Trigon Healthcare (TGH) Message Board

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Biotech / Medical : Trigon Healthcare (TGH)

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To: gregor who wrote (23)	2/6/1998 6:16:00 PM
From: David B. Higgs	Read Replies (1) of 35

Gregor, I think "fully diluted" means earnings are spread over not only outstanding shares but also treasury shares, shares held for employee options, etc. Fully diluted would result in a lower per share amount than non-fully diluted. Being to lazy to do the math, I'm not sure what your $0.54 represents. The one thing that kind of jumped out at me was "operating income of $8.1M" in 4Q and "income of $22.5" in 4Q. Not being knowledgible in insurance company operations or accounting, I assume this means TGH earned $22.5M of which $8.1M was operating (underwriting?)income. Does this mean the the other $14.4M was investment income? If this is correct, is this in line for health insurance companies? Should we be concerned that 64% of income was from investments and only 36% from operations. I assume a fair amount of funds were invested in bonds, producing excellent returns in fourth quarter. Can the company expect the same level of investment income in the future? Any accountants/insurance finance experts out there, your comments would be appreciated. Regards Dave

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