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BALANCE SHEET - Excel

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BALANCE SHEET - Excel Powered By Docstoc
					                               St. Paul Companies
                               $000
Admitted Assets                       2003      2002
Bonds                          14,369,248 14,246,784
Preferred Stock                     68,643    14,078
Common Stock                       333,682   566,851
Cash & Short term inv.             714,696 1,101,682
Real estate, investment            574,194   587,152
Other                              456,220   399,322
Investment in Affiliates        1,117,678 1,290,318
Real estate, office                115,788   210,437
Total Invested Assets          17,750,149 18,416,624

Premium Balances                2,463,220 2,196,843
Accrued Interest                  193,635    192,820
All Other Assets                2,835,498 1,405,731
Total Assets                   23,242,502 22,212,018

Liabilities and Surplus
Loss & LAE reserves            11,337,199 12,179,810
Unearned premium                3,223,767 2,532,535
Conditional reserve funds         334,185    333,516
All other liabilities           3,279,742 2,249,811
Total liabilities              18,174,893 17,295,672

Total policyholders' surplus    5,067,609   4,916,345

Total liabilities & surplus    23,242,502 22,212,017
                            St. Paul Companies
                            $000
                                   2003
Premiums earned               6,079,324
  Losses incurred            -3,459,660
  LAE incurred                 -852,226
  Undrw expenses incurred    -1,953,929
  Other expense incurred              -1
  Div to policyholders           -7,709
Net underwriting income        -194,201
Net investment Income         1,121,098
  Other income/expense          -74,713
Pre-tax oper income             852,184
Realized capital gains          100,032
  Income taxes incurred        -126,578
Net Income                      825,638
                                St. Paul Companies
                                $000
                                       2003
Premiums collected               6,535,267
  Benefit & loss related pmts   -4,781,838
  Net transfers to accounts               0
  Undrw expenses paid           -2,747,863
  Div to policyholders              -15,471
Underwriting cash flow          -1,009,905
Investment income                  980,198
  Other income/expense               49,540
Pre-tax cash operations              19,833
Income taxes pd (recov)           -110,897
Net oper cash flow                  -91,064
       St. Paul Companies
       $000
       Net         Realized      Unrealized
       Investment Capital        Capital
       Income      Gains         Gains
1999     1,298,607        90,475      591,373
2000     1,730,867        43,005     -245,819
2001     1,072,384      176,039      -369,155
2002     1,022,499       -13,435     -347,473
2003     1,121,098      100,032      -261,519
       St. Paul Companies
       $000
       Ceded
       Reinsurance
       Total
1999        5,797,935
2000        6,646,157
2001        7,512,412
2002        8,416,717
2003        8,166,672
       St. Paul Companies
       $000
       Direct      Net           Pretax                   Total
       Premiums Premiums         Operating    Net         Admitted Policyholders'
       Written     Written       Income       Income      Assets     Surplus
1999     5,170,536     4,761,191      907,824 795,855     22,775,644       5,047,110
2000     5,633,995     4,872,295    1,407,443 1,272,124   21,710,122       5,494,339
2001     6,628,217     6,136,006     -643,631 -478,085    22,577,077       4,131,836
2002     6,847,055     5,812,952      530,740 590,685     22,212,018       4,916,345
2003     7,597,491     6,767,574      852,184 825,638     23,242,503       5,067,609
       St. Paul Companies

       Original     Developed       Unpaid
       Loss         Loss            Reserves
       Reserves     Reserves        @ 12/2003
1998     13,832,618    13,751,807    3,234,661
1999     13,190,298    14,236,420    3,781,845
2000     11,731,945    13,833,133    4,549,140
2001     12,457,082    14,253,295    6,460,671
2002     11,903,646    12,502,732    8,340,064
2003     11,082,831    11,082,831   11,082,831
                        The sum of loss ratio, expense ratio and the dividend ratio. This ratio
                        measures a company's underwriting profitability. Normal Range is between 95
Combined Ratio          to 105.
                        The ratio of incurred losses and loss adjustment expenses(LAE) to net
Loss Ratio              premiums earned, expressed as a percent
                        The ratio of underwriting expenses (including commissions) to net premiums
Expense Ratio           written, expressed as a percent
                        The ratio of dividends to policyhoders related to net premiums earned,
Dividend Ratio          expressed as a percent
Net Investment Income
Ratio                   Ratio of net investment income to net premiums earned.

                        Combined ratio less the Net Investment Income ratio. Measures company's
Operating Ratio         operational profitability. Normal range is 85% to 95%
                        The percentage change in Policyholders' surplus from prior year end.
                        Measures company's ability to increase policyholder security. Normal range
Change in PHS           between 6% and 8%
                        The ratio, expressed as a percent, of all operating income, after taxes and
                        reaslized and unrealized investment gains, to the prior-year-end policyholders'
                        surplus. Measures overall profitability from underwriting and investment
Return on PHS           activity. Normal range 5% to 15%.
100.05%


70.93%

28.87%

 0.25%

18.44%



81.61%


 3.08%




11.47%
                         The percent change in Net Premiums Written form the prior year. Measures
Change in NPW            the growth of a company's underwriting exposure. Normal Range 5% to 15%.
                         Net Permiums Written to Policyholders' Surplus, expressed as a ratio.
                         Measures a company's underwriting leverage developed by the current volume
                         of net business. Also measures net exposure to pricing errors. Normal Range
NPW to PHS               1.5 to 2.0
                         Net Liabilities expressed as a ratio to Policyholders' Surplus. Net Liabilities
                         equals total liabilities, less conditional reserves, plus encumbrances on real
                         estate, less the lower of receivables from or payable to affiliates. Exposure to
                         errors in loss reserve. Normal range 1.0 to 2.0 for property and 3.0 to 3.8 for
Net Liabilities to PHS   long-tailed liability
                         The sum of NPW to PHS and Net liabilities to PHS. Ratil measures
                         accumulated exposure to pricing errors. Normal range 2.5 to 4.0 for property
Net Leverage             and 5.0 to 5.8 for long-tailed liability.
                         The ratio of the reinsurance premiums ceded, plus net ceded reinsurance
                         balances for unpaid losses and unearned premiums recoveralbe, plus ceded
                         insurance balances payable to policyholders' surplus. Portion of a company's
Ceded Reinsurance        gross premiums and gross liabilities ceded to non-affilitaed reinsureres and
Leverage                 foreigh affiliates. Normal range 0.5 to 1.3
                         Sum of net leverage and ceded reinsurance leverage. Measures exposure to
                         errors of estimating its liabilities and to the exposure of its reinsurance. Normal
Gross Leverage           range for propert is 3.0 to 5.0 and for long-tailed liability is 5.0 to 7.0
16.42%




  1.34




  3.52


  4.86




  1.61



  6.47
                      Quick assets divided by net liabilities plus ceded reinsurance balance payable,
                      expressed as a percent. Quick assets are defined as the sum of cash,
                      unaffiliated short-term investments, unafiliated bonds maturing within one year,
                      government bonds maturing within five years, and 80% of unaffiliated common
                      stock. Measures proportion of net liabilities covered by cash and investments
                      that can be converted to cash. Normal range for property is 30% to 50% and
Quick Liquidity       for long-tailed liability is 20% to 30%

                      The sum of cash, unaffiliated invested assets and encumbrances on other
                      properties to net liabilities plus reinsurance balance payable, expressed as a
                      percent. Measures Portion of liabilities covered by unencumbered cash and
                      unaffiliated investments. Normal range for property is 120% to 140% and for
Current Liquidity     long-tailed liability is 100% to 120%.

                      Total admitted Assets divided by Total Liabilities less Conditional reserves,
                      expressed as a percent. Measures leverage and liquidity. Normal range for
Overall Liquidity     property is 140% to 180% and for long-tailed liability is 110% to 150%.


Operating Cash Flow   This ratio measures the funds generated from insurance operations.
  6.56%




90.45%




130.28%


-11.03%
                      The ratio of Reported Loss Reserves to Policyholders' Surplus, percent.
                      Measures the potential impact on surplus of any deficiencies or redundancies
                      in loss reserve. For property typical range is 50% to 150% and for long-tailed
Lost Reserve to PHS   liabilities is 200% to 300%.
                      The change in the original loss reserve to date as reported by the company in
                      its latest annual statement to Policyholders' surplus, percent. Size of reserve
                      deficiency to PHS. Positive numbers indicate deficiences and Negative
Development to PHS    numbers indicate redundancies. Range 0% to 25%


                      The ratio of developed through 1991 to Net Premiums Earned, percent.
                      Measures whether a company's loss reserves are keeping pace with premium
Developed to NPE      growth.
218.70%




12.19%




89.84%

				
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