Cigna 2009 Annual Report Download - page 133
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113
The condensed balance sheet of Great-West Healthcare at the acquisition date was as follows:
(In millions)
Investments $ 147
Cash and cash equivalents 55
Premiums, accounts and notes receivable 226
Reinsurance recoverables 12
Property and equipment (primarily capitalized software) 142
Deferred income taxes 7
Goodwill 1,095
Other assets, including other intangibles 151
Total assets acquired 1,835
Future policy benefits 78
Unpaid claims and claim expenses 15
Health Care medical claims payable 90
Accounts payable, accrued expenses and other liabilities (1) 278
Total liabilities acquired 461
Net assets acquired $ 1,374
(1) Includes $18 million of liabilities related to integration activities: severance of $14 million and consolidation of facilities of $4 million.
The results of Great-West Healthcare have been included in the Company’s Consolidated Financial Statements from the date of
acquisition.
The following table presents selected unaudited pro forma information for the Company assuming the acquisition had occurred as of
January 1, 2007. The pro forma information does not purport to represent what the Company’s actual results would have been if the
acquisition had occurred as of the date indicated or what such results would be for any future periods.
(Unaudited)
Year Ended December 31,
(In millions, except per share amounts) 2008 2007
Total revenues $ 19,469 $ 19,173
Shareholders' income from continuing operations $ 309 $ 1,224
Shareholders' net income $ 313 $ 1,219
Earnings per share:
Shareholders' income from continuing operations
Basic $ 1.11 $ 4.27
Diluted $ 1.11 $ 4.22
Shareholders' net income
Basic $ 1.13 $ 4.26
Diluted $ 1.12 $ 4.20
B. Sale of the Chilean Insurance Operations
On August 10, 2007, the Company completed the sale of its Chilean insurance operations, which was classified as a discontinued
operation in the second quarter of 2007. The Company recognized an impairment loss in the second quarter of 2007 for this business
of $19 million after-tax primarily relating to the write-off of unrecoverable tax assets and foreign currency translation losses.