felanders/preprocessed huggingface dataset:
The Company does not own any real estate; it leases approximately 24,000 feet of office space in Chicago. The lease has a term expiring in 2000, with an option for the Company to extend the lease through 2003. In addition, the Company leases approximately 1,700 feet of office space in Milwaukee with a term expiring in 1999; 1,700 feet of office space in St. Louis with a term expiring in 2000; 500 feet of office space in Detroit with a term expiring in 1998, and 500 feet of office space in Indianapolis with a term expiring in 1998.
Incorporated herein by reference from sections entitled "Financial Statements" and "Notes to Consolidated Financial Statements" in the Company's 1997 Annual Report to Stockholders, which is included as Exhibit 13 to this Annual Report on Form 10-K.
Additionally, the Company owns two other buildings located near the headquarter building. One, a 19,000 square foot building, is leased to Maui Jim, Inc. and is used as their headquarters. The other, a 20,000 square foot building, was purchased in December of 1996. Currently, used for warehousing and record storage, this building will provide space for future office expansion.
Refer to the Management's Discussion and Analysis of Financial Condition and Results of Operations on pages 22 through 29 of the Annual Report to Shareholders for the year ended December 31, 1997 attached in Exhibit 13.
Refer to the consolidated financial statements and supplementary data included on pages 30 through 49 of the Annual Report to Shareholders for the year ended December 31, 1997 attached in Exhibit 13. (See Index to Financial Statements and Schedules attached on page 23.)
Golden American's principal office is located at 1001 Jefferson Street, Suite 400, Wilmington, Delaware 19801, where all of Golden American's records are maintained. This office space is sub-leased from Bankers Trust (Delaware), a subsidiary of Bankers Trust New York Company, under a service agreement.
Variable life and annuity product fees and policy charges were $18.4 million in 1995, an increase of $0.9 million or 5% from 1994. This increase is due to an additional $0.9 million in fees earned from the increasing block of business under management in the Separate Accounts, an increase of $1.5 million in the collection of surrender charges, and a decrease of $1.5 million in the revenue recognition of net distribution fees.
Employee related expenses and general administrative and operating expenses were a combined $13.7 million for 1995, an increase of $.3 million or 2.5% from 1994.
Interest expense was $0 for 1995 as compared to $2.0 million in 1994. The elimination of interest expense in 1995 resulted from the retirement of the Company's debt in December 1994 with the proceeds from the issuance of preferred stock. In 1995, the Company paid dividends on preferred stock of $3.4 million. There were no preferred stock dividends in 1994.
HMEC’s home office property at 1 Horace Mann Plaza in Springfield, Illinois, consists of an office building totaling approximately 214,000 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 92,000 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.
W. R. Berkley and its subsidiaries own or lease office buildings or office space suitable to conduct their operations. At December 31, 2001, the Company had aggregate office space of 1,157,569 square feet, of which 843,149 was owned and 314,420 was leased.
Rental expense was approximately $18,021,000, $16,580,000 and $16,109,000 for 2001, 2000 and 1999, respectively. Future minimum lease payments (without provision for sublease income) are $14,979,000 in 2001; $11,569,000 in 2003; $7,953,000 in 2004; $5,962,000 in 2005; and $16,324,000 thereafter.
(1) Including trading account receivable from brokers and clearing organizations and trading account securities sold but not yet purchased.
The information contained in "Selected Financial Data" in the Annual Report is incorporated herein by reference.
The Company leases approximately 244,000 square feet of office space throughout the United States ("U.S.") and three suites in the London Underwriting Centre in the United Kingdom ("U.K."). The Company's major leasehold obligation relates to its corporate office located in Deerfield, Illinois. The Deerfield, Illinois office space consists of 135,000 square feet. The lease is for a term of fifteen years beginning July 1, 1991. The Company has the right to terminate this lease in the tenth and eleventh years of the lease under certain circumstances. In 2001, the Company has the option of renting an additional 52,000 square feet. The Company's principal regional and subsidiary offices are in Atlanta, Georgia; San Francisco and San Diego, California; Independence, Missouri; and Washington, D.C.
Management's Discussion and Analysis of Financial Condition and Results of Operations on pages 14 through 19 of the MMI Companies, Inc. 1997 Annual Report to Stockholders is incorporated herein by reference and is filed in electronic format as Exhibit 13.2.
In the fourth quarter 2001, the Company 	discontinued its property and casualty insurance segment, 	primarily the underwriting of workers’ compensation 	insurance policies. 1997 through 2000 amounts have been 	reclassified to discontinued insurance operations to conform to 	this presentation.
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 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 $12,870,631 as of December 31, 1994.
The CLIC owns a four-story office building in the Tri-County area of Cincinnati containing approximately 127,000 square feet. At the present time, 100% of the building is currently being leased. This property is carried in the financial statements at $4,982,622 as of December 31, 1994.
This information is included in the Annual Report of the Registrant to its shareholders on pages 31 and 32 for the year ended December 31, 1994 and is incorporated herein by reference (see Exhibit 13 to this filing).
(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 29 for the year ended December 31, 1994, 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 1 for the year ended December 31, 1994, is incorporated herein by reference (see Exhibit 13 to this filing).
SAFECO Properties, Inc. sold its hospital operating and management company (SAFECARE Health Services, Inc.) in May of 1992. See page 32 of the 1994 Annual Report to Stockholders for more information.
SAFECO Asset Management Company, acquired by the Corporation in 1973, serves as the investment advisor to the SAFECO Mutual Funds and various institutional accounts of 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 574,000 gross square feet. A 700-car parking garage is connected to the complex.
SAFECO's life and health insurance companies lease their home office building complex, located in Redmond, Washington, from General America Corporation. This complex totals 232,000 gross square feet.
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.
SAFECARE Company, Inc. owns and leases healthcare facilities, which contain approximately 400 beds, to qualified operators. SAFECARE also owns and leases to third parties medical office buildings totaling 46,000 square feet.
Pages 64 through 67 of the 1994 Annual Report to Stockholders are hereby incorporated by reference.
Pages 25 through 35 of the 1994 Annual Report to Stockholders are hereby incorporated by reference.
The information set forth on pages 37 through 42 in the Company's 1999 Annual Report to Stockholders under the caption "Management's Discussion and Analysis of Results of Operations and Financial Condition" is hereby incorporated by reference.
Allstate's field business operations are conducted substantially from 17 major offices located principally in metropolitan areas throughout the United States and Canada. Allstate also has approximately 270 claim service offices, sales facilities at approximately 11,600 locations, and approximately 850 automobile damage inspection locations, most of which are located at claim service offices and sales facilities.
The consolidated financial statements of the Company, including the notes to such statements on pages C-30 to C-65 of the Proxy Statement and the information under "Quarterly Results" on page C-65 of the Proxy Statement are incorporated herein by reference.
Reductions of $7.1 million were noted in policyholder benefits and expenses, as compared to 2004. These were primarily attributable to lower death benefits and policy surrenders.
Interest expense on contractholder deposit funds continues to decline totaling $22.1 million in 2005 compared to $23.2 million and $25.8 million in 2004 and 2003, respectively.
Effective January 1, 2004, the Company adopted Statement of Position (“SOP”) 03-01, “Accounting and Reporting by Insurance Enterprises for Certain Non-traditional Long-Duration Contracts and for Separate Accounts.” This resulted in recognizing additional income totaling $229,000, net of taxes, as a cumulative effect of change in accounting principle in 2004. The implementation of this SOP changed the pattern of recognition of bonus interest credited to contractholders for certain of the Company’s insurance products.
The valuation allowance related to the realization of deferred tax assets from continuing operations increased $3.3 million, primarily as a result of net operating loss carryforwards for tax.
The significant decline in UL premiums and annuity deposits in 2004 and slight declines of the same in 2005, shown in the prior table, reflects the factors noted earlier in this discussion: the net run-off of business from the Company’s existing book of business, and declining sales of new UL policies. Although the Company is focusing on reversing these trends on an overall basis, management has de-emphasized the sale of annuity and UL products in periods subsequent to 2003 due primarily to the current interest-rate environment and certain design features of FIC’s current annuity products.
Earned insurance charges totaled $40.0 million, $41.8 million, and $40.3 million for the years ended December 31, 2005, 2004, and 2003, respectively. These revenues primarily consist of UL cost of insurance charges, but also include policy surrender charges, and policy administration charges.
Operating expenses for 2005 were $30.1 million, as compared to $34.2 million in 2004 and $41.5 million in 2003. In each year, operating expenses were impacted by several significant and unusual items which are described below.
During 2003, operating expenses included $5.1 million of significant unusual items. These items included:
Report of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm, dated July 29, 2005, except for the 2003 restatement described in Note 2 to the consolidated financial statements included in the 2004 Form 10-K (not separately presented herein) as to which the date is October 19, 2006.
Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, 2005, 2004, and 2003.
We own three office buildings, all of which are unencumbered. In Birmingham, Alabama we own a 156,000 square foot building in which we currently occupy approximately 82,000 square feet with the remaining office space leased to unaffiliated persons or available to be leased. In Okemos, Michigan we own, and fully occupy a 53,000 square foot building and in Madison, Wisconsin we own and fully occupy a 38,000 square foot building.
Superior's operations are conducted at leased facilities in Atlanta, Georgia; Orange, California; Glendale, California; Alexandria, Virginia; Bala Cynwyd, Pennsylvania; Tampa, Jacksonville and Palm Beach Gardens, Florida; and Lakewood, Colorado. Under a lease term that extends through February 2003, Superior leases an office at 280 Interstate North Circle, N.W., Suite 500, Atlanta, Georgia. Superior occupies a leased office located at 1400 South Marietta Parkway; Suite 105, Marietta, Georgia and the lease term expires August 2003. Superior leases an office located at 5483 West Waters Avenue, Suite 1200, Tampa, Florida for a lease term extending through December 2007. Superior occupies a leased office located at 1745 West Orangewood, Orange, California for a lease term extending through June 2002. Superior leases an office located at 700 North Central Avenue, Glendale, California for a lease term extending through November 2005. Superior occupies a leased office located at 6303 Little River Turnpike, Suite 220, Alexandria, Virginia for a lease term extending through October 2003. Superior leases an office located at 150 Monument Road, Bala Cynwyd, Pennsylvania for a lease term extending through April 2003. Superior occupies a leased office at 4500 PGA Blvd., Suite 304A, Palm Beach Gardens, Florida for a lease term extending through September 2002. Superior leases an office located at 141 Union Blvd., Suite 130, Lakewood, Colorado for a term extending through March 2005.
The data included on page 4 of the 2001 Annual Report, included as Exhibit 13, under "Selected Financial Data" is incorporated herein by reference.
The discussion entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the 2001 Annual Report on pages 5 through 14 included as Exhibit 13 is incorporated herein by reference.
Material appearing under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report is hereby incorporated by this reference.
Mars, Iowa, the Peninsula Group owns a facility of approximately 14,600 square feet in Salisbury, Maryland and Sheboygan owns a facility of approximately 8,800 square feet in Sheboygan Falls, Wisconsin.
We incorporate the response to this Item by reference to page 8 of our 2010 Annual Report.
Premium Reserve Frs. 49,279,104.— Reserve for outstanding losses . . . _j, 665,924.— 49 945 028
Premium Reserve from 1912 Reserve for outstanding losses from 1912 ...... Net premiums . . .
Fr. Distribution of Profit: 175,000. — to Special Reserve Fund. 50.000. — to Staff Insurance and Pension Fund.
Capital (5000 shares of Fr. 2000 each) : . . . . . . 10,000,000 — Reserve Fund . 1,000,000 — Special Reserve . . . . . ... . . . . . i . . 1,650,000 — Due to other Companies . . . . . 6,130,617 04 Due to Companies for Reserves retained on retrocessions . ..... . ; . 10,716,333 54 Sundry Creditors 183,513 92 Reserves, Fire, Liability, Accident, Marine, Burglary and Fidelity Guarantee DepJl:; for unexpired risks Fr. 13,324,704. -
Reserves, Life Dept': Premium Reserve . . . . ..... . . . , Fr. 44,924,765. -
Assets. Shareholders' Bills . . . . . . ... . . ... . 7,500,000 — House and landed Property .... . . . . . . . Fr. 2,214,546.38 Mortgages , 37,546,000.Government and other Securities . . „ 21,921,736.60
Deposits bearing interest, inch Reserves of Life Dept- m hands of ceding Offices . 31,087,012.46
Cash in Bank ......... „ 1,222,752.81 Cash in hand . . . . . . 21,384.51 94,013,432 76
The "Selected Financial Data" section on pages 6 and 7 of the Registrant's annual report to security holders for the year ended December 31, 1995, is incorporated herein by reference.
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, 1995, is incorporated herein by reference.
As a result of a stock split of the Company’s outstanding common shares in July 2006, there were 46,127,245 shares of the Company’s common stock issued and immediately prior to the IPO. Per share amounts for 2006 were based on 64,136,364 common shares outstanding from the IPO through December 31, 2006 and 46,127,245 prior thereto. Per share amounts for 2008 reflect 30,069,049 common shares held in treasury since August 5, 2008 (see Note 4).
The computation of diluted loss per share for the year ended December 31, 2007 does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on loss per share.
The Company’s Board of Directors did not declare a quarterly dividend with respect to its common shares or a semi-annual dividend with respect to the Syncora Holdings series A preference shares (the “Syncora Holdings Series A Preference Shares”) during the year ended December 31, 2008 or at any time thereafter through to the filing date of this report. On August 5, 2008, Syncora Holdings entered into an undertaking with the NYID pursuant to which it agreed to not make dividends or distributions to its shareholders for eighteen months following such date without its express written consent. Any future dividends will be subject to the discretion and approval of the Board of Directors, applicable law and regulatory and contractual requirements. If dividends on the Syncora Holdings Series A Preference Shares are not paid in an aggregate amount equivalent to dividends for six full quarterly periods, whether or not declared or whether or not consecutive, holders of the Syncora Holdings Series A Preference Shares will have the right to elect two persons who will then be appointed as additional directors to the Board of Directors of Syncora Holdings. As of March 31, 2009, dividends on the Syncora Holdings Series A Preference Shares have not been paid in an aggregate amount equivalent to six quarterly periods and therefore holders of the Syncora Holdings Series A Preference Shares have the right to elect two persons to serve on the Company’s Board of Directors.
The increase, as compared to prior quarters, relates to the provisions for case basis reserves discussed in Note 16.
We lease our headquarters at 601 Locust Street, Des Moines, Iowa, and sublease properties in Baltimore, Maryland and Lincoln, Nebraska for legal, claims and processing needs. Such leases expire December 2020, May 2021 and January 2022, respectively. We believe our existing facilities are suitable and adequate for our present purposes. As of January 2018, we believe that our Des Moines, Iowa, and Baltimore, Maryland, properties will be sufficient for us to conduct our operations and are planning to exit our lease in Lincoln, Nebraska on December 31, 2017.
We have prepared the following selected financial data as of and for the years ended September 30, 2017, 2016, 2015, 2014, and 2013.
All references to Fiscal 2017, 2016 and 2015 refer to fiscal periods ended September 30, 2017, 2016 and 2015, respectively.
Some of our products include guaranteed minimum crediting rates, most notably our fixed rate annuities. As of September 30, 2017, the Company's reserves, net of reinsurance, and average crediting rate on our fixed rate annuities were $4 billion and 3%, respectively. We are required to pay these guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.
Properties. 	Incorporated by reference in pages 1 through 12 of the Registrant's 1994 	Annual Report to Shareholders.
Selected Financial Data. 	Incorporated by reference to page 13 of the Registrant's 1994 Annual 	Report to Shareholders.
Financial Statements and Supplementary Data. 	Incorporated by reference to pages 16 through 27 and page 29 of the 	Registrant's 1994 Annual Report to Shareholders.
We have audited the supplementary information on pages 113 to 124 in respect of the year ended 31 December 2004. The supplementary information has been prepared in accordance with the guidance issued in December 2001 by the Association of British Insurers entitled ‘Supplementary Reporting for Long-Term Insurance Business (the Achieved Profits Method)’ (the guidance) using the methodology and assumptions set out on page 116. The supplementary information should be read in conjunction with the primary financial statements which are on pages 56 to 63.
This report is made solely to the Company in accordance with the terms of our engagement. Our audit work has been undertaken so that we might state to the Company those matters we have been engaged to state in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our audit work, for this report or for the opinions we have formed.
AMERICAN DEPOSITARY RECEIPTS (ADRs) The Company's ordinary shares are listed on the New York Stock Exchange in the form of American Depositary Shares, evidenced by ADRs and traded under the symbol PUK. Each American Depositary Share represents two ordinary shares. All enquiries regarding ADR holder accounts should be directed to JP Morgan, the authorised depositary bank, at JP Morgan Service Center, PO Box 43013, Providence, RI 02940-3013, US, or telephone
ANNUAL REVIEW AND SUMMARY FINANCIAL STATEMENT Any shareholder wishing to receive copies of the Group's Annual Review and Summary Financial Statement in place of an Annual Report for all future years may do so by contacting Lloyds TSB Registrars in writing at the address above.
Number of % of total number of % of total Size of shareholding shareholder accounts shareholder accounts Number of shares number of shares
PRUDENTIAL UK AND EUROPE INSURANCE OPERATIONS 3 Sheldon Square London W2 6PR
JACKSON NATIONAL LIFE 1 Corporate Way Lansing Michigan 48951 United States www.jnl.com
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and accompanying notes which appear elsewhere in this report. It contains forward-looking statements that involve risks and uncertainties. Please see “Forward-Looking Statements” for more information. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed elsewhere in this report, particularly under the headings “Item 1A - Risk Factors” and “Forward-Looking Statements.”
Net income decreased $5,781, or 43%, to $7,660 for the year ended December 31, 2007 from $13,441 for the year ended December 31, 2006. This decrease is primarily due to a one-time reserve adjustment of approximately $2,100 (after-tax) resulting from a clarification of the definition of pre-existing condition from the State of New York Insurance Department, approximately $1,400 (after-tax) of income related to a refund of previously paid policyholder benefits received in 2006, and less favorable experience in our group disability and group life businesses.
Australia (9) 1 Brookhill Way, Banbury, Oxon, OX16 3EL (10) Sanne Group, 13 Castle Street, St. Helier, Jersey, JE4 5UT (11) 26th Floor, Oxford House, Taikoo Place, Quarry Bay, Hong Kong (12) Barnett Way, Gloucester, GL4 3RL (13) 1 More London Place, London, SE1 2AF (14) 1095 Avenue of the America’s, 34th Floor, New York, NY 10036, United States (15) 2nd Floor, 14 Cromac Place, Gasworks, Belfast, BT7 2JB (16) Rineanna House, Shannon Free Zone, Co. Clare, Ireland (17) Level 1, Citymark, 150 Fountainbridge, Edinburgh, EH3 9PE (18) Cox and Palmer, Suite 400, 371 Queen Street, Phoenix Square, Fredericton, NB E3B 4Y9,
United States (26) 4th Floor, 4 Victoria Square, St Albans, AL1 3TF, United Kingdom (27) 1 Allee Scheffer, Luxembourg, L‑2520, Luxembourg (28) SAB Formalities, 23 Rue de Roule, Paris, 75001, France (29) Rockspring, 166 Sloane Street, London, SW1X 9QF (30) Tronador 4890, 9th Floor, Buenos Aires, 1430, Argentina (31) 138 Market Street, #27‑01/02, Capita Green, 048946, Singapore (32) McStay Luby, Dargan House, 21‑23 Fenian Street, Dublin 2, Ireland (33) 124‑127 St. Stephen’s Green, Dublin 2, Ireland (34) 21 St. Thomas Street, Bristol, BS1 6JS (35) De Entrée 254, 1101 EE, Amsterdam, Netherlands (36) 47 Esplanade, St. Helier, Jersey, JE1 0BD (37) Sarnia House, Le Truchot, St. Peter Port, Guernsey, GY1 4EF (38) 1 Rodney Square, 10th Floor, Tenth and King Street, Wilmington, DE 19801, United States (39) Bank of China, Tower 1, Garden Road Central, Hong Kong (40) 1 Vine Street, London, W1J 0AH (41) 39 Queens Road, Aberdeen, AB15 4ZN (42) Royal Ocean Plaza, Ocean Village, GX11 1AA, Gibraltar (43) 110 St. Vincent Street, Glasgow, G2 4QR (44) 35 Great St. Helen’s, London, EC3A 6AP (45) Charlton Place, Charlton Road, Andover, SP10 1RE (46) 22 Grenville Street, St. Helier ,Jersey, JE4 8PX (47) Queensway House, Hilgrove Street, St. Helier, Jersey, JE4 1ES
Our mortgage insurance business utilizes its underwriting skills to provide an outsourced underwriting service to its customers known as contract underwriting. We give recourse to our customers on loans we underwrite for compliance. Typically, we agree that if we make a material error in underwriting a loan, we will provide a remedy to the customer, by purchasing or placing additional mortgage insurance coverage on the loan, or by indemnifying the customer against loss. During 2008, we processed requests for remedies on less than 1% of the loans underwritten and sold a number of loans previously acquired as part of the remedy process. We paid losses for sales and remedies in 2008 of approximately $2.9 million. Providing these remedies means we assume some credit risk and interest-rate risk if an error is found during the limited remedy period in the agreements governing our provision of contract underwriting services. Rising mortgage interest rates or an economic downturn may expose the mortgage insurance business to an increase in such costs. In 2007, we recorded provisions for contract underwriting remedies of $3.2 million. In 2008, our provisions were approximately $14.3 million and our reserve at December 31, 2008, was $13.4 million. We closely monitor this risk and negotiate our underwriting fee structure and recourse agreements on a client-by-client basis. We also routinely audit the performance of our contract underwriters to ensure that customers receive quality underwriting services.
for all remaining personnel at an estimated cost of $27 million, of which $11.4 million was incurred in 2008 and $14.5 million will be incurred in 2009. The remaining expense will be incurred in 2010 through 2012. The payment of these costs will primarily be made in 2009 and 2010.
(1) The second quarter results reflect the recognition of a first-lien premium deficiency reserve of $421.8 million, which was transferred to provision for losses and net premiums earned in the third and fourth quarters of 2008.
(7) The results reflect a significant decrease in the change in fair value of derivative instruments due to the significant disruption in the housing and mortgage markets, primarily reflected in NIMS related losses and significant credit spread widening.
We also may purchase shares on the open market to meet option exercise obligations and to fund 401(k) matches and purchases under our ESPP and may consider additional stock repurchase programs in the future.
We sublease office space in our New York offices to C-BASS and Sherman.
Basic net (loss) income per share is based on the weighted average number of common shares outstanding, while diluted net (loss) income per share is based on the weighted average number of common shares outstanding and common share equivalents that would arise from the exercise of stock options.
The calculation of the basic and diluted net (loss) income per share was as follows (in thousands, except per-share amounts):
That are contractually based on: • The performance of a specified pool of contracts or a specified type of contract; • Realized and/or unrealized investment returns on a specified pool of assets held by the issuer; or
Equity method is a method of accounting whereby the investment is initially recognized at cost and adjusted thereafter for the postacquisition change in the investor’s share of net assets of the investee.
• A derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments.
Liability adequacy testing is an assessment of whether the carrying amount of an insurance liability needs to be increased (or the carrying amount of related deferred acquisition costs or related intangible assets decreased) based on a review of future cash flows.
Recognition is the process of incorporating in the balance sheet or income statement an item that meets the definition of an element and satisfies the following criteria for recognition: It is probable that any future economic benefi t associated with the item will fl ow to or from the entity; and
Unlocking of DPAC and VOBA refers to the process of updating the
P.O. Box 85 1111, North Charles Street 2501 CB The Hague Baltimore, MD 21201-5574
CECEl Comité des établissements de crédit et des entreprises d’investissement, which became Autorité de contrôle prudentiel/French Credit Institutions and Investment Firms Committee, which has become the Regulatory Control Body
A joint company with a Board of Directors with share capital of €4,970,490,073.60
G e t a f re e d o w n lo a d o f a Q
o d e r e a d e r fr o m y o u r s m a rt p h o n e s to re
ESG Re leases office space in Bermuda, Dublin, Hamburg, Toronto, Miami, Hong Kong and London and owns an office located in the Soviet State of Georgia. The owned property is currently valued at $252,000. The Company believes its space is adequate to meet its current and expected needs.
"Management's Discussion and Analysis of Financial Condition and Results of Operations" is contained in the Annual Report and is incorporated herein by reference in response to this item. Reference is made to Item 14(a) of this Form 10-K.
• The Auditors’ Report prepared in application of Article L. 225-235 of the Commercial Code, on the report of the Chairman of the Supervisory Board of CNP Assurances on internal control procedures related to the preparation and processing of accounting and financial information (see page 189).
• Statement by the person responsible for the Document de Référence ..................................................................................................202
• Changes in capital over the last five years ..............................................................................................................................................195 to 199
Checklist of information required to be disclosed under French securities regulations
• Risk factors - Market risks (liquidity, interest rate, currency, equity)................................................................................................................116 to 118 - Specific risks related to the business (dependence on suppliers, customers, contractors, Contracts) .................................................................................................................................................................................115 and 116 - Legal risks (regulatory, licences, claims and litigation) ...............................................................................................................118 to 120 - Industrial and environmental risks ...........................................................................................................................................................120 to 127
• Membership and organisation of the Committees of the Board ........................................................................................74 to 95, 128
The Document de Référence was filed with the Autorité des Marchés Financiers on 26 April 2005, in accordance with regulation 98-01. The Document de Référence may not be used in connection with a financial transaction unless it is accompanied by an Information Memorandum approved by the Autorité des Marchés Financiers.
Immeuble Aquilon 44, rue de la Villette 69425 Lyon cedex 03
Paris and inner suburbs regional office 4, place Raoul Dautry 75015 Paris
Paris outer suburbs and Picardy regional office 4, place Raoul Dautry 75015 Paris
Strasbourg regional office 29, rue du Faubourg de Saverne 67000 Strasbourg
Languedoc-Roussillon regional office 68, allée de Mycènes CS 29501 34961 Montpellier cedex 2
Clermont-Ferrand regional office 65, boulevard François Mitterrand – BP 377 63010 Clermond-Ferrand cedex 01
Overseas regional office 4, place Raoul Dautry 75716 Paris cedex 15
Hua Bin International Building 1206 no.8 Yong An Dong Li Jian Guo Men Wai Av. Chao Yang District Beijing 100022 China cnp.com.cn
Setor Comercial Norte, Quadra 01, n° 77, Bloco A Edificio Number One - 15° andar 70710-500 Brasilia - DF Brazil caixaseguros.com.br
Discontinued Lines and Coverages consists of business no longer written by Allstate, including results from asbestos, environmental and other discontinued lines claims, and certain commercial and other businesses in run-off. This segment also includes the historical results of the commercial and reinsurance businesses sold in 1996. The Company evaluates the results of this segment based upon underwriting results.
Allstate Financial sells life insurance, retirement and investment products and voluntary accident and health insurance. The principal individual products are interest-sensitive, traditional and variable life insurance; fixed annuities; and voluntary accident and health insurance. The institutional product line consists primarily of funding agreements sold to unaffiliated trusts that use them to back medium-term notes issued to institutional and individual investors. Banking products and services have been offered to customers through the Allstate Bank. Allstate Financial had no revenues from external customers generated outside the United States in 2010, 2009 and 2008. The Company evaluates the results of this segment based upon operating income.
The measure of segment profit or loss used by Allstate's management in evaluating performance is underwriting income (loss) for the Allstate Protection and Discontinued Lines and Coverages segments and operating income for Allstate Financial and Corporate and Other segments. A reconciliation of these measures to net income (loss) is provided below.
Summarized financial performance data for each of the Company's reportable segments for the years ended December 31 are as follows:
Stochastic techniques Stochastic techniques incorporate results from repeated simulations using key financial parameters which are subject to random variations and are projected into the future.
Value of new business (VNB) Embedded value of new insurance contracts written in the year.
Ex dividend date 28 March 2012 29 March 2012 28 March 2012 28 March 2012 Record date 30 March 2012 30 March 2012 30 March 2012 30 March 2012
Annual General Meeting The 2012 Annual General Meeting (AGM) will be held on 17 May 2012 at 11.00am in the Churchill Auditorium at The Queen Elizabeth II Conference Centre, Broad Sanctuary, Westminster, London SW1P 3EE. The directors believe the AGM is an important opportunity to communicate directly with shareholders. The Notice of Meeting and all other details for the AGM are available on our website at www.prudential.co.uk/prudential-plc/investors/AGMinfo/2012
Dividend mandates Shareholders may have their dividends paid directly to their bank or building society account. If you wish to take advantage of this facility, please call Equiniti and request a Cash Dividend Mandate form. Alternatively, shareholders may download the form from www.prudential.co.uk/prudential-plc/investors/shareholder_ services/forms
Independent auditor’s report on the Consolidated NonFinancial Statement pursuant to article 3, paragraph 10, of Legislative Decree No. 254/2016 and article 5 of CONSOB Regulation No. 20267 adopted with resolution no. 20267 of January 2018
Pursuant to article 3, paragraph 10, of Legislative Decree No. 254 of 30 December 2016 (hereafter, the “Decree”) and article 5 of CONSOB Regulation No. 20267/2018, we have performed a limited assurance engagement on the consolidated non-financial statement (hereafter the “NFS”) of Poste Italiane SpA and its subsidiaries (hereafter, the “Group” or the “Poste Italiane Group”) for the year ended 31 December 2019 prepared in accordance with article 4 of the Decree, included in the report on operations to the consolidated financial statements of the Group and approved by the Board of Directors on 5 March 2020.
The directors are responsible for the preparation of the NFS in accordance with article 3 and 4 of the Decree and with the “Global Reporting Initiative Sustainability Reporting Standards” issued in 2016 by GRI - Global Reporting Initiative (hereafter, the “GRI Standards”), identified by them as the reporting standards. The NFS is identified and refers to the Decree and the GRI Standards in chapter 7, “Consolidated non-financial statement” and the related contents can be identified also through the symbol: The directors are responsible, in the terms prescribed by law, for such internal control as they determine is necessary to enable the preparation of a NFS that is free from material misstatement, whether due to fraud or error.
The directors are responsible for defining the business and organisational model of the Group and, with reference to the matters identified and reported in the NFS, for the policies adopted by the Group and for the identification and management of risks generated and/or faced by the Group.
In particular, we performed the following procedures: 1. Analysis of the relevant matters reported in the NFS relating to the activities and characteristics of the Group, in order to assess the reasonableness of the selection process used, in accordance with article 3 of the Decree and with the reporting standard adopted; 2. Analysis and assessment of the criteria used to identify the consolidation area, in order to assess their compliance with the Decree; 3. Understanding of the following matters: • business and organisational model of the Group with reference to the management of the matters specified by article 3 of the Decree; • policies adopted by the Group with reference to the matters specified in article 3 of the
This report has been translated into English from the Italian original solely for the convenience of international readers. We have not examined the translation of the statement referred to in this report.
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Poste Italiane SpA Registered office: Viale Europa, 190 00144 Rome – Italy www.posteitaliane.it
Results of Operations - For the year ended December 31, 2010 compared to the year ended December 31, 2009
Our net loss of $41,010 during the year ended December 31, 2010 represents an increase from our net loss of $16,109 for the year ended December 31, 2009.
The Hartford accounts for guaranty fund and other insurance assessments in accordance with Statement of Position No. 97-3, “Accounting by Insurance and Other Enterprises for Insurance-Related Assessments”. Liabilities for guaranty fund and other insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated, and when the event obligating the Company to pay an imposed or probable assessment has occurred. Liabilities for guaranty funds and other insurance-related assessments are not discounted and are included as part of other liabilities in the Consolidated Balance Sheets. As of December 31, 2008 and 2007, the liability balance was $128 and $147, respectively. As of December 31, 2008 and 2007, $17 and $19, respectively, related to premium tax offsets were included in other assets.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this combined management report.
− Evaluate the appropriateness of accounting policies used by management and the reasonableness of estimates made by management and related disclosures.
− Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express opinions on the consolidated financial statements and on the combined management report. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our opinions.
− Evaluate the consistency of the combined management report with the consolidated financial statements, its conformity with (German) law, and the view of the Group’s position it provides.
Further Information pursuant to Article 10 of the EU Audit Regulation We were selected as Group auditor by the Supervisory Board on 14 March 2017. We were engaged by the Chairman of the Audit Committee of the Supervisory Board on 10 November 2017. We have been the Group auditor of the Münchener RückversicherungsGesellschaft Aktiengesellschaft in München, Munich, without interruption for more than 25 years.
German Public Auditor Responsible for the Engagement The German Public Auditor responsible for the engagement is Dr. Frank Ellenbürger.
“To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the combined management report for the Company and the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group.”
Ceded –1,528 –377 –417 –374 –360 3. Expenses for claims and benefits Gross –43,194 –9,989 –13,112 –9,796 –10,298
15 March 2018 Balance sheet press conference for 2017 financial statements 25 April 2018 Annual General Meeting 8 May 2018 Quarterly Statement as at 31 March 2018 8 August 2018 Half-Year Financial Report as at 30 June 2018 7 November 2018 Quarterly Statement as at 30 September 2018
Important dates 2019 20 March 2019 Balance sheet press conference for 2018 financial statements 30 April 2019 Annual General Meeting 8 May 2019 Quarterly Statement as at 31 March 2019 7 August 2019 Half-Year Financial Report as at 30 June 2019 7 November 2019 Quarterly Statement as at 30 September 2019
Indicators in the Non-financial Report for the period from 1 January to 31 December 2018 has been prepared, in all material aspects, in accordance with §§ 315b and 315c in conjunction with 289b to 289e
Company and the report is solely intended to inform the Company about the results of the reasonable assurance engagement and the limited assurance engagement. The report is not intended for any third parties to base any (financial) decision thereon. Our responsibility lies only with the Company. We do not assume any responsibility towards third parties.