KEY TO ROSTER--The corporate name of each company is followed by its founding or incorporation date in parentheses. Sales figures have been confined as closely as possible to operating revenues. They include equity in earnings of joint venture corporations as reported, but exclude nonoperating revenue such as dividends and gains from the sale of real estate. Income figures are given before extraordinary items. Related income-per-share figures are fully diluted when available and are based on average shares outstanding during the year, or the number of shares outstanding at year-end, depending on the company's accounting method. Sales and income figures are given for the year-end 1986 or fiscal year ended on or before February 28, 1987 followed in parentheses by sales and income figures, respectively, for the prior reporting period. Where preliminary figures have been made available, they have been so noted. Dividend figures (when paid) are reported for common stock shares. Asset figures are given as of the final day of the year covered by sales and income figures. The term "1986 Rank" indicates the rank of the company in the 1986 Los Angeles Times Roster. The 1986 Roster was published June 8, 1986 and used figures for years ended most recently prior to March 31, 1986. The abbreviation NYSE, ASE, PSE and OTC indicate listing/trading on the New York, American and Pacific stock exchanges or trading on the over-the-counter market. The various categories of companies have been ranked on the following basis: industrial firms by sales/revenues; merchandising firms by sales; transportation firms and utilities by revenues; and financial institutions and insurance firms by assets.
The top California-headquartered insurers ranked by assets for year-end 1986
FIRE AND CASUALTY
1 Fireman's Fund Insurance Cos. (1863) Group of 18 property-liability underwriters operating throughout the United States and internationally. Owned by Fireman's Fund Corp. (see holding companies). Assets: $8.98 billion year-end 1986 ($7.95 billion in 1985). Net premiums written: $3.35 billion ($2.91 billion). Net income: $245.1 million (loss of $47.9 million). Employees: total 12,610; California 5,080. Headquarters: 777 San Marin Dr., Novato 94998. Chairman, president and chief executive: William M. McCormick. 1986 rank: 1. NYSE, PSE as Fireman's Fund Corp.
2 Farmers Insurance Exchange (1928) With its affiliated group of 12 automobile, fire and casualty insurers, operates principally in California (6 regional offices) and 25 western states (11 regional offices). Assets: $6.96 billion year-end 1986 ($5.68 billion in 1985). Direct premiums written: $5.15 billion ($4.10 billion). Consolidated statutory net income: $138.8 million (loss of $74.5 million). Employees: total 5,340; California 1,840. Headquarters: 4680 Wilshire Blvd., Los Angeles 90010. President, chairman and chief executive: Leo E. Denlea Jr. 1986 rank: 2. OTC as Farmers Group Inc.
3 State Compensation Insurance Fund (1914) Operates 19 district offices located throughout California, each organized to provide full workers compensation services to clients. Assets: $2.52 billion year-end 1986 ($2.08 billion in 1985). Direct premiums written: $1.07 billion ($740.3 million). Net income: $261.3 million ($230.3 million). Employees: total 2,270; California same. Headquarters: 1275 Market St., San Francisco 94103. Chairman: Ronald T. Rinaldi. President: John A. Webb. 1986 rank: 3.
4 Transamerica Insurance Co. (1911) Owned by Transamerica Corp. (see holding companies). Together with affiliates, writes almost every form of insurance. Assets: $2.27 billion year-end 1986 ($2.07 billion in 1985). Direct premiums written: $1.23 billion ($1.00 billion). Net income: $13.4 million (loss of $62.1 million). Employees: total 4,490; California 2,020. Headquarters: 1150 S. Olive St., Los Angeles 90015. President and chief executive: Gerald A. Isom. 1986 rank: 4. NYSE as Transamerica Corp.
5 Argonaut Group, Inc. (1948) (Formerly Argonaut Insurance Co.) Together with its five insurance subsidiaries, writes workers compensation and other lines of property-casualty insurance throughout the United States. Assets: $1.70 billion year-end 1986 ($1.64 billion in 1985). Direct premiums written: $286.8 million ($315.0 million). Net income: $22.8 million ($39.3 million). Employees: total 1,000; California 400. Headquarters: 1800 Avenue of the Stars, Los Angeles 90067. Chairman and chief executive: Henry E. Singleton. President: David W. Schrempf. 1986 rank: 5 (Argonaut Insurance Co.). OTC