Financial Highlights
| At or for the Year Ended December 31 (in millions of dollars, except share data) |
2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Revenue | |||||
| Premium Income | 2020$9,378.1 | 2019$9,365.6 | 2018$8,986.1 | 2017$8,597.1 | 2016$8,357.7 |
| Net Investment Income | 20202,360.7 | 20192,435.3 | 20182,453.7 | 20172,451.7 | 20162,459.0 |
| Net Realized Investment Gain (Loss)1 | 20201,199.1 | 2019(23.2) | 2018(39.5) | 201740.3 | 201624.2 |
| Other Income | 2020224.2 | 2019221.2 | 2018198.2 | 2017197.7 | 2016205.6 |
| Total Revenue | 202013,162.1 | 201911,998.9 | 201811,598.5 | 201711,286.8 | 201611,046.5 |
| Benefits and Expenses | |||||
| Benefits and Change in Reserves for Future Benefits2 | 20208,972.9 | 20197,496.2 | 20188,020.4 | 20177,055.7 | 20166,941.8 |
| Commissions | 20201,057.3 | 20191,122.7 | 20181,108.4 | 20171,060.8 | 20161,026.7 |
| Interest and Debt Expense and Cost Related to Early Retirement of Debt3 | 2020188.2 | 2019204.7 | 2018167.3 | 2017159.9 | 2016166.0 |
| Other Expenses4 | 20201,979.7 | 20191,793.2 | 20181,674.6 | 20171,606.4 | 20161,564.3 |
| Total Benefits and Expenses | 202012,198.1 | 201910,616.8 | 201810,970.7 | 20179,882.8 | 20169,698.8 |
| Income Before Income Tax | 2020964.0 | 20191,382.1 | 2018627.8 | 20171,404.0 | 20161,347.7 |
| Income Tax | 2020171.0 | 2019281.8 | 2018104.4 | 2017409.8 | 2016416.3 |
| Net Income | 2020$793.0 | 2019$1,100.3 | 2018$523.4 | 2017$994.2 | 2016$931.4 |
| At or for the Year Ended December 31 (in millions of dollars, except share data) |
2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Assets | 2020$70,625.8 | 2019$67,013.4 | 2018$61,875.6 | 2017$64,013.1 | 2016$61,941.5 |
| Long-term Debt | 2020$3,345.7 | 2019$2,926.9 | 2018$2,971.3 | 2017$2,738.4 | 2016$2,999.4 |
| Accumulated Other Comprehensive Income (Loss) | 2020$374.2 | 2019$37.3 | 2018$(814.2) | 2017$127.5 | 2016$(51.0) |
| Other Stockholders' Equity | 202010,496.8 | 20199,927.7 | 20189,436.0 | 20179,447.4 | 20169,019.0 |
| Total Stockholders' Equity | 2020$10,871.0 | 2019$9,965.0 | 2018$8,621.8 | 2017$9,574.9 | 2016$8,968.0 |
| At or for the Year Ended December 31 (in millions of dollars, except share data) |
2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Net Income | |||||
| Basic | 2020$3.89 | 2019$5.25 | 2018$2.38 | 2017$4.39 | 2016$3.96 |
| Assuming Dilution | 2020$3.89 | 2019$5.24 | 2018$2.38 | 2017$4.37 | 2016$3.95 |
| Stockholders' Equity | 2020$53.37 | 2019$49.10 | 2018$40.19 | 2017$43.02 | 2016$39.02 |
| Cash Dividends | 2020$1.14 | 2019$1.09 | 2018$0.98 | 2017$0.86 | 2016$0.77 |
| Weighted Average Shares Outstanding |
|||||
| Basic (000s) | 2020203,642.0 | 2019209,728.9 | 2018219,635.6 | 2017226,492.4 | 2016235,445.7 |
| Assuming Dilution (000s) | 2020203,755.3 | 2019209,854.4 | 2018220,058.6 | 2017227,335.2 | 2016235,979.2 |
(1) Includes net realized investment gains of $1,302.3 million in 2020 related to the transfer of investments in the Closed Block individual disability reinsurance transaction. See Notes 3 and 12 of the "Notes to Consolidated Financial Statements" contained herein in Item 8 for further discussion of the reinsurance transaction.
(2) Includes a reserve increase of $151.5 million and $750.8 million in 2020 and 2018, respectively, related to our long-term care closed block business, as well as a reserve increase of $17.5 million in 2020 to our group pension closed block business. Also includes an increase in benefits and change in reserves for future benefits of $1,284.5 million in 2020 resulting from the recognition of the adjustment related to unrealized investment gains and losses previously recognized in accumulated other comprehensive income related to the previously mentioned reinsurance transaction. See Notes 6 and 12 of the "Notes to Consolidated Financial Statements" contained herein in Item 8 and "Executive Summary" contained herein in Item 7 for further discussion of the 2020 and 2018 reserve increases and the reinsurance transaction, respectively.
(3) Includes cost related to early retirement of debt of $27.3 million in 2019. See Note 8 of the "Notes to Consolidated Financial Statements" contained herein in Item 8 for further discussion of the 2019 cost related to early retirement of debt.
(4) Includes the net change in deferred acquisition costs as well as compensation expense and other expenses. Includes the amortization of the cost of reinsurance of $2.6 million and transaction costs of $21.0 million related to the Closed Block individual disability reinsurance transaction in 2020. Also includes a right-of-use (ROU) asset impairment of $12.7 million in 2020 related to one of our operating leases for office space that we do not plan to continue using to support general operations and $23.3 million of costs related to an organizational design update in 2020. See Note 13 and 15 of the "Notes to Consolidated Financial Statements" contained herein in Item 8 for further discussion on the organizational design update and ROU asset impairment, respectively.