(Dollars in millions) | Single-Employer Program | Multiemployer Program | Memorandum Total | |||
---|---|---|---|---|---|---|
For the years ended | September 30, 2005 | September 30, 2004 | September 30, 2005 | September 30, 2004 | September 30, 2005 | September 30, 2004 |
UNDERWRITING: | ||||||
Income: | ||||||
Premium (Note 9) | $ 1,451 |
$ 1,458 |
$ 26 |
$ 27 |
$ 1,477 |
$ 1,485 |
Other | 44 |
24 |
0 |
0 |
44 |
24 |
Total | 1,495 |
1,482 |
26 |
27 |
1,521 |
1,509 |
Expenses: | ||||||
Administrative | 311 |
263 |
$ 0 | $ 0 | 311 |
263 |
Other | 77 |
(36) |
$ 0 | $ 0 | 77 |
(36) |
Total | 388 |
227 |
$ 0 | $ 0 | 388 |
227 |
Other underwriting activity: | ||||||
Losses from completed and probable terminations (Note 10) |
3,954 |
14,707 |
$ 0 | $ 0 | 3,954 |
14,707 |
Losses from financial assistance (Note 5) | 204 |
55 |
204 |
55 |
||
Actuarial adjustments (Note 4) | 220 |
1,525 |
0 |
1 |
220 |
1,526 |
Total | 4,174 |
16,232 |
204 |
56 |
4,378 |
16,288 |
Underwriting loss | (3,067) |
(14,977) |
(178) |
(29) |
(3,245) |
(15,006) |
FINANCIAL: | ||||||
Investment income (loss) (Note 11): | ||||||
Fixed | 1,755 |
983 |
79 |
54 |
1,834 |
1,037 |
Equity | 2,114 |
2,196 |
0 |
0 |
2,114 |
2,196 |
Other | 28 |
18 |
0 |
0 |
28 |
18 |
Total | 3,897 |
3,197 |
79 |
54 |
3,976 |
3,251 |
Expenses: | ||||||
Investment | 31 |
25 |
$ 0 | $ 0 | 31 |
25 |
Actuarial charges (Note 4): | ||||||
Due to passage of time | 2,618 |
1,881 |
0 |
0 |
2,618 |
1,881 |
Due to change in interest rates | (2,348) |
(1,619) |
0 |
0 |
(2,348) |
(1,619) |
Total | 301 |
287 |
0 |
0 |
301 |
287 |
Financial income (loss) | 3,596 |
2,910 |
79 |
54 |
3,675 |
2,964 |
Net income (loss) | 529 |
(12,067) |
(99) |
25 |
430 |
(12,042) |
Net position, beginning of year | (23,305) |
(11,238) |
(236) |
(261) |
(23,541) |
(11,499) |
Net position, end of year | $(22,776) |
$(23,305) |
$(335) |
$(236) |
$(23,111) |
$(23,541) |
The accompanying notes are an integral part of these financial statements.
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