Bermuda
|
1-15259
|
98-0214719
|
||
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(I.R.S. Employer
Identification No.) |
110 Pitts Bay Road
Pembroke HM 08 Bermuda |
P.O. Box HM 1282
Hamilton HM FX Bermuda |
(Address, Including Zip Code,
of Principal Executive Offices) |
(Mailing Address)
|
ITEM 2.02.
|
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
|
ITEM 9.01.
|
FINANCIAL STATEMENTS AND EXHIBITS.
|
|
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||
|
|
|
|
|
|
|
|
|
By:
|
/s/ Jay S. Bullock
|
|
Dated: May 3, 2018
|
|
Name: Jay S. Bullock
|
|
|
|
Title: Executive Vice President and Chief Financial Officer
|
Gross Written
Premiums
$710.5M
↑ 18.7%
from Q1 2017
|
Combined Ratio
95.8%
↓ 3.3 pts
from Q1 2017
|
Net Investment
Income
$36.
0
M
↑ 18.0%
from Q1 2017
|
Adjusted Operating
Income
$36.5M
↑ 66.7%
from Q1 2017
|
Net Income
$24.8M
↓ 32.4%
from Q1 2017
|
“The first quarter reflects the balanced and meaningful approach to growth and profit from our International and U.S. Operations, as well as our investments in people, technology and innovation,” said Argo Group CEO Mark Watson III. “In addition, investment income continued as a consistent contributor as it grew by 18% over the prior year’s results. This despite the increasingly volatile investment environment experienced through the first months of the year. Through the continuing strategy of disciplined, differentiated underwriting and above-average top-line growth, we feel very positive about the coming quarters and beyond.”
|
HIGHLIGHTS FOR THE THREE MONTHS
ENDED MAR. 31, 2018:
·
Gross written premiums
were up 18.7% to $710.5 million, compared to $598.6 million for the 2017 first quarter. Both the U.S. and International Operations reported growth in gross written premiums compared to the 2017 quarter.
·
Net income
was $24.8 million or $0.71 per diluted share, compared to net income of $36.7 million or $1.03 per diluted share for the 2017 first quarter.
Effective January 1, 2018, the Company adopted ASU No. 2016-01,
Financial Instruments: Recognition and Measurement of Financial Assets and Liabilities,
using a cumulative effect adjustment. This adjustment transferred the unrealized gains and losses as of December 31, 2017, net of tax, on equity securities from accumulated other comprehensive income to retained earnings, resulting in no overall impact to shareholders equity.
In accordance with this accounting standard, in the first quarter of 2018, the Company recognized the change in the fair value of its equity securities since January 1, 2018 as a pre-tax loss of
$30.9 million ($24.7 million
net of taxes
(2)
and $0.71 loss per fully diluted share). This amount is included as a component of net realized investment and other losses (gains) on the income statement. Amounts for the comparable 2017 quarter are not presented as a component of net income, as ASU 2016-01 was required to be adopted on a prospective basis.
|
·
Adjusted operating income
(1)(2)
was $36.5 million or $1.05 per diluted share, compared to adjusted operating income of $21.9 million or $0.62 per diluted share for the 2017 first quarter. The $14.6 million (66.7%) increase in adjusted operating income is due to improvements in both underwriting and net investment income.
·
The combined ratio
was 95.8% compared to 99.1% for the 2017 first quarter. The loss and expense ratios for the quarter were 57.2% and 38.6%, respectively, compared to 58.6% and 40.5% for the 2017 first quarter.
·
Catastrophe losses,
net of reinstatement premiums, were $4.3 million compared to $1.8 million in the 2017 quarter.
·
Net favorable prior-year reserve development
was $2.0 million compared with adverse development of $6.8 million in the 2017 first quarter. The 2017 quarter was adversely impacted by the Ogden rate change in the U.K. and losses related to Hurricane Matthew.
·
Net investment income
increased 18.0% to $36.0 million, compared to $30.5 million for the 2017 first quarter. Alternative investments contributed $8.7 million and $8.3 million for the first quarters of 2018 and 2017, respectively.
·
During the first quarter of 2018, the Company repurchased
314,586 shares of its common stock for $18.6 million.
·
Book value
per share was $52.86 at March 31, 2018, down from $53.46 at December 31, 2017, and $52.91 in the 2017 first quarter. The decline since December 31, 2017 is due primarily to the impact of unrealized investment losses on the portfolio in a rising interest rate environment.
|
Notes
·
On February 20, 2018, the Board of Directors declared a 15% stock dividend, payable March 21, 2018 to all shareholders of record at the close of business on March 7, 2018. Excluding repurchased shares, all references to common shares and related per share amounts have been adjusted to reflect the stock dividend for all periods presented.
·
All references to catastrophe losses are pre-tax, net of reinsurance and estimated reinstatement premiums.
|
·
|
First quarter 2018 gross written premiums growth of 11.3% versus the 2017 first quarter was driven by Liability, Professional and Specialty lines, reflecting the execution of strategic growth initiatives. Property lines were down compared to the prior year’s first quarter due to planned reductions to exposures in certain classes of business within this line.
|
·
|
Net earned premium in the first quarter of 2018 of $262.3 million was up 18.6% from the prior year first quarter, as all business lines increased.
|
·
|
The first quarter 2018 loss ratio was 59.5%, compared to 55.6% for the 2017 first quarter. The higher loss ratio in this year’s first quarter reflects higher catastrophe losses and less favorable development on prior
-
year loss reserves than the 2017 quarter. The current accident year ex-CAT loss ratio for the 2018 first quarter was 58.3%, compared to 57.6% for the 2017 first quarter. This increase is related to a number of discrete non-CAT, weather related property losses.
|
·
|
For the 2018 first quarter, net favorable prior-year reserve development was $1.0 million, compared to net favorable prior-year reserve development of $5.2 million for the 2017 first quarter. The difference is primarily due to less favorable development in certain Liability and Specialty lines versus the prior year.
|
·
|
Catastrophe losses for the first quarter of 2018 were $4.3 million primarily due to winter storms in the Northeast compared to catastrophe losses of $0.8 million in the first quarter of 2017.
|
·
|
The expense ratio for the 2018 first quarter was 34.4%, compared to 35.0% for the 2017 first quarter. The improvement in the expense ratio reflects the aforementioned 18.6% increase in net earned premiums, partially offset by continued strategic investments in people and technology in support of premium growth, and a modest increase in acquisition costs due in large part to a change in business mix.
|
·
|
For the 2018 first quarter, U.S. Operations reported underwriting income of $16.0 million, compared to underwriting income of $20.8 million for the 2017 first quarter. As noted above, the 2018 quarter reflects higher catastrophe losses and less favorable development on prior-year loss reserves than the comparable 2017 quarter.
|
·
|
Gross written premiums were up 28.1% in the first quarter of 2018 compared to the prior year period. This was driven by increases in Property, Liability and Professional lines, most notably within Lloyd’s syndicate-based insurance, reinsurance and European business platforms. The increase is partially offset by planned reductions in Specialty Lines. In addition, the 2018 first quarter includes three months of premium related to the acquisition of Ariel Re compared to only two months included in the 2017 first quarter.
|
·
|
Net premiums earned in the first quarter of 2018 of $152.4 million were down modestly from $158.2 million in the 2017 quarter due to changes in the retained percentage of certain of our insurance and reinsurance businesses versus 2017.
|
·
|
The first quarter 2018 loss ratio improved to 52.0% from 61.3% in the 2017 first quarter. The improvement in the loss ratio reflects favorable development on prior-year loss reserves and lower catastrophe losses than the 2017 quarter. As a result, the current accident year ex-CAT loss ratio for the
first quarter of 2018 was 53.8%, compared to 54.7% for the 2017 first quarter. This improvement is due in large part to lower loss ratios within our reinsurance business.
|
·
|
For the 2018 first quarter, net favorable prior-year reserve development was $2.8 million, compared to adverse prior-year reserve development of $9.6 million in the 2017 first quarter related to the Ogden rate change in the U.K. and losses from Hurricane Matthew.
|
·
|
There were no catastrophe losses in the International Operations in the first quarter of 2018 compared to catastrophe losses of $1.0 million in the first quarter of 2017.
|
·
|
The expense ratio for the 2018 first quarter was 37.6%, compared to 36.4% for the 2017 first quarter. The increase relates in part to higher acquisition costs associated with syndicate operations and certain strategic investments in support of the aforementioned 28.1% growth in gross written premiums. In addition, the expense ratio increased due to a lower earned premium base mentioned above.
|
·
|
For the 2018 first quarter, International Operations reported an improvement in underwriting results generating an underwriting profit of $15.8 million compared to $3.6 million in Q1 2017 due to lower catastrophe losses, favorable reserve development on prior accident years compared to 2017, and an additional month of results from the acquisition of Ariel Re earnings.
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(in millions, except per share amounts)
|
||||||||
March 31,
|
December 31,
|
|||||||
2018
|
2017
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Total investments
|
$
|
4,833.5
|
$
|
4,742.9
|
||||
Cash
|
173.7
|
176.6
|
||||||
Accrued investment income
|
24.3
|
23.5
|
||||||
Receivables
|
2,787.1
|
2,691.9
|
||||||
Goodwill and intangible assets
|
268.7
|
258.2
|
||||||
Deferred acquisition costs, net
|
163.9
|
160.4
|
||||||
Ceded unearned premiums
|
501.9
|
399.5
|
||||||
Other assets
|
388.2
|
311.0
|
||||||
Total assets
|
$
|
9,141.3
|
$
|
8,764.0
|
||||
Liabilities and Shareholders' Equity
|
||||||||
Reserves for losses and loss adjustment expenses
|
$
|
4,283.6
|
$
|
4,201.0
|
||||
Unearned premiums
|
1,270.1
|
1,207.7
|
||||||
Ceded reinsurance payable, net
|
865.2
|
734.0
|
||||||
Senior unsecured fixed rate notes
|
139.7
|
139.6
|
||||||
Other indebtedness
|
186.4
|
184.5
|
||||||
Junior subordinated debentures
|
256.6
|
256.6
|
||||||
Other liabilities
|
352.3
|
220.9
|
||||||
Total liabilities
|
7,353.9
|
6,944.3
|
||||||
Total shareholders' equity
|
1,787.4
|
1,819.7
|
||||||
Total liabilities and shareholders' equity
|
$
|
9,141.3
|
$
|
8,764.0
|
||||
Book value per common share
|
$
|
52.86
|
$
|
53.46
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||||||||
FINANCIAL HIGHLIGHTS
|
||||||||
ALL SEGMENTS
|
||||||||
(in millions, except per share amounts)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2018
|
2017
|
|||||||
(unaudited)
|
||||||||
Gross written premiums
|
$
|
710.5
|
$
|
598.6
|
||||
Net written premiums
|
367.1
|
343.4
|
||||||
Earned premiums
|
414.7
|
379.4
|
||||||
Net investment income
|
36.0
|
30.5
|
||||||
Fee and other income
|
2.0
|
3.6
|
||||||
Net realized investment and other (losses) gains:
|
||||||||
Net realized investment and other gains
|
15.2
|
14.6
|
||||||
Change in fair value of equity securities
(1)
|
(30.9
|
)
|
—
|
|||||
Net realized investment and other (losses) gains
|
(15.7
|
)
|
14.6
|
|||||
Total revenue
|
437.0
|
428.1
|
||||||
Losses and loss adjustment expenses
|
237.2
|
222.5
|
||||||
Underwriting, acquisition and insurance expenses
|
160.2
|
153.6
|
||||||
Interest expense
|
7.7
|
5.9
|
||||||
Fee and other expense, net
|
2.0
|
4.1
|
||||||
Foreign currency exchange losses (gains)
|
4.9
|
(0.7
|
)
|
|||||
Total expenses
|
412.0
|
385.4
|
||||||
Income before taxes
|
25.0
|
42.7
|
||||||
Income tax (benefit) provision
|
0.2
|
6.0
|
||||||
Net income
|
$
|
24.8
|
$
|
36.7
|
||||
Net income per common share (basic)
|
$
|
0.73
|
$
|
1.06
|
||||
Net income per common share (diluted)
|
$
|
0.71
|
$
|
1.03
|
||||
Weighted average common shares:
|
||||||||
Basic
|
33.9
|
34.6
|
||||||
Diluted
|
34.7
|
35.6
|
(1)
|
The new reporting requirements for the change in fair value of equity securities commenced January 1, 2018 due to our adoption of ASU 2016-01. Amounts for the prior period are not presented, as ASU 2016-01 was required to be adopted on a prospective basis.
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||||||||
RECONCILIATION OF LOSS RATIOS
|
||||||||
(unaudited)
|
||||||||
Three months ended
|
||||||||
March 31,
|
||||||||
2018
|
2017
|
|||||||
U.S. Operations
|
||||||||
Loss ratio
|
59.5
|
%
|
55.6
|
%
|
||||
Prior accident year loss development
|
0.4
|
%
|
2.4
|
%
|
||||
Catastrophe losses
|
-1.6
|
%
|
-0.4
|
%
|
||||
Current accident year ex-cats loss ratio
|
58.3
|
%
|
57.6
|
%
|
||||
International Operations
|
||||||||
Loss ratio
|
52.0
|
%
|
61.3
|
%
|
||||
Prior accident year loss development
|
1.8
|
%
|
-6.0
|
%
|
||||
Catastrophe losses
|
0.0
|
%
|
-0.6
|
%
|
||||
Current accident year ex-cats loss ratio
|
53.8
|
%
|
54.7
|
%
|
||||
Consolidated
|
||||||||
Loss ratio
|
57.2
|
%
|
58.6
|
%
|
||||
Prior accident year loss development
|
0.5
|
%
|
-1.8
|
%
|
||||
Catastrophe losses
|
-1.0
|
%
|
-0.4
|
%
|
||||
Current accident year ex-cats loss ratio
|
56.7
|
%
|
56.4
|
%
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||||||||
(in millions)
|
||||||||
(unaudited)
|
||||||||
|
||||||||
|
Three months ended
|
|||||||
|
March 31,
|
|||||||
|
2018
|
|
2017
|
|||||
Net Prior Year Development - (favorable) / unfavorable
|
||||||||
US Operations
|
$
|
(1.0
|
)
|
$
|
(5.2
|
)
|
||
International Operations
|
(2.8
|
)
|
9.6
|
|||||
Run-off Lines
|
1.8
|
2.4
|
||||||
Total net prior year development
|
$
|
(2.0
|
)
|
$
|
6.8
|
|
Three months ended
|
|||||||
|
March 31,
|
|||||||
2018
|
2017
|
|||||||
Catastrophe losses, net of reinstatement premiums:
|
||||||||
US Operations
|
$
|
4.3
|
$
|
0.8
|
||||
International Operations
|
—
|
1.0
|
||||||
Total catastrophe losses
|
$
|
4.3
|
$
|
1.8
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||||||||
RECONCILIATION OF EXPENSE RATIOS
|
||||||||
(in millions)
|
||||||||
(unaudited)
|
||||||||
Three months ended
|
||||||||
March 31,
|
||||||||
2018
|
2017
|
|||||||
Earned premiums
|
$
|
414.7
|
$
|
379.4
|
||||
Underwriting, acquisition and insurance expenses, as reported
|
160.2
|
153.6
|
||||||
IT outsourcing costs
|
-
|
(4.0
|
)
|
|||||
Ariel Re transaction costs
|
-
|
(2.5
|
)
|
|||||
Underwriting, acquisition and insurance expenses, as adjusted
|
$
|
160.2
|
$
|
147.1
|
||||
Expense ratio, as reported
|
38.6
|
%
|
40.5
|
%
|
||||
IT outsourcing costs
|
0.0
|
%
|
-1.0
|
%
|
||||
Ariel Re transaction costs
|
0.0
|
%
|
-0.7
|
%
|
||||
Expense ratio, as adjusted
|
38.6
|
%
|
38.8
|
%
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||||||||
RECONCILIATION OF UNDERWRITING (LOSS) INCOME TO NET INCOME
|
||||||||
(in millions)
|
||||||||
(unaudited)
|
||||||||
Three months ended
|
||||||||
March 31,
|
||||||||
2018
|
2017
|
|||||||
Net Income
|
$
|
24.8
|
$
|
36.7
|
||||
Add (deduct):
|
||||||||
Income tax provision
|
0.2
|
6.0
|
||||||
Net investment income
|
(36.0
|
)
|
(30.5
|
)
|
||||
Net realized investment and other losses (gains)
|
15.7
|
(14.6
|
)
|
|||||
Fee and other income
|
(2.0
|
)
|
(3.6
|
)
|
||||
Interest expense
|
7.7
|
5.9
|
||||||
Fee and other expense
|
2.0
|
4.1
|
||||||
Foreign currency exchange losses (gains)
|
4.9
|
(0.7
|
)
|
|||||
Underwriting income
|
$
|
17.3
|
$
|
3.3
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||||||||
RECONCILIATION OF ADJUSTED OPERATING INCOME TO NET INCOME
|
||||||||
(in millions, except per share amounts)
|
||||||||
(unaudited)
|
||||||||
Three months ended
|
||||||||
March 31,
|
||||||||
2018
|
2017
|
|||||||
Net income, as reported
|
$
|
24.8
|
$
|
36.7
|
||||
Provision for income taxes
|
0.2
|
6.0
|
||||||
Net income, before taxes
|
25.0
|
42.7
|
||||||
Add (deduct):
|
||||||||
Net realized investment and other losses (gains)
|
15.7
|
(14.6
|
)
|
|||||
Foreign currency exchange losses (gains)
|
4.9
|
(0.7
|
)
|
|||||
Adjusted operating income before taxes
|
45.6
|
27.4
|
||||||
Provision for income taxes, at assumed rate
(1)
|
9.1
|
5.5
|
||||||
Adjusted operating income
|
$
|
36.5
|
$
|
21.9
|
||||
Adjusted operating income per common share (diluted)
|
$
|
1.05
|
$
|
0.62
|
||||
Weighted average common shares, diluted
|
34.7
|
35.6
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||||||||
RECONCILIATION OF SEGMENT INCOME (LOSS) TO NET INCOME
|
||||||||
(in millions)
|
||||||||
(unaudited)
|
||||||||
Three months ended
|
||||||||
March 31,
|
||||||||
2018
|
2017
|
|||||||
Segment income (loss) before income taxes
|
||||||||
U.S. Operations
|
$
|
34.0
|
$
|
37.2
|
||||
International Operations
|
22.9
|
8.3
|
||||||
Run-off Lines
|
(0.7
|
)
|
(2.5
|
)
|
||||
Corporate and Other
|
(10.6
|
)
|
(15.6
|
)
|
||||
Realized investment and (losses) other gains
|
(15.7
|
)
|
14.6
|
|||||
Foreign currency exchange (losses) gains
|
(4.9
|
)
|
0.7
|
|||||
Net income before income taxes
|
25.0
|
42.7
|
||||||
Provision for taxes
|
0.2
|
6.0
|
||||||
Net income
|
$
|
24.8
|
$
|
36.7
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||||||||||||||||||||||||
GROSS WRITTEN PREMIUMS BY SEGMENT AND LINE OF BUSINESS
|
||||||||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
U.S. Operations
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
March 31, 2018
|
March 31, 2017
|
|||||||||||||||||||||||
Gross Written
|
Net Written
|
Net Earned
|
Gross Written
|
Net Written
|
Net Earned
|
|||||||||||||||||||
Property
|
$
|
45.6
|
$
|
18.4
|
$
|
34.7
|
$
|
55.9
|
$
|
15.0
|
$
|
29.0
|
||||||||||||
Liability
|
243.1
|
170.0
|
171.9
|
218.0
|
154.7
|
145.8
|
||||||||||||||||||
Professional
|
47.3
|
31.8
|
29.1
|
33.1
|
26.2
|
26.2
|
||||||||||||||||||
Specialty
|
36.8
|
28.8
|
26.6
|
28.0
|
21.1
|
20.2
|
||||||||||||||||||
Total
|
$
|
372.8
|
$
|
249.0
|
$
|
262.3
|
$
|
335.0
|
$
|
217.0
|
$
|
221.2
|
International Operations
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
March 31, 2018
|
March 31, 2017
|
|||||||||||||||||||||||
Gross Written
|
Net Written
|
Net Earned
|
Gross Written
|
Net Written
|
Net Earned
|
|||||||||||||||||||
Property
|
$
|
154.3
|
$
|
30.7
|
$
|
58.0
|
$
|
92.8
|
$
|
34.0
|
$
|
60.6
|
||||||||||||
Liability
|
47.2
|
25.6
|
20.1
|
32.0
|
17.2
|
18.6
|
||||||||||||||||||
Professional
|
46.4
|
23.3
|
25.3
|
36.2
|
20.5
|
23.9
|
||||||||||||||||||
Specialty
|
89.8
|
38.5
|
49.0
|
102.6
|
54.7
|
55.1
|
||||||||||||||||||
Total
|
$
|
337.7
|
$
|
118.1
|
$
|
152.4
|
$
|
263.6
|
$
|
126.4
|
$
|
158.2
|
Consolidated
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
March 31, 2018
|
March 31, 2017
|
|||||||||||||||||||||||
Gross Written
|
Net Written
|
Net Earned
|
Gross Written
|
Net Written
|
Net Earned
|
|||||||||||||||||||
Property
|
$
|
199.9
|
$
|
49.1
|
$
|
92.7
|
$
|
148.7
|
$
|
49.0
|
$
|
89.6
|
||||||||||||
Liability
|
290.3
|
195.6
|
192.0
|
250.0
|
171.9
|
164.4
|
||||||||||||||||||
Professional
|
93.7
|
55.1
|
54.4
|
69.3
|
46.7
|
50.1
|
||||||||||||||||||
Specialty
|
126.6
|
67.3
|
75.6
|
130.6
|
75.8
|
75.3
|
||||||||||||||||||
Total
|
$
|
710.5
|
$
|
367.1
|
$
|
414.7
|
$
|
598.6
|
$
|
343.4
|
$
|
379.4
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||||||||
COMPONENTS OF NET INVESTMENT INCOME
|
||||||||
ALL SEGMENTS
|
||||||||
(in millions)
|
||||||||
(unaudited)
|
||||||||
Three months ended
|
||||||||
March 31
|
March 31
|
|||||||
2018
|
2017
|
|||||||
Net investment income, excluding alternative investments
|
$
|
27.3
|
$
|
22.2
|
||||
Alternative investments
|
8.7
|
8.3
|
||||||
Total net investment income
|
$
|
36.0
|
$
|
30.5
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
||||||||||||
SHAREHOLDER RETURN ANALYSIS
|
||||||||||||
(in millions)
|
||||||||||||
(unaudited)
|
||||||||||||
For the three months ended March 31,
|
||||||||||||
2018
|
2017
|
% Change
|
||||||||||
Net income
|
$
|
24.8
|
$
|
36.7
|
(32.4
|
%)
|
||||||
Adjusted operating income
(a)
|
36.5
|
21.9
|
66.7
|
%
|
||||||||
Shareholders' Equity - Beginning of the period
|
$
|
1,819.7
|
$
|
1,792.7
|
1.5
|
%
|
||||||
Shareholders' Equity - End of current period
|
1,787.4
|
1,834.6
|
(2.6
|
%)
|
||||||||
Average Shareholders' Equity
|
$
|
1,803.6
|
$
|
1,813.7
|
(0.6
|
%)
|
Annualized return on average shareholders' equity
|
5.5
|
%
|
8.1
|
%
|
||||||||
Annualized adjusted operating return on average shareholders' equity
|
8.1
|
%
|
4.8
|
%
|