 |
 |
Three Months Ended
December 31, |
Year EndedDecember 31, |
|
1998 |
1997 |
1998 |
1997 |
|
| Net Earnings (Loss) |
$ 177.9 |
$ (14.1) |
$ 833.1 |
$ 561.0 |
Investment (gains) losses -- net of DAC
and other charges |
(10.5) |
197.7 |
(75.4) |
185.2 |
Gain on sale of Equitable Real Estate
Investment Management |
- |
- |
- |
(162.4) |
Writedown of intangible assets at
Asset Management Segment |
- |
- |
- |
59.5 |
| Restructuring charges |
- |
- |
- |
27.6 |
| Release of prior years tax reserves |
- |
(97.5) |
- |
(97.5) |
Discontinued operations, net of Federal
income taxes |
(.2) |
84.3 |
(2.7) |
87.2 |
 |
| After-tax Operating Earnings |
$ 167.2 |
$ 167.4 |
$ 755.0 |
$ 660.6 |
|
After-tax interest expense on
convertible debt |
- |
- |
- |
8.9 |
| Dilutive effect of subsidiary operations |
(3.4) |
(6.3) |
(21.7) |
(21.1) |
|
Operating Earnings Applicable to
Common Shares |
$ 160.8 |
$ 164.1 |
$ 733.3 |
$ 648.4 |
|
Segment Contributions to After-tax
Operating Earnings Insurance |
$ 102.9 |
$ 77.6 |
$ 429.2 |
$ 301.1 |
|
|
|
|
|
| Investment Banking |
40.4 |
67.4 |
236.1 |
275.8 |
| Asset Management |
23.9 |
25.4 |
89.7 |
83.7 |
After-tax Operating Earnings
Per Common Share: |
|
|
|
|
|
Basic |
$ .76 |
$ .77 |
$ 3.41 |
$ 3.20 |
|
Diluted |
$ .74 |
$ .73 |
$ 3.27 |
$ 2.92 |
Weighted Average Number of
Common Shares Outstanding: |
|
|
|
|
|
Basic |
219.7 |
221.1 |
221.6 |
201.6 |
|
Diluted |
221.6 |
224.3 |
224.4 |
222.4 |
| Book Value Per Common Share |
|
|
$ 25.50 |
$ 23.74 |
Per Common Share, excluding net
unrealized investment gains and losses
associated with FASB No. 115 |
|
|
$ 23.80 |
$ 21.38 |
|
