x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
|
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)
|
|
Delaware
|
13-2646102
|
|
(State
or other jurisdiction of incorporation
or organization)
|
(I.R.S.
Employer Identification
No.)
|
|
Yes
|
X
|
|
No
|
|
Large accelerated
filer
|
X
|
Accelerated
filer
|
Non-accelerated
filer
|
Smaller
reporting company
|
|
Yes
|
|
No
|
X
|
|
Class
|
|
Outstanding
at July 18, 2008
|
Common
stock, $0.01 par value
|
436,267,871
shares
|
|
Page
|
||
No.
|
||
Part
I. Financial Information
|
||
Item 1. Financial
Statements (unaudited)
|
||
Consolidated Condensed Balance
Sheets
|
||
June 30, 2008 and December 31,
2007
|
3
|
|
Consolidated Condensed
Statements of Income
|
||
Three and six months ended June
30, 2008 and 2007
|
4
|
|
Consolidated Condensed
Statements of Shareholders’ Equity
|
||
June 30, 2008 and
2007
|
6
|
|
Consolidated Condensed
Statements of Cash Flows
|
||
Six months ended June 30, 2008
and 2007
|
7
|
|
Notes to Consolidated Condensed
Financial Statements
|
9
|
|
Item 2. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
40
|
|
Item 3. Quantitative
and Qualitative Disclosures about Market Risk
|
73
|
|
Item 4. Controls and
Procedures
|
76
|
|
Part
II. Other Information
|
||
Item 1. Legal
Proceedings
|
77
|
|
Item 1A. Risk
Factors
|
77
|
|
Item 2. Unregistered Sales of
Equity Securities and Use of Proceeds
|
77
|
|
Item 4. Submission of Matters
to a Vote of Security Holders
|
77
|
|
Item
6. Exhibits
|
79
|
June
30,
|
December
31,
|
|||||||
2008
|
2007
|
|||||||
(In
millions)
|
||||||||
Assets:
|
||||||||
Investments:
|
||||||||
Fixed maturities, amortized
cost of $32,422 and $34,816
|
$ | 30,980 | $ | 34,663 | ||||
Equity securities, cost of
$2,267 and $1,143
|
2,196 | 1,347 | ||||||
Limited partnership
investments
|
2,428 | 2,321 | ||||||
Other
investments
|
18 | 108 | ||||||
Short term investments
|
9,736 | 8,230 | ||||||
Total
investments
|
45,358 | 46,669 | ||||||
Cash
|
168 | 140 | ||||||
Receivables
|
11,965 | 11,469 | ||||||
Property,
plant and equipment
|
11,782 | 10,218 | ||||||
Deferred
income taxes
|
1,026 | 441 | ||||||
Goodwill
and other intangible assets
|
1,357 | 1,353 | ||||||
Assets
of discontinued operations
|
6 | 2,841 | ||||||
Other
assets
|
1,502 | 1,347 | ||||||
Deferred
acquisition costs of insurance subsidiaries
|
1,167 | 1,161 | ||||||
Separate account business
|
451 | 476 | ||||||
Total assets
|
$ | 74,782 | $ | 76,115 | ||||
Liabilities
and Shareholders’ Equity:
|
||||||||
Insurance
reserves:
|
||||||||
Claim and claim adjustment
expense
|
$ | 28,202 | $ | 28,588 | ||||
Future policy
benefits
|
7,326 | 7,106 | ||||||
Unearned
premiums
|
3,644 | 3,597 | ||||||
Policyholders’ funds
|
582 | 930 | ||||||
Total insurance
reserves
|
39,754 | 40,221 | ||||||
Payable
to brokers
|
1,971 | 580 | ||||||
Collateral
on loaned securities
|
63 | |||||||
Short
term debt
|
258 | 358 | ||||||
Long
term debt
|
7,137 | 6,900 | ||||||
Reinsurance
balances payable
|
373 | 401 | ||||||
Liabilities
of discontinued operations
|
1,637 | |||||||
Other
liabilities
|
3,803 | 3,990 | ||||||
Separate account business
|
451 | 476 | ||||||
Total liabilities
|
53,747 | 54,626 | ||||||
Minority interest
|
4,254 | 3,898 | ||||||
Preferred
stock, $0.10 par value,
|
||||||||
Authorized – 100,000,000
shares
|
||||||||
Common
stock:
|
||||||||
Loews common stock, $0.01 par
value:
|
||||||||
Authorized – 1,800,000,000
shares
|
||||||||
Issued and outstanding –
436,267,871 and 529,683,628 shares
|
4 | 5 | ||||||
Former Carolina Group
stock
|
1 | |||||||
Additional
paid-in capital
|
3,280 | 3,967 | ||||||
Earnings
retained in the business
|
14,598 | 13,691 | ||||||
Accumulated other comprehensive income
(loss)
|
(1,101 | ) | (65 | ) | ||||
16,781 | 17,599 | |||||||
Less treasury stock, at cost (340,000 shares of
former Carolina Group stock)
|
8 | |||||||
Total shareholders’ equity
|
16,781 | 17,591 | ||||||
Total liabilities and shareholders’
equity
|
$ | 74,782 | $ | 76,115 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(In
millions, except per share data)
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Insurance
premiums
|
$ | 1,774 | $ | 1,872 | $ | 3,586 | $ | 3,734 | ||||||||
Net investment
income
|
697 | 785 | 1,176 | 1,518 | ||||||||||||
Investment gains
(losses)
|
(111 | ) | (108 | ) | (162 | ) | (129 | ) | ||||||||
Gain on issuance of subsidiary
stock
|
2 | 4 | 2 | 139 | ||||||||||||
Contract drilling
revenues
|
937 | 636 | 1,707 | 1,226 | ||||||||||||
Other
|
623 | 328 | 1,225 | 697 | ||||||||||||
Total
|
3,922 | 3,517 | 7,534 | 7,185 | ||||||||||||
Expenses:
|
||||||||||||||||
Insurance claims and
policyholders’ benefits
|
1,472 | 1,473 | 2,861 | 2,921 | ||||||||||||
Amortization of deferred
acquisition costs
|
360 | 372 | 728 | 753 | ||||||||||||
Contract drilling
expenses
|
271 | 222 | 558 | 434 | ||||||||||||
Other operating
expenses
|
624 | 532 | 1,241 | 1,018 | ||||||||||||
Interest
|
88 | 71 | 177 | 149 | ||||||||||||
Total
|
2,815 | 2,670 | 5,565 | 5,275 | ||||||||||||
Income before income tax and minority
interest
|
1,107 | 847 | 1,969 | 1,910 | ||||||||||||
Income tax
expense
|
340 | 256 | 593 | 592 | ||||||||||||
Minority interest
|
256 | 169 | 456 | 335 | ||||||||||||
Total
|
596 | 425 | 1,049 | 927 | ||||||||||||
Income
from continuing operations
|
511 | 422 | 920 | 983 | ||||||||||||
Discontinued
operations, net:
|
||||||||||||||||
Results of
operations
|
170 | 232 | 343 | 439 | ||||||||||||
Gain on disposal
|
4,282 | 4,362 | ||||||||||||||
Net income
|
$ | 4,963 | $ | 654 | $ | 5,625 | $ | 1,422 | ||||||||
Net
income attributable to:
|
||||||||||||||||
Loews common
stock:
|
||||||||||||||||
Income from continuing
operations
|
$ | 511 | $ | 422 | $ | 920 | $ | 983 | ||||||||
Discontinued operations,
net
|
4,348 | 91 | 4,494 | 180 | ||||||||||||
Loews common
stock
|
4,859 | 513 | 5,414 | 1,163 | ||||||||||||
Former Carolina Group stock -
discontinued
|
||||||||||||||||
operations, net
|
104 | 141 | 211 | 259 | ||||||||||||
Total
|
$ | 4,963 | $ | 654 | $ | 5,625 | $ | 1,422 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(In
millions, except per share data)
|
||||||||||||||||
Basic
net income per Loews common share:
|
||||||||||||||||
Income from continuing
operations
|
$ | 1.00 | $ | 0.78 | $ | 1.77 | $ | 1.83 | ||||||||
Discontinued operations,
net
|
8.56 | 0.17 | 8.66 | 0.33 | ||||||||||||
Net income
|
$ | 9.56 | $ | 0.95 | $ | 10.43 | $ | 2.16 | ||||||||
Diluted
net income per Loews common share:
|
||||||||||||||||
Income from continuing
operations
|
$ | 1.00 | $ | 0.78 | $ | 1.77 | $ | 1.82 | ||||||||
Discontinued operations,
net
|
8.54 | 0.17 | 8.64 | 0.33 | ||||||||||||
Net income
|
$ | 9.54 | $ | 0.95 | $ | 10.41 | $ | 2.15 | ||||||||
Basic
net income per former Carolina Group share:
|
||||||||||||||||
Discontinued operations,
net
|
$ | 0.97 | $ | 1.31 | $ | 1.95 | $ | 2.39 | ||||||||
Diluted
net income per former Carolina Group
|
||||||||||||||||
share:
|
||||||||||||||||
Discontinued operations,
net
|
$ | 0.96 | $ | 1.30 | $ | 1.95 | $ | 2.39 | ||||||||
Basic
weighted average number of shares outstanding:
|
||||||||||||||||
Loews common
stock
|
508.16 | 536.30 | 518.93 | 538.90 | ||||||||||||
Former Carolina Group
stock
|
108.48 | 108.44 | 108.47 | 108.41 | ||||||||||||
Diluted
weighted average number of shares
|
||||||||||||||||
outstanding:
|
||||||||||||||||
Loews common
stock
|
509.43 | 537.50 | 520.17 | 540.01 | ||||||||||||
Former Carolina Group
stock
|
108.60 | 108.56 | 108.60 | 108.54 |
Former
|
Earnings
|
Accumulated
|
Common
|
|||||||||||||||||||||||||
Comprehensive
|
Loews
|
Carolina
|
Additional
|
Retained
|
Other
|
Stock
|
||||||||||||||||||||||
Income
|
Common
|
Group
|
Paid-in
|
in
the
|
Comprehensive
|
Held
in
|
||||||||||||||||||||||
(Loss)
|
Stock
|
Stock
|
Capital
|
Business
|
Income (Loss)
|
Treasury
|
||||||||||||||||||||||
(In
millions, except per share data)
|
||||||||||||||||||||||||||||
Balance,
January 1, 2007
|
$ | 5 | $ | 1 | $ | 4,018 | $ | 12,099 | $ | 387 | $ | (8 | ) | |||||||||||||||
Adjustment
to initially apply:
|
||||||||||||||||||||||||||||
FIN No. 48
|
(37 | ) | ||||||||||||||||||||||||||
FSP
FTB 85-4-1
|
34 | |||||||||||||||||||||||||||
Balance,
January 1, 2007 as adjusted
|
5 | 1 | 4,018 | 12,096 | 387 | (8 | ) | |||||||||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||
Net income
|
$ | 1,422 | 1,422 | |||||||||||||||||||||||||
Other comprehensive
loss
|
(276 | ) | (276 | ) | ||||||||||||||||||||||||
Comprehensive
income
|
$ | 1,146 | ||||||||||||||||||||||||||
Dividends
paid:
|
||||||||||||||||||||||||||||
Loews common stock,
$0.125
|
||||||||||||||||||||||||||||
per share
|
(67 | ) | ||||||||||||||||||||||||||
Former Carolina Group stock,
$0.91
|
||||||||||||||||||||||||||||
per share
|
(99 | ) | ||||||||||||||||||||||||||
Purchase
of Loews treasury stock
|
(384 | ) | ||||||||||||||||||||||||||
Issuance
of Loews common stock
|
3 | |||||||||||||||||||||||||||
Issuance
of former Carolina Group
|
||||||||||||||||||||||||||||
stock
|
3 | |||||||||||||||||||||||||||
Stock-based
compensation
|
14 | |||||||||||||||||||||||||||
Other
|
1 | (3 | ) | |||||||||||||||||||||||||
Deferred
tax benefit related to
|
||||||||||||||||||||||||||||
interest expense imputed
on
|
||||||||||||||||||||||||||||
Diamond Offshore’s
1.5%
|
||||||||||||||||||||||||||||
debentures (Note 11)
|
26 | |||||||||||||||||||||||||||
Balance, June 30, 2007
|
$ | 5 | $ | 1 | $ | 4,065 | $ | 13,349 | $ | 111 | $ | (392 | ) | |||||||||||||||
Balance,
January 1, 2008
|
$ | 5 | $ | 1 | $ | 3,967 | $ | 13,691 | $ | (65 | ) | $ | (8 | ) | ||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||
Net income
|
$ | 5,625 | 5,625 | |||||||||||||||||||||||||
Other comprehensive
loss
|
(1,089 | ) | (1,089 | ) | ||||||||||||||||||||||||
Comprehensive
income
|
$ | 4,536 | ||||||||||||||||||||||||||
Dividends
paid:
|
||||||||||||||||||||||||||||
Loews common stock,
$0.125
|
||||||||||||||||||||||||||||
per share
|
(66 | ) | ||||||||||||||||||||||||||
Former Carolina Group stock,
$0.91
|
||||||||||||||||||||||||||||
per share
|
(99 | ) | ||||||||||||||||||||||||||
Issuance
of Loews common stock
|
2 | |||||||||||||||||||||||||||
Redemption
of former Carolina
|
||||||||||||||||||||||||||||
Group stock (Note
2)
|
(1 | ) | (602 | ) | 53 | 8 | ||||||||||||||||||||||
Exchange
of Lorillard common stock
|
||||||||||||||||||||||||||||
for Loews common stock (Note
2)
|
(4,650 | ) | ||||||||||||||||||||||||||
Stock-based
compensation
|
11 | |||||||||||||||||||||||||||
Retirement
of treasury stock
|
(1 | ) | (700 | ) | (3,949 | ) | 4,650 | |||||||||||||||||||||
Other
|
(2 | ) | ||||||||||||||||||||||||||
Balance, June 30, 2008
|
$ | 4 | $ | - | $ | 3,280 | $ | 14,598 | $ | (1,101 | ) | $ | - |
Six Months Ended June 30
|
2008
|
2007
|
||||||
(In
millions)
|
||||||||
Operating
Activities:
|
||||||||
Net
income
|
$ | 5,625 | $ | 1,422 | ||||
Adjustments
to reconcile net income to net cash
|
||||||||
provided
(used) by operating activities, net
|
(3,777 | ) | (138 | ) | ||||
Changes
in operating assets and liabilities, net:
|
||||||||
Reinsurance
receivables
|
447 | 556 | ||||||
Other
receivables
|
(271 | ) | (72 | ) | ||||
Federal income
tax
|
(32 | ) | 21 | |||||
Prepaid reinsurance
premiums
|
(20 | ) | (22 | ) | ||||
Deferred acquisition
costs
|
(6 | ) | (7 | ) | ||||
Insurance reserves and
claims
|
(148 | ) | (86 | ) | ||||
Reinsurance balances
payable
|
(28 | ) | (11 | ) | ||||
Other
liabilities
|
(504 | ) | (171 | ) | ||||
Trading
securities
|
1,488 | 587 | ||||||
Other, net
|
(94 | ) | (64 | ) | ||||
Net
cash flow operating activities - continuing operations
|
2,680 | 2,015 | ||||||
Net cash flow operating activities - discontinued
operations
|
151 | 297 | ||||||
Net cash flow operating activities -
total
|
2,831 | 2,312 | ||||||
Investing
Activities:
|
||||||||
Purchases
of fixed maturities
|
(28,260 | ) | (33,938 | ) | ||||
Proceeds
from sales of fixed maturities
|
26,260 | 31,598 | ||||||
Proceeds
from maturities of fixed maturities
|
2,464 | 2,836 | ||||||
Purchases
of equity securities
|
(133 | ) | (97 | ) | ||||
Proceeds
from sales of equity securities
|
132 | 109 | ||||||
Purchases
of property, plant and equipment
|
(1,779 | ) | (718 | ) | ||||
Proceeds
from sales of property, plant and equipment
|
15 | 13 | ||||||
Change
in collateral on loaned securities
|
(63 | ) | (503 | ) | ||||
Change
in short term investments
|
(1,542 | ) | (1,207 | ) | ||||
Change
in other investments
|
(153 | ) | (85 | ) | ||||
Other, net
|
1 | 56 | ||||||
Net
cash flow investing activities - continuing operations
|
(3,058 | ) | (1,936 | ) | ||||
Net
cash flow investing activities - discontinued operations,
|
||||||||
including proceeds from
dispositions
|
618 | 169 | ||||||
Net cash flow investing activities -
total
|
(2,440 | ) | (1,767 | ) |
Six Months Ended June 30
|
2008
|
2007
|
||||||
(In
millions)
|
||||||||
Financing
Activities:
|
||||||||
Dividends
paid
|
$ | (165 | ) | $ | (166 | ) | ||
Dividends
paid to minority interest
|
(233 | ) | (315 | ) | ||||
Purchases
of treasury shares
|
(379 | ) | ||||||
Purchases
of treasury shares by subsidiary
|
(70 | ) | ||||||
Issuance
of common stock
|
2 | 7 | ||||||
Proceeds
from subsidiaries’ equity issuances
|
245 | 312 | ||||||
Principal
payments on debt
|
(747 | ) | (2 | ) | ||||
Issuance
of debt
|
886 | |||||||
Receipts
of investment contract account balances
|
2 | 1 | ||||||
Return
of investment contract account balances
|
(299 | ) | (57 | ) | ||||
Excess
tax benefits from share-based payment arrangements
|
3 | 7 | ||||||
Other
|
3 | 9 | ||||||
Net
cash flow financing activities - continuing
operations
|
(373 | ) | (583 | ) | ||||
Net cash flow financing activities
- discontinued
operations
|
3 | |||||||
Net cash flow financing activities -
total
|
(373 | ) | (580 | ) | ||||
Effect of foreign exchange rate on cash -
continuing operations
|
(1 | ) | - | |||||
Net
change in cash
|
17 | (35 | ) | |||||
Net
cash transactions from:
|
||||||||
Continuing operations to
discontinued operations
|
780 | 520 | ||||||
Discontinued operations to
continuing operations
|
(780 | ) | (520 | ) | ||||
Cash, beginning of period
|
160 | 174 | ||||||
Cash, end of period
|
$ | 177 | $ | 139 | ||||
Cash,
end of period:
|
||||||||
Continuing
operations
|
$ | 168 | $ | 133 | ||||
Discontinued operations
|
9 | 6 | ||||||
Total
|
$ | 177 | $ | 139 |
|
·
|
On
June 10, 2008, the Company distributed 108,478,429 shares, or
approximately 62%, of the outstanding common stock of Lorillard in
exchange for and in redemption of all of the 108,478,429 outstanding
shares of the Company’s former Carolina Group stock, in accordance with
the Company’s Restated Certificate of Incorporation (the “Redemption”);
and
|
|
·
|
On
June 16, 2008, the Company distributed the remaining 65,445,000 shares, or
approximately 38%, of the outstanding common stock of Lorillard in
exchange for 93,492,857 shares of Loews common stock, reflecting an
exchange ratio of 0.70 (the “Exchange
Offer”).
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Net
investment income consisted of:
|
||||||||||||||||
Fixed
maturity securities
|
$ | 476 | $ | 526 | $ | 994 | $ | 1,022 | ||||||||
Short
term investments
|
36 | 88 | 89 | 164 | ||||||||||||
Limited
partnerships
|
46 | 71 | 7 | 123 | ||||||||||||
Equity
securities
|
39 | 6 | 44 | 11 | ||||||||||||
Income
from trading portfolio
|
103 | 96 | 51 | 188 | ||||||||||||
Other
|
9 | 21 | 21 | 41 | ||||||||||||
Total
investment income
|
709 | 808 | 1,206 | 1,549 | ||||||||||||
Investment expense
|
(12 | ) | (23 | ) | (30 | ) | (31 | ) | ||||||||
Net investment income
|
$ | 697 | $ | 785 | $ | 1,176 | $ | 1,518 |
Investment
gains (losses) are as follows:
|
||||||||||||||||
Fixed
maturities
|
$ | (158 | ) | $ | (266 | ) | $ | (160 | ) | $ | (283 | ) | ||||
Equity
securities, including short positions
|
(14 | ) | 10 | (29 | ) | 14 | ||||||||||
Derivative
instruments
|
56 | 147 | 12 | 139 | ||||||||||||
Short
term investments
|
5 | 7 | ||||||||||||||
Other, including guaranteed separate account
business
|
1 | 8 | 1 | |||||||||||||
Investment
losses
|
(111 | ) | (108 | ) | (162 | ) | (129 | ) | ||||||||
Gain on issuance of subsidiary stock (Note
11)
|
2 | 4 | 2 | 139 | ||||||||||||
(109 | ) | (104 | ) | (160 | ) | 10 | ||||||||||
Income
tax (expense) benefit
|
39 | 36 | 57 | (5 | ) | |||||||||||
Minority interest
|
6 | 10 | 10 | 12 | ||||||||||||
Investment gains (losses),
net
|
$ | (64 | ) | $ | (58 | ) | $ | (93 | ) | $ | 17 |
Gross Unrealized Losses
|
||||||||||||||||||||
|
||||||||||||||||||||
Amortized
|
Unrealized
|
Less
Than
|
12 Months
|
|||||||||||||||||
June 30, 2008
|
Cost
|
Gains
|
12 Months
|
or Greater
|
Fair Value
|
|||||||||||||||
(In
millions)
|
||||||||||||||||||||
Fixed
maturity securities:
|
||||||||||||||||||||
U.S. government and
obligations
|
||||||||||||||||||||
of government
agencies
|
$ | 597 | $ | 92 | $ | 1 | $ | 1 | $ | 687 | ||||||||||
Asset-backed
securities
|
10,695 | 69 | 328 | 524 | 9,912 | |||||||||||||||
States, municipalities and
political
|
||||||||||||||||||||
subdivisions-tax
exempt
|
7,153 | 46 | 255 | 111 | 6,833 | |||||||||||||||
Corporate
|
9,690 | 170 | 389 | 144 | 9,327 | |||||||||||||||
Other debt
|
3,756 | 100 | 131 | 24 | 3,701 | |||||||||||||||
Redeemable preferred stocks
|
49 | 1 | 1 | 49 | ||||||||||||||||
Fixed
maturities available-for-sale
|
31,940 | 478 | 1,105 | 804 | 30,509 | |||||||||||||||
Fixed maturities, trading
|
482 | 6 | 3 | 14 | 471 | |||||||||||||||
Total fixed maturities
|
32,422 | 484 | 1,108 | 818 | 30,980 | |||||||||||||||
Equity
securities:
|
||||||||||||||||||||
Equity securities
available-for-sale
|
1,507 | 210 | 186 | 109 | 1,422 | |||||||||||||||
Equity securities, trading
|
760 | 128 | 68 | 46 | 774 | |||||||||||||||
Total equity securities
|
2,267 | 338 | 254 | 155 | 2,196 | |||||||||||||||
Short
term investments:
|
||||||||||||||||||||
Short term investments
available-for-
|
||||||||||||||||||||
sale
|
6,262 | 1 | 3 | 6,260 | ||||||||||||||||
Short term investments,
trading
|
3,476 | 3,476 | ||||||||||||||||||
Total short term
investments
|
9,738 | 1 | 3 | - | 9,736 | |||||||||||||||
Total
|
$ | 44,427 | $ | 823 | $ | 1,365 | $ | 973 | $ | 42,912 |
December 31, 2007
|
||||||||||||||||||||
Fixed
maturity securities:
|
||||||||||||||||||||
U.S. government and obligations
of
|
||||||||||||||||||||
government agencies
|
$ | 594 | $ | 93 | $ | 687 | ||||||||||||||
Asset-backed
securities
|
11,777 | 39 | $ | 223 | $ | 183 | 11,410 | |||||||||||||
States, municipalities and
political
|
||||||||||||||||||||
subdivisions-tax exempt
|
7,615 | 144 | 82 | 2 | 7,675 | |||||||||||||||
Corporate
|
8,867 | 246 | 149 | 12 | 8,952 | |||||||||||||||
Other debt
|
4,143 | 208 | 48 | 4 | 4,299 | |||||||||||||||
Redeemable preferred stocks
|
1,216 | 2 | 160 | 1,058 | ||||||||||||||||
Fixed
maturities available-for-sale
|
34,212 | 732 | 662 | 201 | 34,081 | |||||||||||||||
Fixed maturities, trading
|
604 | 6 | 19 | 9 | 582 | |||||||||||||||
Total fixed maturities
|
34,816 | 738 | 681 | 210 | 34,663 | |||||||||||||||
Equity
securities:
|
||||||||||||||||||||
Equity securities
available-for-sale
|