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For the Year
(In millions, except for share and per-share amounts)
2014
2013
2012
2011
Revenues:
Net premiums, principally supplemental health insurance
$ 19,072
$ 20,135
$ 22,148
$ 20,362
Net investment income
3,319
3,293
3,473
3,280
Realized investment gains (losses)
215
399
(349)
(1,552)
Other income
122
112
92
81
Total revenues
22,728
23,939
25,364
22,171
Benefits and expenses:
Benefits and claims, net
12,937
13,813
15,330
13,749
Expenses
5,300
5,310
5,732
5,472
Total benefits and expenses
18,237
19,123
21,062
19,221
Pretax earnings
4,491
4,816
4,302
2,950
Income taxes
1,540
1,658
1,436
1,013
Net earnings
$ 2,951
$ 3,158
$ 2,866
$ 1,937
Share and Per-Share Amounts
Net earnings (basic)
$ 6.54
$ 6.80
$ 6.14
$ 4.15
Net earnings (diluted)
6.50
6.76
6.11
4.12
Items impacting net earnings, net of tax:
Realized investment gains (losses):
Securities transactions and impairments
$ .26
$
.09
$ (.69)
$ (1.81)
Impact of derivative and hedging activities:
Hedge costs related to foreign currency investments
(.05)
(.04)
(.01)
–
Other derivative and hedging activities*
.03
.49
.22
(.34)
Other and non-operating income (loss)
.10
.04
(.01)
–
Cash dividends paid
$ 1.50
$ 1.42
$ 1.34
$ 1.23
Shareholders’ equity
41.47
31.82
34.16
27.76
Weighted-average common shares used to calculate basic EPS (In thousands)
451,204
464,502
466,868
466,519
Weighted-average common shares used to calculate diluted EPS (In thousands)
454,000
467,408
469,287
469,370
At Year-end
Assets:
Investments and cash
$ 107,341
$ 108,459
$ 118,219
$ 103,462
Other
12,426
12,848
12,875
12,775
Total assets
$ 119,767
$ 121,307
$ 131,094
$ 116,237
Liabilities and shareholders’ equity:
Policy liabilities
$ 83,933
$ 89,402
$ 97,720
$ 94,239
Income taxes
5,293
3,718
3,858
2,308
Notes payable
5,282
4,897
4,352
3,285
Other liabilities
6,912
8,670
9,186
3,459
Shareholders’ equity
18,347
14,620
15,978
12,946
Total liabilities and shareholders’ equity
$ 119,767
$ 121,307
$ 131,094
$ 116,237
Supplemental Data
Stock price range:
High
$ 66.69
$ 67.62
$ 54.93
$ 59.54
Low
54.99
48.17
38.14
31.25
Close
61.09
66.80
53.12
43.26
Yen/dollar exchange rate at year-end (yen)
¥ 120.55
¥ 105.39
¥ 86.58
¥ 77.74
Weighted-average yen/dollar exchange rate (yen)
105.46
97.54
79.81
79.75
*Includes impact from ASC 815 for all years presented prior to 2011
Amounts in 2010 and 2011 have been adjusted for retrospective adoption of revised accounting guidance related to deferral of policy acquisition costs effective January 1, 2012.
Amounts in 2003 and 2004 have been adjusted for adoption of SFAS 123R on January 1, 2005.
SELECTED FINANCIAL DATA
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