(Dollars in millions) | Single-Employer Program | Multiemployer Program | Memorandum Total | |||
---|---|---|---|---|---|---|
For the years ended | September 30, 2004 | September 30, 2003 | September 30, 2004 | September 30, 2003 | September 30, 2004 | September 30, 2003 |
UNDERWRITING: | ||||||
Income: | ||||||
Premium (Note 9) | $ 1,458 | $ 948 | $ 27 | $ 25 | $ 1,485 | $ 973 |
Other | $ 24 | $ 28 | $ 0 | $ 0 | $ 24 | $ 28 |
Total | $ 1,482 | $ 976 | $ 27 | $ 25 | $ 1,509 | $ 1,001 |
Expenses: | ||||||
Administrative | $ 263 | $ 271 | $ 0 | $ 0 | $ 263 | $ 271 |
Other | $ (36) | $ 97 | $ 0 | $ 0 | $ (36) | $97 |
Total | $ 227 | $ 368 | $ 0 | $ 0 | $ 227 | $ 368 |
Other underwriting activity: | ||||||
Losses from completed and probable terminations (Note 10) |
$ 14,707 | $ 5,377 | $ 0 | $ 0 | $ 14,707 | $ 5,377 |
Losses from financial assistance (Note 5) | $ 55 | $ 480 | $ 55 | $ 480 | ||
Actuarial adjustments (Note 4) | $ 1,525 | $ 108 | $ 1 | $ 1 | $1,526 | $ 109 |
Total | $ 16,232 | $ 5,485 | $ 56 | $ 481 | $ 16,288 | $ 5,966 |
Underwriting loss | $ ( 14,977) | $ ( 4,877) | $ ( 29) | $ ( 456) | $ ( 15,006) | $ ( 5,333) |
FINANCIAL: | ||||||
Investment income (loss) (Note 11): | ||||||
Fixed | $ 983 | $ 1,276 | $ 54 | $ 37 | $ 1,037 | $ 1,313 |
Equity | $ 2,196 | $ 2,059 | $ 0 | $ 0 | $ 2,196 | $ 2,059 |
Other | $ 18 | $ 14 | $ 0 | $ 0 | $ 18 | $ 14 |
Total | $ 3,197 | $ 3,349 | $ 54 | $ 37 | $ 3,251 | $ 3,386 |
Expenses: | ||||||
Investment | $ 25 | $ 19 | $ 0 | $ 0 | $ 25 | $ 19 |
Actuarial charges (Note 4): | ||||||
Due to passage of time | $ 1,881 | $ 1,770 | $ 0 | $ 0 | $ 1,881 | $ 1,770 |
Due to change in interest rates | $ (1,619) | $ 4,283 | $ 0 | $ 0 | $ (1,619) | $ 4,283 |
Total | $ 287 | $ 6,072 | $ 0 | $ 0 | $ 287 | $ 6,072 |
Financial income (loss) | $ 2,910 | $ (2,723) | $ 54 | $ 37 | $ 2,964 | $ (2,686) |
Net income (loss) | $ (12,067) | $ (7,600) | $ 25 | $ (419) | $ (12,042) | $ (8,019) |
Net position, beginning of year | $ (11,238) | $ (3,638) | $ (261) | $ 158 | $ (11,499) | $ (3,480) |
Net position, end of year | $ (23,305) | $ (11,238) | $ (236) | $ (261) | $ (23,541) | $ (11,499) |
The accompanying notes are an integral part of these financial statements.
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