PART I - FINANCIAL INFORMATION
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Item 1. Financial Statements
THE HARTFORD STEAM BOILER INSPECTION AND INSURANCE COMPANY
Consolidated Statements of Operations (Unaudited)
(In millions, except per share data)
Quarter Six Months
Ended June 30 Ended June 30
1994 1993 1994 1993
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Revenues:
Insurance premiums $ 85.4 $ 88.0 $ 169.6 $ 175.7
Net engineering services 58.3 58.0 114.5 114.8
Net investment income 6.2 7.8 12.7 15.3
Realized investment gains 2.7 7.6 6.3 15.3
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Total revenues 152.6 161.4 303.1 321.1
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Expenses:
Claims and adjustment 36.4 54.9 77.2 91.6
Policy acquisition 16.0 15.6 31.5 32.4
Underwriting and inspection 26.9 28.3 52.0 54.1
Net engineering services 54.0 55.9 106.3 110.7
Interest 0.4 0.5 0.7 0.9
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Total expenses 133.7 155.2 267.7 289.7
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Equity in operations of insurance association 1.1 (0.1) 0.7 (1.3)
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Income before taxes and cumulative
effect of change in accounting principle 20.0 6.1 36.1 30.1
Income taxes (benefit):
Current 6.0 0.8 8.9 6.1
Deferred (0.3) (0.2) 1.0 0.7
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Total income taxes 5.7 0.6 9.9 6.8
Income before cumulative effect of
change in accounting principles 14.3 5.5 26.2 23.3
Cumulative effect of change in accounting
principle (net of income taxes of $1.9) - - - (3.6)*
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Net income $ 14.3 $ 5.5 $ 26.2 $ 19.7
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Net income per share:
Income before accounting change $ 0.70 $ 0.26 $ 1.28 $ 1.12
Cumulative effect of accounting change - - - (0.17)*
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Net income $ 0.70 $ 0.26 $ 1.28 $ 0.95
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Dividends declared per share $ 0.53 $ 0.53 $ 1.06 $ 1.06
Average shares outstanding 20.5 20.8 20.5 20.7
<FN>
* Reflects adoption of FAS 112.
See Notes to Consolidated Financial Statements.
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