Exhibit 99.2
Updated Numerical Exhibits to the Company’s Earnings Release for the Year Ended December 31, 2004
HORACE MANN EDUCATORS CORPORATION
Digest of Earnings and Highlights
(Dollars in Millions, Except Per Share Data)
Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2004 | 2003 | % Change | 2004 | 2003 | % Change | |||||||||||||||||
DIGEST OF EARNINGS | ||||||||||||||||||||||
Net income | $ | 28.3 | $ | 23.1 | $ | 56.3 | $ | 19.0 | ||||||||||||||
Net income per share: | ||||||||||||||||||||||
Basic | $ | 0.66 | $ | 0.54 | $ | 1.32 | $ | 0.44 | ||||||||||||||
Diluted (A) | $ | 0.61 | $ | 0.50 | $ | 1.25 | $ | 0.44 | ||||||||||||||
Weighted average number of shares and equivalent shares: | ||||||||||||||||||||||
Basic | 42.8 | 42.7 | 42.8 | 42.7 | ||||||||||||||||||
Diluted (A) | 47.5 | 47.2 | 47.3 | 42.9 | ||||||||||||||||||
HIGHLIGHTS | ||||||||||||||||||||||
Operations | ||||||||||||||||||||||
Insurance premiums written and contract deposits (B)(C) | $ | 242.0 | $ | 249.8 | -3.1 | % | $ | 998.4 | $ | 955.5 | 4.5 | % | ||||||||||
Return on equity (D) | 10.3 | % | 3.5 | % | ||||||||||||||||||
Property & Casualty GAAP combined ratio | 88.2 | % | 111.3 | % | 100.5 | % | 112.3 | % | ||||||||||||||
Property & Casualty combined ratio before catastrophes | 79.8 | % | 101.1 | % | 87.1 | % | 106.1 | % | ||||||||||||||
Experienced agents | 539 | 510 | 5.7 | % | ||||||||||||||||||
Financed agents | 261 | 378 | -31.0 | % | ||||||||||||||||||
Total agents | 800 | 888 | -9.9 | % | ||||||||||||||||||
Additional Per Share Information | ||||||||||||||||||||||
Dividends paid | $ | 0.105 | $ | 0.105 | — | $ | 0.42 | $ | 0.42 | — | ||||||||||||
Book value (E) | $ | 13.45 | $ | 12.42 | 8.3 | % | ||||||||||||||||
Financial Position | ||||||||||||||||||||||
Total assets | $ | 5,371.9 | $ | 4,953.2 | 8.5 | % | ||||||||||||||||
Short-term debt | 25.0 | 25.0 | ||||||||||||||||||||
Long-term debt | 144.7 | 144.7 | ||||||||||||||||||||
Total shareholders’ equity | 576.2 | 530.5 | 8.6 | % |
(A) | Effective December 31, 2004, the Company adopted EITF Consensus 04-8, “The Effect of Contingently Convertible Instruments on Diluted Earnings per Share”. The Company’s Senior Convertible Notes represent 4.3 million equivalent shares and have annual interest expense of $2.7 million after tax. Diluted per share information for all periods is presented on a basis consistent with this consensus. This new accounting reduced the fourth quarter net income per share amounts by $0.04 for both 2004 and 2003 and the full year 2004 amount by $0.06 while having no impact on full year 2003 net income per share due to an anti-dilutive effect. |
(B) | As a result of catastrophes in the third quarter of 2004, the Company incurred $1.0 million and $5.0 million of additional ceded written and earned premiums in the three and twelve months ended December 31, 2004, respectively, to reinstate its property and casualty catastrophe reinsurance coverage. Excluding these reinstatement premiums, the written premium growth rates were -2.7% and 5.0% for the three and twelve months ended December 31, 2004, respectively. |
(C) | Reflecting resolution of the challenge to automobile rates in North Carolina, in the fourth quarter of 2004 the Company returned to policyholders $4.0 million of previously escrowed premiums, resulting in a reduction to written premiums. Excluding the escrow payment and the reinstatement premiums described in note (B), the written premium growth rates were -1.1% and 5.4% for the three and twelve months ended December 31, 2004, respectively. |
(D) | Based on trailing 12-month net income and average quarter-end shareholders’ equity. |
(E) | Before the market value adjustment for investments, book value per share was $11.45 at December 31, 2004 and $10.51 at December 31, 2003. Ending shares outstanding were 42,846,643 at December 31, 2004 and 42,721,940 at December 31, 2003. |
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HORACE MANN EDUCATORS CORPORATION
Statements of Operations and Supplemental GAAP Consolidated Data
(Dollars in Millions)
Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2004 | 2003 | % Change | 2004 | 2003 | % Change | |||||||||||||||||
STATEMENTS OF OPERATIONS | ||||||||||||||||||||||
Insurance premiums written and contract deposits (A) | $ | 242.0 | $ | 249.8 | -3.1 | % | $ | 998.4 | $ | 955.5 | 4.5 | % | ||||||||||
Insurance premiums and contract charges earned (A) | $ | 172.9 | $ | 165.5 | 4.5 | % | $ | 674.7 | $ | 643.5 | 4.8 | % | ||||||||||
Net investment income | 47.9 | 46.2 | 3.7 | % | 191.4 | 184.7 | 3.6 | % | ||||||||||||||
Realized investment gains | 2.9 | 20.8 | 12.2 | 25.5 | ||||||||||||||||||
Total revenues | 223.7 | 232.5 | -3.8 | % | 878.3 | 853.7 | 2.9 | % | ||||||||||||||
Benefits, claims and settlement expenses | 106.5 | 130.4 | 484.4 | 519.0 | ||||||||||||||||||
Interest credited | 28.1 | 26.2 | 108.7 | 103.0 | ||||||||||||||||||
Policy acquisition expenses amortized | 18.2 | 14.0 | 70.0 | 64.3 | ||||||||||||||||||
Operating expenses | 34.3 | 38.1 | -10.0 | % | 132.7 | 137.3 | -3.4 | % | ||||||||||||||
Amortization of intangible assets | 2.2 | 0.2 | 6.0 | 5.0 | ||||||||||||||||||
Interest expense | 1.7 | 1.6 | 6.8 | 6.3 | ||||||||||||||||||
Restructuring charge adjustment | — | — | — | (0.4 | ) | |||||||||||||||||
Total benefits, losses and expenses | 191.0 | 210.5 | -9.3 | % | 808.6 | 834.5 | -3.1 | % | ||||||||||||||
Income before income taxes | 32.7 | 22.0 | 48.6 | % | 69.7 | 19.2 | 263.0 | % | ||||||||||||||
Income tax expense (benefit) | 4.4 | (1.1 | ) | 13.4 | 0.2 | |||||||||||||||||
Net income | $ | 28.3 | $ | 23.1 | 22.5 | % | $ | 56.3 | $ | 19.0 | 196.3 | % | ||||||||||
ANALYSIS OF PREMIUMS WRITTEN AND CONTRACT DEPOSITS (A) | ||||||||||||||||||||||
Property & Casualty | ||||||||||||||||||||||
Automobile and property (voluntary) | $ | 132.1 | $ | 139.0 | -5.0 | % | $ | 552.5 | $ | 549.2 | 0.6 | % | ||||||||||
Involuntary and other property & casualty | 0.8 | (4.4 | ) | 9.8 | (2.7 | ) | ||||||||||||||||
Total Property & Casualty | 132.9 | 134.6 | -1.3 | % | 562.3 | 546.5 | 2.9 | % | ||||||||||||||
Annuity deposits | 78.6 | 84.3 | -6.8 | % | 327.0 | 296.6 | 10.2 | % | ||||||||||||||
Life | 30.5 | 30.9 | -1.3 | % | 109.1 | 112.4 | -2.9 | % | ||||||||||||||
Total | $ | 242.0 | $ | 249.8 | -3.1 | % | $ | 998.4 | $ | 955.5 | 4.5 | % | ||||||||||
ANALYSIS OF SEGMENT NET INCOME | ||||||||||||||||||||||
Property & Casualty | ||||||||||||||||||||||
Before catastrophes | $ | 28.6 | $ | 11.4 | 150.9 | % | $ | 76.7 | $ | 3.8 | ||||||||||||
Catastrophe costs, after tax (B) | (8.0 | ) | (9.2 | ) | (49.1 | ) | (21.6 | ) | ||||||||||||||
Total Property & Casualty | 20.6 | 2.2 | 27.6 | (17.8 | ) | |||||||||||||||||
Annuity | 3.5 | 5.7 | -38.6 | % | 12.6 | 14.4 | -12.5 | % | ||||||||||||||
Life | 3.7 | 3.8 | -2.6 | % | 14.8 | 13.4 | 10.4 | % | ||||||||||||||
Corporate and other (C) | 0.5 | 11.4 | 1.3 | 9.0 | ||||||||||||||||||
Net income | 28.3 | 23.1 | 22.5 | % | 56.3 | 19.0 | 196.3 | % |
(A) | See additional information on pages 1 and 3 regarding the effects of property and casualty catastrophe reinsurance reinstatement premiums and escrowed North Carolina automobile premiums. |
(B) | Net of anticipated recoveries from the Florida Hurricane Catastrophe Fund and the Company’s underlying catastrophe reinsurance program. Includes allocated loss adjustment expenses and catastrophe reinsurance reinstatement premiums. |
(C) | The Corporate and Other segment includes interest expense on debt and the impact of realized investment gains and losses and other reconciling items to net income. The Company does not allocate the impact of corporate level transactions to the insurance segments consistent with management's evaluation of the results of those segments. See detail for this segment on page 4. |
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HORACE MANN EDUCATORS CORPORATION
Supplemental Business Segment Overview
(Dollars in Millions)
Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2004 | 2003 | % Change | 2004 | 2003 | % Change | |||||||||||||||||
PROPERTY & CASUALTY | ||||||||||||||||||||||
Premiums written (A)(B) | $ | 132.9 | $ | 134.6 | -1.3 | % | $ | 562.3 | $ | 546.5 | 2.9 | % | ||||||||||
Premiums earned (A) | 143.8 | 138.1 | 4.1 | % | 561.3 | 533.8 | 5.2 | % | ||||||||||||||
Net investment income | 8.3 | 8.0 | 3.7 | % | 33.8 | 31.9 | 6.0 | % | ||||||||||||||
Losses and loss adjustment expenses (LAE) | 95.2 | 119.9 | 439.3 | 472.9 | ||||||||||||||||||
Operating expenses (includes policy acquisition expenses amortized) | 32.8 | 34.7 | -5.5 | % | 126.3 | 128.0 | -1.3 | % | ||||||||||||||
Income (loss) before tax | 24.1 | (8.5 | ) | 29.5 | (35.2 | ) | ||||||||||||||||
Net income (loss) | 20.6 | 2.2 | 27.6 | (17.8 | ) | |||||||||||||||||
Net investment income, after tax | 7.0 | 6.6 | 6.1 | % | 28.6 | 26.2 | 9.2 | % | ||||||||||||||
Catastrophe costs, after tax (C) | 8.0 | 9.2 | 49.1 | 21.6 | ||||||||||||||||||
Catastrophe losses and LAE, before tax | 11.3 | 14.0 | 70.5 | 33.2 | ||||||||||||||||||
Reinsurance reinstatement premiums, before tax | 1.0 | — | 5.0 | — | ||||||||||||||||||
Operating statistics: | ||||||||||||||||||||||
Loss and loss adjustment expense ratio | 66.2 | % | 86.9 | % | 78.3 | % | 88.6 | % | ||||||||||||||
Expense ratio | 22.0 | % | 24.4 | % | 22.2 | % | 23.7 | % | ||||||||||||||
Combined ratio | 88.2 | % | 111.3 | % | 100.5 | % | 112.3 | % | ||||||||||||||
Combined ratio before catastrophes | 79.8 | % | 101.1 | % | 87.1 | % | 106.1 | % | ||||||||||||||
Automobile and property detail: | ||||||||||||||||||||||
Premiums written (voluntary), before reinstatement premiums and return of escrowed North Carolina automobile premiums | $ | 137.1 | $ | 139.0 | -1.4 | % | $ | 561.5 | $ | 549.2 | 2.2 | % | ||||||||||
Premiums written (voluntary), before reinstatement premiums | 133.1 | 139.0 | -4.2 | % | 557.5 | 549.2 | 1.5 | % | ||||||||||||||
Premiums written (voluntary), after reinstatement premiums | 132.1 | 139.0 | -5.0 | % | 552.5 | 549.2 | 0.6 | % | ||||||||||||||
Automobile (B) | 93.5 | 101.2 | -7.6 | % | 398.2 | 399.4 | -0.3 | % | ||||||||||||||
Property (A) | 38.6 | 37.8 | 2.1 | % | 154.3 | 149.8 | 3.0 | % | ||||||||||||||
Premiums earned (voluntary), before reinstatement premiums | $ | 141.3 | $ | 138.8 | 1.8 | % | $ | 557.0 | $ | 534.8 | 4.2 | % | ||||||||||
Premiums earned (voluntary), after reinstatement premiums | 140.3 | 138.8 | 1.1 | % | 552.0 | 534.8 | 3.2 | % | ||||||||||||||
Automobile | 101.5 | 100.7 | 0.8 | % | 404.2 | 391.3 | 3.3 | % | ||||||||||||||
Property (A) | 38.8 | 38.1 | 1.8 | % | 147.8 | 143.5 | 3.0 | % | ||||||||||||||
Policies in force (voluntary) (in thousands) | 818 | 850 | -3.8 | % | ||||||||||||||||||
Automobile | 545 | 571 | -4.6 | % | ||||||||||||||||||
Property | 273 | 279 | -2.2 | % | ||||||||||||||||||
Voluntary automobile operating statistics: | ||||||||||||||||||||||
Loss and loss adjustment expense ratio | 64.7 | % | 92.8 | % | 70.6 | % | 90.0 | % | ||||||||||||||
Expense ratio | 21.8 | % | 23.6 | % | 22.0 | % | 22.9 | % | ||||||||||||||
Combined ratio | 86.5 | % | 116.4 | % | 92.6 | % | 112.9 | % | ||||||||||||||
Combined ratio before catastrophes | 86.3 | % | 116.0 | % | 91.6 | % | 111.8 | % | ||||||||||||||
Total property operating statistics: | ||||||||||||||||||||||
Loss and loss adjustment expense ratio | 67.4 | % | 68.0 | % | 96.9 | % | 82.5 | % | ||||||||||||||
Expense ratio | 22.3 | % | 25.1 | % | 22.6 | % | 24.9 | % | ||||||||||||||
Combined ratio | 89.7 | % | 93.1 | % | 119.5 | % | 107.4 | % | ||||||||||||||
Combined ratio before catastrophes | 60.6 | % | 55.6 | % | 71.8 | % | 86.9 | % | ||||||||||||||
Prior years’ reserves favorable (adverse) development, pretax | ||||||||||||||||||||||
Voluntary automobile | $ | (3.8 | ) | $ | (13.8 | ) | $ | (3.8 | ) | $ | (57.0 | ) | ||||||||||
Total property | — | (0.1 | ) | — | (0.6 | ) | ||||||||||||||||
Other property and casualty | — | 1.8 | — | 1.2 | ||||||||||||||||||
Total | (3.8 | ) | (12.1 | ) | (3.8 | ) | (56.4 | ) |
(A) | After catastrophe reinsurance reinstatement premiums of $1.0 million and $5.0 million for the three and twelve months ended December 31, 2004, respectively. |
(B) | After return of escrowed North Carolina automobile premiums of $4.0 million for the three and twelve months ended December 31, 2004. |
(C) | Net of anticipated recoveries from the Florida Hurricane Catastrophe Fund and the Company’s underlying catastrophe reinsurance program. Includes allocated loss adjustment expenses and catastrophe reinsurance reinstatement premiums. |
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HORACE MANN EDUCATORS CORPORATION
Supplemental Business Segment Overview
(Dollars in Millions)
Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2004 | 2003 | % Change | 2004 | 2003 | % Change | |||||||||||||||||
ANNUITY | ||||||||||||||||||||||
Contract deposits | $ | 78.6 | $ | 84.3 | -6.8 | % | $ | 327.0 | $ | 296.6 | 10.2 | % | ||||||||||
Variable | 36.9 | 36.3 | 1.7 | % | 132.0 | 115.3 | 14.5 | % | ||||||||||||||
Fixed | 41.7 | 48.0 | -13.1 | % | 195.0 | 181.3 | 7.6 | % | ||||||||||||||
Contract charges earned | 4.3 | 4.0 | 7.5 | % | 16.7 | 14.6 | 14.4 | % | ||||||||||||||
Net investment income | 27.7 | 26.3 | 5.3 | % | 109.4 | 104.4 | 4.8 | % | ||||||||||||||
Net interest margin (without realized gains) | 8.0 | 8.2 | -2.4 | % | 33.7 | 33.1 | 1.8 | % | ||||||||||||||
Net margin (includes fees and contract charges earned) | 12.8 | 12.7 | 0.8 | % | 52.5 | 49.6 | 5.8 | % | ||||||||||||||
Mortality gain (loss) and other reserve changes | 0.2 | (0.1 | ) | (1.2 | ) | (0.8 | ) | |||||||||||||||
Operating expenses (includes policy acquisition expenses amortized) | 8.2 | 5.8 | 41.4 | % | 30.5 | 25.6 | 19.1 | % | ||||||||||||||
Income before tax and amortization of intangible assets | 4.8 | 6.8 | -29.4 | % | 20.8 | 23.2 | -10.3 | % | ||||||||||||||
Amortization of intangible assets | 1.9 | (0.2 | ) | 4.5 | 3.4 | |||||||||||||||||
Income before tax | 2.9 | 7.0 | 16.3 | 19.8 | ||||||||||||||||||
Net income | 3.5 | 5.7 | -38.6 | % | 12.6 | 14.4 | -12.5 | % | ||||||||||||||
Pretax income increase (decrease) due to valuation of: | ||||||||||||||||||||||
Deferred policy acquisition costs | $ | (0.8 | ) | $ | 1.4 | $ | (1.2 | ) | $ | 2.4 | ||||||||||||
Value of acquired insurance in force | (0.9 | ) | 1.1 | (0.9 | ) | 0.2 | ||||||||||||||||
Guaranteed minimum death benefit reserve | — | 0.4 | — | 0.7 | ||||||||||||||||||
Annuity contracts in force (in thousands) | 159 | 153 | 3.9 | % | ||||||||||||||||||
Accumulated value on deposit | $ | 3,081.0 | $ | 2,769.8 | 11.2 | % | ||||||||||||||||
Variable | 1,254.8 | 1,119.2 | 12.1 | % | ||||||||||||||||||
Fixed | 1,826.2 | 1,650.6 | 10.6 | % | ||||||||||||||||||
Annuity accumulated value retention - 12 months | ||||||||||||||||||||||
Variable accumulations | 92.9 | % | 92.8 | % | ||||||||||||||||||
Fixed accumulations | 95.5 | % | 95.1 | % | ||||||||||||||||||
LIFE | ||||||||||||||||||||||
Premiums and contract deposits | $ | 30.5 | $ | 30.9 | -1.3 | % | $ | 109.1 | $ | 112.4 | -2.9 | % | ||||||||||
Premiums and contract charges earned | 24.8 | 23.4 | 6.0 | % | 96.7 | 95.1 | 1.7 | % | ||||||||||||||
Net investment income | 12.3 | 12.2 | 0.8 | % | 49.5 | 49.6 | -0.2 | % | ||||||||||||||
Income before tax | 4.8 | 6.0 | 22.0 | 20.8 | ||||||||||||||||||
Net income | 3.7 | 3.8 | -2.6 | % | 14.8 | 13.4 | 10.4 | % | ||||||||||||||
Pretax income increase (decrease) due to valuation of: | ||||||||||||||||||||||
Deferred policy acquisition costs | $ | — | $ | 1.4 | $ | (0.4 | ) | $ | 1.4 | |||||||||||||
Life policies in force (in thousands) | 252 | 258 | -2.3 | % | ||||||||||||||||||
Life insurance in force (in millions) | $ | 13,223 | $ | 13,263 | -0.3 | % | ||||||||||||||||
Lapse ratio - 12 months (Ordinary life insurance) | 7.2 | % | 7.7 | % | ||||||||||||||||||
CORPORATE AND OTHER (A) | ||||||||||||||||||||||
Components of gain (loss) before tax: | ||||||||||||||||||||||
Realized investment gains | $ | 2.9 | $ | 20.8 | $ | 12.2 | $ | 25.5 | ||||||||||||||
Interest expense | (1.7 | ) | (1.6 | ) | (6.8 | ) | (6.3 | ) | ||||||||||||||
Restructuring charge adjustment | — | — | — | 0.4 | ||||||||||||||||||
Other operating expenses | (0.3 | ) | (1.7 | ) | (3.5 | ) | (5.8 | ) | ||||||||||||||
Income (loss) before tax | 0.9 | 17.5 | 1.9 | 13.8 | ||||||||||||||||||
Net income (loss) | 0.5 | 11.4 | 1.3 | 9.0 |
(A) | The Corporate and Other segment includes interest expense on debt and the impact of realized investment gains and losses and other reconciling items to net income. The Company does not allocate the impact of corporate level transactions to the insurance segments consistent with management's evaluation of the results of those segments. |
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HORACE MANN EDUCATORS CORPORATION
Supplemental Business Segment Overview
(Dollars in Millions)
Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2004 | 2003 | % Change | 2004 | 2003 | % Change | |||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||
Annuity and Life | ||||||||||||||||||||||
Fixed maturities, at market (amortized cost 2004, $2,694.1; 2003, $2,501.2) | $ | 2,820.4 | $ | 2,613.0 | ||||||||||||||||||
Short-term investments | 17.3 | 9.0 | ||||||||||||||||||||
Short-term investments, securities lending collateral | 0.1 | 22.1 | ||||||||||||||||||||
Policy loans and other | 83.1 | 78.6 | ||||||||||||||||||||
Total Annuity and Life investments | 2,920.9 | 2,722.7 | 7.3 | % | ||||||||||||||||||
Property & Casualty | ||||||||||||||||||||||
Fixed maturities, at market (amortized cost 2004, $705.1; 2003, $623.7) | 720.8 | 645.7 | ||||||||||||||||||||
Short-term investments | 14.7 | 9.8 | ||||||||||||||||||||
Short-term investments, securities lending collateral | — | — | ||||||||||||||||||||
Other | 0.6 | 0.7 | ||||||||||||||||||||
Total Property & Casualty investments | 736.1 | 656.2 | 12.2 | % | ||||||||||||||||||
Corporate investments | 0.2 | 6.8 | ||||||||||||||||||||
Total investments | 3,657.2 | 3,385.7 | 8.0 | % | ||||||||||||||||||
Net investment income | ||||||||||||||||||||||
Before tax | $ | 47.9 | $ | 46.2 | 3.7 | % | $ | 191.4 | $ | 184.7 | 3.6 | % | ||||||||||
After tax | 32.8 | 31.4 | 4.5 | % | 131.1 | 125.5 | 4.5 | % | ||||||||||||||
Realized investment gains (losses) by investment portfolio included in Corporate and Other segment income | ||||||||||||||||||||||
Property & Casualty | $ | 1.7 | $ | 11.0 | $ | 6.6 | $ | 10.2 | ||||||||||||||
Annuity | — | 11.2 | 3.7 | 16.8 | ||||||||||||||||||
Life | 1.4 | (1.5 | ) | 2.1 | (1.6 | ) | ||||||||||||||||
Corporate and Other | (0.2 | ) | 0.1 | (0.2 | ) | 0.1 | ||||||||||||||||
Total, before tax | 2.9 | 20.8 | 12.2 | 25.5 | ||||||||||||||||||
Total, after tax | 1.9 | 13.5 | 7.9 | 16.6 | ||||||||||||||||||
Per share, diluted | $ | 0.04 | $ | 0.28 | $ | 0.17 | $ | 0.38 | ||||||||||||||
OTHER INFORMATION | ||||||||||||||||||||||
End of period goodwill asset | $ | 47.4 | $ | 47.4 | ||||||||||||||||||
End of period property and casualty Net Reserves (A): | ||||||||||||||||||||||
December 31, 2004 | $ | 362.4 | ||||||||||||||||||||
September 30, 2004 | 398.9 | |||||||||||||||||||||
June 30, 2004 | 332.9 | |||||||||||||||||||||
March 31, 2004 | 326.9 | |||||||||||||||||||||
December 31, 2003 | 320.9 | |||||||||||||||||||||
December 31, 2002 | 272.6 | |||||||||||||||||||||
December 31, 2001 | 272.0 | |||||||||||||||||||||
December 31, 2000 | 249.8 | |||||||||||||||||||||
December 31, 1999 | 235.4 |
(A) | Unpaid claim and claim expense reserves net of anticipated reinsurance recoverables and before reduction for checks issued and outstanding (“Net Reserves”). |
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