Cigna 2014 Annual Report Download - page 136
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PART II
ITEM 8. Financial Statements and Supplementary Data
Tax
(In millions)
(Expense)
2013 Pre-Tax Benefit After-Tax
Net unrealized appreciation, securities, January 1, $ 1,352 $ (465) $ 887
Net unrealized depreciation on securities arising during the year (498) 166 (332)
Reclassification adjustment for (gains) included in shareholders’ net income (realized investment gains) (121) 43 (78)
Net unrealized depreciation, securities arising during the year (619) 209 (410)
Net unrealized appreciation, securities, December 31, $ 733 $ (256) $ 477
Net unrealized depreciation, derivatives, January 1, $ (43) $ 15 $ (28)
Net unrealized appreciation, derivatives, arising during the year 14 (5) 9
Net unrealized depreciation, derivatives, December 31, $ (29) $ 10 $ (19)
Net translation of foreign currencies, January 1, $ 91 $ (22) $ 69
Net translation of foreign currencies, arising during the year – 13 13
Net translation of foreign currencies, December 31, $91$(9)$82
Postretirement benefits liability adjustment, January 1, $ (2,460) $ 861 $ (1,599)
Reclassification adjustment for amortization of net losses from past experience and prior service costs (other
operating expenses) 70 (25) 45
Reclassification adjustment for curtailment gain (other operating expenses) (19) 7 (12)
Total reclassification adjustment to shareholders’ net income (other operating expenses) 51 (18) 33
Net change due to valuation update and plan amendments 779 (273) 506
Net postretirement benefits liability adjustment arising during the year 830 (291) 539
Postretirement benefits liability adjustment, December 31, $ (1,630) $ 570 $ (1,060)
Tax
(In millions)
(Expense)
2012 Pre-Tax Benefit After-Tax
Net unrealized appreciation, securities, January 1, $ 1,133 $ (393) $ 740
Net unrealized appreciation on securities arising during the year 271 (90) 181
Reclassification adjustment for (gains) included in net income (realized investment gains) (52) 18 (34)
Net unrealized appreciation, securities arising during the year 219 (72) 147
Net unrealized appreciation, securities, December 31, $ 1,352 $ (465) $ 887
Net unrealized depreciation, derivatives, January 1, $ (36) $ 13 $ (23)
Net unrealized depreciation, derivatives arising during the year (7) 2 (5)
Net unrealized depreciation, derivatives, December 31, $ (43) $ 15 $ (28)
Net translation of foreign currencies, January 1, $ 13 $ (10) $ 3
Net translation of foreign currencies arising during the year 78 (12) 66
Net translation of foreign currencies, December 31, $ 91 $ (22) $ 69
Postretirement benefits liability adjustment, January 1, $ (2,331) $ 824 $ (1,507)
Reclassification adjustment for amortization of net losses from past experience and prior service costs and
settlement charges (other operating expenses) 52 (18) 34
Net change due to valuation update and plan amendments (181) 55 (126)
Net postretirement benefits liability adjustment arising during the year (129) 37 (92)
Postretirement benefits liability adjustment, December 31, $ (2,460) $ 861 $ (1,599)
Shareholders’ Equity and Dividend Restrictions
State insurance departments and foreign jurisdictions that regulate certain of the Company’s subsidiaries prescribe accounting practices (differing
in some respects from GAAP) to determine statutory net income and surplus. The Company’s life insurance and HMO company subsidiaries are
104 CIGNA CORPORATION - 2014 Form 10-K
NOTE 18