| 資訊 發佈 | |||||||||||
W. R.伯克利公司 Steamboat Road 475號 康涅狄格州格林威治市06830 (203) 629-3000 | |||||||||||
立即發佈
聯繫人：Karen A. Horvath
副總裁 - 外部
金融通信-半導體
(203) 629-3000
W. R.伯克利公司報告第三季度業績
19.6%的淨資產收益率和20.0%的營運資產收益率；
第三季度淨利潤創紀錄增至36600萬美元
2024年10月21日，康涅狄格州格林威治 - W. R.伯克利公司（紐交所：WRB） 今天報告了其2024年第三季度業績。
摘要財務數據
(金額以千元爲單位，每股數據除外)
| 第三季度 | 九個月 | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| 總保險費收入 | $ | 3,633,278 | $ | 3,353,205 | $ | 10,713,806 | $ | 9,739,296 | |||||||||||||||
| 淨保險費 | 3,057,276 | 2,848,459 | 9,035,346 | 8,234,799 | |||||||||||||||||||
| 普通股股東淨利潤 | 365,634 | 333,586 | 1,180,014 | 984,020 | |||||||||||||||||||
| 每股攤薄淨利潤（1） | 0.91 | 0.82 | 2.92 | 2.39 | |||||||||||||||||||
| 營業利潤（2） | 373,677 | 366,608 | 1,215,022 | 952,868 | |||||||||||||||||||
| 每股攤薄營業利潤（1） | 0.93 | 0.90 | 3.01 | 2.32 | |||||||||||||||||||
| 股東權益回報率（3） | 19.6 | % | 19.8 | % | 21.1 | % | 19.4 | % | |||||||||||||||
| 經營權益回報率（2）（3） | 20.0 | % | 21.7 | % | 21.7 | % | 18.8 | % | |||||||||||||||
(1)2024年每股金額已經調整，以反映2024年7月10日生效的3比2普通股拆分，而2023年每股金額已經重新報告，以便進行比較。
(2)營業利潤是公司定義的一項非普通會計準則財務指標，指的是排除稅後淨投資收益（損失）及相關費用的淨利潤。
(3)淨資產收益率和營運資產收益率分別代表淨利潤和營運收益，以年化基礎表示，作爲年初普通股股東權益的百分比。
W. R.伯克利公司 2
第三季度的亮點包括：
•股東權益報酬率爲19.6％，操作權益報酬率爲20.0％。
•淨投資收入較去年增長19.5%，達到32380萬美元。
•在災難損失前，當前事故年度綜合比率爲3.3個損失比率點，爲87.6%，報告的綜合比率爲90.9%。
•除工傷賠償外，平均費率上漲約爲8.4%。
•每股賬面價值增長10.0%，在分紅派息和股票回購之前。
•向股東返還的總資本爲13830萬美元，包括9530萬美元的特別分紅、3050萬美元的常規分紅和1250萬美元的股票回購。
•創紀錄的經營現金流增長15.2%，達到12億美元。
公司評論：
公司報告稱，2024年第三季度淨利潤創下歷史紀錄。持續強勁的承保利潤率和增長的投資收益推動我們年化19.6%的年初普通股股東權益回報。
我們繼續謹慎增長，重點關注我們預期能夠實現或超過目標風險調整回報的業務，始終注意率收益性，損失走勢和風險管理。我們的90.9%日曆年綜合比率再次表現出低於平均波動性，儘管頻繁發生嚴重的市場範圍事件，災難損失率僅爲3.3個百分點。
淨投資收入比去年第三季度增長了19.5%，主要是由於固定到期收入的增加。我們預計公司的新資金利率將保持在美國固定到期證券當前收益率之上，儘管短期利率最近和預期將會下降。再加上持續創紀錄的現金流帶來的投資資產增加，我們仍然處於良好的投資收入增長位置。
我們成功地應對了各種承保和投資環境，取得了業內領先的股本回報率和低於平均水平的波動性，爲股東創造了長年累月的顯著價值。在知識和專業技能的推動下，我們的分散式結構使我們能夠靈活、主動、創新地應對市場可能出現的各種風險和機遇。我們期望繼續爲我們的股東在2024年及以後的時間裏提供傑出的風險調整後回報。.
W. R.伯克利公司 3
Webcast電話會議
公司將於2024年10月21日下午5:00舉行季度電話會議，與分析師和投資者討論其盈利和其他信息。 電話會議將在公司網站https://ir.berkley.com/events-and-presentations/default.aspx上進行現場網絡直播。 請提前登錄進行註冊。 網絡直播的重播將在電話會議結束約兩小時後在公司網站上提供。 其他財務信息可在公司網站https://ir.berkley.com/investor-relations/financial-information/quarterly-results/default.aspx上找到。
關於W. R.柏克利公司
成立於1967年，W. R.伯克利公司是一家保險控股公司，在美國是最大的商業保險作家之一，並在全球兩個業務領域開展業務：保險和再保險與單線超額。
W. R.伯克利公司 4
前瞻性信息
這是根據1995年《私人證券訴訟改革法案》的「安全港」聲明。此處包含的任何前瞻性聲明，包括與我們對2024年及以後行業展望和業績相關的聲明，都是基於公司的歷史表現和當前計劃、估計和預期。包含這些前瞻性信息並不意味着我們或他人認爲我們所考慮的未來計劃、估計或預期會實現。它們受到各種風險和不確定性的影響，包括但不限於：財產險行業的週期性特徵；重大競爭影響，包括行業的新進入者；保險和再保險業務的長尾和潛在波動性質；產品需求和定價；索賠開發和估計儲備的過程；投資風險，包括在固定到期證券組合中的風險以及在金融機構、市政債券、按揭支持證券、應收貸款、投資基金（包括房地產、合併套戥、能源相關和股權投資），投資中的投資；新興索賠和涵蓋問題的效果；損害理論和損失金額的不確定性特點，包括針對網絡安全風險的索賠；自然和人爲災難性損失，包括恐怖活動的後果；新型冠狀病毒疫情持續影響，或其他流行病的效應；氣候變化的影響，可能改變災難事件的頻率和加劇程度；一般經濟和市場活動，包括通貨膨脹、利率和信貸與資本市場的波動性；財務市場和全球經濟狀況的影響以及對我們的成果和財務狀況採取的立法、監管、會計或其他舉措的潛在影響；涉及我們國際業務的外匯和政治風險；我們吸引和保留關鍵人員和合格員工的能力；資本和融資的持續可用性；我們新業務或收購的成功以及其他機會的可獲得性；再保險的可獲得性；我們在2019年《恐怖主義風險保險方案再授權法案》下的保留；我們再保險人支付應向我們支付的再保險追償的能力或意願；其他與保險行業業務實踐相關的立法和監管發展；與我們的投保人、獨立代理商和經紀人相關的信用風險；評級機構對我們或我們的保險公司子公司分配的變化；我們保險公司子公司分紅的可獲得性；我們信息技術系統和供應商以及其他第三方的信息技術系統的網絡安全漏洞或相關過程和系統；我們控制措施的有效性，以確保符合準則、政策和法律法規標準；以及公司不時在美國證券交易委員會的備案中詳細披露的其他風險。這些風險和不確定性可能導致我們2024年及以後的實際結果與我們所做出的任何前瞻性聲明有實質差異。關於我們收入增長的任何預測不一定會產生相應水平的收益。前瞻性聲明僅於其發佈日期具有效力，公司無義務公開更新或修訂任何前瞻性聲明，無論是基於新信息、未來發展還是其他原因。
# # #
W. R. Berkley Corporation 5
Consolidated Financial Summary
(Amounts in thousands, except per share data)
| Third Quarter | Nine Months | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Net premiums written | $ | 3,057,276 | $ | 2,848,459 | $ | 9,035,346 | $ | 8,234,799 | |||||||||||||||
| Change in unearned premiums | (130,453) | (206,545) | (497,761) | (548,726) | |||||||||||||||||||
| Net premiums earned | 2,926,823 | 2,641,914 | 8,537,585 | 7,686,073 | |||||||||||||||||||
| Net investment income | 323,756 | 270,944 | 1,015,723 | 739,494 | |||||||||||||||||||
| Net investment (losses) gains: | |||||||||||||||||||||||
| Net realized and unrealized (losses) gains on investments | (23,362) | (40,855) | (72,165) | 50,403 | |||||||||||||||||||
| Change in allowance for credit losses on investments | 15,276 | (1,571) | 31,347 | (11,164) | |||||||||||||||||||
| Net investment (losses) gains | (8,086) | (42,426) | (40,818) | 39,239 | |||||||||||||||||||
| Revenues from non-insurance businesses | 128,610 | 137,116 | 375,307 | 375,225 | |||||||||||||||||||
| Insurance service fees | 28,666 | 22,962 | 81,583 | 81,290 | |||||||||||||||||||
| Other income | 610 | 128 | 1,804 | 235 | |||||||||||||||||||
| Total Revenues | 3,400,379 | 3,030,638 | 9,971,184 | 8,921,556 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Loss and loss expenses | 1,825,960 | 1,636,193 | 5,270,334 | 4,744,602 | |||||||||||||||||||
| Other operating costs and expenses | 943,365 | 808,669 | 2,704,890 | 2,457,925 | |||||||||||||||||||
| Expenses from non-insurance businesses | 124,885 | 133,939 | 364,612 | 370,244 | |||||||||||||||||||
| Interest expense | 31,720 | 31,888 | 95,156 | 95,580 | |||||||||||||||||||
| Total expenses | 2,925,930 | 2,610,689 | 8,434,992 | 7,668,351 | |||||||||||||||||||
| Income before income tax | 474,449 | 419,949 | 1,536,192 | 1,253,205 | |||||||||||||||||||
| Income tax expense | (109,135) | (86,519) | (356,958) | (268,322) | |||||||||||||||||||
| Net Income before noncontrolling interests | 365,314 | 333,430 | 1,179,234 | 984,883 | |||||||||||||||||||
| Noncontrolling interest | 320 | 156 | 780 | (863) | |||||||||||||||||||
| Net income to common stockholders | $ | 365,634 | $ | 333,586 | $ | 1,180,014 | $ | 984,020 | |||||||||||||||
| Net income per share (1): | |||||||||||||||||||||||
| Basic | $ | 0.92 | $ | 0.83 | $ | 2.95 | $ | 2.41 | |||||||||||||||
| Diluted | $ | 0.91 | $ | 0.82 | $ | 2.92 | $ | 2.39 | |||||||||||||||
| Average shares outstanding (1) (2): | |||||||||||||||||||||||
| Basic | 398,338 | 403,787 | 400,302 | 407,484 | |||||||||||||||||||
| Diluted | 401,817 | 407,158 | 404,053 | 411,219 | |||||||||||||||||||
(1)The 2024 per share amounts have been adjusted to reflect the 3-for-2 common stock split effected on July 10, 2024, and the 2023 per share amounts were restated for comparative purposes to reflect such common stock split.
(2)Basic shares outstanding consist of the weighted average number of common shares outstanding during the period (including shares held in a grantor trust). Diluted shares outstanding consist of the weighted average number of basic and common equivalent shares outstanding during the period.
W. R. Berkley Corporation 6
Business Segment Operating Results
(Amounts in thousands, except ratios) (1) (2)
| Third Quarter | Nine Months | |||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Insurance: | ||||||||||||||||||||
| Gross premiums written | $ | 3,219,128 | $ | 2,965,787 | $ | 9,501,027 | $ | 8,586,193 | ||||||||||||
| Net premiums written | 2,673,275 | 2,484,626 | 7,929,439 | 7,175,904 | ||||||||||||||||
| Net premiums earned | 2,564,490 | 2,291,917 | 7,447,828 | 6,650,027 | ||||||||||||||||
| Pre-tax income | 469,421 | 410,909 | 1,437,623 | 1,149,886 | ||||||||||||||||
| Loss ratio | 63.1 | % | 62.8 | % | 63.0 | % | 62.8 | % | ||||||||||||
| Expense ratio | 28.4 | % | 28.2 | % | 28.4 | % | 28.2 | % | ||||||||||||
| GAAP Combined ratio | 91.5 | % | 91.0 | % | 91.4 | % | 91.0 | % | ||||||||||||
| Reinsurance & Monoline Excess: | ||||||||||||||||||||
| Gross premiums written | $ | 414,150 | $ | 387,418 | $ | 1,212,779 | $ | 1,153,103 | ||||||||||||
| Net premiums written | 384,001 | 363,833 | 1,105,907 | 1,058,895 | ||||||||||||||||
| Net premiums earned | 362,333 | 349,997 | 1,089,757 | 1,036,046 | ||||||||||||||||
| Pre-tax income | 105,225 | 110,442 | 357,299 | 317,146 | ||||||||||||||||
| Loss ratio | 57.0 | % | 56.5 | % | 53.2 | % | 54.8 | % | ||||||||||||
| Expense ratio | 29.7 | % | 28.8 | % | 29.5 | % | 29.6 | % | ||||||||||||
| GAAP Combined ratio | 86.7 | % | 85.3 | % | 82.7 | % | 84.4 | % | ||||||||||||
| Corporate and Eliminations: | ||||||||||||||||||||
| Net investment (losses) gains | $ | (8,086) | $ | (42,426) | $ | (40,818) | $ | 39,239 | ||||||||||||
| Interest expense | (31,720) | (31,888) | (95,156) | (95,580) | ||||||||||||||||
| Other expenses | (60,391) | (27,088) | (122,756) | (157,486) | ||||||||||||||||
| Pre-tax loss | (100,197) | (101,402) | (258,730) | (213,827) | ||||||||||||||||
| Consolidated: | ||||||||||||||||||||
| Gross premiums written | $ | 3,633,278 | $ | 3,353,205 | $ | 10,713,806 | $ | 9,739,296 | ||||||||||||
| Net premiums written | 3,057,276 | 2,848,459 | 9,035,346 | 8,234,799 | ||||||||||||||||
| Net premiums earned | 2,926,823 | 2,641,914 | 8,537,585 | 7,686,073 | ||||||||||||||||
| Pre-tax income | 474,449 | 419,949 | 1,536,192 | 1,253,205 | ||||||||||||||||
| Loss ratio | 62.4 | % | 61.9 | % | 61.7 | % | 61.7 | % | ||||||||||||
| Expense ratio | 28.5 | % | 28.3 | % | 28.6 | % | 28.4 | % | ||||||||||||
| GAAP Combined ratio | 90.9 | % | 90.2 | % | 90.3 | % | 90.1 | % | ||||||||||||
(1)Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.
(2)Commencing with the first quarter of 2024, the Company reclassified a program management business from the Insurance segment to the Reinsurance & Monoline Excess segment. The reclassified business is a program management business offering support on a nationwide basis for commercial casualty and property program administrators. Reclassifications have been made to the Company's 2023 financial information to conform with this presentation.
W. R. Berkley Corporation 7
Supplemental Information
(Amounts in thousands)
| Third Quarter | Nine Months | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net premiums written: | |||||||||||||||||||||||
| Other liability | $ | 1,066,005 | $ | 978,193 | $ | 3,213,296 | $ | 2,867,172 | |||||||||||||||
| Short-tail lines (1) | 592,913 | 534,567 | 1,768,355 | 1,519,345 | |||||||||||||||||||
| Auto | 413,260 | 383,730 | 1,170,020 | 1,030,172 | |||||||||||||||||||
| Workers' compensation | 302,179 | 302,701 | 939,243 | 937,854 | |||||||||||||||||||
| Professional liability | 298,918 | 285,435 | 838,525 | 821,361 | |||||||||||||||||||
| Total Insurance | 2,673,275 | 2,484,626 | 7,929,439 | 7,175,904 | |||||||||||||||||||
| Casualty (2) | 189,386 | 188,445 | 567,522 | 589,706 | |||||||||||||||||||
| Property (2) | 106,106 | 92,171 | 306,925 | 256,350 | |||||||||||||||||||
| Monoline excess | 88,509 | 83,217 | 231,460 | 212,839 | |||||||||||||||||||
| Total Reinsurance & Monoline Excess | 384,001 | 363,833 | 1,105,907 | 1,058,895 | |||||||||||||||||||
| Total | $ | 3,057,276 | $ | 2,848,459 | $ | 9,035,346 | $ | 8,234,799 | |||||||||||||||
| Current accident year losses from catastrophes: | |||||||||||||||||||||||
| Insurance | $ | 76,848 | $ | 46,160 | $ | 190,931 | $ | 139,409 | |||||||||||||||
| Reinsurance & Monoline Excess | 20,970 | 15,369 | 27,073 | 23,536 | |||||||||||||||||||
| Total | $ | 97,818 | $ | 61,529 | $ | 218,004 | $ | 162,945 | |||||||||||||||
| Net Investment income: | |||||||||||||||||||||||
| Core portfolio (3) | $ | 301,146 | $ | 248,618 | $ | 962,293 | $ | 680,883 | |||||||||||||||
| Investment funds | 4,741 | 4,450 | 868 | 5,443 | |||||||||||||||||||
| Arbitrage trading account | 17,869 | 17,876 | 52,562 | 53,168 | |||||||||||||||||||
| Total | $ | 323,756 | $ | 270,944 | $ | 1,015,723 | $ | 739,494 | |||||||||||||||
| Net realized and unrealized (losses) gains on investments: | |||||||||||||||||||||||
| Net realized (losses) gains on investments | $ | (21,825) | $ | (21,796) | $ | (29,723) | $ | 4,798 | |||||||||||||||
| Change in unrealized (losses) gains on equity securities | (1,537) | (19,059) | (42,442) | 45,605 | |||||||||||||||||||
| Total | $ | (23,362) | $ | (40,855) | $ | (72,165) | $ | 50,403 | |||||||||||||||
| Other operating costs and expenses: | |||||||||||||||||||||||
| Policy acquisition and insurance operating expenses | $ | 835,376 | $ | 747,007 | $ | 2,438,905 | $ | 2,183,517 | |||||||||||||||
| Insurance service expenses | 21,786 | 21,225 | 66,309 | 70,336 | |||||||||||||||||||
| Net foreign currency losses (gains) | 24,619 | (22,498) | 1,324 | (1,777) | |||||||||||||||||||
| Other costs and expenses | 61,584 | 62,935 | 198,352 | 205,849 | |||||||||||||||||||
| Total | $ | 943,365 | $ | 808,669 | $ | 2,704,890 | $ | 2,457,925 | |||||||||||||||
| Cash flow from operations | $ | 1,240,770 | $ | 1,077,093 | $ | 2,868,335 | $ | 2,231,162 | |||||||||||||||
| Reconciliation of net income to operating income: | |||||||||||||||||||||||
| Net income | $ | 365,634 | $ | 333,586 | $ | 1,180,014 | $ | 984,020 | |||||||||||||||
| Pre-tax investment losses (gains), net of related expenses | 8,086 | 42,426 | 40,818 | (39,170) | |||||||||||||||||||
| Income tax (benefit) expense | (43) | (9,404) | (5,810) | 8,018 | |||||||||||||||||||
| Operating income after-tax (4) | $ | 373,677 | $ | 366,608 | $ | 1,215,022 | $ | 952,868 | |||||||||||||||
(1)Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery, high net worth homeowners and other lines.
(2)Includes reinsurance casualty and property and certain program management business.
(3)Core portfolio includes fixed maturity securities, equity securities, cash and cash equivalents, real estate and loans receivable.
(4)Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses). Net investment gains (losses) are computed net of related expenses, including performance-based compensatory costs associated with realized investment gains. Management believes this measurement provides a useful indicator of trends in the Company’s underlying operations.
W. R. Berkley Corporation 8
Selected Balance Sheet Information
(Amounts in thousands, except per share data)
| September 30, 2024 | December 31, 2023 | ||||||||||
| Net invested assets (1) | $ | 29,689,477 | $ | 26,973,703 | |||||||
| Total assets | 40,359,298 | 37,111,830 | |||||||||
| Reserves for losses and loss expenses | 20,155,310 | 18,739,652 | |||||||||
| Senior notes and other debt | 1,827,788 | 1,827,951 | |||||||||
| Subordinated debentures | 1,009,629 | 1,009,090 | |||||||||
| Common stockholders' equity (2) | 8,426,264 | 7,455,431 | |||||||||
| Common stock outstanding (3) (4) | 381,190 | 384,817 | |||||||||
| Book value per share (4) (5) | 22.11 | 19.37 | |||||||||
| Tangible book value per share (4) (5) | 21.47 | 18.72 | |||||||||
(1)Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities.
(2)As of September 30, 2024, reflected in common stockholders' equity are after-tax unrealized investment losses of $289 million and unrealized currency translation losses of $314 million. As of December 31, 2023, reflected in common stockholders' equity are after-tax unrealized investment losses of $586 million and unrealized currency translation losses of $340 million.
(3)During the nine months ended September 30, 2024, the Company repurchased 4,537,130 shares of its common stock for $236.2 million. During the three months ended September 30, 2024, the Company repurchased 238,620 shares of its common stock for $12.5 million. The number of shares of common stock outstanding excludes shares held in a grantor trust.
(4)The 2024 per share amounts have been adjusted to reflect the 3-for-2 common stock split effected on July 10, 2024, and the 2023 per share amounts were restated for comparative purposes to reflect such common stock split.
(5)Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding.
W. R. Berkley Corporation 9
Investment Portfolio
September 30, 2024
(Amounts in thousands, except percentages)
| Carrying Value | Percent of Total | ||||||||||
| Fixed maturity securities: | |||||||||||
| United States government and government agencies | $ | 2,070,985 | 7.0 | % | |||||||
| State and municipal: | |||||||||||
| Special revenue | 1,689,758 | 5.7 | % | ||||||||
| State general obligation | 311,953 | 1.0 | % | ||||||||
| Local general obligation | 304,114 | 1.0 | % | ||||||||
| Corporate backed | 165,155 | 0.6 | % | ||||||||
| Pre-refunded | 86,853 | 0.3 | % | ||||||||
| Total state and municipal | 2,557,833 | 8.6 | % | ||||||||
| Mortgage-backed securities: | |||||||||||
| Agency | 2,424,228 | 8.2 | % | ||||||||
| Commercial | 600,881 | 2.0 | % | ||||||||
| Residential - Prime | 212,909 | 0.7 | % | ||||||||
| Residential - Alt A | 2,352 | 0.0 | % | ||||||||
| Total mortgage-backed securities | 3,240,370 | 10.9 | % | ||||||||
| Asset-backed securities | 4,107,321 | 13.8 | % | ||||||||
| Corporate: | |||||||||||
| Industrial | 3,954,408 | 13.3 | % | ||||||||
| Financial | 3,348,562 | 11.3 | % | ||||||||
| Utilities | 774,398 | 2.6 | % | ||||||||
| Other | 775,396 | 2.6 | % | ||||||||
| Total corporate | 8,852,764 | 29.8 | % | ||||||||
| Foreign government | 1,834,605 | 6.2 | % | ||||||||
| Total fixed maturity securities (1) | 22,663,878 | 76.3 | % | ||||||||
| Equity securities available for sale: | |||||||||||
| Common stocks | 701,667 | 2.3 | % | ||||||||
| Preferred stocks | 346,459 | 1.2 | % | ||||||||
| Total equity securities available for sale | 1,048,126 | 3.5 | % | ||||||||
| Cash and cash equivalents (2) | 1,861,981 | 6.3 | % | ||||||||
| Investment funds | 1,607,381 | 5.4 | % | ||||||||
| Real estate | 1,297,314 | 4.4 | % | ||||||||
| Arbitrage trading account | 820,928 | 2.8 | % | ||||||||
| Loans receivable | 389,869 | 1.3 | % | ||||||||
| Net invested assets | $ | 29,689,477 | 100.0 | % | |||||||
(1)Total fixed maturity securities had an average rating of AA- and an average duration of 2.4 years, including cash and cash equivalents.
(2)Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.