(Dollars in millions) | Single-Employer Program | Multiemployer Program | Memorandum Total | |||
---|---|---|---|---|---|---|
For the year ended September 30, | 2001 | 2000 | 2001 | 2000 | 2001 | 2000 |
UNDERWRITING: | ||||||
Income: | ||||||
Premium (Note 9) | $821 | $807 | $24 | $24 | $845 | $831 |
Other | 23 | 5 | 0 | 0 | 23 | 5 |
Total | 844 | 812 | 24 | 24 | 868 | 836 |
Expenses: | ||||||
Administrative | 171 | 152 | 0 | 0 | 171 | 152 |
Other | 2 | -2 | 0 | 0 | 2 | -2 |
Total | 173 | 150 | 0 | 0 | 173 | 150 |
Other underwriting activity: | ||||||
Losses (credits) from completed and probable terminations (Note 10) | 705 | -80 | 0 | 0 | 705 | -80 |
Losses from financial assistance (Note 5) | 269 | 26 | 269 | 26 | ||
Actuarial adjustments (Note 4) | -93 | -200 | 1 | 0 | -92 | -200 |
Total | 612 | -280 | 270 | 26 | 882 | -254 |
Underwriting income (loss) | 59 | 942 | -246 | -2 | -187 | 940 |
FINANCIAL: | ||||||
Investment income (loss) (Note 11): | ||||||
Fixed | 1,669 | 1,081 | 96 | 69 | 1,765 | 1,150 |
Equity | -2,509 | 1,310 | -1 | 1 | -2,510 | 1,311 |
Other | -3 | 1 | 0 | 0 | -3 | 1 |
Total | -843 | 2,392 | 95 | 70 | -748 | 2,462 |
Expenses: | ||||||
Investment | 13 | 15 | 0 | 0 | 13 | 15 |
Actuarial charges (credits) (Note 4): | ||||||
Due to passage of time | 780 | 658 | 0 | 0 | 780 | 658 |
Due to change in interest rates | 395 | -5 | 0 | 0 | 395 | -5 |
Total | 1,188 | 668 | 0 | 0 | 1,188 | 668 |
Financial income (loss) | -2,031 | 1,724 | 95 | 70 | -1,936 | 1,794 |
Net income (loss) | -1,972 | 2,666 | -151 | 68 | -2,123 | 2,734 |
Net position, beginning of year | 9,704 | 7,038 | 267 | 199 | 9,971 | 7,237 |
Net position, end of year | $7,732 | $9,704 | $116 | $267 | $7,848 | $9,971 |
The accompanying notes are an integral part of these financial statements.
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