American Express 2003 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2003 American Express annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

(p.65_axp_ financial review)
SELECTED STATISTICAL INFORMATION
Years Ended December 31, (Millions, except where indicated) 2003 2002 2001
Life insurance inforce (billions) $131.4 $119.0 $ 107.9
Deferred annuities inforce (billions) $47.4 $41.0 $ 41.3
Assets owned, managed or administered (billions):
Assets managed for institutions $116.4 $42.3 $ 49.7
Assets owned, managed or administered for individuals:
Owned assets:
Separate account assets 30.8 22.0 27.3
Other owned assets 53.8 51.7 44.2
Total owned assets 84.6 73.7 71.5
Managed assets 110.2 81.6 98.7
Administered assets* 54.1 33.0 33.4
Total $365.3 $230.6 $ 253.3
Market appreciation (depreciation) during the period:
Owned assets:
Separate account assets $5,514 $(5,057) $ (5,752)
Other owned assets $(244) $898 $ 879
Managed assets $26,213 $(16,788) $ (18,662)
Cash sales:
Mutual funds $30,407 $31,945 $ 33,581
Annuities 8,335 8,541 5,648
Investment certificates 5,736 4,088 3,788
Life and other insurance products 760 710 895
Institutional 3,033 3,331 5,006
Other 5,787 5,201 5,276
Total cash sales $54,058 $53,816 $ 54,194
Number of financial advisors 12,121 11,689 11,535
Fees from financial plans and advice services $120.7 $113.9 $ 107.5
Percentage of total sales from financial plans and advice services 74.8% 73.3% 72.5%
*Excludes non-branded administered assets of $3.6 billion and $2.3 billion at December 31, 2002 and 2001, respectively.
Liquidity and Capital Resources
SELECTED BALANCE SHEET INFORMATION (GAAP BASIS)
December 31, (Billions, except percentages) 2003 2002
Investments $42.1 $38.2
Separate account assets $30.8 $22.0
Deferred acquisition costs $4.0 $3.8
Total assets $84.6 $73.7
Client contract reserves $41.2 $37.3
Separate account liabilities $30.8 $22.0
Total liabilities $77.5 $67.4
Total shareholder’s equity $7.1 $6.3
Return on average total shareholder’s equity* 10.4% 10.9%
*Computed on a trailing 12-month basis using income before cumulative effect of accounting change and total shareholder’s equity as included in the Consolidated Financial Statements prepared
in accordance with GAAP.