurance under the leases during 1997 were approximately $162,000 and $76,000 for Hong Kong and Tokyo, respectively. RGA Australia conducts business from approximately 3,600 square feet of office space located in Sydney, Australia and paid $58,200 during 1997 for lease expense. The Hong Kong and Tokyo leases expire in January 2001 and December 1998 respectively. The Sydney lease expires in December 1998.
(1) 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, 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 dilutive effect of the AIG Option and employee stock options.
(3) Return on average equity is calculated as the annual net income (loss) divided by the average of the shareholders’ equity on the first and last day of the respective year.
(5) 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 on the basis described in note (1) above. At December 31, 2003
the average weighted number of shares outstanding, including the dilutive effect of employee stock options and stock grants using the treasury stock method was 48,381,730.
The principal offices of the Marsh subsidiaries in the UK currently are located in the City of London in Tower Place, comprising 354,000 square feet under a long term lease. Marsh subsidiaries lease an additional 160,000 square feet of office space in and around London in
support of their operations. The principal offices of the Mercer subsidiaries in the UK comprise approximately 200,000 square feet of leased space in and around London. Mercer also has entered into a lease covering approximately 150,000 rentable square feet in a new building close to Tower Place.
The selected financial data on page 55 of the 2003 Annual Report are incorporated herein by reference.
HMEC’s home office property at 1 Horace Mann Plaza in Springfield, Illinois, consists of an office building totaling approximately 200,000 square feet which is owned by the Company. The Company also owns buildings with an aggregate of approximately 24,000 square feet at other locations in Springfield. The Company leases buildings in Springfield with an aggregate of approximately 91,000 square feet. In addition, the Company leases office space in other states related to claims and agency offices which are smaller in size. These properties, which are utilized by all of the Company’s operating segments, are adequate and suitable for the Company’s current and anticipated future needs.
The information required by Item 301 of Regulation S-K is contained in the table in Item 1 - “Business - Selected Historical Consolidated Financial Data”.
PROPOSED ACQUISITION OF ADDITIONAL INVESTMENT PROPERTIES. In March 1994, the Company finalized an agreement to purchase a portion of the real estate assets of SCANA Development Corporation, a subsidiary of SCANA Corporation, for approximately $50 million in cash. This transaction is expected to close in April and May 1994, and will significantly increase the real estate portfolio of the Company.
The properties to be purchased from SCANA are located primarily in South Carolina and include residential, commercial and industrial projects, which are similar to the Company's existing real estate investments throughout the Southeast. The properties to be purchased include residential projects under development, undeveloped land held for future development, income producing commercial properties consisting of shopping centers and office buildings, undeveloped land intended for possible development and/or sale, and of land to be developed as business parks.
The Registrant hereby incorporates by reference the "Selected Financial Data" table on page 61 of the Annual Report.
The Registrant hereby incorporates by reference "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 18 through 31 and "Information Concerning Forward-Looking Statements" on the inside back cover 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 ............................ 32 - 36 Notes to Consolidated Financial Statements ................... 37 - 59 Report of Ernst & Young LLP, Independent Auditors ............ 60 Quarterly Financial Data ..................................... 62
We own five buildings in Peoria, Illinois. Corporate 1 is a two-story 80,000 square foot office building, which serves as our corporate headquarters. Located on the same 15 acre campus is Corporate 2, a 24,000 square foot building which is used by two branch offices of our subsidiary, RLI Insurance Company, and two supporting departments. Corporate 3 is a 25,400 square foot multi-story building. Within that space, approximately 10,995 square feet is warehouse used for record retention and storage, while the remaining area houses a training center and office space. Corporate 4 is a 12,800 square foot building. We use nearly 9,000 square feet as warehouse storage for furniture and equipment. The remaining 3,000 square feet is office space. We share ownership with Maui Jim, Inc. of a 16,800
Refer to the Selected Financial Data on pages 48 through 49 of the 2005 Financial Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein.
Refer to the Management’s Discussion and Analysis of Financial Condition and Results of Operations on pages 1 through 18 of the 2005 Financial 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, recoverability of reinsurance balances and deferred policy acquisition costs. A detailed discussion of these critical accounting policies can be found on pages 3 through 5 of the 2005 Financial Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein.
CalFarm Insurance owns its home office building (and surrounding property of approximately 4 acres) in Sacramento, California, consisting of 133,000 square feet. Approximately 20% of the building is leased to the Farm Bureau and its affiliates.
The five-year summary of selected financial information and accompanying notes, included in Zenith's 1996 Annual Report to Stockholders on pages 30 and 31, is hereby incorporated by reference.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements if accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those discussed. Forward-looking statements include those related to the plans and objectives of management for future operations, future economic performance, or projections of revenues, income, earnings per share, capital expenditures, dividends, capital structure, or other financial items. Statements containing words such as EXPECT, ANTICIPATE, BELIEVE, or similar words that are used in Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations, in other parts of this Report or in other written or oral information conveyed by or on behalf of Zenith are intended to identify forward-looking statements. Zenith undertakes no obligation to update such forward-looking statements, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include but are not limited to the following: (1) heightened competition, particularly intense price competition; (2) adverse state and federal legislation and regulations; (3) changes in interest rates causing a reduction of investment income; (4) general economic and business conditions which are less favorable than expected; (5) unanticipated changes in industry trends; (6) adequacy of loss reserves; (7) catastrophic events or the occurrence of a significant number of storms and wind and hail losses; and (8) other risks detailed herein and from time to time in Zenith's other reports and filings with the Securities and Exchange Commission.
"Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations," included in Zenith's 1996 Annual Report to Stockholders on pages 21 to 28 is hereby incorporated by reference.
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 8,775 persons in approximately 460 offices.
See the information in 'Reliance Group Holdings, Inc. & Subsidiaries Financial Review' on pages 24 through 31 of the Reliance Group Holdings 1995 Annual Report, which information is incorporated herein by reference.
The following selected financial data is derived from the consolidated financial statements of the company. The data should be read in conjunction with the consolidated financial statements, related notes, and other financial information included or incorporated by reference herein.
(a) Restated for two-for-one stock split effective March 1, 2001. (b) Includes litigation settlements and other charges of $207 million aftertax ($.41 per share). (c) Includes $36 million ($.07 per share) aftertax litigation settlements. (d) Includes $246 million ($.47 per share) aftertax litigation settlements and $42 million ($.08 per share) aftertax Y2K costs. (e) Includes $247 million ($.49 per share) aftertax merger-related costs, $73 million ($.15 per share) aftertax loss on sale of non-strategic assets, and $33 million ($.07 per share) aftertax litigation settlement. (f) Includes $111 million ($.22 per share) aftertax loss on sale of non-strategic assets and $32 million ($.07 per share) aftertax write-down of USLIFE group insurance business. (g) 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 2000 ARS.
Financial position on 31 Decemlber, 1904. CAPITAL fully subscribed (25 »/o paid-up) Frs. 8,000,000. — RESERVE FUND „ 1,000,000.SPECIAL RESERVE ............... „ 600,000.-
Property, Deposits, Cash in Bank and in Hand . . . . Frs. 27,.898,485.78
PREMIUM RESERVE Life (incl. Annuity Fund) Frs, 17,410,167. — Fire, Marine, Accident and Burglary „ 4,431,541.57
RESERVE for oTa.tsta,n.d.iss.gr losses: Life Frs. 278,699.— Fire, Marine, Accident and Burglary . „ 3,823,330. —
Fire, Marine, Accident and Burglary Depl. Premium Reserve from 1908 Reserve for outstanding losses from 1908 ....... Net premiums . . .....
Deposits bearing interest , 887,439.37 Cash in Bank . Cash in Hand . . ... . . . 27,398,485 78 Due by other Companies . . . . . 2,508,769 38 Due for Premium Reserve, Life Dep'- . . . , . . . 2,119,872 50 Accrued interest - . .... . . . 275,749 50
As of February 21, 2003, we lease a total of approximately 18,056 square feet of office space in two locations. We lease 11,868 square feet in Columbus, Ohio for our headquarters pursuant to a lease that commenced on January 1, 2001 and expires on December 31, 2008. The lease provides for monthly rent of $13,230. ALPC leases 6,188 square feet in Cincinnati, Ohio pursuant to a lease that expires on July 31, 2004. The lease provides for monthly rent of $6,327, net of reimbursements payable to the lessor for cost of maintenance and operation of the building.
The information required by this Item 7 is included under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2002 Annual Report and is incorporated herein by reference.
Our consolidated balance sheets as of December 31, 2002 and 2001, and our consolidated statements of income, comprehensive income, shareholders' equity and cash flows for each of the three years ended December 31, 2002, 2001 and 2000 and the notes to the financial statements, together with the independent auditors' report thereon, are included in our 2002 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 Item 15 hereof.
Management's Discussion and Analysis of financial condition and results of operations appears on pages 5-14 in the Annual Report to the Stockholders for the year ended December 31, 2007, and is incorporated herein by reference.
The financial statements and notes appear on pages 16-38 in the Annual Report to the Stockholders for the year ended December 31, 2007 and are incorporated herein by reference. See Part IV, Item 15.
Zenith Insurance owns a 120,000 square foot office facility in Woodland Hills, California which is the corporate home office of Zenith National, Zenith Insurance and ZNAT Insurance. Zenith Insurance also owns a 176,000 square foot branch office facility in Sarasota, Florida. In the regular conduct of business, Zenith Insurance leases offices in various cities. See Notes to Consolidated Financial Statements -- Note 15 -- "Commitments and Contingent Liabilities" on pages 59-60 of Zenith's 2000 Annual Report to Stockholders, which note is hereby incorporated by reference. Zenith considers its owned and leased facilities to be adequate for the needs of the organization.
The 5-Year Summary of Selected Financial Information, included in Zenith's 2000 Annual Report to Stockholders on pages 38-39, is hereby incorporated by reference.
Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations, included in Zenith's 2000 Annual Report to Stockholders on pages 25-36, is hereby incorporated by reference.
American General's subsidiaries also own various other properties, including properties held for investment, branch office buildings, and the home office buildings of American General Finance, Inc. in Evansville, Indiana; American General Life and Accident Insurance Company in Nashville, Tennessee; and Franklin Life in Springfield, Illinois. Portions of certain of these buildings are rented to unaffiliated third parties.
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 16-25 in American General's 1996 ARS.
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 29 locations throughout North Carolina, South Carolina and Michigan. NE-ITIC leases office space in one location in New York.
See Note 9 of Notes to Consolidated Financial Statements in the 2001 Annual Report to Shareholders incorporated by reference in this Form 10-K Annual Report for the amounts of future minimum lease payments. Each of the office facilities occupied by the Company and its subsidiaries are in good condition and adequate for present operations.
The selected financial data for the five years ended December 31, 2001 is set forth under the caption "Financial Highlights" in the 2001 Annual Report to Shareholders and is incorporated by reference in this Form 10-K Annual Report. The information should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2001 Annual Report to Shareholders incorporated by reference in this Form 10-K Annual Report.
The financial statements and supplementary data in the 2001 Annual Report to Shareholders are incorporated by reference in this Form 10-K Annual Report.
CNA Surety leases its executive offices and its shared branch locations with CCC under an Administrative Services Agreement. CNA Surety currently uses approximately 109,000 square feet and related personal property at 42 branch locations and its home and executive offices (17,748 square feet), in Chicago, Illinois. CNA Surety's annual rent for this space is approximately $2.0 million. CNA Surety may terminate its use of these locations as set forth in the Administrative Services Agreement, without penalty, by providing CCC with 60 days written notice.
Texas, under a lease terminating in 2001 with an annual rent of $0.2 million. USA also leases space for 4 branch offices for an additional annual rent of approximately $0.1 million.
The following financial information has been derived from the Consolidated Financial Statements and notes thereto which appear in the 1998 Annual Report to Shareholders and are incorporated herein by reference.
- ------------------------- (1) Includes investment income and investment gains for CNA Surety for the year ended December 31, 1998 and for the period from September 30, 1997 (date of inception) through December 31, 1997.
(2) Includes the effect of recording revisions of prior year reserves. The dollar amount and the percentage point effect on the loss ratio of these reserve revisions, all of which were favorable, were $4,352, or 1.7%, for the year ended December 31, 1998 and $647, or 1.0%, for the period from September 30, 1997 (date of inception) through December 31, 1997.
Incorporated herein by reference from pages 13 through 28 of the 1998 Annual Report to Shareholders.
Consolidated Statements of Income for the Year Ended December 31, 1998 and the Period from September 30, 1997 (date of inception) through December 31, 1997 and Statements of Certain Revenues and Direct Operating Expenses of the Predecessor for the Nine Months Ended September 30, 1997 and Year Ended December 31, 1996
Consolidated Statements of Changes in Stockholders' Equity for the Year Ended December 31, 1998 and the Period from September 30, 1997 (date of inception) through December 31, 1997
The above Consolidated Financial Statements, the related Notes to the Consolidated Financial Statements and the Independent Auditors' Report are incorporated herein by reference from pages 29 through 49 of the 1998 Annual Report to Shareholders.
Zenith Insurance owns a 130,000 square foot office facility in Woodland Hills, California which is the corporate home office of Zenith National, Zenith Insurance and ZNAT Insurance. Zenith Insurance also owns a 120,000 square foot branch office facility in Sarasota, Florida and a 2 acre vacant parcel in the vicinity. In the regular conduct of business, Zenith Insurance leases offices in various cities. See Notes to Consolidated Financial Statements - Note 15 - "Commitments and Contingent Liabilities" in Zenith's 2001 Annual Report to Stockholders, which note is hereby incorporated by reference. Zenith considers its owned and leased facilities to be adequate for the needs of the organization.
Reference is made to the Property-Casualty Loss Development data in Zenith's 2001 Annual Report to Stockholders for information setting forth the loss and loss adjustment expense liability development for 1991 through 2001 and to the Consolidated Financial Statements and Notes thereto in Zenith's 2001 Annual Report to Stockholders, which are hereby incorporated by reference.
Selected Financial Data The Selected Consolidated Financial Data, which appears on page 24 in the 1997 Annual Report, are incorporated herein by reference.
Management's Discussion and Analysis of Financial Condition and Results of Operations Management's Discussion and Analysis of Results of Operations and Financial Condition, which appears beginning on page 25 in the 1997 Annual Report, is incorporated herein by reference.
The registrant and three of its subsidiaries, as tenants in common, own a 56% condominium interest in a 44-story building in New York City which serves as their worldwide headquarters. The principal offices of the registrant's Bowring subsidiaries in London are located in two adjoining buildings under a lease which expires in 2077.
The remaining business activities of the registrant and its subsidiaries are conducted principally in leased office space in cities throughout the world. No difficulty is anticipated in negotiating renewals as leases expire or in finding other satisfactory space if the premises become unavailable. From time to time, the registrant may seek to sublet unused space to third parties, depending upon the demands for office space in the locations involved.
The selected financial data on pages 48 and 49 of the 1994 Annual Report are incorporated herein by reference.
The Consolidated Financial Statements and the Report of Independent Auditors thereto on pages 30 through 46 of the 1994 Annual Report and Selected Quarterly Financial Data (Unaudited) on page 47 of the 1994 Annual Report are incorporated herein by reference. Supplemental Notes to Consolidated Financial Statements are included on pages 16 and 17 hereof.
In consequence of the premium accrued from the issuing of the new shares, the RESERVE FUND is increased to Frs, 1,000,000, and the SPECIAL RESERVE to Frs. 500,000.
Fire, Marine and Accident DepL. Premium Reserve from 1896 Reserve for outstanding losses from 1896 Net premiums
Life Dept. Premium Reserve from 1896 Reserve for outstanding losses from 1896 Special Reserve Premiums Interest Interest, after deduction of interest on Life Dep'. account
Life Dept Cancellations Retrocession-Premiums Surrenders Losses paid, less retrocession Annuities paid Commissions and expenses .. Reserve for outstanding losses Premium Reserve Special Reserve Expenses of management Taxes Amortisations Net profit
Reserves, Fire, Marine and Accident Dep*for unexpired risks , outstanding losses
Th, Spiihier, Manager of the „Societe de Credit Suisse" at Zurich.
Our corporate headquarters are located on a 42-acre parcel in Mayfield Village, Ohio. We also own a 72-acre corporate office complex near the headquarters. Buildings on these two sites contain approximately 1.6 million square feet of office space.
We also own: seven other buildings in Cleveland, Ohio suburbs near the corporate office complexes; seven buildings in Tampa, Florida; three buildings in Colorado Springs, Colorado; and a building in each of the following cities: Albany, New York; Ft. Lauderdale, Florida; Plymouth Meeting, Pennsylvania; Tempe, Arizona; and Tigard, Oregon. Two of these buildings are partially leased to non-affiliates. In total, these buildings contain approximately 1.9 million square feet of office, warehouse and training facility space. These facilities are occupied by our business units or other supporting operations and are not segregated by industry segment.
The building in Tempe, Arizona is also partially used as a claims service center. In addition, we own 4 buildings and lease another 21 to provide concierge-level claims service at various locations throughout the United States. In total, these additional buildings contain approximately .4 million square feet. We also have 18 claims service centers currently under construction and are acquiring additional properties in various markets around the country as part of our announced expansion of the program.
We lease approximately 1.2 million square feet of office and warehouse space at various locations throughout the United States for our business units and corporate functions. In addition, we lease approximately 460 claims offices, consisting of approximately 3.4 million square feet, at various locations throughout the United States. These leases are generally short-term to medium-term leases of standard commercial office space.
All per share amounts were adjusted for the April 22, 2002, 3-for-1 stock split.
MMC and four of its subsidiaries, as tenants in common, own a 69% condominium interest in a 44-story building in New York City which serves as their worldwide headquarters.
The Consolidated Financial Statements and the Report of Independent Auditors thereto on pages 41 through 61 of the 1999 Annual Report and Selected Quarterly Financial Data (Unaudited) on page 62 of the 1999 Annual Report are incorporated herein by reference. Supplemental Notes to Consolidated Financial Statements are included on pages 28 and 29 hereof.
The information (other than graphic images and related commentary) set forth under the caption "Financial Review" on pages 24 through 47, of the Transamerica Corporation 1996 Annual Report, is incorporated herein by reference.
Consolidated Statement of Income--Years ended December 31, 1996, 1995 and 1994--page 50.
The information with respect to management's discussion and analysis of financial condition and results of operations, is contained under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the 2001 Annual Report and is incorporated by reference to pages 40 through 57 of Exhibit 13.1 filed with this Form 10-K.