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2018 Annual Report
2018 Annual Report
2018 Annual Report
| At or for the Year Ended December 31 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in millions of dollars, except share data) | ||||||||||
| Income Statement Data | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||
| Premium Income | $ | 8,986.1 | $ | 8,597.1 | $ | 8,357.7 | $ | 8,082.4 | $ | 7,797.2 |
| Net Investment Income | 2453.7 | 2,451.7 | 2,459.0 | 2,481.2 | 2,492.2 | |||||
| Net Realized Investment Gain (Loss) | (39.5) | 40.3 | 24.2 | (43.8) | 16.1 | |||||
| Other Income | 198.2 | 197.7 | 205.6 | 211.5 | 219.0 | |||||
| Total Revenue | 11,598.5 | 11,286.8 | 11,046.5 | 10,731.3 | 10,524.5 | |||||
| Benefits and Expenses | ||||||||||
| Benefits and Change in Reserves for Future Benefits(1) | 8,020.4 | 7,055.7 | 6,941.8 | 6,782.8 | 7,310.8 | |||||
| Commissions | 1,108.4 | 1,060.8 | 1,026.7 | 996.3 | 935.3 | |||||
| Interest and Debt Expense | 167.3 | 159.9 | 166.0 | 152.8 | 167.5 | |||||
| Other Expenses(2) | 1,674.6 | 1,606.4 | 1,564.3 | 1,561.1 | 1,568.9 | |||||
| Total Benefits and Expenses | 10,970.7 | 9,882.8 | 9,698.8 | 9,493.0 | 9,982.5 | |||||
| Income Before Income Tax | 627.8 | 1,404.0 | 1,347.7 | 1,238.3 | 542.0 | |||||
| Income Tax | 104.4 | 409.8 | 416.3 | 371.2 | 139.9 | |||||
| Net Income | $ | 523.4 | $ | 994.2 | $ | 931.4 | $ | 867.1 | $ | 402.1 |
| Balance Statement Data | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | $ | 61,875.6 | $ | 64,013.1 | $ | 61,941.5 | $ | 60,563.6 | $ | 62,422.5 |
| Long-term Debt | $ | 2,971.3 | $ | 2,738.4 | $ | 2,999.4 | $ | 2,449.4 | $ | 2,601.6 |
| Accumulated Other Comprehensive Income (Loss) | $ | (814.2) | $ | 127.5 | $ | (51.0) | $ | 16.1 | $ | 166.4 |
| Other Stockholders’ Equity | 9,436.0 | 9,447.4 | 9,019.0 | 8,647.8 | 8,355.5 | |||||
| Total Stockholders’ Equity | $ | 8,621.8 | $ | 9,574.9 | $ | 8,968.0 | $ | 8,663.9 | $ | 8,521.9 |
| Per Share Data | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | ||||||||||
| Basic | $ | 2.38 | $ | 4.39 | $ | 3.96 | $ | 3.51 | $ | 1.57 |
| Assuming Dilution | $ | 2.38 | $ | 4.37 | $ | 3.95 | $ | 3.50 | $ | 1.57 |
| Stockholders’ Equity | $ | 40.19 | $ | 43.02 | $ | 39.02 | $ | 35.96 | $ | 33.78 |
| Cash Dividends | $ | 0.98 | $ | 0.86 | $ | 0.77 | $ | 0.70 | $ | 0.62 |
| Weighted Average Common Shares Outstanding | ||||||||||
| Basic (000s) | 219,635.6 | 226,492.4 | 235,445.7 | 246,986.7 | 255,525.9 | |||||
| Assuming Dilution (000s) | 220,058.6 | 227,335.2 | 235,979.2 | 247,854.7 | 256,652.8 | |||||
(1) Includes reserve increases of $750.8 million and $698.2 million in 2018 and 2014, respectively, related to our long-term care closed block business.
See Note 6 of the “Notes to Consolidated Financial Statements” contained herein in Item 8 for further discussion of the 2018 reserve increase.
(2) Includes the net change in deferred acquisition costs as well as compensation expense and other expenses. Includes $64.4 million in 2014 related to a settlement loss for a pension plan amendment.