Cigna 2013 Annual Report Download - page 112
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PART II
ITEM 8. Financial Statements and Supplementary Data
The following table presents direct, assumed and ceded premiums and fees for both short-duration and long-duration insurance contracts. It also
presents reinsurance recoveries that have been netted against direct benefits and expenses in the Company’s Consolidated Statements of Income.
(In millions) 2013 2012 2011
Premiums and Fees
Short-duration contracts:
Direct $ 26,445 $ 23,954 $ 17,300
Assumed 393 382 158
Ceded (253) (217) (185)
26,585 24,119 17,273
Long-duration contracts:
Direct 2,499 2,234 1,919
Assumed 183 86 36
Ceded:
Individual life insurance and annuity business sold (176) (186) (203)
Other (115) (66) (59)
2,391 2,068 1,693
TOTAL $ 28,976 $ 26,187 $ 18,966
Reinsurance recoveries
Individual life insurance and annuity business sold $ 335 $ 316 $ 310
Other (18) 201 213
TOTAL $ 317 $ 517 $ 523
As noted in the GMDB section above, 2013 recoveries are net of the increase in long-duration assumed premiums in 2013 largely results
impact of a decrease in reinsurance recoverables due to a change in the from the acquisition of Great American Supplemental Benefits in
growth rate assumption, resulting from the discontinuance of the 2012. The increase in assumed premiums in 2012 largely results from
hedge programs following the reinsurance transaction with Berkshire. the acquisition of FirstAssist in 2011.
The increase in direct premiums in 2012 as compared to 2011 The effects of reinsurance on written premiums and fees for short-
primarily reflects the Company’s acquisitions of HealthSpring and duration contracts were not materially different from the recognized
Great American Supplemental Benefits as well as the conversion of premium and fee amounts shown in the table above.
Vanbreda business from service to insurance contracts in 2012. The
Goodwill, Other Intangibles, and Property and Equipment
Goodwill is primarily reported in the Global Health Care segment ($5.7 billion) and, to a lesser extent, the Global Supplemental Benefits segment
($340 million).
Activity in Goodwill during 2013 and 2012 was as follows:
(In millions) 2013 2012
Balance at January 1, $ 6,001 $ 3,164
Goodwill acquired:
Finans Emeklilik 3 113
FirstAssist -7
HealthSpring - 2,541
Great American Supplement Benefits - 168
Other 33
Impact of foreign currency translation (8) 8
Balance at December 31, $ 6,029 $ 6,001
80 CIGNA CORPORATION - 2013 Form 10-K
NOTE 8