Slide 1: Investor Supplement Second Quarter 2015
Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*) the first time they appear. These measures are defined on the page "Definitions of Non-GAAP Measures" and are reconciled to the most d
Slide 2: Table of contents
PAGE Consolidated Statements of Operations 1 Contribution to Income 2 Revenues 3 Statements of Financial Position 4 Book Value Per Common Share 5 Return on Common Shareholders' Equity 6 Debt to Capital 7 Statements of Cash Flows 8 Analysis of Deferred Policy Acquisition Costs 9,10 Property-Liability
Slide 3: Consolidated Statements of Operations
1 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Revenues Property-liability insurance premiums $ 7,549 $ 7,426 $ 7,354 $ 7,307 $ 7,204 $ 7,064 $ 14,975 $ 14,268 Life and annuity premiums and contract charges 536 537 520 512 518 607
Slide 4: Contribution to Income
2 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Contribution to income Operating income before the impact of restructuring and related charges $ 274 $ 619 $ 740 $ 599 $ 448 $ 592 $ 893 $ 1,040 Restructuring and related charges, aft
Slide 5: Revenues
3 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Property-Liability Property-Liability insurance premiums $ 7,549 $ 7,426 $ 7,354 $ 7,307 $ 7,204 $ 7,064 $ 14,975 $ 14,268 Net investment income 292 358 294 344 351 312 650 663 Realiz
Slide 6: Statements of Financial Position
4 June 30, March 31, Dec. 31, Sept. 30, June 30, June 30, March 31, Dec. 31, Sept. 30, June 30, 2015 2015 2014 2014 2014 2015 2015 2014 2014 2014 Assets Liabilities Investments Reserve for property-liability insurance claims and claims expense $ 23,702 $ 23,103 $ 22,923 $ 22,350 $ 22,317 Fixed incom
Slide 7: Book Value Per Common Share
5 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Book value per common share Numerator: Common shareholders' equity (1) $ 19,552 $ 20,433 $ 20,558 $ 20,583 $ 21,126 $ 20,600 Denominator: Common shares outstanding and dilutive potential common shares outstandin
Slide 8: Return on Common Shareholders' Equity
6 June 30, March 31, Dec. 31, Sept. 30 June 30, March 31, 2015 2015 2014 2014 2014 2014 Return on Common Shareholders' Equity Numerator: Net income available to common shareholders (1) $ 2,519 $ 2,807 $ 2,746 $ 2,761 $ 2,321 $ 2,141 Denominator: Beginning common shareholders' equity $ 21,126 $ 20,60
Slide 9: Debt to Capital
7 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Debt Short-term debt $ - $ - $ - $ - $ - $ - Long-term debt 5,186 5,194 5,194 5,195 5,846 6,200 Total debt $ 5,186 $ 5,194 $ 5,194 $ 5,195 $ 5,846 $ 6,200 Capital resources Debt $ 5,186 $ 5,194 $ 5,194 $ 5,195 $
Slide 10: Statements of Cash Flows
8 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 355 $ 677 $ 824 $ 781 $ 645 $ 600 $ 1,032 $ 1,245 Adjustments to reconcile net income to net cash provided by operating activities: D
Slide 11: Analysis of Deferred Policy Acquisition Costs
9 THE ALLSTATE CORPORATION ANALYSIS OF DEFERRED POLICY ACQUISITION COSTS Amortization relating to realized capital gains and Amortization losses and (acceleration) Effect of Beginning Acquisition Amortization valuation changes on deceleration unrealized Ending balance costs before embedded derivativ
Slide 12: Analysis of Deferred Policy Acquisition Costs (year to date)
10 Amortization relating to realized capital gains and Amortization DAC before DAC after losses and (acceleration) Effect of impact of Impact of impact of Beginning Acquisition Amortization valuation changes on deceleration unrealized Ending unrealized unrealized unrealized balance costs before embe
Slide 13: Property-Liability Results
11 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Premiums written $ 7,877 $ 7,306 $ 7,292 $ 7,806 $ 7,547 $ 6,969 $ 15,183 $ 14,516 (Increase) decrease in unearned premiums (370) 166 74 (512) (397) 112 (204) (285) Other 42 (46) (12
Slide 14: Underwriting Results by Area of Business
12 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Property-Liability Underwriting Summary Allstate Protection $ (8) $ 469 $ 741 $ 579 $ 192 $ 375 $ 461 $ 567 Discontinued Lines and Coverages (2) (2) (4) (105) (3) (3) (4) (6) Underwr
Slide 15: Premiums Written by Brand
13 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Allstate brand (1) Auto $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 9,123 $ 8,667 Homeowners 1,819 1,379 1,598 1,831 1,765 1,342 3,198 3,107 Other personal lines 424 357 376 42
Slide 16: Impact of Net Rate Changes Approved on Premiums Written
14 Number of Location Number of Location Number of Location locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) Allstate brand Auto (2) (9) 34 (6) 1.5 3.6 18 (6) 0.4 3.9 14 (6) 0.7 3.4 Homeowners (3) 9 (7) 0.7 3
Slide 17: Policies in Force and Other Statistics
15 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Policies in Force (in thousands) (1) Allstate Brand Auto (2) 20,258 20,036 19,916 19,751 19,605 19,413 Homeowners (3) 6,141 6,114 6,106 6,082 6,069 6,063 Landlord 737 738 738 737 738 740 Renter 1,518 1,494 1,46
Slide 18: Allstate Brand Profitability Measures
16 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 7,168 $ 6,583 $ 6,623 $ 7,054 $ 6,866 $ 6,277 $ 13,751 $ 13,143 Net premiums earned Auto $ 4,524 $ 4,432 $ 4,376 $ 4,352 $ 4,297 $ 4,209 $ 8,956 $ 8,506 Homeow
Slide 19: Allstate Brand Statistics
17 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 New Issued Applications (in thousands) (2) Auto (6) 818 792 740 809 770 714 1,610 1,484 Homeowners 212 177 178 201 192 154 389 346 Average Premium - Gross Written ($) (3) Auto 488 48
Slide 20: Allstate Brand Auto Frequency Analysis: Bodily Injury
18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Rates of change in auto frequency (1) (% change in frequency rate year over year) Allstate gross frequency (2) 5.1% 3.4% 6.9% 6.9% 2.1% -3.2% -4.4% -4.1% -2.9% 1.2% -1.8% -3.1% -2.4% -1.1% 0.8% -1.7% -0.3% -2.8% -1.3% 4.0% 6.8% 6.8
Slide 21: Allstate Brand Auto Frequency Analysis: Property Damage
19 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Rates of change in auto frequency (1) (% change in frequency rate year over year) Allstate gross frequency (2) -0.5% 1.5% 3.1% 1.7% 0.6% -4.4% -3.3% -3.1% -4.8% 0.7% -1.8% -4.3% -0.7% -0.3% 0.6% 1.4% 5.1% -2.4% -1.0% 0.5% 2.1% 6.9%
Slide 22: Esurance Brand Profitability Measures and Statistics
20 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 371 $ 441 $ 359 $ 408 $ 340 $ 406 $ 812 $ 746 Net premiums earned Auto $ 397 $ 382 $ 378 $ 370 $ 365 $ 342 $ 779 $ 707 Homeowners 4 3 2 1 - - 7 - Other persona
Slide 23: Encompass Brand Profitability Measures and Statistics
21 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 338 $ 282 $ 310 $ 343 $ 341 $ 286 $ 620 $ 627 Net premiums earned Auto $ 165 $ 165 $ 164 $ 168 $ 162 $ 161 $ 330 $ 323 Homeowners 126 127 126 123 120 117 253 2
Slide 24: Auto Profitability Measures
22 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, ($ in millions) 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 9,123 $ 8,667 Esurance brand 363 434 354 403 338 404 797 742 Encompass brand 173
Slide 25: Homeowners Profitability Measures
23 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, ($ in millions) 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 1,819 $ 1,379 $ 1,598 $ 1,831 $ 1,765 $ 1,342 $ 3,198 $ 3,107 Esurance brand 7 5 4 3 1 1 12 2 Encompass brand 136 111 123 137 13
Slide 26: Other Personal Lines Profitability Measures
24 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, ($ in millions) 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 424 $ 357 $ 376 $ 426 $ 416 $ 351 $ 781 $ 767 Esurance brand 1 2 1 2 1 1 3 2 Encompass brand 29 24 27 28 29 25 53 54 454 383 404
Slide 27: Commercial Lines Profitability Measures
25 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, ($ in millions) 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 138 $ 128 $ 126 $ 122 $ 130 $ 116 $ 266 $ 246 Net premiums earned $ 128 $ 125 $ 125 $ 120 $ 121 $ 110 $ 253 $ 231 Incurred losses $ 105 $ 98 $
Slide 28: Other Business Lines Profitability Measures
26 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, ($ in millions) 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 199 $ 184 $ 176 $ 185 $ 180 $ 176 $ 383 $ 356 Net premiums earned $ 137 $ 141 $ 140 $ 138 $ 131 $ 133 $ 278 $ 264 Incurred losses $ 66 $ 69 $ 6
Slide 29: Underlying Combined Ratios
27 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Auto Allstate brand underlying combined ratio 97.8 95.6 98.2 92.9 91.8 93.8 96.7 92.8 Effect of catastrophe losses on combined ratio 3.2 0.3 0.2 1.8 4.1 0.4 1.7 2.3 Effect of prior y
Slide 30: Allstate Brand Auto and Homeowners Underlying Loss and Expense
28 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Auto Annualized average premium (1) $ 893 $ 885 $ 879 $ 881 $ 877 $ 867 Underlying combined ratios 97.8 95.6 98.2 92.9 91.8 93.8 Average underlying loss (incurred pure premium) and expense * $ 874 $ 846 $ 863 $
Slide 31: Homeowners Supplemental Information
29 Annual impact of Effect of rate changes Earned Incurred Catastrophe catastrophes Number of Number of on state specific Primary Exposure Groupings (1) premiums losses Loss ratios losses on loss ratio catastrophes locations premiums written Florida $ 56 $ 34 60.7% $ - 0.0% Other hurricane exposure
Slide 32: Catastrophe Losses by Brand
30 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Allstate brand Auto $ 143 $ 13 $ 9 $ 80 $ 178 $ 16 $ 156 $ 194 Homeowners 528 227 62 355 617 336 755 953 Other personal lines 47 29 11 19 48 49 76 97 Commercial lines 12 5 6 4 10 9 1
Slide 33: Effect of Catastrophe Losses on the Combined Ratio
31 Premiums Total Total Effect on the earned catastrophe catastrophe Property-Liability Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year year-to-date losses by year losses by year combined ratio 2006 1.6 3.7 2.5 4.1 3.0 $ 27,369 $ 810 $ 1,044 3.8 2007 2.4 6.3 5.0 7.0 5.2 27,233 1,409 1,336 4.9 2008 8.4
Slide 34: Catastrophe by Size of Event
32 Average Number Claims and Combined catastrophe Size of catastrophe of events claims expense ratio impact loss per event Greater than $250 million - - % $ - - % - $ - $101 million to $250 million 1 3.0 130 16.3 1.7 130 $50 million to $100 million 5 15.2 316 39.6 4.2 63 Less than $50 million 27 81.
Slide 35: Prior Year Reserve Reestimates
33 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Prior Year Reserve Reestimates (1) Auto $ 11 $ 24 $ (75) $ (79) $ (36) $ (48) $ 35 $ (84) Homeowners 4 1 (21) (9) 41 18 5 59 Other personal lines 6 1 20 11 (12) 15 7 3 Commercial lin
Slide 36: Asbestos and Environmental Reserves
34 June 30, March 31, 2015 2015 2014 2013 2012 2011 2010 (net of reinsurance) Asbestos claims Beginning reserves $ 993 $ 1,014 $ 1,017 $ 1,026 $ 1,078 $ 1,100 $ 1,180 Incurred claims and claims expense - - 87 74 26 26 5 Claims and claims expense paid (16) (21) (90) (83) (78) (48) (85) Ending reserve
Slide 37: Allstate Personal Lines Profitability Measures
35 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Auto $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 9,123 $ 8,667 Homeowners 1,819 1,379 1,598 1,831 1,765 1,342 3,198 3,107 Landlord 138 128 140 147 137 126
Slide 38: Emerging Businesses Profitability Measures
36 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Esurance $ 371 $ 441 $ 359 $ 408 $ 340 $ 406 $ 812 $ 746 Encompass 338 282 310 343 341 286 620 627 Commercial lines 138 128 126 122 130 116 266 246 Allstate Road
Slide 39: Allstate Financial Results
37 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Premiums $ 326 $ 328 $ 312 $ 308 $ 312 $ 327 $ 654 $ 639 Contract charges 210 209 208 204 206 280 419 486 Net investment income 489 484 480 473 538 640 973 1,178 Periodic settlements
Slide 40: Impact of LBL on Comparison of Allstate Financial Results
38 June 30, June 30, Q1 2014 Change 2015 2014 Change LBL results excl.LBL Premiums and contract charges $ 1,073 $ 1,125 $ (52) $ 85 $ 33 Net investment income 973 1,178 (205) 126 (79) Periodic settlements and accruals on non-hedge derivative instruments - (1) 1 1 Contract benefits (887) (901) 14 (65
Slide 41: Return on Attributed Equity
39 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Return on Attributed Equity Numerator: Net income available to common shareholders (1) $ 686 $ 652 $ 631 $ 542 $ 66 $ 111 Denominator: Beginning attributed equity (2) $ 7,262 $ 7,812 $ 7,273 $ 7,819 $ 8,224 $ 8
Slide 42: Allstate Financial Premiums and Contract Charges
40 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 PREMIUMS AND CONTRACT CHARGES - BY PRODUCT Underwritten Products Traditional life insurance premiums $ 131 $ 132 $ 133 $ 126 $ 125 $ 127 $ 263 $ 252 Accident and health insurance pre
Slide 43: Allstate Financial Change in Contractholder Funds
41 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Contractholders funds, beginning balance $ 22,267 $ 22,529 $ 22,848 $ 23,472 $ 23,989 $ 24,304 $ 22,529 $ 24,304 Contractholders funds classified as held for sale, beginning balance
Slide 44: Allstate Financial Analysis of Net Income
42 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Benefit spread Premiums $ 326 $ 328 $ 312 $ 308 $ 312 $ 327 $ 654 $ 639 Cost of insurance contract charges (1) 138 138 136 135 135 187 276 322 Contract benefits excluding the implied
Slide 45: Allstate Financial Weighted Average Investment Spreads
43 Weighted average Weighted average Weighted average Weighted average Weighted average Weighted average investment yield interest crediting rate investment spreads investment yield interest crediting rate investment spreads Interest-sensitive life insurance 5.1 % 3.9 % 1.2 % 5.3 % 4.0 % 1.3 % Defer
Slide 46: Allstate Financial Supplemental Product Information
44 Twelve months ended June 30, 2015 Attributed equity Reserves and excluding unrealized June March Dec. Sept. June March Contractholder funds capital gains/losses (3)(4) Operating income (5) 2015 2015 2014 2014 2014 2014 Underwritten products Life insurance $ 10,585 $ 2,508 $ 244 9.3 % 9.8 % 11.0 %
Slide 47: Allstate Financial Insurance Policies and Annuities in Force
45 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 ALLSTATE FINANCIAL INSURANCE POLICIES AND ANNUITIES IN FORCE BY PRODUCT Underwritten products Life insurance 2,456 2,448 2,434 2,432 2,436 2,588 Accident and health insurance 2,843 2,777 2,555 2,530 2,577 2,593
Slide 48: Life, Annuities and Allstate Benefits Results
46 Allstate Allstate Allstate Allstate Allstate Financial Allstate Allstate Allstate Financial Life Annuities Benefits Segment Life Annuities Benefits Segment $ 249 $ - $ 405 $ 654 $ 243 $ 5 $ 391 $ 639 360 6 53 419 427 10 49 486 241 696 36 973 285 857 36 1,178 - - - - - (1) - (1) (373) (299) (215)
Slide 49: Corporate and Other Results
47 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net investment income $ 8 $ 8 $ 5 $ 6 $ 9 $ 7 $ 16 $ 16 Operating costs and expenses (9) (5) (14) (6) (10) (8) (14) (18) Interest expense (73) (73) (73) (77) (84) (87) (146) (171) In
Slide 50: Investments
48 June 30, March 31, Dec. 31, Sept. 30, June 30, June 30, March 31, Dec. 31, Sept. 30, June 30, 2015 2015 2014 2014 2014 2015 2015 2014 2014 2014 Fixed income securities, at fair value: Tax-exempt $ 4,418 $ 4,362 $ 4,138 $ 4,288 $ 4,353 $ 23 $ 28 $ 75 $ 39 $ 2 Taxable 25,192 25,674 26,696 27,078 26
Slide 51: Limited Partnership Investments
49 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Investment position Accounting basis Cost method $ 1,130 $ 1,137 $ 1,122 $ 1,144 $ 1,157 $ 1,346 Equity method ("EMA") (1) 3,406 3,562 3,405 3,204 3,152 3,678 Total $ 4,536 $ 4,699 $ 4,527 $ 4,348 $ 4,309 $ 5,0
Slide 52: Unrealized Net Capital Gains and Losses by Type
50 Unrealized net Fair value Unrealized net Fair value Unrealized net Fair value capital gains Fair as a percent of capital gains Fair as a percent of capital gains Fair as a percent of and losses value amortized cost (1) and losses value amortized cost (1) and losses value amortized cost (1) Fixed
Slide 53: Net Investment Income, Yields and Realized Capital Gains and Losses
51 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities $ 567 $ 568 $ 577 $ 581 $ 584 $ 705 $ 1,135 $ 1,289 Equity securities 31 23 26 28 35 28 54 63 Mortgage loans 57 55 59 54 71 81 112 152 L
Slide 54: Property-Liability Net Investment Income and Yields
52 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities: Tax-exempt $ 26 $ 25 $ 26 $ 27 $ 29 $ 31 $ 51 $ 60 Taxable 195 190 191 189 183 184 385 367 Equity securities 23 18 22 21 29 23 41 52 Mo
Slide 55: Allstate Financial Net Investment Income and Yields
53 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities $ 338 $ 344 $ 353 $ 359 $ 365 $ 484 $ 682 $ 849 Equity securities 8 5 4 7 6 5 13 11 Mortgage loans 54 51 55 50 67 76 105 143 Limited par
Slide 56: Investment Portfolio Total Return
54 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Consolidated investment portfolio Interest-bearing (1) $ 70,243 $ 71,287 $ 72,201 $ 71,755 $ 72,580 $ 71,084 $ 70,243 $ 72,580 Equity/owned (2) 8,898 9,150 8,912 8,966 9,983 10,606 8
Slide 57: Investment Portfolio by Strategy
55 Market- Market- Performance- Performance- June 30, Based Based Based Based 2015 Core (1) Active (2) Long-Term (3) Opportunistic (4) Fixed income securities, at fair value $ 59,930 $ 53,668 $ 6,139 $ 73 $ 50 Equity securities, at fair value 4,000 3,005 792 59 144 Mortgage loans 4,343 4,343 - - - L
Slide 58: Definitions of Non-GAAP Measures
56 Operating income is net income available to common shareholders, excluding: - realized capital gains and losses, after-tax, except for periodic settlements and accruals on non-hedge derivative instruments, which are reported with realized capital gains and losses but included in operating income,