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<page> Part I - Financial Information Item 1. Financial Statements <table> the Hartford Steam Boiler Inspection and Insurance Company Consolidated Statements of Operations Unaudited (In Millions, Except Per Share Data) <caption> Quarter Nine Months Ended September 30, Ended September 30, 1994 1993 1994 1993 <s> <c> <c> <c> <c> Revenues: Insurance Premiums $ 85.8 $ 86.3 $ 255.4 $ 262.0 Net Engineering Services 57.5 59.3 172.0 174.1 Net Investment Income 6.4 7.3 19.1 22.6 Realized Investment Gains 1.8 6.5 8.2 21.9 Total Revenues 151.5 159.4 454.7 480.6 Expenses: Claims and Adjustment 33.8 69.1 111.0 160.7 Policy Acquisition 16.4 16.0 48.0 48.4 Underwriting and Inspection 28.1 27.9 80.1 82.1 Net Engineering Services 52.6 55.9 158.8 166.6 Interest 0.4 0.6 1.2 1.5 Restructuring - 20.0 - 20.0 Charge for Proposition 103 2.9 - 2.9 - Total Expenses 134.2 189.5 402.0 479.3 Equity in Operations of Insurance Association 0.4 0.4 1.1 (0.9) Income (Loss) Before Taxes and Cumulative Effect of Change in Accounting Principle 17.7 (29.7) 53.8 0.4 Income Taxes (Benefit): Current 3.8 (2.9) 12.7 3.6 Deferred 1.6 (4.2) 2.6 (3.9) Total Income Taxes 5.4 (7.1) 15.3 (0.3) Income (Loss) Before Cumulative Effect of Change in Accounting Principles 12.3 (22.6) 38.5 0.7 Cumulative Effect of Change in Accounting Principle (Net of Income Taxes of $1.9) - - - (3.6)* Net Income (Loss) $ 12.3 $ (22.6) $ 38.5 $ (2.9) ======= ======= ======= ======= Net Income (Loss) Per Share: Income (Loss) Before Accounting Change $ 0.60 $ (1.09) $ 1.88 $ 0.03 Cumulative Effect of Accounting Change - - - (0.17)* Net Income (Loss) $ 0.60 $ (1.09) $ 1.88 $ (0.14) ======= ======= ======= ======= Dividends Declared Per Share $ 0.55 $ 0.53 $ 1.61 $ 1.59 Average Shares Outstanding 20.5 20.8 20.5 20.8 <fn> *Reflects Adoption of Fas 112. See Notes to Consolidated Financial Statements. </Table> 3
