EXHIBIT 99.02
Item 6. | SELECTED FINANCIAL DATA |
(In millions, except for per share data and combined ratios)
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||
Income Statement Data | |||||||||||||||
Earned premiums | $ | 13,631 | $ | 14,088 | $ | 14,055 | $ | 14,424 | $ | 15,503 | |||||
Fee income | 4,386 | 4,700 | 4,697 | 4,493 | 5,066 | ||||||||||
Net investment income (loss): | |||||||||||||||
Securities available-for-sale and other | 4,227 | 4,263 | 4,354 | 4,018 | 4,319 | ||||||||||
Equity securities, trading | 4,364 | (1,345 | ) | (1,012 | ) | 2,845 | (10,094 | ) | |||||||
Total net investment income (loss) | 8,591 | 2,918 | 3,342 | 6,863 | (5,775 | ) | |||||||||
Net realized capital losses: | |||||||||||||||
Total other-than-temporary impairment (“OTTI”) losses | (389 | ) | (263 | ) | (852 | ) | (2,191 | ) | (3,964 | ) | |||||
OTTI losses recognized in other comprehensive income | 40 | 89 | 418 | 683 | — | ||||||||||
Net OTTI losses recognized in earnings | (349 | ) | (174 | ) | (434 | ) | (1,508 | ) | (3,964 | ) | |||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | (395 | ) | (52 | ) | (157 | ) | (529 | ) | (1,883 | ) | |||||
Total net realized capital losses | (744 | ) | (226 | ) | (591 | ) | (2,037 | ) | (5,847 | ) | |||||
Other revenues | 258 | 253 | 267 | 261 | 249 | ||||||||||
Total revenues | 26,122 | 21,733 | 21,770 | 24,004 | 9,196 | ||||||||||
Benefits, losses and loss adjustment expenses | 13,248 | 14,627 | 13,018 | 13,806 | 14,085 | ||||||||||
Benefits, losses and loss adjustment expenses — returns credited on international variable annuities | 4,363 | (1,345 | ) | (1,012 | ) | 2,845 | (10,094 | ) | |||||||
Amortization of deferred policy acquisition costs and present value of future profits | 1,988 | 2,444 | 1,692 | 3,125 | 3,049 | ||||||||||
Insurance operating costs and other expenses | 5,204 | 5,269 | 5,292 | 5,235 | 5,516 | ||||||||||
Loss on extinguishment of debt | 910 | — | — | — | — | ||||||||||
Reinsurance loss on disposition, including goodwill impairment of $342 | 533 | — | — | — | — | ||||||||||
Interest expense | 457 | 508 | 508 | 476 | 343 | ||||||||||
Goodwill impairment | — | 30 | — | 32 | 745 | ||||||||||
Total benefits, losses and expenses | 26,703 | 21,533 | 19,498 | 25,519 | 13,644 | ||||||||||
Income (loss) from continuing operations before income taxes | (581 | ) | 200 | 2,272 | (1,515 | ) | (4,448 | ) | |||||||
Income tax expense (benefit) | (481 | ) | (373 | ) | 568 | (805 | ) | (1,815 | ) | ||||||
Income (loss) from continuing operations, net of tax | (100 | ) | 573 | 1,704 | (710 | ) | (2,633 | ) | |||||||
Income (loss) from discontinued operations, net of tax | 62 | 139 | (68 | ) | (59 | ) | (131 | ) | |||||||
Net income (loss) | (38 | ) | 712 | 1,636 | (769 | ) | (2,764 | ) | |||||||
Preferred stock dividends and accretion of discount | 42 | 42 | 515 | 127 | 8 | ||||||||||
Net income (loss) available to common shareholders | $ | (80 | ) | $ | 670 | $ | 1,121 | $ | (896 | ) | $ | (2,772 | ) | ||
Balance Sheet Data | |||||||||||||||
Separate account assets | $ | 141,569 | $ | 143,870 | $ | 159,742 | $ | 150,394 | $ | 130,184 | |||||
Total assets | 298,513 | 302,609 | 316,789 | 306,035 | 285,665 | ||||||||||
Total debt (including capital lease obligations) | 7,126 | 6,216 | 6,607 | 5,839 | 6,221 | ||||||||||
Separate account liabilities | 141,569 | 143,870 | 159,742 | 150,394 | 130,184 | ||||||||||
Common equity, excluding AOCI | 19,048 | 19,679 | 19,188 | 16,696 | 15,135 | ||||||||||
Preferred Stock | 556 | 556 | 556 | 2,960 | — | ||||||||||
AOCI, net of tax | 2,843 | 1,251 | (990 | ) | (3,472 | ) | (7,785 | ) | |||||||
Total stockholders’ equity | 22,447 | 21,486 | 18,754 | 16,184 | 7,350 | ||||||||||
Income (loss) from continuing operations, net of tax, available to common shareholders per common share | |||||||||||||||
Basic | $ | (0.32 | ) | $ | 1.19 | $ | 2.76 | $ | (2.42 | ) | $ | (8.61 | ) | ||
Diluted | (0.32 | ) | 1.11 | 2.54 | (2.42 | ) | (8.61 | ) | |||||||
Net income (loss) available to common shareholders per common share | |||||||||||||||
Basic | $ | (0.18 | ) | $ | 1.51 | $ | 2.60 | $ | (2.59 | ) | $ | (9.04 | ) | ||
Diluted | (0.18 | ) | 1.40 | 2.40 | (2.59 | ) | (9.04 | ) | |||||||
Cash dividends declared per common share | 0.40 | 0.40 | 0.20 | 0.20 | 1.91 | ||||||||||
Other Data | |||||||||||||||
Total revenues, excluding net investment income on equity securities, trading | $ | 21,758 | $ | 23,078 | $ | 22,782 | $ | 21,159 | $ | 19,290 | |||||
Unlock benefit (charge), after-tax | $ | 31 | $ | (473 | ) | $ | 93 | $ | (846 | ) | $ | (795 | ) | ||
Total investments, excluding equity securities, trading | $ | 105,317 | $ | 104,449 | $ | 98,175 | $ | 93,235 | $ | 89,287 |
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