$L
LOEWS CORP

2018 Q4 Form 10-K Financial Statement

#000119312519037854 Filed on February 13, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2018 Q2
Revenue $3.287B $3.608B $3.590B
YoY Change -7.54% 2.47% 6.88%
Cost Of Revenue $1.312B $1.327B
YoY Change -11.35% 3.67%
Gross Profit $2.296B $2.263B
YoY Change 12.49% 8.85%
Gross Profit Margin 63.64% 63.04%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $912.0M $337.0M $359.0M
YoY Change 4.35% 9.06% 15.06%
% of Gross Profit 14.68% 15.86%
Operating Expenses $3.375B $3.108B $3.140B
YoY Change 14.33% 2.44% 9.29%
Operating Profit -$812.0M -$877.0M
YoY Change -18.23% 10.45%
Interest Expense -$144.0M $146.0M $143.0M
YoY Change 1.41% -34.53% 2.88%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$232.0M $354.0M $307.0M
YoY Change -150.33% 34.09% -11.53%
Income Tax -$21.00M $65.00M $59.00M
% Of Pretax Income 18.36% 19.22%
Net Earnings -$165.0M $278.0M $230.0M
YoY Change -134.3% 77.07% -0.43%
Net Earnings / Revenue -5.02% 7.71% 6.41%
Basic Earnings Per Share $0.88 $0.72
Diluted Earnings Per Share -$525.8K $0.88 $0.72
COMMON SHARES
Basic Shares Outstanding 314.2M shares 315.9M shares 318.9M shares
Diluted Shares Outstanding 316.8M shares 319.8M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $405.0M $571.0M $453.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $15.51B $15.47B $15.47B
YoY Change 0.54% -0.05% 0.16%
Goodwill $665.0M $657.0M $658.0M
YoY Change 0.91% 1.39% 1.7%
Intangibles
YoY Change
Long-Term Investments $312.0M $48.70B $50.47B
YoY Change 31.65% -6.6% -2.2%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $78.32B $78.73B $80.73B
YoY Change -1.6% -1.01% 2.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.00M $149.0M $181.0M
YoY Change -93.93% -23.2% -5.73%
Total Short-Term Liabilities $17.00M $149.0M $181.0M
YoY Change -93.93% -23.2% -5.73%
LONG-TERM LIABILITIES
Long-Term Debt $11.36B $11.31B $11.29B
YoY Change 0.94% 0.64% 1.77%
Other Long-Term Liabilities $7.907B $7.753B $9.146B
YoY Change 44.66% 49.24% 73.58%
Total Long-Term Liabilities $19.27B $19.06B $20.44B
YoY Change 15.23% 16.0% 24.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.00M $149.0M $181.0M
Total Long-Term Liabilities $19.27B $19.06B $20.44B
Total Liabilities $56.93B $56.84B $58.87B
YoY Change 3.47% 3.03% 7.05%
SHAREHOLDERS EQUITY
Retained Earnings $15.77B $16.79B $16.53B
YoY Change -2.01% 6.19% 5.45%
Common Stock $3.630B $3.816B $3.812B
YoY Change 15.09% 19.85% 19.84%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.000M $896.0M $808.0M
YoY Change -75.0% 14833.33% 13366.67%
Treasury Stock Shares $100.0K 17.80M shares 16.02M shares
Shareholders Equity $18.52B $18.95B $18.91B
YoY Change
Total Liabilities & Shareholders Equity $78.32B $78.73B $80.73B
YoY Change -1.6% -1.01% 2.06%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$165.0M $278.0M $230.0M
YoY Change -134.3% 77.07% -0.43%
Depreciation, Depletion And Amortization $912.0M $337.0M $359.0M
YoY Change 4.35% 9.06% 15.06%
Cash From Operating Activities $827.0M $1.244B $1.638B
YoY Change 6.03% 114.85% 32.95%
INVESTING ACTIVITIES
Capital Expenditures -$264.0M -$251.0M -$250.0M
YoY Change -10.81% -3.09% -5.66%
Acquisitions
YoY Change
Other Investing Activities -$463.0M $771.0M -$1.043B
YoY Change 70.22% -381.39% -33.23%
Cash From Investing Activities -$727.0M $520.0M -$1.293B
YoY Change 27.99% -197.56% -29.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -260.0M -1.647B -337.0M
YoY Change 66.67% -18400.0% -162.87%
NET CHANGE
Cash From Operating Activities 827.0M 1.244B 1.638B
Cash From Investing Activities -727.0M 520.0M -1.293B
Cash From Financing Activities -260.0M -1.647B -337.0M
Net Change In Cash -160.0M 117.0M 8.000M
YoY Change -385.71% 112.73% -113.56%
FREE CASH FLOW
Cash From Operating Activities $827.0M $1.244B $1.638B
Capital Expenditures -$264.0M -$251.0M -$250.0M
Free Cash Flow $1.091B $1.495B $1.888B
YoY Change 1.39% 78.4% 26.12%

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CY2018 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 1%" align="justify">The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of Other Insurance Operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <b>Year Ended December&#xA0;31</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><b>2018</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center">2017</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="3" align="center">2016</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"><b>(In millions)</b></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="2">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="2">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="3">&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> <b>Reserves, beginning of year:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1.9em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Gross</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"><b>$</b></td> <td valign="bottom" align="right"> <b>&#xA0;&#xA0;&#xA0;&#xA0;22,004</b></td> <td valign="bottom" nowrap="nowrap"><b>&#xA0;</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right"> &#xA0;&#xA0;&#xA0;&#xA0;22,343</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right"> &#xA0;&#xA0;&#xA0;&#xA0;22,663</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1.9em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Ceded</p> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right"><b>3,934</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap"><b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">4,094</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">4,087</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Net reserves, beginning of year</p> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right"><b>18,070</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap"><b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">18,249</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">18,576</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> <b>Net incurred claim and claim adjustment expenses:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1.9em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Provision for insured events of current year</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"><b>&#xA0;</b></td> <td valign="bottom" align="right"><b>5,358</b></td> <td valign="bottom" nowrap="nowrap"><b>&#xA0;</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5,201</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5,025</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1.9em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Decrease in provision for insured events of prior years</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"><b>&#xA0;</b></td> <td valign="bottom" align="right"><b>(179</b></td> <td valign="bottom" nowrap="nowrap"><b>)&#xA0;</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(381</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(342</td> <td valign="bottom" nowrap="nowrap"> )&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1.9em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Amortization of discount</p> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right"><b>176</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap"><b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">179</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">175</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Total net incurred (a)</p> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right"><b>5,355</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap"><b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">4,999</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">4,858</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> <b>Net payments attributable to:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1.9em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Current year events</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"><b>&#xA0;</b></td> <td valign="bottom" align="right"><b>(1,046</b></td> <td valign="bottom" nowrap="nowrap"><b>)&#xA0;</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(975</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(967</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1.9em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Prior year events</p> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right"><b>(4,285</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap"><b>)&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">(4,366</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">)&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">(4,167</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Total net payments</p> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right"><b>(5,331</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap"><b>)&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">(5,341</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">)&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">(5,134</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Foreign currency translation adjustment and other</p> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right"><b>(129</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap"><b>)&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">163</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">(51</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Net reserves, end of year</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"><b>&#xA0;</b></td> <td valign="bottom" align="right"><b>17,965</b></td> <td valign="bottom" nowrap="nowrap"><b>&#xA0;</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,070</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,249</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Ceded reserves, end of year</p> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right"><b>4,019</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap"><b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">3,934</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">4,094</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Gross reserves, end of year</p> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> <b>$</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right"><b>21,984</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap"><b>&#xA0;</b></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">22,004</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" align="right">22,343</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 1.5pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="top"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom"> &#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="3%" align="left">(a)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify">Total net incurred above does not agree to Insurance claims and policyholders&#x2019; benefits as reflected on the Consolidated Statements of Income due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and loss deductible receivables and benefit expenses related to future policy benefits, which are not reflected in the table above.</p> </td> </tr> </table> </div>
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