Earnings Document
Supplemental Financial Information
This report is for informational purposes only and includes consolidated financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the
Table of Contents
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Page 
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Consolidated Results |
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Components of Income (Loss), Per Share Data and Retuon Equity |
|
|
Selected Balance Sheet Data and Statementsof Cash Flows Data |
|
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Results of Operations |
|
|
Property & Casualty |
4 |
|
Specialty |
5 |
|
Commercial |
6 |
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International |
7 |
|
|
8 |
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Corporate & Other |
9 |
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Investment Information |
|
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Investment Summary - Consolidated |
10 |
|
Investment Summary - Property & Casualty and Corporate & Other |
11 |
|
Investment Summary - |
12 |
|
Investments - |
13 |
|
Components of Net Investment Income |
14 |
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Other |
|
|
Claim & Claim Adjustment Expense Reserve Rollforward |
15 |
|
Life & Group Policyholder Reserves |
16 |
|
Definitions and Presentation |
17 |
Statements of Operations
|
Periods ended |
Three Months |
Twelve Months |
|||||||||||||||
|
(In millions) |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
|||||||||||
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Revenues: |
|||||||||||||||||
|
Net earned premiums |
$ |
2,119 |
$ |
1,977 |
7 % |
$ |
8,175 |
$ |
7,649 |
7 |
% |
||||||
|
Net investment income |
551 |
555 |
(1) |
2,159 |
1,935 |
12 |
|||||||||||
|
Net investment gains (losses) |
3 |
66 |
120 |
(54) |
|||||||||||||
|
Non-insurance warranty revenue |
376 |
326 |
1,430 |
1,252 |
|||||||||||||
|
Other revenues |
5 |
7 |
24 |
26 |
|||||||||||||
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Total revenues |
3,054 |
2,931 |
4 |
11,908 |
10,808 |
10 |
|||||||||||
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Claims, Benefits and Expenses: |
|||||||||||||||||
|
Insurance claims and policyholders' benefits |
1,665 |
1,487 |
6,349 |
6,170 |
|||||||||||||
|
Amortization of deferred acquisition costs |
359 |
364 |
1,443 |
1,410 |
|||||||||||||
|
Non-insurance warranty expense |
355 |
300 |
1,328 |
1,159 |
|||||||||||||
|
Other operating expenses |
317 |
274 |
1,191 |
1,126 |
|||||||||||||
|
Interest |
28 |
28 |
113 |
122 |
|||||||||||||
|
Total claims, benefits and expenses |
2,724 |
2,453 |
(11) |
10,424 |
9,987 |
(4) |
|||||||||||
|
Income (loss) before income tax |
330 |
478 |
1,484 |
821 |
|||||||||||||
|
Income tax (expense) benefit |
(64) |
(91) |
(282) |
(131) |
|||||||||||||
|
Net income (loss) |
$ |
266 |
$ |
387 |
(31) % |
$ |
1,202 |
$ |
690 |
74 |
% |
1
Components of Income (Loss), Per Share Data and Retuon Equity
|
Periods ended |
Three Months |
Twelve Months |
||||||||||
|
(In millions, except per share data) |
2021 |
2020 |
2021 |
2020 |
||||||||
|
Components of Income (Loss) |
||||||||||||
|
Core income (loss) |
$ |
265 |
$ |
335 |
$ |
1,106 |
$ |
735 |
||||
|
Net investment gains (losses) |
1 |
52 |
96 |
(45) |
||||||||
|
Net income (loss) |
$ |
266 |
$ |
387 |
$ |
1,202 |
$ |
690 |
||||
|
Diluted Earnings (Loss) Per Common Share |
||||||||||||
|
Core income (loss) |
$ |
0.97 |
$ |
1.23 |
$ |
4.06 |
$ |
2.70 |
||||
|
Net investment gains (losses) |
0.01 |
0.19 |
0.35 |
(0.17) |
||||||||
|
Diluted earnings (loss) per share |
$ |
0.98 |
$ |
1.42 |
$ |
4.41 |
$ |
2.53 |
||||
|
Weighted Average Outstanding Common Stock and Common Stock Equivalents |
||||||||||||
|
Basic |
271.7 |
271.7 |
271.8 |
271.6 |
||||||||
|
Diluted |
272.9 |
272.6 |
272.8 |
272.4 |
||||||||
|
Retuon Equity |
||||||||||||
|
Net income (loss) (1) |
8.4 |
% |
12.5 |
% |
9.5 |
% |
5.5 |
% |
||||
|
Core income (loss) (2) |
8.5 |
11.4 |
9.1 |
6.1 |
- Annualized net income (loss) divided by the average stockholders' equity including accumulated other comprehensive income (loss) (AOCI) for the period. Average equity including AOCI is calculated using a simple average of the beginning and ending balances for the period.
- Annualized core income (loss) divided by the average stockholders' equity excluding AOCI for the period. Average equity excluding AOCI is calculated using a simple average of the beginning and ending balances for the period.
2
Selected Balance Sheet Data and Statements of Cash Flows Data
|
(In millions, except per share data) |
|
|
|||
|
Total investments |
$ |
50,328 |
$ |
50,293 |
|
|
Reinsurance receivables, net of allowance for uncollectible receivables |
5,463 |
4,457 |
|||
|
Total assets |
66,639 |
64,026 |
|||
|
Insurance reserves |
43,171 |
41,143 |
|||
|
Debt |
2,779 |
2,776 |
|||
|
Total liabilities |
53,830 |
51,319 |
|||
|
Accumulated other comprehensive income (loss) (1) |
320 |
803 |
|||
|
Total stockholders' equity |
12,809 |
12,707 |
|||
|
Book value per common share |
$ |
47.20 |
$ |
46.82 |
|
|
Book value per common share excluding AOCI |
$ |
46.02 |
$ |
43.86 |
|
|
Outstanding shares of common stock (in millions of shares) |
271.4 |
271.4 |
|||
|
Statutory capital and surplus - Combined Continental Casualty Companies (2) |
$ |
11,321 |
$ |
10,708 |
|
|
Three months ended |
2021 |
2020 |
|||
|
Net cash flows provided (used) by operating activities |
$ |
643 |
$ |
367 |
|
|
Net cash flows provided (used) by investing activities |
(631) |
(298) |
|||
|
Net cash flows provided (used) by financing activities |
(103) |
(101) |
|||
|
Net cash flows provided (used) by operating, investing and financing activities |
$ |
(91) |
$ |
(32) |
|
|
Twelve months ended |
2021 |
2020 |
|||
|
Net cash flows provided (used) by operating activities |
$ |
1,997 |
$ |
1,775 |
|
|
Net cash flows provided (used) by investing activities |
(1,228) |
(705) |
|||
|
Net cash flows provided (used) by financing activities |
(648) |
(902) |
|||
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Net cash flows provided (used) by operating, investing and financing activities |
$ |
121 |
$ |
168 |
|
- As of
December 31, 2021 and 2020, the net unrealized gains on investments included in AOCI were net of after-tax Shadow Adjustments of$2,477 million and$2,773 million . To the extent that unrealized gains on fixed income securities supporting certain products within theLife & Group segment would result in a premium deficiency if realized, an increase in Insurance reserves are recorded, net of tax, as a reduction of net unrealized gains through Other comprehensive income (loss) (Shadow Adjustments). - Statutory capital and surplus as of
December 31, 2021 is preliminary.
3
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