felanders/preprocessed huggingface dataset:
Consolidated Statements of Cash Flows for the Years Ended December 31, 1999, 2000 and 2001 38-39
(1) Represents reductions in the carrying value of notes receivable in 2000, goodwill in 1999, and notes receivable and real estate in 1998, to their estimated realizable values. See Note 8 to the accompanying consolidated financial statements. (2) The 2002 amount primarily represents a decrease in the accrual for estimated income tax liabilities related to certain transactions that occurred in prior years. The 1999 amount primarily represents a charge to establish a valuation allowance against net deferred tax assets. See Note 13 to the accompanying consolidated financial statements. (3) Represents reductions in the carrying value of the net assets related to the dental practices sold to the Purchaser to their estimated realizable value. See Note 8 to the accompanying consolidated financial statements. (4) Represents operating losses related to discontinued operations prior to the date they were sold, and subsequent expenses related to those operations. See Note 3 to the accompanying consolidated financial statements. (5) Effective January 31, 2001, the Company completed the conversion of $47.5 million of debt and $5.3 million of accrued interest (which includes $321,000 of interest expense incurred in January 2001) into 30 million shares of convertible preferred stock, resulting in an extraordinary gain of $11.3 million, net of transaction expenses. (6) Includes the common share equivalents of the convertible preferred stock, because the Company believes the convertible preferred stock is essentially equivalent to common stock, based on all the rights and preferences of both types of stock.
The Company experienced strong sales growth during 1997 with 1,473 new group medical customers (versus 1,125 in 1996 and 1,031 in 1995), which added 121,622 new individual members. Much of the medical growth can be attributed to the introduction of new One Health Plan HMOs in markets with high sales potential, and the Company's ability to offer a choice of managed care products.
The "Six-Year Summary of Selected Financial Data" on page 43 of The St. Paul's 1999 Annual Report to Shareholders is incorporated herein by reference.
Brokerage and Referral Fees - Brokerage and referral fees decreased 37.9%, or $8,032,504 from $21,207,759 in fiscal 2012 to $13,175,255 in fiscal 2013. Brokerage and referral fees decreased 54.3%, or $25,240,789 from $46,448,548 in fiscal 2011 to $21,207,759 in fiscal 2012. Brokerage and referral fees constituted 69.7%, 64.4% and 45.7%, of revenues in fiscal 2013, 2012 and 2011, respectively. In fiscal 2013, 2012 and 2011, broker referrals accounted for 99% of the total face value of policies transacted. Policies presented from three brokers each represented more than 10% of all completed transactions in fiscal 2013 and represented 54.7% in total. Policies presented from two brokers each represented more than 10% of all completed transaction in fiscal 2012 and 2011 and represented 24.3% and 26.9% in total, respectively.
Due in one year or less $ 3,769 $ 3,774 Due after one year through five years 21,193 21,624 Due after five years through ten years 13,474 13,599 Due after ten years 4,544 4,600 ------- -------
At December 31, 2018, our market capitalization as of December 31, 2018 was above the sum of our reporting units’ fair values. However, if in the future we were to experience a sustained decline in our results of operations and cash flows, or other indicators of impairment become known, we may incur a material non-cash charge to earnings relating to impairment of our goodwill, which could have a material adverse effect on our results.
Net cash provided by and (used in) financing activities for the year ended December 31, 2001 and 2000 was ($37.5) million and $7.2, respectively. The increase of $44.7 million in cash used in the year ended December 31, 2001 in comparison to the year ended December 31, 2000 is due to a $37.5 million dividend payment, representing past pre-tax earnings, to Ambassadors. Concurrent with the spin off in February 2002 and in accordance with the terms of the Master Separation and Distribution Agreement, there was a calculation made which resulted in additional dividends approximating $20.4 million paid to Ambassadors and a capital contribution approximating $10.4 million from Ambassadors. The Company will reflect the impact of the spin-off in its first quarterly filing with the SEC in 2002, pursuant to the Securities and Exchange Act of 1934.
SEGMENT INFORMATION During the quarter ended December 31, 2000, the Company's management realigned its operating segments to better reflect the way that management monitors and evaluates the Company's financial performance. The Company has restated all information for prior years to conform to the new segment structure. The Company, through its subsidiaries, operates in four segments: U.S. Reinsurance, U.S. Insurance, Specialty Underwriting, and International. The U.S. Reinsurance operation writes property and casualty reinsurance on both a treaty and facultative basis through reinsurance brokers as well as directly with ceding companies within the United States. The U.S. Insurance operation writes property and casualty insurance primarily through general agent relationships and surplus lines brokers within the United States. The Specialty Underwriting operation writes accident and health ("A&H"), marine, aviation and surety business within
DGI, Atlantic States and Delaware Atlantic share headquarters with the Mutual Company's headquarters in a building owned by the Mutual Company. The Mutual Company charges DGI for an appropriate portion of the building expenses under an intercompany allocation agreement which is consistent with the terms of the pooling agreement. The headquarters of the Mutual Company has approximately 163,500 square feet of office space. Southern has a facility of approximately 10,000 square feet in Glen Allen, Virginia, which it owns. Pioneer Ohio has a facility of approximately 10,000 square feet in Greenville, Ohio, which it owns. Southern Heritage has a facility of approximately 14,000 square feet in Duluth, Georgia, which it leases. Pioneer New York has a facility of approximately 10,000 square feet in Greenville, New York, which it owns. Province Bank leases approximately 3,600 square feet of a building located in Marietta, Pennsylvania owned
The Consolidated Financial Statements and Notes thereto included in Zenith's 2008 Annual Report to Stockholders are hereby incorporated by reference.
During 2000, American Southern renewed one of its larger accounts. Although this contract was renewed through a competitive bid process, one of the parties bidding for this particular contract contested the award of this business to American Southern and filed a claim to nullify the contract. During the fourth quarter of 2000, American Southern received an unfavorable judgment relating to this litigation and appealed the ruling. The contract, which accounts for approximately 10% of annualized premium revenue of Atlantic American, remained in effect pending the appeal. On March 4, 2003 the South Carolina Court of Appeals reversed the lower court ruling and remanded the case back to the Procurement Review Panel to determine if American Southern is entitled to vendor preference. The contract subject to dispute
The information required by Item 301 of Regulation S-K is contained in the table in Item 1 -- “Business -- Selected Historical Consolidated Financial Data”.
LNC and the various operating businesses own or lease approximately 3.7 million square feet of office space. The governance group for LNC and the Investment Management segment lease 0.6 million square feet of office space in Philadelphia, Pennsylvania. The operating units in the Fort Wayne, Indiana area own or lease 1.3 million square feet. Also, businesses operating in Schaumburg, Illinois; Hartford, Connecticut and the United Kingdom own or lease another 0.8 million square feet of office space. An additional 1.0 million square feet of office space is owned or leased in other U.S. cities and foreign countries for branch offices and other operations. As shown in the notes to the consolidated financial statements (see Note 7 to the consolidated financial statements as set forth in LNC's 2001 Annual Report to Shareholders which is incorporated by reference to Item 8 of this Form 10-K), the rental expense on operating leases for office space and equipment for continuing operations totaled $83.4 million for 2001. Office space rent expense accounts for $68.8 million of this total. This discussion regarding properties does not include information on investment properties.
- --Consolidated Statement of Income for the years ended December 31, 1995, 1994 and 1993.
The home office of the Company is a building complex located at 151 Farmington Avenue, Hartford, Connecticut, with approximately 1.1 million square feet. The Company and certain of its subsidiaries also own or lease other space in the greater Hartford area; Blue Bell, Pennsylvania; Fairfield, New Jersey and Roseland, New Jersey; as well as various field locations throughout the country. The Company believes its properties are adequate and suitable for its business as presently conducted.
We have audited the accompanying statements of assets and liabilities of the MetLife Policyholder Trust (the “Trust”) as of December 31, 2015 and 2014, and the related statements of operations and changes in net assets for each of the three years in the period ended December 31, 2015. These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the financial statements based on our audits.
The consolidated financial statements included in the 1998 Annual Report, included as Exhibit 13, and listed in Item 14 of this Report are incorporated herein by reference.
Goodwill. The Company's consolidated balance sheet as of December 31, 2004 includes goodwill of acquired businesses of approximately $4.8 million. This amount has been recorded as a result of prior business acquisitions accounted for under the purchase method of accounting. Under SFAS 142, "Goodwill and Other Intangible Assets", which the Company adopted as of January 1, 2002, goodwill is tested for impairment annually. The Company completed its annual test for impairment during the fourth quarter of 2004 and determined that there was no indication of impairment.
The increase in credit related losses is due to the generally weak corporate credit environment during 2002.
On March 31, 1999, CGA Group sold 43,997,863 shares of Series C preferred stock, par value $.01 per share, to existing shareholders for an aggregate sales price of $50,996,795. Concurrent with the sale of the Series C preferred stock, the outstanding 1,600,000 shares of Series B preferred stock and the 668,678 shares of Series B preferred stock declared as pay-in-kind dividends thereon, totaling 2,268,678 shares valued at $56,716,950, were exchanged for 18,905,648 shares of common stock based on an exchange price of $3 per share of common stock.
For the selected quarterly financial data corresponding to the years 2003 and 2002, see note 24 of the consolidated financial statements as of December 31, 2003, 2002 and 2001.
The consolidated financial statements include the accounts of State Auto Financial Corporation (the Company) and its wholly owned subsidiaries State Auto Property and Casualty Insurance Company (State Auto P&C), Milbank Insurance Company, (Milbank), State Auto National Insurance Company (National), Stateco Financial Services, Inc. (Stateco), and majority-owned subsidiary Strategic Insurance Software, Inc. (S.I.S.). The financial statements also include the operations and financial position of 518 Property Management and Leasing, LLC (518 PML), whose members are State Auto P&C and Stateco.
Revenues The Company's annual revenues have increased from $44.1 million in 1996 to $64.2 million in 1998. Revenues increased to $64.2 million for 1998 from $56.6 million for 1997. Revenue growth for 1998 has been strong both in dollar and percentage terms, primarily as the result of the addition of new managed care and indemnity/PPO members. The Company expects that subscriber revenue will continue to increase at a slower rate than in previous years throughout 1999.
During 2006, our subsidiary, Peach State Health Plan, commenced operations in the Atlanta and Central regions of Georgia in June and in the Southwest region in September. We increased our membership in Ohio through the MediPlan acquisition while also adding members under our new contract in the East Central and Northwest markets. In Texas, we increased our membership through new contracts in the Corpus Christi, Austin, and Lubbock markets. Our membership decreased in Wisconsin because of more stringent state eligibility requirements for the Medicaid and SCHIP programs and eligibility administration issues. Our membership decreased in Indiana primarily due to provider terminations. The revenue associated with our Kansas and Missouri health plans was $317.0 and $273.7 million in 2006 and 2005, respectively.
(3) Carrying amount is market value. The amortized cost of available for sale securities at December 31, 1999 was $985.9 million.
Since the Company ceased operations, it has not generated significant revenue, and it is unlikely that any revenue will be generated until the Company locates a business opportunity with which to acquire or merge. Management of the Company will be investigating various business opportunities. These efforts may cost the Company not only out of pocket expenses for its management but also expenses associated with legal and accounting costs. There can be no guarantee that the Company will receive any benefits from the efforts of management to locate business opportunities.
(4) Total benefits and expenses includes amortization of deferred policy acquisition costs of $191.6 million, $166.8 million, $249.7 million, $312.0 million, and $230.9 million for the years ended December 31, 2000, 1999, 1998, 1997 and 1996, respectively. Amortization of deferred policy acquisition costs excludes amounts related to net realized investment gains of $(0.9) million, $50.5 million, $41.2 million, $31.2 million and $17.6 million for the years ended December 31, 2000, 1999, 1998, 1997 and 1996, respectively.
As of April 30, 2018, the Company was authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001.
Gross annuity deposits for 2004 increased 14% in comparison to 2003 resulting from increased marketing efforts following the completion of our initial public offering ("IPO"). Gross annuity deposits decreased 29% in 2003 compared to 2002 resulting from actions taken by us during 2003 prior to our IPO and during the fourth quarter of 2002 to manage our capital position, including reductions in our interest crediting rates on both new and existing annuities, reductions in sales commissions and suspension of sales of one of our higher commission annuity products and our most popular multi-year rate guaranteed product.
Annuity and single premium universal life product charges (surrender charges assessed against policy withdrawals and mortality and expense charges assessed against single premium universal life policyholder account balances) increased 10% to $22.5 million in 2004, and 33% to $20.5 million in 2003, from $15.4 million in 2002. Withdrawals from annuity and single premium universal life policies subject to surrender charges were $147.0 million, $166.9 million and $129.1 million for 2004, 2003 and 2002, respectively. The average surrender charge collected on withdrawals subject to surrender charges was 15.2%, 12.2% and 11.2% for 2004, 2003 and 2002, respectively. The increase in average surrender charges collected in 2004 compared to 2003 was principally due to a higher amount of surrenders in 2003 related to products which had a market value adjustment feature which reduced the amount of surrender charges collected on these surrenders.
The physical property of the Company consists of the home office building and grounds, owned in fee, at 200 Capital Avenue, Frankfort, Kentucky. Adjacent to the home office, the Company owns additional property on Second Street and on Shelby Street in Frankfort, Kentucky. One building is used for agency and company meetings; one building is a print shop used by Investors Heritage Printing, one building is used for supplies and additional storage; one building is leased to a commercial tenant and one building is a residential apartment building. All of the properties are in good condition.
Book value of $15.22 per common share at December 31, 2013 compared to $15.93 at December 31, 2012.
Increasing emphasis on direct-to-consumer distribution initiatives as we believe this will be a growing means for selling health insurance in the coming years;
costs. Our small Hail business shows a modest underwriting gain. Settled conditions in the territories where we transact Burglary and Theft insurance contributed to the production of a gratifying profit in this branch; similar results were obtained in Machinery, Water Damage and Plate Glass insurances. The Marine Department still has to contend with intense competition which has a prejudicial effect on both volume and profit margins. The achievement of a good result in spite of these circumstances can be attri­ buted to the absence of large losses. The returns in the Accident branch still suffer from the effects of abnormally heavy losses under Workmen's Compensation Group Schemes. On the other hand, Health insurance ran well. In General Third Party, above all in Motor Third Party and Motor Damage insurance, the volume again rose quite sharply in line with the general expansion in these branches. Compared with the preced­ ing year the results once more deteriorated and both Belgian and French business in particular produced considerable losses; on the other hand Swiss business was profitable and there was a noticeable improvement in Germany. In Fidelity, Surety and Gua­ rantee insurance a rise in the incidence of loss led to a slight debit balance.
The Company's primary sources of liquidity during 2001 were net cash provided from investing activities of $66.8 million and a $54.8 million loan from Markel Corporation. The Company's operating activities used cash of approximately $16.6 million. Details of the Company's contractual cash payment obligations including long-term debt and long-term commitments are provided in notes 11(b) and 13 in the notes to consolidated financial statements. See note 3(a) for a discussion of the irrevocable letters of credit and cash and securities held in trust or on deposit for benefit of policyholders or reinsurers in the event of default by the Company on its obligations to pay claims. The Company also has other contingencies, including contingencies arising in the normal conduct of its operations. Details of management's assessment of these additional contingencies are provided in note 11(a).
The consolidated financial statements of the registrant are contained on pages 26 through 42 of registrant's 1999 Annual Report to Stockholders and are incorporated herein by reference.
The following should be read in conjunction with the Selected Financial Data and the Consolidated Financial Statements and notes thereto appearing elsewhere in this report.
(C) Total investments and capital at December 31, 1996, 1995, 1994 and 1993 includes net unrealized gains and/or losses on available-for-sale securities resulting from the Company's adoption of FASB Statement 115. In accordance with FASB Statement 115, prior-year financial statements have not been restated to reflect this change in accounting principle. (D) Data prior to 1993 has been reclassified for the adoption of FASB Statement 113. (E) As a result of the December 20, 1996 acquisition of MOMED, amounts attributable to MOMED are included in the above balance sheet data but are considered immaterial for inclusion in the Company's 1996 operations. Reference Note 8 of the Notes to Consolidated Financial Statements of MAIC Holdings and subsidiaries.
The dates of expected completion and the costs of the Company's Year 2000 remediation efforts are based on management's estimates, which were derived utilizing assumptions of future events, including the availability of certain resources, third party remediation plans and other factors. There can be no guarantee that these estimates will be achieved, and if the actual timing and costs for the Company's Year 2000 remediation program differ materially from those anticipated, the Company's financial results and financial condition could be significantly affected. Additionally, despite testing by the Company, the Company's systems may contain undetected errors or defects associated with Year 2000 date functions. The inability of the Company to correctly identify significant Year 2000 issues for remediation or to complete its Year 2000 remediation and testing efforts prior to respective critical dates, the failure of its contingency planning, the failure of third parties with whom the Company has an important relationship to identify, remediate and test their own Year 2000 issues and the resulting disruption which could occur in the Company's systems, the impact of future acquisitions in which Year 2000 issues in the acquired systems have not been remediated or tested and the inability of the Company to adequately address coverage issues related to its insurance company subsidiaries, could have material adverse effects on the Company's business, results of operations, cash flows and financial condition.
The consolidated financial statements required in response to this section are submitted as part of Item 14 of this report.
Registrant's and its subsidiaries' activities are carried out from its 40,000 square foot headquarters, located adjacent to the Frederick Municipal Airport in Frederick, Maryland. Registrant also owns and occupies a 48,200 square foot office building and storage complex in St. Peters, Missouri, and a one-story building in Fort Worth, Texas, containing approxi mately 2,500 square feet. Registrant leases approximately 64,000 square feet of office space at 17 other locations throughout the United States, Canada, and the United Kingdom.
The Company believes that it currently has adequate space for expansion at its existing and newly leased facilities.
The Company continues to match investment portfolio composition to liquidity needs and capital requirements. Changes in interest rates during 2001 and 2000 resulted in recognition of realized gains and losses upon sales of securities.
PHL VARIABLE INSURANCE COMPANY (A WHOLLY-OWNED SUBSIDIARY OF PM HOLDINGS, INC.) STATEMENT OF CASH FLOWS - --------------------------------------------------------------------------------
As sistant Managers: V. V. Castelberg, J. Gailloud, A. Hollinger, F. Niquille, 0. Wiesmann
Life DepL. Premiums for Retrocession . . Commission, less Retrocession . Surrenders, less Retrocession . Losses paid, less Retrocession . Annuities paid, less Retrocession Premium Reserve, less Retrocession . . . . Annuity Fund, less Retrocession ..... Reserve for Unsettled Claims, less Retrocession
Commission and brokerage expenses decreased 7.9% to $156.0 million in 2011 compared to $169.3 million in 2010. This decrease was primarily due to the decline in premiums earned. Segment other underwriting expenses decreased to $39.3 million in 2011 compared to $42.5 million for the same period in 2010. This decline was due to reduced operating costs for the segment.
At December 31, 2004, the Company had a cash balance of $27,868, deficit working capital of $1,238,949 and a stockholders' deficit of $1,931,787. In addition, the Company sustained losses of $1,748,372, $1,044,145 and $1,159,838 for the three fiscal years ended December 31, 2004, 2003 and 2002, respectively. The Company's lack of liquidity combined with its history of losses raises substantial doubt as to the ability of the Company to continue as a going concern.
The Bolingbrook warehouse experienced the largest unrealized loss of this property type, approximately $300,000 (4.1% of its year-end 1995 value). Gillette, a tenant of the entire property, has indicated they need additional space and will relocate at the expiration of their lease in 2000. The Pomona property experienced an unrealized gain of approximately $175,000 (1.0% of its year-end 1995 value), this was the result of signing leases that maintained the property occupancy at 100%. The market values of the four Unit warehouses in which the Partnership owns a 50% interest at the end of 1996 experienced an unrealized gain of approximately $50,000 (.9% of their December 31, 1995 value).
Management's Discussion and Analysis of Financial Condition and Results of Operations. - - - ------------------------------------------------------------------------- Information required under this item is incorporated herein by reference to the section entitled "Results of operations" on pages 18 through 22; the section entitled "Federal Income Taxes" on page 23; and the section entitled "Financial condition; liquidity and capital resources" on pages 23 through to the first full paragraph on page 26, of the 1998 Annual Report.
Investors-IN is domiciled in the State of Indiana. Under the Indiana insurance code, a domestic insurer may make dividend distributions upon proper notice to the Department of Insurance, as long as the distribution is reasonable in relation to adequate levels of policyholder surplus and quality of earnings. Under Indiana law the dividend must be paid from earned surplus. Extraordinary dividend approval would be required where a dividend exceeds the greater of 10% of surplus or the net gain from operations for the prior fiscal year. Investors-IN had earned surplus of $18.1 million at December 31, 1998.
term leases in connection with its operations in various locations on the west coast of the United States. NAICC believes that the foregoing leased facilities are adequate for NAICC's current and anticipated future needs.
Information required by this item is set forth in the table titled "Five Year Summary" on pages 48 and 49 of the Company's 1998 Annual Report to Shareholders, and is incorporated herein by reference.
Management views the Company’s business primarily based on its underlying products and uses this basis to define its four reportable segments: Individual Investments, Retirement Plans, Individual Protection, and Corporate and Other.
Allstate's home office complex is located in Northbrook, Illinois. The complex consists of 11 building complexes providing approximately 2 million square feet of office space on a 185 acre site. The Northbrook complex serves as the headquarters for AIC and ALIC.
In October 2014, MetLife, Inc. issued 22,907,960 new shares of its Common Stock for $1.0 billion in connection with the remarketing of senior debt securities and settlement of stock purchase contracts. No additional shares of Common Stock are issuable by MetLife, Inc. pursuant to these stock purchase contracts.
Retrocession Premiums, less cancellations Commissions, less retrocession Losses paid . Fr. 9,265,654.18 less retrocession .......... „ 4,257,323.09 Premium Reserve . . . . > Reserve for outstanding losses
At December 31, 1995 and 1994, the Company's investments are reported in accordance with the provisions of Statement of Financial Accounting Standards No. 115 (FAS 115) which was issued by the Financial Accounting Standards Board in 1993 and effective for 1994 financial statements.
Net investment income was $1,950,874 in 1995 compared to $2,133,635 in 1994 and $2,005,000 in 1993.
(b) an incentive payment of $40,000 per calendar year (for a maximum of $320,000) so long as UMC provides a minimum average of 40 FTEE employed in its Pampa operations center during each of the eight calendar years of the Agreement commencing with the year ending December 31, 2001. UMC recognized $40,000 in revenue from this incentive for each of the years 2003, 2002 and 2001.
Interest, net decreased $16,000 or 44% primarily due to lower interest rates, and the payoff of certain leases and notes payable during 2002.
Other expense increased $4,000 as a result of losses realized on the sale of company assets in 2002.
The provision for property and casualty insurance claims, expressed as a percentage of property and casualty insurance operating revenues, was 63.8% in 2002, 52.0% in 2001 and 43.7% in 2000. These increases were primarily due to the shift in the lines of property and casualty insurance written from lender-placed insurance, which typically carries lower loss ratios (but higher expense ratios), to preferred homeowner’s insurance, which generally carries higher loss ratios (but lower expense ratios). The Company exited the lender-placed insurance business in 2001.
The Company reported a net loss of $80.8 million or $6.60 per share on a diluted basis for 2000 compared to net income of $54.3 million or $2.79 per share on a diluted basis in 1999 and net income of $93.0 million or $5.05 per share on a diluted basis in 1998. Exclusive of a one-time write off of intangibles (discussed below) and exit and termination costs, net income was $35.5 million or $1.94 per diluted share in 2000. Exclusive of exit and termination costs net income was $100.5 million or $5.46 per share in 1998.
(a) Consolidation Practices-The consolidated financial statements include the accounts of the Corporation and those of its major insurance underwriting and service subsidiaries. Non-consolidated insurance marketing and service sub-
(a) Preferred Stock-The following table shows certain information pertaining to each of the Corporation's series of preferred shares issued and outstanding:
To the Board of Directors and Shareholders of Old Republic International Corporation Chicago, Illinois
The payment of losses, loss adjustment expenses, and operating expenses in the ordinary course of business is currently the Company's principal need for liquid funds. Cash provided from operating activities was sufficient during 2000 to meet the Company's operating needs, and the Company believes those sources will be sufficient to meet its cash needs for operating purposes for at least the next twelve months. Prolonged and increasing levels of inflation could cause increases in the dollar amount of losses and loss adjustment expenses and may therefore adversely affect future reserve development. To minimize such risk, the Company (a) maintains reinsurance at levels management considers to be strong and adequate; (b) conducts regular actuarial reviews to ensure, among other things, that reserves do not become deficient; and (c) maintains adequate asset liquidity. The Company did not borrow any funds during the years ended December 31, 2000 and 1999.
Average invested assets were higher during 1999 as compared to 1998; however, invested assets were $758.9 million at December 31, 1999 as compared to $761.1 million at December 31, 1998. The decrease as of the end of the year is largely attributable to 1999 treasury stock purchases of $27.9 million; approximately $15.0 million of the 1999 purchases occurred in the last four months of 1999. Thus, average invested assets for the year were impacted less by treasury stock purchases than was the end of the year balance. The average composition of invested assets changed little from 1999 to 1998, with non-taxable investments comprising 57% of average invested assets in 1999 as compared to 54% in 1998.
Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations and otherwise operate on an ongoing basis. At December 31, 2008 we had cash on hand of $47,267.
The following table displays ultimate net loss and LAE and net loss and LAE reserves by accident year for the year ended December 31, 2016. We applied the sensitivity factors to each accident year amount and have calculated the amount of potential net loss and LAE reserve change and the impact on 2016 reported pre-tax income and on net income and shareholders’ equity at December 31, 2016. We believe it is not appropriate to sum the illustrated amounts as it is not reasonably likely that each accident year’s reserve estimate assumptions will vary simultaneously in the same direction to the full extent of the sensitivity factor. We also believe that such changes to our reserve balance would not have a material impact on our operating results, financial position, or liquidity. The net income and shareholders' equity amounts include an income tax rate assumption of 34%. The dollar amounts in the table are in thousands.
In addition, the Company's operating entities are self-insured for medical malpractice claims with the exception of the California HMO, which maintains malpractice coverage through HCAC.
Interest expense decreased 20% from $1,050,000 in 1993 to $840,000 in 1994 due to the decrease in the interest rate on the bank indebtedness obtained from the refinancing in August 1993. The interest rate on bank indebtedness prior to refinancing was 10.58%. The refinanced debt has a variable rate which was 5.75% and 8.375% at December 31, 1993 and 1994, respectively. Collateral interest expense decreased 5% from $2,027,000 in 1993 to $1,921,000 in 1994. This decrease is attributed to an overall reduction in interest rates payable on collateral balances. These rates are adjusted at various times throughout the year in accordance with general market conditions. At December 31, 1993 and 1994, the collateral balances accrued interest daily at an average rate of 4.0% and 3.9% per annum, respectively.
industry which affect policyholders' confidence. Although the contractual terms of substantially all of the Company's in force life insurance policies and annuities give the holders the right to surrender the policies and annuities, the Company imposes penalties for early surrenders. At December 31, 1996 the Company held reserves that exceeded the underlying cash surrender values of its in force life insurance and annuities by more than $12.9 million. The insurance companies have not experienced any material changes in surrender and withdrawal activity in recent years.
Investments have again been entered at or below the market rates ruling at the close of the year; unlisted securities have been assessed at a conservative rate. In con­ verting foreign currencies, transfer facilities and the risk of exchange fluctuations have as usual been taken into consideration.
Reference is made to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2006 Annual Report.
• The medical claims incurred of the Medicare business increased by $1.7 million, or 0.2%, during the 2014 period and its MLR was 86.3%, which is 230 basis points higher than the MLR for the prior year. Excluding the effect of risk-score premium adjustments and prior period reserve developments in the 2014 and 2013 periods, the MLR increased by 440 basis points, primarily reflecting higher pharmacy costs and lower risk score revenue.
We have the honour to present the Seventy-fourth Annual Report and Statement of Accounts of the Company for the year ended 31®' December 1937.
Revenues. The Company's total revenues were $13.7 million for the year ended December 31, 1996 compared to $3.9 million for the period from inception through December 31, 1995, an increase of $9.8 million or 251%. This increase is attributable primarily to (i) the Company conducting twelve months of operations in 1996 compared to approximately six months in 1995 and (ii) revenues from the three significant outsourcing contracts entered into during 1996 under which the Company performed significantly more outsourcing services. These three contracts included a claims administration agreement with HOW and a policy administration agreement and a claims administration agreement with Blanch whereby services are provided to Clarendon.
Our general account debt securities portfolio consists primarily of investment grade publicly traded and privately placed corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities. As of December 31, 2008, our general account debt securities, with a carrying value of $1,287.4 million, represented 90.1% of total general account investments. Public debt securities represented 78.6% of total debt securities, with the remaining 21.4% represented by private debt securities.
Individual life insurance policies are less susceptible to withdrawals than annuity contracts because policyholders may incur surrender charges and be required to undergo a new underwriting process in order to obtain a new insurance policy. As indicated in the table above, most of our annuity contract reserves and deposit fund liabilities are subject to withdrawals.
Underwriting, customer service, and administration activities are housed at the Atlanta location. Claims activities are split between Atlanta, Tampa, Orange, Glendale, and Alexandria locations. Claims property damage training is performed at the Marietta location. Accounting activities are performed at the headquarters location in Indianapolis, Indiana.
These acquisitions were accounted for as poolings of interests and, except for two of the 2000 acquisitions whose results were not significant, the consolidated financial statements for all periods prior to the acquisition dates have been restated to include the operations of these companies. The following summarizes the restatement of the 1999 and 1998 consolidated financial statements to reflect the operations of the 2000 acquisitions (in thousands, except per share data):
Tax advantaged investments represent amounts invested by Gallagher in limited partnerships that operate qualified affordable housing or alternative energy projects. Gallagher receives tax benefits in the form of tax deductions for operating losses and tax credits from these investments. The tax advantaged investments are primarily accounted for using the effective yield method and are carried at amortized cost in the consolidated balance sheets. Under the effective yield method, Gallagher recognizes the tax credits as they are allocated by the partnerships, which are included, net of amortization of the investment, as a component of the provision for income taxes. During 2000 and 1999, Gallagher received tax benefits related to $40,243,000 and $37,180,000 of the aggregate amount invested in the tax advantaged investments at December 31, 2000 and 1999, respectively. Investments in real estate partnerships at December 31, 2000 primarily represent an investment in a limited partnership that owns the building that Gallagher leases for its corporate headquarters and several of its subsidiary operations, and an investment in a limited partnership that owns 11,000 acres of land near Orlando, Florida, that is currently under development. At December 31, 1999 investments in real estate partnerships primarily represented the Florida real estate investment. Investments in real estate partnerships are primarily carried on the equity basis at December 31, 2000 and on the cost basis at December 31, 1999 in the consolidated balance sheets, which approximated fair value at December 31, 2000 and 1999. Notes receivable from investees represent secured loans made by Gallagher to several of its equity and limited partnership investments. Interest rates on the loans at December 31, 2000 and 1999 ranged from 6.0% to 11.5%. The carrying value of these loans at December 31, 2000 and 1999 approximated fair value.
MBIA Corp. owns the 157,500 square foot office building on approximately 15.5 acres of property in Armonk, New York, in which the Company and MBIA Corp. have their headquarters. The Company is completing the construction of a 105,000 square foot addition to the Armonk property at an estimated cost of $35.0 million. The Company also has rental space in New York, New York, San Francisco, California, Paris, France, Madrid, Spain and Sydney, Australia. The Company believes that these facilities are adequate and suitable for its current needs.
The Lloyd's premium is generated as the result of NCUL and Millennium providing capacity to Lloyd's Syndicate 1221 managed by MTC, and in 1997 from one unaffiliated Lloyd's syndicate. The premiums, losses and expenses from the Lloyd's operations are included in the Company's consolidated financials but are not included in the Insurance Companies' results since NCUL and Millennium are wholly owned by the parent company.
The aforementioned Year 2000 discussion contains forward-looking statements about matters that are inherently difficult to predict the effect on the Company. Such statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could materially affect future results.
The selected financial data for the last five fiscal years of the Company and its subsidiaries is set forth under the caption "Financial Highlights" in the 2006 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, Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2006 Annual Report to Shareholders, which are incorporated by reference in this Form 10-K Annual Report.
1996: During 1996, most of the Company's revenue in Puerto Rico was derived from HAS, which the Company served as a subcontractor in regard to HAS' contract for claims processing services with the Administration de Facilidades y Servicios de Salud ("AFASS"). Under this contract, the Company provided claims processing and follow up services to nine AFASS funded clinics and one hospital in Yauco, Puerto Rico.
SELLING, GENERAL AND ADMINISTRATIVE expense increased $54,661 or 13% primarily due to increased travel associated with supporting existing customers and developing new business, increased printing and postage expense related to the ramp up of UMY and the WHCPBD agreement, and various other expenses to support increased headcount.
CIGNA's Consolidated Financial Statements on pages 33 through 36 and the report of its independent accountants on page 58 of CIGNA's Annual Report are incorporated by reference, as is the unaudited information set forth under the caption "Quarterly Financial Data--Consolidated Results" on page 59.
These data are found at page 56 in the Annual Report for 1997 under the caption "Selected Consolidated Financial and Operating Data" which section is incorporated herein by reference.
In 1996, Wickes recorded $3.7 million of insurance recoveries for prior years' casualty insurance programs. During 1997, Wickes recorded $0.3 million in prior year insurance recoveries.
The information contained in the MD&A, beginning on page 2 of the Annual Report, is incorporated herein by reference.
Financial position on the 3M December 1897. CAPITAL fully subscribed (250/o paid-up) Frs. 6,000,000. RESERVE FUND , 600,000. SPECIAL RESERVE , 420,000.-
The Registrant's home office and educational facilities are owned by the Registrant and located in Atlanta, Georgia. As of December 31, 2000, the Registrant leased approximately 598 office locations under leases with remaining terms ranging from a few months to ten years. The remainder of its office locations are occupied under various short-term rental arrangements. The Registrant also leases certain computer equipment. See Note 4 of Notes to Consolidated Financial Statements included in the Registrant's 2000 Annual Report to Shareholders filed herewith as Exhibit 13.1, which notes are incorporated herein by reference.
Other income and expense, net, consists primarily of interest expense as offset by interest income. In 1999, total other expense also included a gain of $332,000 recognized on the June 21, 1999 sale of IBH assets, net of transaction costs. Interest expense represents amounts incurred related to outstanding borrowings under CORE's August 1998 Credit Agreement, as amended, with Fleet National Bank. Interest income represents amounts earned by CORE's investments. The 90% decrease in interest income and the 212% concurrent rise in interest expense are primarily due to a decrease in funds available for investment and an increase in outstanding borrowings following the acquisition of DRMS.
For 1998, CORE's top five clients represented 45% of revenues compared to 43% during 1997. Bell Atlantic accounted for approximately 21% of revenue in 1998 and 23% of revenues for 1997. No other single client represented more than 10% of total revenues in 1998 or 1997.
Life Dept. Premium Reserve from 1914 Annuity Fund from 1914 Reserve for outstanding Losses from 1914 • Premiums, less cancellations Consideration for Annuities, less Retrocession Interest Interest, after deduction of interest due to Life Dept-
We have audited the accompanying balance sheet of EFH Group, Inc. as of December 31, 2014, and the related statement of operations, statement of changes in stockholders’ equity, and statement of cash flows for the period November 25, 2014 to the year ended December 31, 2014. EFH Group, Inc.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.
SHAREHOLDER'S EQUITY increased by $2.0 million to $21.8 million at September 30, 1995 from $19.8 million at September 30, 1994, primarily as a result of the $1.5 million reduction of net unrealized losses on debt and equity securities available for sale charged directly to shareholders equity and net income of $0.5 million in 1995.
Loss and loss adjustment expense reserves as of December 31, 2007 and 2006 were comprised of the following:
Acquisition Costs. We capitalize brokerage fees, ceding commissions, premium taxes and other direct expenses that relate directly to and vary with the writing of reinsurance contracts. Acquisition costs are deferred subject to ultimate recoverability and amortized over the same period as premiums are earned. Acquisition costs also include profit commissions. Certain contracts include provisions for profit commissions to be paid to the ceding insurer based upon the ultimate experience of the contracts. Profit commissions are calculated and accrued based on the expected loss experience for such contracts and recorded when the expected loss experience indicates that a profit commission is probable under the contract terms. Profit commission reserves, if any, are included in reinsurance balances payable on the consolidated balance sheets.
The information required by Item 301 of Regulation S-K is contained in the table in Item 1 - - "Business--Selected Historical Consolidated Financial Data."
Refer to the Selected Financial Data on pages 60 through 61 of the 2007 Financial Report to Shareholders, attached as Exhibit 13 and incorporated by reference herein.
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 66 of the 1993 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.
Assets. Shareholders' Liability 23,200,000 Real Estate . . Frs. 8,940,000. Mortgages . , 23,880,498.39 Government and other Securities , 366,630,729.90 Life and .other funds deposited with ceding Companies . , 511,500,125.04 Bank Balances . , 50,205,719.86 Cash in hand • . , 254,814.23 961,411,887 42 Due by other Companies . . . . . . . ; . . . • . 103,531,659 80 Sundry Debtors . .' . 351,349 34 Accrued Interest .............. 3,474,849 89
Due to its strong capital ratios, broad licensing and excellent asset quality and credit-worthiness, the Insurance Group remains well positioned to increase or diversify its current activities. It is anticipated that future acquisitions or other expansion of operations will be funded internally from existing capital and surplus and parent company liquidity. In the event additional funds are required, it is expected that they would be borrowed or raised in the public or private capital markets to the extent determined to be necessary or desirable.