Cigna 2010 Annual Report Download - page 133

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CIGNA CORPORATION2010 Form 10K 113
PART II
ITEM 8 Financial Statements and Supplementary Data
e Company maintains a share repurchase program, which was
authorized by its Board of Directors.  e decision to repurchase shares
depends on market conditions and alternative uses of capital.  e
Company has, and may continue from time to time, to repurchase
shares on the open market through a Rule 10b5-1 plan that permits
a company to repurchase its shares at times when it otherwise might
be precluded from doing so under insider trading laws or because of
self-imposed trading blackout periods.
e Company has authorized a total of 25 million shares of $1 par
value preferred stock. No shares of preferred stock were outstanding
at December 31, 2010 or 2009.
NOTE 18 Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) excludes amounts
required to adjust future policy benefi ts for the run-off settlement
annuity business.
Changes in accumulated other comprehensive income (loss) were as
follows:
2010
(In millions)
Pre-Tax Tax (Expense)
Bene t After- Tax
Net unrealized appreciation, securities:
Net unrealized appreciation on securities arising during the year $ 319 $ (109) $ 210
Reclassifi cation adjustment for (gains) included in shareholders’ net income (92) 32 (60)
Net unrealized appreciation, securities $ 227 $ (77) $ 150
Net unrealized appreciation, derivatives $ 8 $ (2) $ 6
Net translation of foreign currencies $ 48 $ (11) $ 37
Postretirement bene ts liability adjustment:
Reclassifi cation adjustment for amortization of net losses from past experience
and prior service costs $ 10 $ (4) $ 6
Net change arising from assumption and plan changes and experience (311) 116 (195)
Net postretirement benefi ts liability adjustment $ (301) $ 112 $ (189)
2009
(In millions)
Pre-Tax Tax (Expense)
Bene t After- Tax
Net unrealized appreciation, securities:
Implementation eff ect of updated guidance on other-than-temporary impairments $ (27) $ 9 $ (18)
Net unrealized appreciation on securities arising during the year 843 (292) 551
Reclassifi cation adjustment for (gains) included in net income (14) 3 (11)
Net unrealized appreciation, securities $ 802 $ (280) $ 522
Net unrealized depreciation, derivatives $ (30) $ 13 $ (17)
Net translation of foreign currencies $ 76 $ (28) $ 48
Postretirement bene ts liability adjustment:
Reclassifi cation adjustment for amortization of net losses from past experience
and prior service costs $ 7 $ (3) $ 4
Curtailment gain (46) 16 (30)
Reclassifi cation adjustment included in shareholders’ net income (39) 13 (26)
Net change arising from assumption and plan changes and experience (107) 36 (71)
Net postretirement benefi ts liability adjustment $ (146) $ 49 $ (97)
2008
(In millions)
Pre-Tax Tax (Expense)
Bene t After- Tax
Net unrealized depreciation, securities:
Net unrealized depreciation on securities arising during the year $ (706) $ 245 $ (461)
Reclassifi cation adjustment for losses included in net income 268 (94) 174
Net unrealized depreciation, securities $ (438) $ 151 $ (287)
Net unrealized appreciation, derivatives $ 9 $ (3) $ 6
Net translation of foreign currencies $ (183) $ 62 $ (121)
Postretirement bene ts liability adjustment:
Reclassifi cation adjustment for amortization of net losses from past experience
and prior service costs $ 21 $ (7) $ 14
Net change arising from assumption and plan changes and experience (1,134) 397 (737)
Net postretirement benefi ts liability adjustment $ (1,113) $ 390 $ (723)