RNS Number:7908X
American Express Co
22 January 2001
PART 2
(Preliminary) Travel Relates Services
Selected Statistical Information (continued)
(Unaudited, Managed Basis)
(Amounts in billions,
except percentages and where indicated)
Quarters Ended
December 31, September 30, June 30, March 31, December 31,
2000 2000 2000 2000 1999
Charge Card Receivables:
Total Receivables $ 29.0 $ 28.1 $ 27.4 $ 26.8 $ 27.0
90 Days Past Due as a 2.3% 2.3% 2.4% 2.6% 2.5%
% of Total
Loss Reserves (millions)$ 964 $ 987 $ 986 $ 894 $ 857
% of Receivables 3.3% 3.5% 3.6% 3.3% 3.2%
% of 90 Days Past Due 142% 152% 153% 129% 126%
Net Loss Ratio 0.36% 0.37% 0.36% 0.34% 0.40%
U.S. Cardmember Lending:
Total Loans $ 28.7 $ 27.1 $ 25.9 $ 24.2 $ 23.4
Past Due Loans as a
% Total:
30-89 Days 1.9% 1.8% 1.6% 1.8% 1.8%
90+ Days 0.9% 0.8% 0.8% 0.8% 0.8%
Loss Reserves (millions):
Beginning Balance $ 731 $ 686 $ 689 $ 672 $ 636
Provision 377 328 268 285 277
Net Charge-Offs/Other (288) (283) (271) (268) (241)
Ending Balance $ 820 $ 731 $ 686 $ 689 $ 672
% of Loans 2.9% 2.7% 2.6% 2.8% 2.9%
% of Past Due 104% 103% 109% 109% 110%
Average Loans $ 27.6 $ 26.6 $ 25.2 $ 23.6 $ 21.7
Net Write-Off Rate 4.4% 4.3% 4.4% 4.6% 4.5%
Net Interest Yield 7.7% 7.8% 7.4% 7.8% 7.7%
(Preliminary) American Express Financial Advisors
Statements of Income
(Unaudited)
(Dollars in millions) Quarters Ended Years Ended
December 31, Percentage December 31, Percentage
2000 1999 (Inc/(Dec) 2000 1999 (Inc/(Dec)
Net Revenues:
Investment Income $ 546 $ 668 (18.2)% $ 2,292 $2,443 (6.2)%
Management and 722 616 17.3 2,812 2,270 23.9
Distribution Fees
Other Revenues 273 245 11.3 1,026 923 11.1
Total Revenues 1,541 1,529 0.8 6,130 5,636 8.8
Provision for Losses
and Benefits:
Annuities 251 276 (8.8) 1,018 1,071 (4.9)
Insurance 134 130 3.0 556 522 6.5
Investment Certificates 90 124 (27.4) 337 306 9.9
Total 475 530 (10.3) 1,911 1,899 0.6
Net Revenues 1,066 999 6.7 4,219 3,737 12.9
Expenses:
Human Resources 540 443 22.0 2,093 1,744 20.0
Other Operating Expenses 182 209 (13.1) 643 630 2.1
Total Expenses 722 652 10.8 2,736 2,374 15.2
Pretax Income 344 347 (0.9) 1,483 1,363 8.8
Income Tax Provision 102 109 (6.5) 451 428 5.3
Net Income $ 242 $ 238 1.7 $ 1,032 $ 935 10.4
(Preliminary) American Express Financial Advisors
Selected Statistical Information
(Unaudited)
(Dollars in millions, except where indicated)
Quarters Ended Years Ended
December 31, Percentage December 31, Percentage
2000 1999 (Inc/(Dec) 2000 1999 (Inc/(Dec)
Investments (billions) $ 30.5 $ 30.3 0.7% $ 30.5 $ 30.3 0.7%
Client Contract Reserves
(billions) $ 31.4 $ 31.0 1.6 $ 31.4 $ 31.0 1.6
Shareholder's Equity
(billions) $ 4.4 $ 3.9 14.7 $ 4.4 $ 3.9 14.7
Return on Average Equity* 22.6% 22.9% - 22.6% 22.9% -
Life Assurance in
Force (billions) $ 98.1 $ 89.2 9.9 $ 98.1 $ 89.2 9.9
Assets owned, Managed or
Administered (billions):
Assets Managed for
Institutions $ 53.8 $ 55.5 (3.0) $ 53.8 $ 55.5 (3.0)
Assets Owned, Managed or
Administered
for Individuals:
Other Assets:
Separate Account Assets 32.3 35.9 (9.9) 32.3 35.9 (9.9)
Other Owned Assets 41.3 38.7 6.0 41.3 38.7 6.0
Total Owned Assets 73.6 74.6 (1.5) 73.6 74.6 (1.5)
Managed Assets 112.0 115.1 (2.8) 112.0 115.1 (2.8)
Administered Assets 34.4 24.8 38.6 34.4 24.8 38.6
Total $ 273.8 $270.0 1.4 $ 273.8 $ 270.0 1.4
Market Appreciation
(Depreciation) During
the Period:
Owned Assets:
Separate Account
Assets $(4,937) $6,726 - $(5,109) $ 8,172 -
Other Owned Assets $ 153 $ (254) - $ 106 $(1,126) -
Total Managed Assets$(14,925) $20,745 - $(14,469)$23,774 -
Sales of Selected Products:
Mutual Funds $ 9,890 $ 8,611 14.9 $44,068 $34,269 28.6
Annuities 1,493 939 59.0 5,886 3,902 50.9
Investment Certificates 722 993 (27.2) 3,297 3,591 (8.2)
Life and Other Insurance 225 224 0.7 900 746 20.7
Products
Institutional 1,090 1,928 (43.5) 5,366 5,012 7.1
Other 1,508 870 73.4 3,557 3,514 1.2
Total Cash Sales $14,928 $13,565 10.1 $63,074 $51,034 23.6
Number of Financial
Advisors 12,663 11,366 11.4 12,663 11,366 11.4
Fees from Financial Plans
and Advice Services $ 21.4 $ 22.1 (3.0) $ 97.7 $ 88.5 10.4
Percentage of Total Sales
from Financial Plans
and Advice Services 70.3% 67.4% - 68.1% 66.7% -
* Excluding the effect of SFAS No. 115.
Note: In the first quarter of 2000, reporting of data related to cash sales and
assets owned, managed and administered was revised to better reflect
AEFA's multiple sales channel strategy and broadening of its product
portfolio through additional non-proprietary offerings.
(Preliminary) American Express Financial Advisors
Statement of Income
(Unaudited)
(Dollars in millions)
Quarters Ended
December September June March December
31, 2000 30, 2000 30, 2000 31, 2000 31, 1999
Net Revenues:
Investment
Income $ 546 $ 582 $ 592 $ 572 $ 668
Management and
Distribution
Fees 722 700 701 688 616
Other Revenues 273 258 248 246 245
Total Revenues 1,541 1,540 1,541 1,506 1,529
Provision for
Losses and
Benefits:
Annuities 251 253 254 259 276
Insurance 134 146 138 139 130
Investment
Certificates 90 89 68 89 124
Total 475 488 460 487 530
Net Revenues 1,066 1,052 1,081 1,019 999
Expenses:
Human Resources 540 527 528 498 443
Other Operating
Expenses 182 138 156 166 209
Total Expenses 722 665 684 664 652
Pretax Income 344 387 397 355 347
Income Tax
Provision 102 118 122 110 109
Net Income $ 242 $ 269 $ 275 $ 245 $ 238
Preliminary) American Express Financial Advisors
Selected Statistical Information
(Unaudited)
(Dollars in millions,
except where indicated)
Quarters Ended
December September June March December
31, 2000 30, 2000 30, 2000 31, 2000 31, 1999
Investments
(billions) $ 30.5 $ 30.0 $ 30.0 $ 30.3 $ 30.3
Client Contract
Reserves
(billions) $ 31.4 $ 31.4 $ 31.0 $ 31.0 $ 31.0
Shareholder's
Equity (billions) $ 4.4 $ 4.2 $ 4.0 $ 3.9 $ 3.9
Return on Average
Equity* 22.6% 23.1% 23.1% 23.0% 22.9%
Life Insurance
in Force
(billions) $ 98.1 $ 95.8 $ 93.8 $ 91.7 $ 89.2
Assets Owned,
Managed or
Administered
(billions):
Assets Managed
for Institutions $ 53.8 $ 55.9 $ 56.1 $ 57.4 $ 55.5
Assets Owned,
Managed or
Administered
for Individuals:
Owned Assets:
Separate
Account
Assets 32.3 36.6 36.5 38.4 35.9
Other Owned
Assets 41.3 40.6 39.9 39.8 38.7
Total Owned
Assets 73.6 77.2 76.4 78.2 74.6
Managed Assets 112.0 122.0 119.6 122.7 115.1
Administered
Assets 34.4 38.0 34.1 31.2 24.8
Total $ 273.8 $ 293.1 $ 286.2 $ 289.5 $ 270.0
Market Appreciation
(Depreciation)
During the Period:
Owned Assets:
Separate Account
Assets $ (4,937) $ (203) $(2,301) $2,332 $ 6,726
Other Owned
Assets $ 153 $ 163 $ (90) $ (120) $ (254)
Total Managed
Assets $ (14,925) $ (76) $(6,488) $7,020 $20,745
Cash Sales:
Mutual Funds $ 9,890 $11,698 $10,376 $12,104 $ 8,611
Annuities 1,493 1,465 1,566 1,362 939
Investment
Certificates $ 722 868 871 835 993
Life and Other
Insurance
Products 225 220 219 237 224
Institutional 1,090 1,169 1,557 1,551 1,928
Other 1,508 815 661 573 870
Total Cash Sales $ 14,928 $16,235 $15,250 $16,662 $13,565
Number of
Financial
Advisors 12,663 12,137 11,486 11,094 11,366
Fees from
Financial Plans
and Advice
Services $ 21.4 $ 26.1 $ 23.9 $ 26.3 $ 22.1
Percentage of
Total Sales from
Financial Plans
and Advice
Services 70.3% 69.2% 66.1% 66.9% 67.4%
* Excluding the effect of SFAS No. 115.
Note: In the first quarter of 2000, reporting of data related to cash sales and
assets owned, managed and administered was revised to better reflect AEFA's
multiple sales channel strategy and broadening of its product portfolio through
additional non-proprietary offerings.
Preliminary) American Express Bank
Statements of Income
(Unaudited)
(Dollars in millions)
Quarters Ended Years Ended
December 31, Percentage December 31, Percentage
2000 1999 Inc/(Dec) 2000 1999 Inc/(Dec)
Net Revenues:
Interest Income $ 181 $ 180 0.8% $ 735 $ 737 (0.2)%
Interest Expense 122 112 8.8 484 446 8.6
Net Interest
Income 59 68 (12.5) 251 291 (13.7)
Commissions and
Fees 52 48 8.9 214 179 (19.3)
Foreign Exchange
Income & Other
Revenues 33 31 4.9 126 151 (16.1)
Total Net Revenues 144 147 (1.8) 591 621 (4.8)
Expenses:
Human Resources 60 69 (12.9) 257 271 (5.2)
Other Operating
Expenses 68 68 1.1 273 294 (7.2)
Provision for
Losses 8 4 * 28 29 (1.5)
Total Expenses 136 141 (2.9) 558 594 (6.0)
Pretax Income 8 6 21.3 33 27 22.7
Income Tax Provision 2 2 (34.8) 4 5 (6.1)
Net Income $ 6 $ 4 49.6 $ 29 $ 22 29.2
* Denotes variance of more than 100%.
(Preliminary) American Express Bank
Selected Statistical Information
(Unaudited)
(Dollars in billions, except where indicated)
Quarters Ended Years Ended
December 31, Percentage December 31, Percentage
2000 1999 Inc/(Dec) 2000 1999 Inc/(Dec)
Total Shareholder's
Equity (millions) $ 754 $ 691 9.2% $ 754 $ 691 9.2%
Return on Average
Common Equity (A) 4.4% 3.5% - 4.4% 3.5% -
Return on Average
Assets (A) 0.26% 0.20% - 0.26% 0.20% -
Total Loans $ 5.3 $ 4.1 4.8 $ 5.3 $ 5.1 4.8
Total Non-
performing Loans
(millions) $ 137 $ 168 (18.5) $ 137 $ 168 (18.5)
Other Non-performing
Assets (millions) $ 24 $ 37 (35.0) $ 24 $ 37 (35.0)
Reserve for Credit
Losses (millions)
(B) $ 153 $ 189 (18.7) $ 153 $ 189 (18.7)
Loan Loss Reserves
as a % of Total
Loans 2.6% 3.3% - 2.6% 3.3% -
Deposits $ 8.0 $ 8.3 (4.7) $ 8.0 $ 8.3 (4.7)
Assets Managed (C)/
Administered $ 10.6 $ 8.6 22.9 $10.6 $ 8.6 22.9
Assets of Non-
Consolidated Joint
Ventures $ 2.1 $ 2.2 (5.2) 2.1 $ 2.2 (5.2)
Risk-Based Capital
Ratios:
Tier 1 10.1% 9.9% - 10.1% 9.9% -
Total 11.4% 12.0% - 11.4% 12.0% -
Leverage Ratio 5.9% 5.6% - 5.9% 5.6% -
(A) Excludes the effect of SFAS No. 115 for all periods presented.
(B) Allocation:
Loans $ 137 $ 169 $ 137 $ 169
Other Assets,
primarily
derivatives 14 16 14 16
Other
Liabilities 2 4 2 4
Total Credit
Loss Reserves $ 153 $ 189 $ 153 $ 189
(C) Includes assets managed by American Express Financial Advisors.
(Preliminary)
American Express Bank
Statements of Income
(Unaudited)
(Dollars in millions)
Quarters Ended
December 31, September 30, June 30, March 31, December 31,
2000 2000 2000 2000 1999
Net Revenues:
Interest Income $ 181 $ 188 $ 183 $ 183 $ 180
Interest Expense 122 125 120 118 112
Net Interest Income 59 63 63 65 68
Commissions and Fees 52 54 56 52 48
Foreign Exchange
Income & Other
Revenue 33 29 32 33 31
Total Net Revenues 144 146 151 150 147
Expenses:
Human Resources 60 65 65 66 69
Other Operating
Expenses 68 67 69 68 68
Provision for Losses 8 6 7 8 4
Total Expenses 136 138 141 142 141
Pretax Income 8 8 10 8 6
Income Tax Provision 2 1 3 1 2
Net Income $ 6 $ 7 $ 7 $ 7 $ 4
(Preliminary)
American Express Bank
Selected Statistical Information
(Unaudited)
(Dollars in billions, except where indicated)
Quarters Ended
December 31, September 30, June 30, March 31, December 31,
2000 2000 2000 2000 1999
Total Shareholder's
Equity (millions) $ 754 $ 729 $ 707 $ 697 $ 691
Return on Average
Common Equity (A) 4.4% 4.1% 3.7% 3.5% 3.5%
Return on Average
Assets (A) 0.26% 0.24% 0.21% 0.19% 0.20%
Total Loans $ 5.3 $ 5.1 $ 5.1 $ 5.0 $ 5.1
Total Non-
performing Loans
(millions) $ 137 $ 156 $ 174 $ 174 $ 168
Other Non-
performing Assets
(millions) $ 24 $ 37 $ 36 $ 31 $ 37
Reserve for Credit
Losses (millions)
(B) $ 153 $ 179 $ 187 $ 189 $ 189
Loan Loss Reservices
as a % of Total
Loans 2.6% 3.1% 3.3% 3.4% 3.3%
Deposits $ 8.0 $ 8.0 $ 8.2 $ 8.4 $ 8.3
Assets Managed (C)/
Administered $ 10.6 $ 10.2 $ 9.8 $ 9.4 $ 8.6
Assets of Non-
Consolidated Joint
Ventures $ 2.1 $ 2.3 $ 2.3 $ 2.4 $ 2.2
Risk-Based Capital
Ratios:
Tier 1 10.1% 10.4% 10.3% 10.1% 9.9%
Total 11.4% 11.9% 11.9% 11.6% 12.0%
Leverage Ratio 5.9% 5.8% 5.8% 5.6% 5.6%
(A) Excludes the effect of SFAS No. 115 for all periods presented.
(B) Allocation:
Loans $ 137 $ 158 $ 166 $ 170 $ 169
Other Assets,
primarily
derivatives 14 16 16 15 16
Other Liabilities 2 5 5 4 4
Total Credit
Loss Reserves $ 153 $ 179 $ 187 $ 189 $ 189
(C) Includes assets managed by American Express Financial Advisors.
(Preliminary)
American Express Bank
Exposures By Country and Region
(Unaudited)
($ in billions)
Net
Guarantees 12/31/00 9/30/00
FX and and Total Total
Country Loans Derivatives Contingents Other* Exposure** Exposure**
Hong Kong $ 0.6 - $ 0.1 $ 0.1 $ 0.7 $ 0.7
Indonesia 0.1 - 0.1 0.1 0.3 0.3
Singapore 0.5 - 0.1 0.1 0.7 0.7
Korea 0.2 - - 0.2 0.4 0.5
Taiwan 0.2 - - - 0.3 0.4
China - - - - - -
Japan 0.1 - - 0.1 0.1 0.1
Thailand - - - - - -
Other 0.1 - - 0.1 0.2 0.2
Total Asia/Pacific
Region** 1.8 $ 0.1 0.3 0.6 2.9 2.8
Chile 0.2 - - 0.1 0.3 0.3
Brazil 0.2 - - 0.1 0.3 0.3
Mexico 0.1 - - - 0.1 0.1
Peru 0.1 - - - 0.1 -
Argentina 0.1 - - - 0.1 0.1
Other 0.2 - 0.2 0.1 0.5 0.5
Total Latin
America** 0.9 - 0.2 0.3 1.4 1.3
India 0.3 - 0.1 0.3 0.7 0.7
Pakistan 0.1 - - 0.1 0.3 0.3
Other 0.1 - - 0.1 0.2 0.2
Total
Subcontinent** 0.4 - 0.2 0.6 1.2 1.2
Egypt 0.2 - - 0.2 0.5 0.6
Other 0.2 - - - 0.2 0.2
Total Middle
East & Africa** 0.4 - 0.1 0.2 0.7 0.7
Total Europe*** 1.5 0.1 0.5 2.4 4.5 4.4
Total North
America** 0.4 0.1 0.3 1.4 2.1 1.9
Total Worldwide** $ 5.3 $ 0.3 $ 1.6 $ 5.5 $ 12.7 $ 12.3
* Includes cash, placements and securities.
** Individual items may not add to totals due to rounding.
*** Total exposures at 12/31/00 and 9/30/00 include $3 million and $4 million
of exposures to Russia, respectively.
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