GENERAL RE CORPORATION
Financial Centre
P.O. Box 10350
Stamford, CT 06904-2350
May 15, 1995
Securities and Exchange Commission
450 Fifth Street, NW
Washington, D.C. 20549
Gentlemen/Ladies:
Pursuant to the requirements of the Securities Exchange Act of
1934, we are transmitting herewith the attached Form 10-Q.
Very truly yours,
Elizabeth A. Monrad
Form 10 - Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 1995
Commission File Number 1-8026
GENERAL RE CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 06-1026471
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Financial Centre, P.O. Box 10350
Stamford, Connecticut 06904-2350
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, with area code (203) 328-5000
None
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes * No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock:
Class Outstanding at March 31, 1995
Common Stock, $.50 par value 81,966,356 Shares
GENERAL RE CORPORATION
INDEX
PAGE NO.
PART I. FINANCIAL INFORMATION
Consolidated Balance Sheets
March 31, 1995 and December 31, 1994 3
Consolidated Statements of Income
Three months ended March 31, 1995 and 1994 4
Consolidated Statements of Cash Flows
Three months ended March 31, 1995 and 1994 5
Notes to Consolidated Interim Financial Statements 6 - 7
Management's Discussion and Analysis
of Financial Condition and Results
of Operations 8 - 12
PART II. OTHER INFORMATION 13 - 14
2
General Re Corporation
Consolidated Balance Sheets
(in millions, except share data)
<TABLE>
<CAPTION>
<S> <C> <C>
(Unaudited)
3/31/95 12/31/94
Assets
Investments:
Fixed maturities:
Held-to-maturity (fair value: $1,910 in
1995; $1,971 in 1994) $1,828 $1,900
Available-for-sale (cost: $11,193 in
1995; $10,840 in 1994) 11,347 10,717
Trading (cost: $2,145 in 1995; $1,579 in
1994) 2,247 1,557
Equity securities, at fair value (cost:
$2,405 in 1995; $2,318 in 1994) 3,191 2,977
Short-term investments, at amortized cost
which approximates fair value 1,344 1,032
Other invested assets 727 715
Total investments 20,684 18,898
Cash 237 242
Accrued investment income 275 272
Accounts receivable 1,547 1,421
Funds held by reinsured companies 1,920 1,942
Reinsurance recoverable 2,183 2,067
Deferred acquisition costs 335 324
Securities purchased under agreements to resell 361 813
Trading account assets 2,760 1,928
Other assets 1,620 1,690
Total assets $31,922 $29,597
Liabilities
Claims and claim expenses $12,589 $12,158
Policy benefits for life and health contracts 1,960 1,960
Unearned premiums 1,692 1,642
Other reinsurance balances 2,338 2,318
Notes payable and commercial paper 156 188
Income taxes 347 196
Securities sold under agreements to repurchase 1,566 938
Securities sold but not yet purchased 851 927
Trading account liabilities 3,045 2,320
Other liabilities 1,076 1,046
Minority interest 1,044 1,044
Total liabilities 26,664 24,737
Cumulative convertible preferred stock
(shares issued: 1,731,081 in 1995 and
1,734,717 in 1994; no par value) 148 148
Loan to employee savings and stock
ownership plan (147) (147)
1 1
Common stockholders' equity
Common stock (102,827,344 shares
issued in 1995 and 1994; par value $.50) 51 51
Paid-in capital 609 604
Unrealized appreciation of investments,
net of income taxes 671 421
Currency translation adjustments, net of
income taxes (21) (20)
Retained earnings 5,471 5,330
Less common stock in treasury, at cost
(shares held: 20,860,988 in 1995
and 20,955,202 in 1994) (1,524) (1,527)
Total common stockholders' equity 5,257 4,859
Total liabilities, cumulative convertible
preferred stock and common stockholders'
equity $31,922 $29,597
</TABLE>
See notes to the consolidated interim financial statements.
3
<TABLE>
GENERAL RE CORPORATION
Consolidated Statements of Income
(in millions, except per share data)
<CAPTION>
(Unaudited)
Three months ended
March 31,
1995 1994
<S> <C> <C>
Premiums and Other Revenues
Net premiums written $1,007 $820
Net premiums earned $ 955 $774
Net investment income 193 182
Other revenues 52 68
Net realized gains on investments 7 -
Total revenues 1,207 1,024
Expenses
Claims and claim expenses 662 653
Acquisition costs 229 146
Other operating costs and expenses 98 108
Total expenses 989 907
Income before income taxes 218 117
Income tax expense 35 18
NET INCOME $ 183 $ 99
Per Share Data
Net income per common share $2.20 $1.15
Dividend per common share $ .49 $ .48
Average shares outstanding 81.9 82.8
</TABLE>
See notes to the consolidated interim financial statements.
4
<TABLE>
GENERAL RE CORPORATION
Consolidated Statements of Cash Flows
(in millions)
<CAPTION>
<S> <C> <C>
(Unaudited)
Three months ended
March 31,
1995 1994
Cash flows from operating activities
Net income $183 $98
Adjustments to reconcile net income to net cash provided
by operating activities:
Change in claim and claim expense liabilities 431 312
Change in reinsurance recoverable (116) (81)
Change in unearned premiums 50 58
Amortization of acquisition costs 229 146
Acquisition costs deferred (240) (149)
(Purchase) sale of trading account securities (1,223) 431
Other changes in assets and liabilities 227 (204)
Net realized gains on investments (7) -
Net cash (used in) from operating activities (466) 611
Cash flows from investing activities
Fixed maturities: held-to-maturity
Purchases (18) (7)
Calls and maturities 92 117
Sales - -
Fixed maturities: available-for-sale
Purchases (1,150) (1,153)
Calls and maturities 43 138
Sales 803 1,174
Equity securities:
Purchases (199) (165)
Sales 119 168
Net purchases of short-term investments (312) (150)
Securities purchased under agreements to resell 452 (339)
Net cash used in investing activities (170) (217)
Cash flows from financing activities
Commercial paper (repayment) borrowing, net (31) 7
Securities sold under agreements to repurchase 628 (143)
Change in contract deposits 68 33
Cash dividends paid to common shareholders (40) (40)
Acquisition of treasury stock - (159)
Other 6 1
Net cash from (used in) financing activities 631 (301)
Change in cash (5) 93
Cash, beginning of period 242 60
Cash, end of period $ 237 $ 153
</TABLE>
See notes to the consolidated interim financial statements.
5
<TABLE>
<CAPTION>
<S> <C> <C>
GENERAL RE CORPORATION
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. General - The interim financial statements have been prepared on the basis of
generally accepted accounting principles and, in the opinion of management, reflect
all adjustments (consisting of normal, recurring accruals) necessary for a fair
presentation of results for such periods. The results of operations for any
interim period are not necessarily indicative of results for the full year. These
financial statements should be read in conjunction with the financial statements and
related notes in the Corporation's 1994 Annual Report filed on Form 10-K.
Certain reclassifications have been made to 1994 balances to conform to the
1995 presentation. The results from operations of the Corporation's international
reinsurance operations are reported on a quarter lag. Therefore, the results of
Cologne Re are not included in the Corporation's results for the three months
ended March 31, 1995 but will be included beginning in the second quarter of
1995.
2. Income Taxes - The Corporation's effective income tax rate differs from current statutory rates principally
due to tax-exempt interest income and dividends received deductions. The Corporation paid income taxes of
$17 million and $17 million in the three months ended March 31, 1995 and 1994, respectively.
3. Reinsurance Ceded - The Corporation utilizes reinsurance to reduce its exposure to large losses. The
Corporation has no significant concentrations of credit risk with any one reinsurer at March 31, 1995. The
income statement amounts for premiums written, premiums earned and claims and claim expenses incurred
are reported net of reinsurance. Direct, assumed, ceded and net amounts for the three months ended March
31, 1995 and 1994 were as follows (in millions):
Premiums Premiums Claims and
Written Earned Claim Expenses
1995
Direct $ 129 $ 113 $ 90
Assumed 1,050 1,013 666
Ceded (172) (171) (94)
Net $1,007 $ 955 $662
1994
Direct $115 $ 100 $ 68
Assumed 808 767 701
Ceded (103) (93) (116)
Net $ 820 $ 774 $ 653
4. Allowance for Doubtful Accounts - The Corporation establishes an allowance for uncollectible reinsurance
recoverables and other doubtful receivables. The allowance was recorded as a valuation account that
reduces the corresponding asset. The allowance was $122 million and $121 million at March 31, 1995 and
December 31, 1994, respectively.
6
GENERAL RE CORPORATION
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
5. Per Common Share Data - Income per common share is based on net income less preferred dividends
divided by the weighted average common shares outstanding during the period. The weighted average
number of common shares outstanding was 81,918,805 and 82,808,325 for the three months ended March
31, 1995 and 1994, respectively.
7
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Consolidated
Income from operations, excluding after-tax realized gains, was $2.15 per share in the first quarter of 1995, an
increase of 87.0 percent from the $1.15 per share earned in the comparable period in 1994. Net income for the
first quarter of 1995 was $2.20 per share, compared with $1.15 per share for the comparable period in 1994.
Included in net income in the first quarter of 1995 were after-tax realized gains of $.05 per share. The improved
results in the first quarter of 1995 were primarily attributable to an $84
million improvement in the Corporation's underwriting result. The first quarter of 1995 was adversely affected
by $25 million of pretax losses from the Kobe, Japan earthquake, while the first quarter of 1994 included $85
million of pretax losses related to the Northridge, California earthquake.
Consolidated net premiums written for the first quarter of 1995 were $1,007 million, an increase of 22.8 percent
from $820 million in 1994. Domestic property/casualty premium volume was $686 million in the first quarter of
1995, compared with $598 million in 1994, an increase of 14.7 percent. The international property/casualty
subsidiaries' net premiums written were $321 million in the first quarter of 1995, an increase of 44.5 percent
from the comparable amount in 1994. The international subsidiaries' premiums written increased by $33
million during the quarter due to a change in the method of estimating premiums.
Consolidated net investment income was $193 million in the first quarter of 1995, compared with $182 million
in 1994. Net investment income for the domestic property/casualty operations was $178 million in the first
quarter of 1995, as compared with $168 million in the first quarter of 1994. Net investment income for the
international property/casualty operations decreased to $11 million in the first quarter of 1995, as compared with
$12 million in the first quarter of 1994.
At March 31, 1995, total consolidated assets were $31,922 million, compared with $29,597 million at December
31, 1994. The growth in total assets was due to increases of $1,279 million in the financial services segment,
$904 million in the domestic property/casualty operations and $142 million in the international property/casualty
operations.
During the first quarter of 1995, total invested assets increased by $1,786 million to $20,684 million. The growth
in invested assets was due to increases of $988 million in the financial services segment, $766 million in the
domestic property/casualty operations and $32 million in the international property/casualty operations.
Common shareholders' equity at March 31, 1995 was $5,257 million, an increase of 8.2 percent from the $4,859
million at December 31, 1994. The growth in common shareholders' equity during the first quarter of 1995 was
principally the result of net income of $183 million, an increase in unrealized investment gains, net of tax, of
$250 million, less common and preferred dividends of $43 million.
The Corporation realized net cash outflow from consolidated operations of $466 million in the first quarter of
1995, compared to a cash inflow of $611 million in the comparable period in 1994. Cash flows from operations
for the domestic/property casualty operations were $311 million and $197 million in the first quarter of 1995 and
8
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
1994, respectively. The financial services operations had net cash outflow from operations of $749 million in the
first quarter of 1995, compared to cash inflow of $348 million in the first quarter 1994. The negative operating
cash flow in 1995 was not the result of a deterioration in the Corporation's liquidity or profitability. Rather, the
negative operating cash flow resulted from disaggregating GRFP's interrelated cash flows into operating,
investing and financing activities for financial reporting purposes.
Dividends paid to common shareholders were $40 million in the first quarter of 1995 and 1994. The
Corporation did not repurchase any of its shares during the first quarter of 1995 and had $100 million available
under Board authorized repurchase programs and additional standing authority to repurchase shares in
anticipation of shares to be issued under various compensation plans at March 31, 1995. On February 8, 1995,
the Board of Directors declared a regular dividend of $.49 per share on the common stock of the Corporation.
This represented an increase of 2.1 percent over the $.48 per share dividend paid in prior quarters of 1994 and
the 19th consecutive year in which the Corporation increased its dividend.
At March 31, 1995, the Corporation had $150 million of senior debt outstanding which is rated AAA by
Standard and Poor's Corporation and Aa1 by Moody's Investors Services. The Corporation also issues short-
term commercial paper to provide additional financial flexibility for its operations. Commercial paper offered by
the Corporation is rated A1+ by Standard & Poor's Corporation and Prime 1 by Moody's Investors Service. At
March 31, 1995, no short-term commercial paper was outstanding.
Domestic Property/Casualty
After-tax income for the domestic property/casualty operations was $163 million in the first quarter of 1995
compared with $73 million during the same period in 1994. These results include after-tax realized gains of $8
million in 1995 and $1 million of after-tax realized losses in 1994. The increase in the segment's income was
primarily due to an improved pretax underwriting result of $59 million and increased pretax net other income of
$17 million.
In the first quarter of 1995, the statutory combined ratio for the domestic property/casualty operations was 99.6
percent compared with 113.9 percent in the first quarter of 1994 and 101.3 percent for the full year 1994. The
combined ratio in the first quarter of 1994 included $85 million, or 15.0 statutory combined ratio points, of
losses attributable to catastrophe claims from the earthquake centered in Northridge, California that occurred on
January 17, 1994.
Net premiums written for the domestic property/casualty operations were $686 million in the first quarter of
1995, an increase of 14.7 percent from the comparable amount in 1994. Net premiums written by General
Reinsurance Corporation increased by 15.5 percent during the quarter. The Corporation believes the growth in
premiums was attributable to the continued increase in insurance premiums written by medium and smaller-
sized primary companies that generally purchase relatively more reinsurance, increased reinsurance cessions by
9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
primary companies seeking to deleverage their capital in response to rating agency concerns and primary
companies purchasing an increasing proportion of their reinsurance from better capitalized and more credit-
worthy reinsurers. For the General Star companies, which write primary and excess specialty insurance,
premiums increased 11.9 percent from 1994 levels. The Genesis companies, which provide direct excess
insurance, had premium growth of 5.5 percent as this market remains very competitive.
Pretax net investment income for the domestic property/casualty operations was $178 million in the first quarter
of 1995 as compared to $168 million in 1994 and $177 million in the fourth quarter of 1994. The increase in
investment income is due to the growth in the segment's investment portfolio since the first quarter of 1994, an
increase in market interest rates during 1994 and dividend distributions from limited partnership investments.
The segment's pretax investment income decreased approximately $10 million due to $582 million contributed to
the Cologne Re joint venture on December 28, 1994. (The operating results of Cologne Re and the joint venture
company will be reported on a quarter lag). The overall pretax yield on the invested asset portfolio was 6.2
percent in the first quarter of 1995, compared with 5.9 percent in the comparable period in 1994.
The liability for claims and claim expenses was $8,853 million at March 31, 1995, an increase of $275 million or
3.2 percent over the year-end 1994 liability. The asset for reinsurance recoverable on unpaid losses was $1,672
million at March 31, 1995, as compared to $1,549 million at December 31, 1994. At March 31, 1995, the gross
liability for claims and claim expenses and the related asset for reinsurance recoverables include $1,482 million
and $422 million, respectively, for environmental and latent injury claims. These amounts include provisions for
both reported and incurred but not reported claims. At March 31, 1995, total assets of the domestic/property
casualty operations were $15,214 million, compared with $14,310 million at December 31, 1994.
Cash flow from operations for the domestic property/casualty operations was $311 million in the first quarter of
1995, compared to $197 million in the first quarter of 1994. The 57.8 percent increase in operating cash flow in
1995 was principally due to increased premium collections.
International Property/Casualty
The international property/casualty operations' after-tax income in the first quarter of 1995 was $14 million,
compared to $10 million in the first quarter of 1994. Income in the first quarter for the international
property/casualty operations increased as compared to 1994's first quarter due to improved underwriting results
and reduced currency losses. International premiums written were $321 million in the first quarter of 1995, an
increase of 44.5 percent over 1994 premiums of $222 million. During 1994, the Corporation combined its
subsidiaries located in the United Kingdom and Switzerland to enhance client service and to improve the capital
efficiency of its European operations. In the first quarter of 1995, the combined operation began to include
estimated premiums and losses for the current underwriting year in its financial results. This change increased
net premiums written for the first quarter by $33 million and reduced after-tax income by $3 million.
10
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
At March 31, 1995, total assets of the international property/casualty operations were $10,544 million, compared
with $10,402 million at December 31, 1994. The increase in total assets in 1995 is due to the continued growth
of the international operations' underwriting portfolios. The overall pretax yield on the invested asset portfolio
for the international property/casualty companies (excluding Cologne Re) was 7.1 percent in the first quarter of
1995, compared with 7.8 percent during the same period in 1994.
The liability for claims and claim expenses was $3,736 million at March 31, 1995, an increase of $156 million
over the year-end 1994 liability. The asset for reinsurance recoverable on unpaid losses was $293 million at
March 31, 1995, compared to $291 million at December 31, 1994.
Financial Services
Financial services operations include the Corporation's derivative products, insurance brokerage and
management, reinsurance brokerage and investment, underwriting and real estate management subsidiaries.
After-tax income for the financial services operations was $7 million in the first quarter of 1995, compared with
$15 million in the same period in 1994. The decline in the segments' income for the quarter was primarily due to
a decline in the income of GRFP. Increased after-tax income in brokerage, underwriting management and
investment management operations partially offset the decline in derivative products' income.
While still profitable, GRFP's trading revenue was $10 million in the first quarter of 1995 compared to $46
million in the same quarter of 1994. Trading revenue declined during the quarter due to fewer offerings in the
debt markets and adverse publicity related to derivatives, both of which reduced the use of derivative products
by end users. Included in trading revenue are fair value adjustments for potential credit exposures related to
derivative products. The change in these adjustments is either charged or credited to earnings in the period of
the change. The fair value allowance for counterparty credit exposures and future administrative costs on
existing contracts was $65 million at March 31, 1995.
At March 31, 1995, total assets of the financial services operations were $6,164 million, compared with $4,885
million at December 31, 1994. GRFP's market exposures arising from derivative products are managed through
the purchase and sale of government securities, futures and forward contracts or offsetting derivatives
transactions. The assets and liabilities of the financial services segment are significantly affected by the risk
management strategies utilized by GRFP to reduce market, currency rate, and interest rate risk. The purchase of
government securities financed through collateralized repurchase agreements and the sale of government
securities, whose proceeds are invested in reverse repurchase agreements, may cause short-term fluctuations in
GRFP's assets and liabilities. The use of these transactions to offset GRFP's market exposures will increase or
decrease the amount of GRFP's trading account assets or liabilities. While these risk management strategies may
have a significant impact on the amount of assets and liabilities, they generally do not have a material effect on
the Corporation's results from operations or common shareholders' equity.
11
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
During the first quarter of 1995, total invested assets of the financial services operations increased $988 million
to $2,649 million. Securities purchased under agreements to resell, which represent short-term liquid investment
of excess funds, decreased $452 million in the first quarter of 1995 to $361 million. Securities sold under agreements to
repurchase, which are short-term borrowings of funds, increased $628 million in the first quarter of 1995 to
$1,566 million. Securities sold, but not yet purchased, which decreased by $76 million during the quarter,
represent obligations of the Corporation to deliver the specified security at the contracted price, thereby creating
a liability to purchase the security in the market at prevailing prices. Accordingly, the Corporation's ultimate
obligation to satisfy the sale of securities sold, but not yet purchased may exceed the amount recognized in the
balance sheet. The Corporation controls this risk and other market risks associated with its derivative products
operations through, among other techniques, strict market position limits, including periodically stress testing the
portfolio, marking the trading portfolio to market on a daily basis, and ongoing monitoring and analysis of its
market exposures.
12
</TABLE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit #11 - Statement re: computation of earnings per share
(b) Reports on Form 8-K
Form 8-K, dated December 28, 1994, filed on January 12, 1995, consisting
of Item 2.
Form 8-K A/1, dated December 28, 1994, filed on March 13, 1995, consisting
of Item 2.
Form 8-K, dated February 8, 1995, filed on February 24, 1995, consisting
of Item 5.
Form 8-K, dated December 28, 1994, filed on March 31, 1995, consisting
of Item 5.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GENERAL RE CORPORATION
(Registrant)
Date: May 15, 1995 JOSEPH P. BRANDON
Joseph P. Brandon
Vice President and Chief
Financial Officer
(Principal Financial
Officer)
Date: May 15, 1995 ELIZABETH A. MONRAD
Elizabeth A. Monrad
Vice President and
Treasurer
(Principal Accounting
Officer)
13
<TABLE>
<CAPTION>
Exhibit 11
GENERAL RE CORPORATION
COMPUTATION of EARNINGS PER SHARE
(in millions, except per share data)
<S> <C> <C>
Three Months Ended
March 31,
Earnings Per Share of Common Stock 1995 1994
Net income (applicable to
common stock) (a) $180 $95
Average number of common shares
outstanding 81.9 82.8
Net income per share $2.20 $1.15
(a) After deduction of preferred stock dividends of $3 million for the three
months ended March 31, 1995 and 1994.
(b) Fully diluted earnings per share are not reported because the effect of
potentially dilutive securities was not significant.
</TABLE>
14
<TABLE> <S> <C>
<ARTICLE> 7
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<DEBT-HELD-FOR-SALE> 13594
<DEBT-CARRYING-VALUE> 1828
<DEBT-MARKET-VALUE> 1910
<EQUITIES> 3191
<MORTGAGE> 0
<REAL-ESTATE> 0
<TOTAL-INVEST> 20684
<CASH> 237
<RECOVER-REINSURE> 69
<DEFERRED-ACQUISITION> 335
<TOTAL-ASSETS> 31922
<POLICY-LOSSES> 10624
<UNEARNED-PREMIUMS> 1692
<POLICY-OTHER> 1811
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 156
<COMMON> 51
1
0
<OTHER-SE> 5206
<TOTAL-LIABILITY-AND-EQUITY> 31922
955
<INVESTMENT-INCOME> 193
<INVESTMENT-GAINS> 7
<OTHER-INCOME> 52
<BENEFITS> 662
<UNDERWRITING-AMORTIZATION> 229
<UNDERWRITING-OTHER> 98
<INCOME-PRETAX> 218
<INCOME-TAX> 35
<INCOME-CONTINUING> 183
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 183
<EPS-PRIMARY> 2.20
<EPS-DILUTED> 0
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
</TABLE>
