Delaware
(State or other jurisdiction of incorporation)
|
1‑08323
(Commission File Number)
|
06‑1059331
(IRS Employer
Identification No.)
|
Item 9.01
|
Financial Statements and Exhibits.
|
|
|
(d)
|
Exhibits.
|
|
|
Exhibit No.
|
Description
|
99.1
|
Cigna Corporation
|
||
Date: February 4, 2016
|
By:
|
/s/ Thomas A. McCarthy
|
Thomas A. McCarthy
|
||
Executive Vice President and
|
||
Chief Financial Officer
|
||
(Principal Financial Officer)
|
NEWS RELEASE
|
|
|
|
|
|
Contact: | Will McDowell, Investor Relations – (215) 761-4198 |
|
Matt Asensio, Media Relations – (860) 226-2599 |
|
|
o | Consolidated revenues for 2015 increased 8% to $37.9 billion |
o | Adjusted income from operations1 for 2015 was $2.3 billion, or $8.66 per share, with per share growth of 10% over 2014 |
o | Shareholders' net income for 2015 was $2.1 billion, or $8.04 per share |
o | Consolidated revenues and adjusted income from operations1,2 are expected to grow in 2016 |
Consolidated Financial Results (dollars in millions, customers in thousands):
|
||||||||||||||||
|
Year
|
|||||||||||||||
|
Three Months Ended
|
Ended
|
||||||||||||||
|
December 31,
|
September 30,
|
December 31,
|
|||||||||||||
|
2015
|
2014
|
2015
|
2015
|
||||||||||||
|
||||||||||||||||
Consolidated Revenues
|
$
|
9,528
|
$
|
8,928
|
$
|
9,389
|
$
|
37,876
|
||||||||
|
||||||||||||||||
Consolidated Earnings, net of taxes
|
||||||||||||||||
Adjusted income from operations1
|
$
|
486
|
$
|
475
|
$
|
593
|
$
|
2,256
|
||||||||
Net realized investment gains (losses)
|
(28
|
)
|
21
|
7
|
40
|
|||||||||||
Amortization of other acquired intangible assets, net1
|
(4
|
)
|
(29
|
)
|
(24
|
)
|
(80
|
)
|
||||||||
Special items1
|
(28
|
)
|
-
|
(29
|
)
|
(122
|
)
|
|||||||||
Shareholders' net income
|
$
|
426
|
$
|
467
|
$
|
547
|
$
|
2,094
|
||||||||
|
||||||||||||||||
Adjusted income from operations1, per share
|
$
|
1.87
|
$
|
1.80
|
$
|
2.28
|
$
|
8.66
|
||||||||
Shareholders' net income, per share
|
$
|
1.64
|
$
|
1.77
|
$
|
2.10
|
$
|
8.04
|
||||||||
|
||||||||||||||||
|
As of the Periods Ended
|
|||||||||||||||
|
December 31,
|
September 30,
|
||||||||||||||
|
2015
|
2014
|
2015
|
|||||||||||||
|
||||||||||||||||
Global Medical Customers
|
14,999
|
14,456
|
14,849
|
· | Cash and marketable investments at the parent company were approximately $1.4 billion at December 31, 2015 and approximately $400 million at December 31, 2014. |
· | In 2015, the Company repurchased approximately 5.5 million shares of stock for approximately $685 million. During the period January 1, 2016 through February 3, 2016, the Company repurchased an additional 785,000 shares of common stock for approximately $110 million.3 |
· | Given the pending combination with Anthem, it is unlikely that the Company will make further share repurchases in 2016. |
Financial Results (dollars in millions, customers in thousands):
|
||||||||||||||||
|
Year
|
|||||||||||||||
|
Three Months Ended
|
Ended
|
||||||||||||||
|
December 31,
|
September 30,
|
December 31,
|
|||||||||||||
|
2015
|
2014
|
2015
|
2015
|
||||||||||||
|
||||||||||||||||
Premiums and Fees
|
$
|
6,721
|
$
|
6,254
|
$
|
6,619
|
$
|
26,803
|
||||||||
Adjusted Income from Operations1
|
$
|
394
|
$
|
397
|
$
|
482
|
$
|
1,848
|
||||||||
Adjusted Margin, After-Tax5
|
5.2
|
%
|
5.7
|
%
|
6.5
|
%
|
6.2
|
%
|
||||||||
|
||||||||||||||||
|
As of the Periods Ended
|
|||||||||||||||
|
December 31,
|
September 30,
|
||||||||||||||
Customers:
|
2015
|
2014
|
2015
|
|||||||||||||
Commercial
|
14,432
|
13,938
|
14,291
|
|||||||||||||
Government
|
567
|
518
|
558
|
|||||||||||||
Medical
|
14,999
|
14,456
|
14,849
|
|||||||||||||
|
||||||||||||||||
Behavioral Care
|
24,674
|
23,853
|
24,591
|
|||||||||||||
Dental4
|
13,869
|
13,571
|
13,872
|
|||||||||||||
Pharmacy
|
8,068
|
7,542
|
7,980
|
|||||||||||||
Medicare Part D
|
1,476
|
1,188
|
1,472
|
· | Global Health Care delivered another strong result in 2015, reflecting consistent strong performance in our well-positioned growth businesses. |
· | Full year 2015 premiums and fees grew 10% to $26.8 billion reflecting ongoing growth in our self-funded programs, specialty products, and Government businesses. |
· | Cigna's medical customer base grew 543,000, or 4%, in 2015 to a total of 15 million customers, driven by organic growth in our Middle Market, International, Select, and Medicare segments as well as the impact of our acquisition of Qualcare Alliance Networks. |
· | Full year adjusted income from operations1 reflects business growth, including specialty contributions, and continued favorable medical costs in our Commercial employer business. |
· | Fourth quarter 2015 adjusted income from operations1 and adjusted margin, after-tax5 reflect strong contributions from our Commercial employer and specialty businesses, as well as unfavorable medical costs in our Individual and Government businesses. The decline in fourth quarter 2015 relative to the third quarter 2015 is primarily driven by the seasonal impact of medical costs as well as higher spending on strategic initiatives. |
· | Adjusted income from operations1 included favorable prior year reserve development on an after-tax basis of approximately $60 million for full year 2015 compared to $53 million for full year 2014. |
· | For full year 2015, Cigna has recorded receivables of approximately $250 million, after-tax related to 2015 risk mitigation programs with approximately 40% of the total related to reinsurance and the remainder split fairly evenly between risk adjustment and risk corridor. |
· | The Total Commercial medical care ratio9 (MCR) of 78.1% for the full year 2015, and 80.4% in fourth quarter 2015, reflect the ongoing strong performance of our Commercial employer business as well as continued high medical costs in our U.S. Individual business. The fourth quarter MCR also reflects expected higher seasonal medical costs. |
· | The Total Government MCR9 of 85.2% for the full year 2015, and 83.1% in fourth quarter 2015, reflect the ongoing strong performance in our Medicare Advantage business, partially offset by pressure in our Medicare Part D business. Fourth quarter Medicare Advantage results also include some unfavorable medical cost variability in a specific market. |
· | Full year medical cost trend for our total U.S. Commercial book of business was approximately 5% and reflects continued favorable medical costs, physician engagement and low utilization trend. |
· | The 2015 Global Health Care operating expense ratio9 of 21.4%, and the fourth quarter 2015 ratio of 22.7%, reflect ongoing efficiency gains, offset by continued investments in strategic initiatives and higher non-recurring expenses in the fourth quarter. |
· | Global Health Care net medical costs payable6 was approximately $2.11 billion at December 31, 2015 and $1.93 billion at December 31, 2014. |
|
Year
|
|||||||||||||||
|
Three Months Ended
|
Ended
|
||||||||||||||
|
December 31,
|
September 30,
|
December 31,
|
|||||||||||||
|
2015
|
2014
|
2015
|
2015
|
||||||||||||
|
||||||||||||||||
Premiums and Fees7
|
$
|
776
|
$
|
726
|
$
|
761
|
$
|
3,021
|
||||||||
Adjusted Income from Operations1
|
$
|
54
|
$
|
36
|
$
|
62
|
$
|
262
|
||||||||
Adjusted Margin, After-Tax5
|
6.7
|
%
|
4.8
|
%
|
7.8
|
%
|
8.3
|
%
|
||||||||
|
||||||||||||||||
|
As of the Periods Ended
|
|||||||||||||||
|
December 31,
|
September 30,
|
||||||||||||||
2015
|
2014
|
2015
|
||||||||||||||
Policies7
|
12,888
|
12,342
|
12,808
|
· | Global Supplemental Benefits delivered attractive growth and profitability in 2015 on a currency adjusted basis as we continue to provide value to individual consumers with affordable and personalized solutions on a direct basis. |
· | Excluding the impact of foreign currency movements, 2015 premiums and fees grew 12% in Global Supplemental, reflecting ongoing customer growth in Cigna's target markets and strong retention. |
· | Full year 2015 adjusted income from operations1 and adjusted margin, after-tax5 reflect business growth and favorable claims experience in Korea partially offset by the impact of foreign currency movements. |
· | Fourth quarter 2015 adjusted income from operations1 and adjusted margin, after-tax5 reflect favorable claims experience in Korea and business growth. |
· | Foreign currency movements adversely impacted full year 2015 adjusted income from operations1 by $26 million after-tax8. |
|
Year
|
|||||||||||||||
|
Three Months Ended
|
Ended
|
||||||||||||||
|
December 31,
|
September 30,
|
December 31,
|
|||||||||||||
|
2015
|
2014
|
2015
|
2015
|
||||||||||||
|
||||||||||||||||
Premiums and Fees
|
$
|
998
|
$
|
920
|
$
|
980
|
$
|
3,932
|
||||||||
Adjusted Income from Operations1
|
$
|
83
|
$
|
85
|
$
|
84
|
$
|
324
|
||||||||
Adjusted Margin, After-Tax5
|
7.6
|
%
|
8.4
|
%
|
7.9
|
%
|
7.6
|
%
|
· | Group Disability and Life results continue to reflect the value created for our customers by our differentiated productivity and return to work programs. |
· | Full year 2015 premiums and fees increased 8% over 2014 driven by business growth across the disability, life and accident product lines. |
· | Adjusted income from operations1 and adjusted margin, after-tax5 for full year 2015 reflect continued strong results, including an improvement in claims experience in our life business. |
· | Third quarter 2015 adjusted income from operations1 and adjusted margin, after-tax5 includes the favorable after-tax impact related to reserve studies of $11 million. |
Financial Results (dollars in millions):
|
|
|
|
|
|
||
|
|
|
|
|
|
Year
|
|
|
Three Months Ended
|
|
Ended
|
||||
|
|
December 31,
|
September 30,
|
December 31,
|
|||
|
2015
|
2014
|
|
2015
|
|
2015
|
|
|
|
|
|
||||
Corporate & Other Operations
|
|
$(45)
|
$(43)
|
|
$(35)
|
|
$(178)
|
· | Third quarter 2015 adjusted income from operations1 benefited from lower corporate expenses. |
Full-Year Ending
|
|
Projected 2016 Growth in:
|
December 31, 2016
|
Consolidated Revenue
|
Mid-single digit percentage range
|
Consolidated Adjusted Income (Loss) from Operations1,2,11
|
High single digit percentage range
|
Global Medical Customers10
|
Low single digit percentage range
|
Consolidated Adjusted Income (Loss) from Operations, per share1,2,3
|
$ 8.85 to 9.25
|
1. | Effective January 1, 2015, adjusted income (loss) from operations is defined as shareholders' net income (loss) excluding the following after-tax adjustments: net realized investment results, net amortization of other acquired intangible assets and special items. Prior year amounts have been adjusted for the exclusion of net amortization of other acquired intangible assets. Net amortization of other acquired intangible assets in 2015 includes the after-tax impact of $23 million from the one-time benefit of an acquisition in which the fair value of acquired net assets exceeded the purchase price. Special items are identified in Exhibit 2 of this earnings release. |
Adjusted income (loss) from operations is a measure of profitability used by Cigna's management because it presents the underlying results of operations of Cigna's businesses and permits analysis of trends in underlying revenue, expenses and shareholders' net income. This consolidated measure is not determined in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders' net income. See Exhibit 2 for a reconciliation of adjusted income from operations to shareholders' net income.
|
2. | Management is unable to provide a forward-looking reconciliation of adjusted income (loss) from operations to shareholders' net income for full year 2016 because future net realized investment results, net amortization of other acquired intangible assets and special items cannot be identified or reasonably estimated at this time. |
3. | The Company's outlook excludes the potential effects of any share repurchases or business combinations that may occur after the date of this earnings release. |
4. | Prior period dental customers have been revised to conform to current presentation. |
5. | Adjusted margin, after-tax, is calculated by dividing adjusted income (loss) from operations by operating revenues for each segment. |
6. | Global Health Care medical costs payable are presented net of reinsurance and other recoverables. The gross Global Health Care medical costs payable balance was $2.36 billion as of December 31, 2015 and $2.18 billion as of December 31, 2014. |
7. | Cigna owns a 50% noncontrolling interest in its China joint venture. Cigna's 50% share of the joint venture's earnings is reported in Other Revenues using the equity method of accounting under GAAP. As such, the premiums and fees and policy counts for the Global Supplemental Benefits segment do not include the China joint venture. |
8. | Impact of foreign currency movements was determined by applying actual 2015 currency exchange rates to results for the full year 2014. |
9. | Operating ratios are defined as follows: |
· | Total Commercial medical care ratio represents medical costs as a percentage of premiums for all commercial risk products, including medical, pharmacy, dental, stop loss and behavioral products provided through guaranteed cost or experience-rated funding arrangements in both the United States and internationally. |
· | Total Government medical care ratio represents medical costs as a percentage of premiums for Medicare Advantage, Medicare Part D, and Medicaid products. |
· | Global Health Care Operating Expense Ratio represents operating expenses excluding acquisition related amortization expense as a percentage of operating revenue in the Global Health Care segment. |
10. | Global medical customers include individuals who meet any one of the following criteria: are covered under a medical insurance policy, managed care arrangement, or service agreement issued by Cigna; have access to Cigna's provider network for covered services under their medical plan; or have medical claims and services that are administered by Cigna. |
11. | The percentage growth projected in 2016 for Consolidated Adjusted Income (Loss) from Operations reflects an increase over such metric for 2015, excluding prior year reserve development of $60 million after-tax recognized in 2015. |
CIGNA CORPORATION
|
||||||||||||||||
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited)
|
Exhibit 1
|
|||||||||||||||
(Dollars in millions, except per share amounts)
|
||||||||||||||||
Three Months Ended
|
Year Ended | |||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
REVENUES
|
||||||||||||||||
Premiums
|
$
|
7,461
|
$
|
6,906
|
$
|
29,642
|
$
|
27,214
|
||||||||
Fees
|
1,056
|
1,021
|
4,217
|
3,880
|
||||||||||||
Net investment income
|
295
|
303
|
1,153
|
1,166
|
||||||||||||
Mail order pharmacy revenues
|
690
|
614
|
2,536
|
2,239
|
||||||||||||
Other revenues
|
73
|
60
|
271
|
261
|
||||||||||||
Total operating revenues
|
9,575
|
8,904
|
37,819
|
34,760
|
||||||||||||
Net realized investment gains (losses)
|
(47
|
)
|
24
|
57
|
154
|
|||||||||||
Total
|
$
|
9,528
|
$
|
8,928
|
$
|
37,876
|
$
|
34,914
|
||||||||
ADJUSTED INCOME (LOSS) FROM OPERATIONS (1)
|
||||||||||||||||
Global Health Care
|
$
|
394
|
$
|
397
|
$
|
1,848
|
$
|
1,752
|
||||||||
Global Supplemental Benefits
|
54
|
36
|
262
|
243
|
||||||||||||
Group Disability and Life
|
83
|
85
|
324
|
317
|
||||||||||||
Ongoing Operations
|
531
|
518
|
2,434
|
2,312
|
||||||||||||
Corporate and Other
|
(45
|
)
|
(43
|
)
|
(178
|
)
|
(197
|
)
|
||||||||
Total
|
$
|
486
|
$
|
475
|
$
|
2,256
|
$
|
2,115
|
||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||
Realized investment gains (losses)
|
(28
|
)
|
21
|
40
|
106
|
|||||||||||
Amortization of other acquired intangible assets, net
|
(4
|
)
|
(29
|
)
|
(80
|
)
|
(119
|
)
|
||||||||
Special items
|
(28
|
)
|
-
|
(122
|
)
|
-
|
||||||||||
Shareholders' net income
|
$
|
426
|
$
|
467
|
$
|
2,094
|
$
|
2,102
|
||||||||
DILUTED EARNINGS PER SHARE
|
||||||||||||||||
Adjusted income from operations (1)
|
$
|
1.87
|
$
|
1.80
|
$
|
8.66
|
$
|
7.87
|
||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||
Realized investment gains (losses)
|
(0.11
|
)
|
0.08
|
0.15
|
0.40
|
|||||||||||
Amortization of other acquired intangible assets, net
|
(0.01
|
)
|
(0.11
|
)
|
(0.30
|
)
|
(0.44
|
)
|
||||||||
Special items
|
(0.11
|
)
|
-
|
(0.47
|
)
|
-
|
||||||||||
Shareholders' net income
|
$
|
1.64
|
$
|
1.77
|
$
|
8.04
|
$
|
7.83
|
||||||||
Weighted average shares (in thousands)
|
260,518
|
264,284
|
260,592
|
268,603
|
||||||||||||
Common shares outstanding (in thousands)
|
256,544
|
259,276
|
||||||||||||||
SHAREHOLDERS' EQUITY at December 31,
|
$
|
12,035
|
$
|
10,774
|
||||||||||||
SHAREHOLDERS' EQUITY PER SHARE at December 31,
|
$
|
46.91
|
$
|
41.55
|
||||||||||||
(1) Adjusted income (loss) from operations is defined as shareholders' net income (loss) excluding the following after-tax adjustments: realized investment results; net amortization of other acquired intangible assets; and special items (identified and quantified on Exhibit 2).
|
CIGNA CORPORATION
|
|
RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM OPERATIONS TO SHAREHOLDERS' NET INCOME
|
Exhibit 2
|
(Dollars in millions, except per share amounts)
|
Diluted
Earnings
Per Share
|
Consolidated
|
Global
Health Care |
||||||||||||||||||||||||||||||||||
Three Months Ended December 31,
|
4Q15
|
4Q14
|
3Q15
|
4Q15
|
4Q14
|
3Q15
|
4Q15
|
4Q14
|
3Q15
|
|||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$
|
1.87
|
$
|
1.80
|
$
|
2.28
|
$
|
486
|
$
|
475
|
$
|
593
|
$
|
394
|
$
|
397
|
$
|
482
|
||||||||||||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||||||||||||||||||||||
Realized investment gains (losses)
|
(0.11
|
)
|
0.08
|
0.02
|
(28
|
)
|
21
|
7
|
(20
|
)
|
14
|
14
|
||||||||||||||||||||||||
Amortization of other acquired intangible assets, net
|
(0.01
|
)
|
(0.11
|
)
|
(0.09
|
)
|
(4
|
)
|
(29
|
)
|
(24
|
)
|
(20
|
)
|
(26
|
)
|
(21
|
)
|
||||||||||||||||||
Special items:
|
||||||||||||||||||||||||||||||||||||
Merger-related transaction costs
|
(0.11
|
)
|
-
|
(0.11
|
)
|
(28
|
)
|
-
|
(29
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||
Shareholders' net income
|
$
|
1.64
|
$
|
1.77
|
$
|
2.10
|
$
|
426
|
$
|
467
|
$
|
547
|
$
|
354
|
$
|
385
|
$
|
475
|
||||||||||||||||||
Weighted average shares (in thousands)
|
||||||||||||||||||||||||||||||||||||
Special Items, pre-tax:
|
260,518
|
264,284
|
260,519
|
|||||||||||||||||||||||||||||||||
Merger-related transaction costs
|
$
|
(31
|
)
|
$
|
-
|
$
|
(35
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||||||||
Total
|
$
|
(31
|
)
|
$
|
-
|
$
|
(35
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||||||||
Diluted
Earnings
Per Share
|
Consolidated
|
Global
Health Care
|
||||||||||||||||||||||||||||||||||
Year Ended December 31,
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
||||||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$
|
8.66
|
$
|
7.87
|
$
|
2,256
|
$
|
2,115
|
$
|
1,848
|
$
|
1,752
|
||||||||||||||||||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||||||||||||||||||||||
Realized investment gains (losses)
|
0.15
|
0.40
|
40
|
106
|
30
|
54
|
||||||||||||||||||||||||||||||
Amortization of other acquired intangible assets, net
|
(0.30
|
)
|
(0.44
|
)
|
(80
|
)
|
(119
|
)
|
(84
|
)
|
(106
|
)
|
||||||||||||||||||||||||
Special items:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
(0.25
|
)
|
-
|
(65
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Merger-related transaction costs
|
(0.22
|
)
|
-
|
(57
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Shareholders' net income
|
$
|
8.04
|
$
|
7.83
|
$
|
2,094
|
$
|
2,102
|
$
|
1,794
|
$
|
1,700
|
||||||||||||||||||||||||
Weighted average shares (in thousands)
|
260,592
|
268,603
|
||||||||||||||||||||||||||||||||||
Common shares outstanding as of December 31, (in thousands)
|
256,544
|
259,276
|
||||||||||||||||||||||||||||||||||
Special Items, pre-tax:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
$
|
(100
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||||||||||||||||||
Merger-related transaction costs
|
(66
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||
Total
|
$
|
(166
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
Global
Supplemental Benefits
|
Group
Disability
and Life
|
Corporate
and
Other
|
||||||||||||||||||||||||||||||||||
Three Months Ended December 31,
|
4Q15
|
4Q14
|
3Q15
|
4Q15
|
4Q14
|
3Q15
|
4Q15
|
4Q14
|
3Q15
|
|||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$
|
54
|
$
|
36
|
$
|
62
|
$
|
83
|
$
|
85
|
$
|
84
|
$
|
(45
|
)
|
$
|
(43
|
)
|
$
|
(35
|
)
|
|||||||||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||||||||||||||||||||||
Realized investment gains (losses)
|
2
|
3
|
(1
|
)
|
(9
|
)
|
(1
|
)
|
(6
|
)
|
(1
|
)
|
5
|
-
|
||||||||||||||||||||||
Amortization of other acquired intangible assets, net
|
16
|
(3
|
)
|
(3
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||
Special items:
|
||||||||||||||||||||||||||||||||||||
Merger-related transaction costs
|
-
|
-
|
-
|
-
|
-
|
-
|
(28
|
)
|
-
|
(29
|
)
|
|||||||||||||||||||||||||
Shareholders' net income
|
$
|
72
|
$
|
36
|
$
|
58
|
$
|
74
|
$
|
84
|
$
|
78
|
$
|
(74
|
)
|
$
|
(38
|
)
|
$
|
(64
|
)
|
|||||||||||||||
Weighted average shares (in thousands)
|
||||||||||||||||||||||||||||||||||||
Special Items, pre-tax:
|
||||||||||||||||||||||||||||||||||||
Merger-related transaction costs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(31
|
)
|
$
|
-
|
$
|
(35
|
)
|
||||||||||||||||
Total
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(31
|
)
|
$
|
-
|
$
|
(35
|
)
|
||||||||||||||||
Global
Supplemental
Benefits
|
Group
Disability
and Life
|
Corporate
and
Other
|
||||||||||||||||||||||||||||||||||
Year Ended December 31,
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
||||||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$
|
262
|
$
|
243
|
$
|
324
|
$
|
317
|
$
|
(178
|
)
|
$
|
(197
|
)
|
||||||||||||||||||||||
After-tax adjustments to reconcile to shareholders' net income:
|
||||||||||||||||||||||||||||||||||||
Realized investment gains (losses)
|
1
|
3
|
4
|
14
|
5
|
35
|
||||||||||||||||||||||||||||||
Amortization of other acquired intangible assets, net
|
4
|
(13
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Special items:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
-
|
-
|
-
|
-
|
(65
|
)
|
-
|
|||||||||||||||||||||||||||||
Merger-related transaction costs
|
-
|
-
|
-
|
-
|
(57
|
)
|
-
|
|||||||||||||||||||||||||||||
Shareholders' net income
|
$
|
267
|
$
|
233
|
$
|
328
|
$
|
331
|
$
|
(295
|
)
|
$
|
(162
|
)
|
||||||||||||||||||||||
Weighted average shares (in thousands)
|
||||||||||||||||||||||||||||||||||||
Common shares outstanding as of December 31, (in thousands)
|
||||||||||||||||||||||||||||||||||||
Special Items, pre-tax:
|
||||||||||||||||||||||||||||||||||||
Debt extinguishment costs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(100
|
)
|
$
|
-
|
|||||||||||||||||||||||
Merger-related transaction costs
|
-
|
-
|
-
|
-
|
(66
|
)
|
-
|
|||||||||||||||||||||||||||||
Total
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(166
|
)
|
$
|
-
|
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