|
|
|
|
For the year ended December
31, |
|
(in millions, except per share data)
|
1997 |
1996 |
1995 |
|
|
|
REVENUES |
|
|
|
|
|
Premiums |
$10,135 |
$8,491 |
$4,931 |
|
|
Management Services and Fees |
1,428 |
1,398 |
580 |
|
|
Investment and Other Income |
231 |
185 |
160 |
|
|
|
|
Total Revenues |
11,794 |
10,074 |
5,671 |
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
Medical Costs |
8,542 |
7,180 |
3,931 |
|
|
Selling, General and Administrative Expenses |
2,364 |
2,165 |
1,031 |
|
|
Depreciation and Amortization |
146 |
133 |
94 |
|
|
Restructuring Charges |
- |
- |
154 |
|
|
|
|
Total Operating Expenses |
11,052 |
9,478 |
5,210 |
|
|
|
EARNINGS FROM OPERATIONS |
742 |
596 |
461 |
|
|
Merger Costs |
- |
(15) |
- |
|
|
|
EARNINGS BEFORE INCOME TAXES |
742 |
581 |
461 |
|
|
Provision for Income Taxes |
(282) |
(225) |
(175) |
|
|
|
NET EARNINGS |
460 |
356 |
286 |
|
CONVERTIBLE PREFERRED STOCK
DIVIDENDS
|
(29) |
(29) |
(7) |
|
|
|
NET EARNINGS APPLICABLE TO COMMON
SHAREHOLDERS |
$431 |
$327 |
$279 |
|
|
|
BASIC NET EARNINGS PER COMMON SHARE
|
$2.30 |
$1.80 |
$1.61 |
|
|
|
DILUTED NET EARNINGS PER COMMON SHARE
|
$2.26 |
$1.76 |
$1.57 |
|
|
|
BASIC WEIGHTED-AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING |
187 |
182 |
174 |
|
|
|
DILUTIVE EFFECTS OF OUTSTANDING STOCK
OPTIONS |
4 |
4 |
3 |
|
|
|
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING, ASSUMING DILUTION |
191 |
186 |
177 |
|
| See notes to consolidated financial statements
|