This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
IA Financial Corp					TSX	IAG	OTC	IDLLF	https://ia.ca/about-us			Fiscal Yr:	Dec 31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date
Split
														$240.4	<-12 mths	9.81%
Assets Under Management* $B	$51.8	$59.6	$69.4	$76.8	$78.9	$84.8	$88.8	$89.1	$100.2	$101.7	$111.5	$102.7	$110.5					59.26%	<-Total Growth	10	Assets Under Management*
Assets Under Administraiton*	$21.9	$23.8	$29.3	$32.7	$36.9	$41.4	$80.8	$79.7	$89.2	$95.8	$109.7	$97.7	$108.3					269.92%	<-Total Growth	10	Assets Under Administraiton*
Total	$73.6	$83.5	$98.7	$109.5	$115.8	$126.2	$169.5	$168.8	$189.5	$197.5	$221.2	$200.4	$218.9	$266.6				121.78%	<-Total Growth	10	Assets Under Management
Increase	6.33%	13.33%	18.24%	10.93%	5.78%	9.00%	34.31%	-0.45%	12.27%	4.22%	11.99%	-9.38%	9.21%	21.80%				8.29%	<-IRR #YR->	10	Assets Under Management	121.78%
5 year Running Average	$60.2	$66.9	$76.7	$86.9	$96.2	$106.7	$124.0	$138.0	$154.0	$170.3	$189.3	$195.5	$205.5	$220.9				5.34%	<-IRR #YR->	5	Assets Under Management	29.69%
AUM per Share	$814.86	$916.96	$993.47	$1,086.39	$1,130.60	$1,188.59	$1,588.11	$1,554.42	$1,771.48	$1,844.56	$2,056.24	$1,912.93	$2,196.68	$2,675.55				10.36%	<-IRR #YR->	10	5 yr Running Average	167.93%
Increase	-1.31%	12.53%	8.34%	9.35%	4.07%	5.13%	33.61%	-2.12%	13.96%	4.13%	11.48%	-6.97%	14.83%	21.80%				8.29%	<-IRR #YR->	5	5 yr Running Average	48.94%
5 year Running Average	$722.73	$779.87	$855.29	$927.47	$988.46	$1,063.20	$1,197.43	$1,309.62	$1,446.64	$1,589.43	$1,762.96	$1,827.92	$1,956.38	$2,137.19
P/AUM Ratio Median	0.0415	0.0284	0.0408	0.0415	0.0378	0.0395	0.0347	0.0330	0.0325	0.0289	0.0317	0.0376	0.0389					0.0361	<-Median->	10	P/AUM Ratio Median
P/AUM Ratio Close	0.0323	0.0342	0.0473	0.0409	0.0390	0.0449	0.0377	0.0280	0.0403	0.0299	0.0352	0.0414	0.0411	0.0331				0.0396	<-Median->	10	P/AUM Ratio Close
Ending Assets Under Mge and Admin in Billions									P/AUM	10 yr	0.0361	5 yr	0.0325		-8.44%	Diff M/C
			-$99	$0	$0	$0	$0	$0	$0	$0	$0	$0	$219
								-$169	$0	$0	$0	$0	$219
			-$77	$0	$0	$0	$0	$0	$0	$0	$0	$0	$205
								-$138	$0	$0	$0	$0	$205
Taking this out of Adjusted Reve																					Taking this out of Other Revenue, gets me to Premiums and Depoists
Other Revenue IFRS 4	$794	$934	$931	$1,084	$1,158	$1,206	$1,441	$1,752	$1,679	$1,775	$2,116	$2,086						-100.00%	<-Total Growth	9	Other Revenue	under the new accting.
																			in 2023 Statement says $1.537M 2022, $1507M 2023
Premiums and deposits														$16,642	<-12 mths	0.04%
Net Premiums	$4,992	$4,996	$5,007	$5,426	$6,041	$6,548	$7,254	$7,849	$8,944	$11,196	$13,165	$13,109						-100.00%	<-Total Growth	9	Net Premiums
Inv Inc. Interest and Other Income	$1,007	$1,025	$935	$1,007	$1,097	$1,115	$1,200	$1,306	$1,364	$1,439	$1,624	$2,146						-100.00%	<-Total Growth	9	Inv Inc. Int and Other Inc
Adjusted Revenue Total	$5,999	$6,021	$5,942	$6,433	$7,138	$7,663	$8,454	$9,155	$10,308	$12,635	$14,789	$15,255	$16,635	$16,642	<-12 mths			179.96%	<-Total Growth	10	Adjusted Revenue Total
Increase	-5.06%	0.37%	-1.31%	8.26%	10.96%	7.36%	10.32%	8.29%	12.59%	22.57%	17.05%	3.15%	9.05%	0.04%	<-12 mths			10.84%	<-IRR #YR->	10	Revenue	179.96%
5 year Running Average	$5,442	$5,652	$5,947	$6,143	$6,307	$6,639	$7,126	$7,769	$8,544	$9,643	$11,068	$12,428	$13,924	$15,191	<-12 mths			12.69%	<-IRR #YR->	5	Revenue	81.70%
Revenue per Share	$66.37	$66.15	$59.81	$63.84	$69.68	$72.15	$79.19	$84.32	$96.37	$118.01	$137.50	$145.60	$166.95	$167.02	<-12 mths			8.88%	<-IRR #YR->	10	5 yr Running Average	134.14%
Increase	-11.89%	-0.34%	-9.58%	6.72%	9.16%	3.54%	9.75%	6.48%	14.29%	22.46%	16.51%	5.89%	14.66%	0.04%	<-12 mths			12.38%	<-IRR #YR->	5	5 yr Running Average	79.24%
5 year Running Average	$65.46	$66.24	$67.08	$66.30	$65.17	$66.33	$68.93	$73.84	$80.34	$90.01	$103.08	$116.36	$132.89	$147.02	<-12 mths			10.81%	<-IRR #YR->	10	Revenue per Share	179.11%
P/S (Price/Sales) Median	0.51	0.39	0.68	0.71	0.61	0.65	0.70	0.61	0.60	0.45	0.47	0.49	0.51	0.52	<-12 mths			14.64%	<-IRR #YR->	5	Revenue per Share	97.99%
P/S (Price/Sales) Close	0.40	0.47	0.78	0.70	0.63	0.74	0.76	0.52	0.74	0.47	0.53	0.54	0.54	0.53	<-12 mths			7.07%	<-IRR #YR->	10	5 yr Running Average	98.10%
* Excluded changes in value of Inv.					P/S Med	20 yr	0.54	15 yr	0.51	10 yr	0.60	5 yr	0.49		-12.21%	Diff M/C		12.47%	<-IRR #YR->	5	5 yr Running Average	79.97%
*in 2023 Premiums and Deposits
			-$5,942	$0	$0	$0	$0	$0	$0	$0	$0	$0	$16,635
								-$9,155	$0	$0	$0	$0	$16,635
			-$5,947	$0	$0	$0	$0	$0	$0	$0	$0	$0	$13,924
								-$7,769	$0	$0	$0	$0	$13,924
			-$59.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$166.95
								-$84.32	$0.00	$0.00	$0.00	$0.00	$166.95
			-$67.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$132.89
								-$73.84	$0.00	$0.00	$0.00	$0.00	$132.89
														$9,893	<-12 mths	7.61%
Insurance Service Revenue												$5,138	$5,740					Consolidated Income Statemetns
Interest &other investment Income												$1,864	$1,946
Other Revenue												$1,537	$1,507
Net												$8,539	$9,193
Net Revenue*	$5,309	$7,479	$6,023	$9,680	$8,235	$9,347	$11,276	$9,912	$15,265	$17,639	$15,486	$8,595	$9,193	$9,893	<-12 mths			52.63%	<-Total Growth	10	Net Revenue*
Increase	-21.57%	40.87%	-19.47%	60.72%	-14.93%	13.50%	20.64%	-12.10%	54.01%	15.55%	-12.21%	-44.50%	6.96%	7.61%	<-12 mths			4.32%	<-IRR #YR->	10	Revenue	52.63%
5 year Running Average	$5,466	$5,967	$6,279	$7,052	$7,345	$8,153	$8,912	$9,690	$10,807	$12,688	$13,916	$13,379	$13,236	$12,161.2	<-12 mths			-1.49%	<-IRR #YR->	5	Revenue	-7.25%
Revenue per Share	$58.74	$82.17	$60.63	$96.06	$80.39	$88.01	$105.62	$91.29	$142.71	$164.75	$143.98	$82.03	$92.26	$99.28	<-12 mths			7.74%	<-IRR #YR->	10	5 yr Running Average	110.79%
Increase	-27.21%	39.88%	-26.21%	58.43%	-16.31%	9.47%	20.01%	-13.57%	56.32%	15.45%	-12.61%	-43.02%	12.46%	7.61%	<-12 mths			6.43%	<-IRR #YR->	5	5 yr Running Average	36.59%
5 year Running Average	$65.90	$69.88	$70.89	$75.66	$75.60	$81.45	$86.14	$92.27	$101.61	$118.48	$129.67	$124.95	$125.15	$116.46	<-12 mths			4.29%	<-IRR #YR->	10	Revenue per Share	52.17%
P/S (Price/Sales) Median	0.58	0.32	0.67	0.47	0.53	0.53	0.52	0.56	0.40	0.32	0.45	0.88	0.93	0.88	<-12 mths			0.21%	<-IRR #YR->	5	Revenue per Share	1.06%
P/S (Price/Sales) Close	0.45	0.38	0.77	0.46	0.55	0.61	0.57	0.48	0.50	0.33	0.50	0.97	0.98	0.89	<-12 mths			5.85%	<-IRR #YR->	10	5 yr Running Average	76.54%
*Revenue in M CDN $					P/S Med	20 yr	0.53	15 yr	0.52	10 yr	0.53	5 yr	0.45		69.24%	Diff M/C		6.28%	<-IRR #YR->	5	5 yr Running Average	35.62%
			-$6,023	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9,193
								-$9,912	$0	$0	$0	$0	$9,193
			-$6,279	$0	$0	$0	$0	$0	$0	$0	$0	$0	$13,236
								-$9,690	$0	$0	$0	$0	$13,236
			-$60.63	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$92.26
								-$91.29	$0.00	$0.00	$0.00	$0.00	$92.26
			-$70.89	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$125.15
								-$92.27	$0.00	$0.00	$0.00	$0.00	$125.15
														$9.67	<-12 mths	3.87%
Core Earnings Calc								$611	$701	$762	$897	$947	$959
Core Earnings	$127	$312	$350	$400	$364	$548	$515	$611	$701	$762	$897	$947	$956					173.14%	<-Total Growth	10	Core Earnings
AEPS*	$1.18	$3.31	$3.57	$3.97	$3.57	$5.19	$4.81	$5.55	$6.55	$7.12	$8.31	$8.85	$9.31	$10.26	$11.35			160.78%	<-Total Growth	10	AEPS
Increase	-60.54%	180.51%	7.85%	11.20%	-10.08%	45.38%	-7.32%	15.38%	18.02%	8.70%	16.71%	6.50%	5.20%	10.20%	10.62%			10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	4.49%	10.55%	7.60%	8.94%	8.09%	9.72%	8.04%	12.74%	9.18%	12.90%	11.48%	11.16%	10.31%	11.59%	12.83%			10.06%	<-IRR #YR->	10	AEPS	160.78%
5 year Running Average		$2.17	$2.72	$3.00	$3.12	$3.92	$4.22	$4.62	$5.13	$5.84	$6.47	$7.28	$8.03	$8.77	$9.62			10.90%	<-IRR #YR->	5	AEPS	67.75%
Payout Ratio	83.05%	29.61%	27.45%	26.70%	32.49%	24.28%	29.73%	28.65%	26.95%	27.25%	25.03%	29.38%	31.90%	31.97%	28.90%			2.32%	<-IRR #YR->	10	5 yr Running Average	195.15%
5 year Running Average		59.70%	42.26%	39.92%	39.86%	28.11%	28.13%	28.37%	28.42%	27.37%	27.52%	27.45%	28.10%	29.11%	29.44%			11.69%	<-IRR #YR->	5	5 yr Running Average	73.84%
Price/AEPS Median	28.67	7.87	11.37	11.37	11.98	9.03	11.44	9.25	8.80	7.50	7.84	8.12	9.19	8.53	0.00			9.11	<-Median->	10	Price/AEPS Median
Price/AEPS High	35.51	9.48	13.93	12.34	12.84	11.06	12.68	11.00	10.92	10.60	9.16	9.53	10.00	9.14	0.00			10.96	<-Median->	10	Price/AEPS High
Price/AEPS Low	21.83	6.27	8.81	10.39	11.12	7.01	10.21	7.51	6.67	4.39	6.52	6.71	8.37	7.92	0.00			7.26	<-Median->	10	Price/AEPS Low
Price/AEPS Close	22.28	9.48	13.15	11.19	12.36	10.29	12.44	7.85	10.89	7.75	8.71	8.96	9.70	8.62	7.80			9.99	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	8.79	26.59	14.18	12.45	11.12	14.96	11.53	9.06	12.85	8.42	10.17	9.54	10.21	9.50	8.62			10.66	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	27.95%	5 Yrs	27.25%	P/CF	5 Yrs	in order	8.12	10.00	6.67	8.96		6.17%	Diff M/C					DPR 75% to 95% best
* Core Earnings per Share
			-$3.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.31
								-$5.55	$0.00	$0.00	$0.00	$0.00	$9.31
			-$2.72	$0.00	$0.00	-$3.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.03
								-$4.62	$0.00	$0.00	$0.00	$0.00	$8.03
														$7.24	<-12 mths	-3.21%
Pre-split 2005
EPS Basic	$1.20	$3.44	$3.60	$4.01	$3.59	$5.22	$4.84	$5.62	$6.43	$5.71	$7.73	$7.68	$7.51	3.34%	3.59%			108.61%	<-Total Growth	10	EPS Basic
Pre-split 2005
EPS Diluted*	$1.18	$3.31	$3.57	$3.97	$3.57	$5.19	$4.81	$5.59	$6.40	$5.70	$7.70	$7.65	$7.48	$9.73	$11.40			109.52%	<-Total Growth	10	EPS Diluted
Increase	-60.54%	180.51%	7.85%	11.20%	-10.08%	45.38%	-7.32%	16.22%	14.49%	-10.94%	35.09%	-0.65%	-2.22%	30.08%	17.16%			10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	4.49%	10.55%	7.60%	8.94%	8.09%	9.72%	8.04%	12.83%	8.97%	10.33%	10.64%	9.65%	8.28%	11.00%	12.88%			7.68%	<-IRR #YR->	10	Earnings per Share	109.52%
5 year Running Average	$2.11	$2.17	$2.72	$3.00	$3.12	$3.92	$4.22	$4.63	$5.11	$5.54	$6.04	$6.61	$6.99	$7.65	$8.79			6.00%	<-IRR #YR->	5	Earnings per Share	33.81%
10 year Running Average	$1.99	$2.19	$2.37	$2.58	$2.77	$3.01	$3.20	$3.67	$4.06	$4.33	$4.98	$5.42	$5.81	$6.38	$7.17			9.89%	<-IRR #YR->	10	5 yr Running Average	156.84%
* Diluted ESP per share									E/P	10 Yrs	9.31%	5Yrs	9.65%					8.59%	<-IRR #YR->	5	5 yr Running Average	51.02%
			-$3.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.48
								-$5.59	$0.00	$0.00	$0.00	$0.00	$7.48
			-$2.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.99
								-$4.63	$0.00	$0.00	$0.00	$0.00	$6.99
Dividend*														$3.34	$3.59				Estimates		Dividend*
Increase														12.39%	7.43%				Estimates		Increase
Payout Ratio EPS														34.31%	31.46%				Estimates		Payout Ratio EPS
Pre-Split 2005
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-Split 2005
Dividend*	$0.98	$0.98	$0.98	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.28	$3.28	$3.28		203.06%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	0.00%	8.16%	9.43%	8.62%	13.49%	11.19%	11.01%	9.92%	7.22%	25.00%	14.23%	10.44%	0.00%	0.00%		18	0	23	Years of data, Count P, N	78.26%
Average Increases 5 Year Running	10.9%	5.6%	0.9%	1.6%	3.5%	5.2%	7.9%	10.2%	10.7%	10.8%	10.6%	12.9%	13.5%	13.4%	11.4%	9.9%		10.37%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.93	$0.97	$0.98	$1.00	$1.03	$1.09	$1.18	$1.30	$1.44	$1.60	$1.76	$2.00	$2.27	$2.57	$2.84	$3.08		131.73%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.90%	3.76%	2.41%	2.35%	2.71%	2.69%	2.60%	3.10%	3.06%	3.63%	3.19%	3.62%	3.47%	3.75%				3.08%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	2.34%	3.12%	1.97%	2.16%	2.53%	2.20%	2.35%	2.61%	2.47%	2.57%	2.73%	3.08%	3.19%	3.50%				2.55%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	3.80%	4.72%	3.12%	2.57%	2.92%	3.46%	2.91%	3.82%	4.04%	6.21%	3.84%	4.38%	3.81%	4.03%				3.81%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	3.73%	3.12%	2.09%	2.39%	2.63%	2.36%	2.39%	3.65%	2.47%	3.52%	2.87%	3.28%	3.29%	3.71%	3.71%	3.71%		2.75%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	83.05%	29.61%	27.45%	26.70%	32.49%	24.28%	29.73%	28.44%	27.58%	34.04%	27.01%	33.99%	39.71%	33.71%	28.77%	#DIV/0!		29.09%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	44.06%	44.79%	36.03%	33.16%	33.08%	27.74%	27.90%	28.10%	28.19%	28.84%	29.16%	30.19%	32.51%	33.64%	32.32%	#DIV/0!		29.00%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	9.47%	7.86%	0.00%	82.17%	22.13%	0.00%	23.67%	44.04%	45.17%	11.17%	120.93%	44.44%	22.05%	47.50%	#VALUE!	#DIV/0!		33.85%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	9.71%	9.38%	11.83%	15.73%	18.84%	33.72%	60.68%	42.54%	40.25%	26.59%	26.97%	30.73%	26.83%	28.40%	#VALUE!	#DIV/0!		28.85%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	8.88%	0.00%	5.12%	0.00%	12.82%	20.52%	97.86%	9.69%	0.00%	0.00%	7.60%	2.72%	0.00%	47.50%	#VALUE!	#DIV/0!		5.16%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	9.16%	12.23%	9.83%	21.03%	21.80%	28.99%	25.93%	32.54%	59.86%	0.00%	6680.69%	10.59%	16.19%	13.13%	#VALUE!	#DIV/0!		23.87%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.08%	2.75%	5 Yr Med	5 Yr Cl	3.47%	3.28%	5 Yr Med	Payout	33.99%	44.44%	0.00%					13.31%	<-IRR #YR->	5	Dividends	86.79%
* Dividends per share	10 Yr Med	and Cur.	20.36%	34.73%	5 Yr Med	and Cur.	6.74%	13.01%	Last Div Inc --->		$0.675	$0.820	21.48%					11.73%	<-IRR #YR->	10	Dividends	203.06%
Dividends Growth 15																		7.97%	<-IRR #YR->	15	Dividends	215.96%
Dividends Growth 20																		11.28%	<-IRR #YR->	20	Dividends	748.57%
Dividends Growth 25																		10.48%	<-IRR #YR->	23	Dividends
Dividends Growth 5								-$1.59	$0.00	$0.00	$0.00	$0.00	$2.97								Dividends Growth 5
Dividends Growth 10			-$0.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.97								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.97								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.97								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.97								Dividends Growth 25
Historical Dividends	Historical	High Div	5.48%	Low Div	1.38%	10 Yr High	6.02%	10 Yr Low	2.17%	Med Div	2.70%	Close Div	2.43%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-32.36%	Cheap	168.60%	Exp.	-38.43%		70.81%	Cheap	37.28%	Cheap	52.38%								High/Ave/Median
Future Dividend Yield					Div Yield	6.92%	earning in	5	Years	at IRR of	13.31%	Div Inc.	86.79%								Future Dividend Yield
Future Dividend Yield					Div Yield	12.93%	earning in	10	Years	at IRR of	13.31%	Div Inc.	248.91%								Future Dividend Yield
Future Dividend Yield					Div Yield	24.16%	earning in	15	Years	at IRR of	13.31%	Div Inc.	551.75%								Future Dividend Yield
Future Dividend Paid					Div Paid	$6.13	earning in	5	Years	at IRR of	13.31%	Div Inc.	86.79%								Future Dividend Paid
Future Dividend Paid					Div Paid	$11.44	earning in	10	Years	at IRR of	13.31%	Div Inc.	248.91%								Future Dividend Paid
Future Dividend Paid					Div Paid	$21.38	earning in	15	Years	at IRR of	13.31%	Div Inc.	551.75%								Future Dividend Paid
Dividend Covering Cost					Total Div	$21.39	over	5	Years	at IRR of	13.31%	Div Cov.	24.17%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$55.21	over	10	Years	at IRR of	13.31%	Div Cov.	62.39%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$118.39	over	15	Years	at IRR of	13.31%	Div Cov.	133.79%								Dividend Covering Cost
Yield if held 5 years	2.97%	2.51%	3.25%	4.61%	3.45%	3.72%	5.49%	3.92%	3.91%	4.54%	4.44%	4.72%	5.78%	5.69%	6.14%	5.04%		4.49%	<-Median->	10	Paid Median Price
Yield if held 10 years	5.10%	4.90%	4.99%	4.34%	4.11%	3.81%	3.66%	5.28%	7.68%	5.77%	6.15%	9.98%	7.32%	7.27%	7.67%	7.00%		5.53%	<-Median->	10	Paid Median Price
Yield if held 15 years					8.20%	6.56%	7.14%	8.09%	7.23%	6.88%	6.29%	6.65%	9.86%	14.28%	9.76%	9.70%		7.14%	<-Median->	9	Paid Median Price
Yield if held 20 years										13.72%	10.83%	12.99%	15.12%	13.43%	11.63%	9.93%		13.36%	<-Median->	4	Paid Median Price
Yield if held 25 years															23.20%	17.08%		#NUM!	<-Median->	0	Paid Median Price
																					BMO, EMP
Cost covered if held 5 years	14.04%	12.44%	16.27%	21.68%	15.35%	16.08%	22.60%	16.02%	15.97%	18.67%	18.78%	18.12%	22.11%	22.33%	26.62%	23.66%		18.39%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	35.52%	37.37%	41.28%	35.86%	33.40%	30.50%	27.51%	37.85%	53.04%	39.10%	42.11%	60.88%	44.00%	44.49%	51.89%	51.64%		38.48%	<-Median->	10	Paid Median Price
Cost covered if held 15 years					79.92%	63.85%	66.80%	74.37%	65.36%	61.72%	57.15%	53.03%	75.56%	109.05%	81.37%	87.66%		65.36%	<-Median->	9	Paid Median Price
Cost covered if held 20 years										136.39%	109.71%	116.64%	132.17%	118.06%	112.11%	103.78%		124.40%	<-Median->	4	Paid Median Price
Cost covered if held 25 years															236.88%	189.97%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$9,155	$10,308	$12,635	$14,789	$15,255	$16,635	$16,642	<-12 mths	0.04%		81.70%	<-Total Growth	5	Revenue Growth	81.70%
AEPS Growth								$5.55	$6.55	$7.12	$8.31	$8.85	$9.31	$9.67	<-12 mths	3.87%		67.75%	<-Total Growth	5	AEPS Growth	67.75%
Net Income Growth								$613	$687	$611	$830	$817	$769	$732	<-12 mths	-4.81%		25.45%	<-Total Growth	5	Net Income Growth	25.45%
Cash Flow Growth								$392	$418	$1,860	$185	$613	$1,342	$688	<-12 mths	-48.73%		242.35%	<-Total Growth	5	Cash Flow Growth	242.35%
Dividend Growth								$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.28	<-12 mths	10.44%		86.79%	<-Total Growth	5	Dividend Growth	86.79%
Stock Price Growth								$43.57	$71.33	$55.18	$72.38	$79.27	$90.33	$88.49	<-12 mths	-2.04%		107.32%	<-Total Growth	5	Stock Price Growth	107.32%
Revenue Growth			$5,942	$6,433	$7,138	$7,663	$8,454	$9,155	$10,308	$12,635	$14,789	$15,255	$16,635		<-this year	-100.00%		179.96%	<-Total Growth	10	Revenue Growth	179.96%
AEPS Growth			$3.57	$3.97	$3.57	$5.19	$4.81	$5.55	$6.55	$7.12	$8.31	$8.85	$9.31	$10.26	<-this year	10.20%		160.78%	<-Total Growth	10	AEPS Growth	160.78%
Net Income Growth			$350	$400	$364	$548	$515	$613	$687	$611	$830	$817	$769	$944	<-this year	22.81%		119.71%	<-Total Growth	10	Net Income Growth	119.71%
Cash Flow Growth			-$195	$130	$537	-$96	$645	$392	$418	$1,860	$185	$613	$1,342					788.21%	<-Total Growth	10	Cash Flow Growth	788.21%
Dividend Growth			$0.98	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.34	<-this year	12.39%		203.06%	<-Total Growth	10	Dividend Growth	203.06%
Stock Price Growth			$46.95	$44.43	$44.13	$53.39	$59.82	$43.57	$71.33	$55.18	$72.38	$79.27	$90.33	$88.49	<-this year	-2.04%		92.40%	<-Total Growth	10	Stock Price Growth	92.40%
Dividends on Shares				$23.32	$25.52	$27.72	$31.46	$34.98	$38.83	$42.68	$45.76	$57.20	$65.34	$72.16	$72.16	$72.16		$392.81	No of Years	10	Total Divs	12/31/13
Paid			$1,032.90	$977.46	$970.86	$1,174.58	$1,316.04	$958.54	$1,569.26	$1,213.96	$1,592.36	$1,743.94	$1,987.26	$1,946.78	$1,946.78	$1,946.78		$1,987.26	No of Years	10	Worth	$46.95
Total																		$2,380.07
Graham Number AEPS	$28.34	$71.52	$54.11	$58.69	$56.97	$72.09	$71.87	$76.95	$87.55	$94.33	$107.70	$112.07	$118.35	$128.78	$135.44	$0.00		118.73%	<-Total Growth	10	Graham Number AEPS
Increase	-36.97%	152.38%	-24.35%	8.46%	-2.93%	26.53%	-0.30%	7.07%	13.78%	7.75%	14.17%	4.07%	5.60%	8.81%	5.18%	-100.00%		7.41%	<-Median->	10	Graham Price
Price/GP Ratio Med	1.19	0.36	0.75	0.77	0.75	0.65	0.77	0.67	0.66	0.57	0.60	0.64	0.72	0.68				0.66	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	1.48	0.44	0.92	0.83	0.80	0.80	0.85	0.79	0.82	0.80	0.71	0.75	0.79	0.73				0.80	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.91	0.29	0.58	0.70	0.70	0.50	0.68	0.54	0.50	0.33	0.50	0.53	0.66	0.63				0.54	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.93	0.44	0.87	0.76	0.77	0.74	0.83	0.57	0.81	0.58	13.00	0.71	0.76	0.69	0.65	#DIV/0!		0.76	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-7.23%	-56.13%	-13.23%	-24.30%	-22.54%	-25.94%	-16.76%	-43.38%	-18.52%	-41.50%	-32.79%	-29.27%	-23.68%	-31.28%	-34.67%	#DIV/0!		-25.12%	<-Median->	10	Graham Price
Graham Number EPS	$28.34	$71.52	$54.11	$58.69	$56.97	$72.09	$71.87	$77.22	$86.54	$84.40	$103.67	$104.20	$106.08	$125.41	$135.74	$0.00		96.06%	<-Total Growth	10	Graham Number EPS
Increase	-36.97%	152.38%	-24.35%	8.46%	-2.93%	26.53%	-0.30%	7.45%	12.06%	-2.47%	22.83%	0.51%	1.81%	18.21%	8.24%	-100.00%		4.63%	<-Median->	10	Graham Price
Price/GP Ratio Med	1.19	0.36	0.75	0.77	0.75	0.65	0.77	0.66	0.67	0.63	0.63	0.69	0.81	0.70				0.68	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	1.48	0.44	0.92	0.83	0.80	0.80	0.85	0.79	0.83	0.89	0.73	0.81	0.88	0.75				0.82	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.91	0.29	0.58	0.70	0.70	0.50	0.68	0.54	0.51	0.37	0.52	0.57	0.73	0.65				0.55	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.93	0.44	0.87	0.76	0.77	0.74	0.83	0.56	0.82	0.65	0.70	0.76	0.85	0.71	0.65	#DIV/0!		0.76	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-7.23%	-56.13%	-13.23%	-24.30%	-22.54%	-25.94%	-16.76%	-43.58%	-17.57%	-34.62%	-30.18%	-23.92%	-14.85%	-29.44%	-34.81%	#DIV/0!		-24.11%	<-Median->	10	Graham Price
Month, Year	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec	31-Dec		23.00	<Count Years>		Month, Year
Price Close	$26.29	$31.38	$46.95	$44.43	$44.13	$53.39	$59.82	$43.57	$71.33	$55.18	$72.38	$79.27	$90.33	$88.49	$88.49	$88.49		92.40%	<-Total Growth	10	Stock Price
Increase	-28.58%	19.36%	49.62%	-5.37%	-0.68%	20.98%	12.04%	-27.16%	63.71%	-22.64%	31.17%	9.52%	13.95%	-2.04%	0.00%	0.00%		11.35	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	22.28	9.48	13.15	11.19	12.36	10.29	12.44	7.79	11.15	9.68	9.40	10.36	12.08	9.09	7.76	#DIV/0!		15.70%	<-IRR #YR->	5	Stock Price	107.32%
Trailing P/E Ratio	8.79	26.59	14.18	12.45	11.12	14.96	11.53	9.06	12.76	8.62	12.70	10.29	11.81	11.83	9.09	7.76		6.76%	<-IRR #YR->	10	Stock Price	92.40%
CAPE (10 Yr P/E)	14.85	14.04	13.99	13.55	13.15	12.66	12.48	11.41	11.29	11.01	10.49	10.53	10.57	10.31	9.80	#DIV/0!		19.53%	<-IRR #YR->	5	Price & Dividend	161.71%
Median 10, 5 Yrs		D.  per yr	2.69%	3.83%	% Tot Ret	28.43%	19.60%	T P/E	$11.67	$11.81	P/E:	$10.75	$10.36					9.45%	<-IRR #YR->	10	Price & Dividend	132.51%
Price 15		D.  per yr	3.26%		% Tot Ret	25.64%						CAPE Diff	-19.86%					9.45%	<-IRR #YR->	15	Stock Price	287.52%
Price  20		D.  per yr	2.67%		% Tot Ret	26.68%												7.34%	<-IRR #YR->	20	Stock Price	312.47%
Price  25		D.  per yr	2.34%		% Tot Ret	25.93%												6.70%	<-IRR #YR->	23	Stock Price
Price & Dividend 15																		12.71%	<-IRR #YR->	15	Price & Dividend	368.32%
Price & Dividend 20																		10.01%	<-IRR #YR->	20	Price & Dividend	432.63%
Price & Dividend 25																		9.04%	<-IRR #YR->	23	Price & Dividend
Price  5								-$43.57	$0.00	$0.00	$0.00	$0.00	$90.33								Price  5
Price 10			-$46.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$90.33								Price 10
Price & Dividend 5								-$43.57	$1.77	$1.94	$2.08	$2.60	$93.30								Price & Dividend 5
Price & Dividend 10			-$46.95	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$93.30								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$90.33								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$90.33								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$90.33								Price  25
Price & Dividend 15	$0.98	$0.98	$0.98	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$93.30								Price & Dividend 15
Price & Dividend 20	$0.98	$0.98	$0.98	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$93.30								Price & Dividend 20
Price & Dividend 25	$0.98	$0.98	$0.98	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$93.30								Price & Dividend 25
Price H/L Median	$33.83	$26.06	$40.58	$45.13	$42.78	$46.89	$55.05	$51.35	$57.63	$53.38	$65.13	$71.89	$85.53	$87.52				110.76%	<-Total Growth	10	Stock Price
Increase	0.62%	-22.97%	55.72%	11.20%	-5.21%	9.62%	17.40%	-6.72%	12.23%	-7.37%	22.01%	10.38%	18.97%	2.33%				7.74%	<-IRR #YR->	10	Stock Price	110.76%
P/E Ratio	28.67	7.87	11.37	11.37	11.98	9.03	11.44	9.19	9.00	9.36	8.46	9.40	11.43	8.99				10.74%	<-IRR #YR->	5	Stock Price	66.55%
Trailing P/E Ratio	11.31	22.08	12.26	12.64	10.77	13.13	10.61	10.68	10.31	8.34	11.43	9.34	11.18	11.70				11.77%	<-IRR #YR->	10	Price & Dividend	157.17%
P/E on Running 5 yr Average	16.06	12.01	14.92	15.02	13.71	11.96	13.04	11.10	11.27	9.64	10.78	10.88	12.24	11.44				14.28%	<-IRR #YR->	5	Price & Dividend	91.76%
P/E on Running 10 yr Average	17.00	11.91	17.09	17.51	15.45	15.56	17.22	13.98	14.20	12.33	13.08	13.28	14.73	13.71				11.44	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.03%	3.54%	% Tot Ret	34.25%	24.78%	T P/E	10.73	10.31	P/E:	9.38	9.36						Count	23	Years of data
			-$40.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$85.53
								-$51.35	$0.00	$0.00	$0.00	$0.00	$85.53
			-$40.58	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.28	$3.28	$88.50
								-$51.35	$1.77	$1.94	$2.08	$2.60	$88.50
High Months	May	Mar	Nov	Jul	Dec	Nov	Nov	Jan	Dec	Feb	Nov	Feb	Dec	Feb
Price High	$41.90	$31.37	$49.72	$49.00	$45.85	$57.39	$60.98	$61.03	$71.55	$75.50	$76.11	$84.37	$93.14	$93.75				87.33%	<-Total Growth	10	Stock Price
Increase	12.03%	-25.13%	58.50%	-1.45%	-6.43%	25.17%	6.26%	0.08%	17.24%	5.52%	0.81%	10.85%	10.39%	0.65%				6.48%	<-IRR #YR->	10	Stock Price	87.33%
P/E Ratio	35.51	9.48	13.93	12.34	12.84	11.06	12.68	10.92	11.18	13.25	9.88	11.03	12.45	9.64				8.82%	<-IRR #YR->	5	Stock Price	52.61%
Trailing P/E Ratio	14.01	26.58	15.02	13.73	11.55	16.08	11.75	12.69	12.80	11.80	13.35	10.96	12.18	12.53				12.86	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.43	12.18	P/E:	11.76	11.18					16.77	P/E Ratio		Historical High
			-$49.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$93.14
								-$61.03	$0.00	$0.00	$0.00	$0.00	$93.14
Low Months	Dec	Aug	Jan	Jun	Feb	Feb	Jun	Dec	Jan	Mar	Jan	May	Oct	Apr
Price Low	$25.76	$20.75	$31.44	$41.25	$39.70	$36.39	$49.12	$41.67	$43.71	$31.26	$54.15	$59.41	$77.91	$81.29				147.81%	<-Total Growth	10	Stock Price
Increase	-13.67%	-19.45%	51.52%	31.20%	-3.76%	-8.34%	34.98%	-15.17%	4.90%	-28.48%	73.22%	9.71%	31.14%	4.34%				9.50%	<-IRR #YR->	10	Stock Price	147.81%
P/E Ratio	21.83	6.27	8.81	10.39	11.12	7.01	10.21	7.45	6.83	5.48	7.03	7.77	10.42	8.35				13.33%	<-IRR #YR->	5	Stock Price	86.97%
Trailing P/E Ratio	8.62	17.58	9.50	11.55	10.00	10.19	9.46	8.66	7.82	4.88	9.50	7.72	10.18	10.87				10.16	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	9.48	7.82	P/E:	7.61	7.03					6.83	P/E Ratio		Historical Low
			-$31.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$77.91
								-$41.67	$0.00	$0.00	$0.00	$0.00	$77.91
														$415	<-12 mths	-60.96%
Free Cash Flow	$972	$452	-$195	$79	$469	-$188	$521	$215	$268	$1,683	-$63	$326	$1,063					645.13%	<-Total Growth	10	Free Cash Flow
Change	29.26%	-53.50%	-143.14%	140.51%	493.67%	-140.09%	377.13%	-58.73%	24.65%	527.99%	-103.74%	617.46%	226.07%					37.66%	<-IRR #YR->	5	Free Cash Flow MS	394.42%
FCF/CF from Op Ratio	1.04	0.40	1.00	0.61	0.87	1.96	0.81	0.55	0.64	0.90	-0.34	0.53	0.79					#NUM!	<-IRR #YR->	10	Free Cash Flow MS	645.13%
Dividends paid	$84	$83	$68	$65	$72	$129	$152	$173	$188	$208	$224	$224	$224					229.41%	<-Total Growth	10	Dividends paid
Percentage paid	8.64%	18.36%	-34.87%	82.28%	15.35%	-68.62%	29.17%	80.47%	70.15%	12.36%	-355.56%	68.71%	21.07%					$0.25	<-Median->	10	Percentage paid
5 Year Coverage	9.57%	11.40%	15.95%	18.50%	20.93%	67.59%	70.85%	53.92%	55.56%	34.01%	36.01%	41.87%	32.59%								5 Year Covrage
Dividend Coverage Ratio				1.22	6.51	-1.46	3.43	1.24	1.43	8.09	-0.28	1.46	4.75					1.44	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage									1.80	2.94	2.78	2.39	3.07								5 Year of Caogerage
								-$215	$0	$0	$0	$0	$1,063
			$195	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,063
Market Cap in $M	$2,376.2	$2,856.3	$4,664.1	$4,477.4	$4,520.5	$5,670.3	$6,386.1	$4,730.6	$7,629.9	$5,907.8	$7,785.0	$8,305.4	$9,000.8	$8,817.4	$8,817.4	$8,817.4		0.93	<-Total Growth	10	Market Cap	92.98%
Pre-split 2005
Diluted # of Shares in Million	92.53	96.20	97.90	100.80	102.00	103.40	107	110	107	107	108	107	103	105				5.21%	<-Total Growth	10	Diluted
Change	10.27%	3.96%	1.77%	2.96%	1.19%	1.37%	3.48%	2.80%	-2.73%	0.00%	0.93%	-0.93%	-3.74%	1.94%				0.51%	<-IRR #YR->	10	Diluted
Intangible/Market Cap Ratio	-7.18%	-5.82%	-0.72%	-0.89%	-0.59%	-0.58%	-0.93%	-0.91%	0.00%	0.00%	-0.93%	-0.93%	-0.97%	-0.95%				-1.31%	<-IRR #YR->	5	Diluted
Change in Diluted Shares per Year
			-97.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	103.0
								-110.0	0.0	0.0	0.0	0.0	103.0
Pre-split 2005
Basic # of Shares in Millions	85.89	90.60	97.20	99.90	101.40	102.80	106	109	107	107	107	106	102	104				4.94%	<-Total Growth	10	Basic
Change	3.32%	5.49%	7.28%	2.78%	1.50%	1.38%	3.11%	2.83%	-1.83%	0.00%	0.00%	-0.93%	-3.77%	1.96%				0.69%	<-Median->	10	Change
Difference	5.24%	0.47%	2.20%	0.88%	1.02%	3.31%	0.71%	-0.39%	-0.03%	0.06%	0.52%	-1.16%	-2.31%	-4.19%				0.29%	<-Median->	10	Difference
														$688	<-12 mths	-48.73%
Pre-split 2005
# of Share in Millions	90.383	91.024	99.342	100.775	102.435	106.205	106.756	108.575	106.966	107.064	107.557	104.773	99.643	99.643	99.643	99.643		0.03%	<-IRR #YR->	10	Shares	0.30%
Change	7.74%	0.71%	9.14%	1.44%	1.65%	3.68%	0.52%	1.70%	-1.48%	0.09%	0.46%	-2.59%	-4.90%	0.00%	0.00%	0.00%		-1.70%	<-IRR #YR->	5	Shares	-8.23%
Cash Flow from Operations $M	$935	$1,135	-$195	$130	$537	-$96	$645	$392	$418	$1,860	$185	$613	$1,342	$688	<-12 mths			788.21%	<-Total Growth	10	Cash Flow	Share Capital
Increase	17.17%	21.39%	-117.18%	166.67%	313.08%	-117.88%	771.88%	-39.22%	6.63%	344.98%	-90.05%	231.35%	118.92%	-48.73%	<-12 mths			SO, Share Iss	BuyBacks
5 year Running Average	$795	$887	$713	$561	$508	$302	$204	$322	$379	$644	$700	$694	$884	$938	<-12 mths			23.96%	<-Total Growth	10	CF 5 Yr Running
CFPS	$10.34	$12.47	-$1.96	$1.29	$5.24	-$0.90	$6.04	$3.61	$3.91	$17.37	$1.72	$5.85	$13.47	$6.90	<-12 mths			786.13%	<-Total Growth	10	Cash Flow per Share
Increase	8.75%	20.54%	-115.74%	165.72%	306.38%	-117.24%	768.41%	-40.24%	8.24%	344.57%	-90.10%	240.16%	130.19%	-48.73%	<-12 mths			#NUM!	<-IRR #YR->	10	Cash Flow	788.21%
5 year Running Average	$9.56	$10.36	$8.29	$6.33	$5.48	$3.23	$1.94	$3.06	$3.58	$6.01	$6.53	$6.49	$8.46	$9.06	<-12 mths			27.91%	<-IRR #YR->	5	Cash Flow	242.35%
P/CF on Med Price	3.27	2.09	-20.67	34.98	8.16	-51.87	9.11	14.22	14.75	3.07	37.87	12.29	6.35	12.68	<-12 mths			#NUM!	<-IRR #YR->	10	Cash Flow per Share	786.13%
P/CF on Closing Price	2.54	2.52	-23.92	34.44	8.42	-59.07	9.90	12.07	18.25	3.18	42.08	13.55	6.71	12.82	<-12 mths			30.12%	<-IRR #YR->	5	Cash Flow per Share	273.03%
															19.78%	Diff M/C		0.21%	<-IRR #YR->	10	CFPS 5 yr Running	2.14%
Excl.Working Capital CF	$63	-$1,362	$2,097	-$1,448	$390	$748	-$489	$1,389.0	-$2,666.0	-$4,439.0	$2,759.0	$9,392.0	-$2,102.0	$0.0	<-12 mths			22.60%	<-IRR #YR->	5	CFPS 5 yr Running	176.95%
Cash Flow from Operations $M WC	$998	-$227	$1,902	-$1,318	$927	$652	$156	$1,781	-$2,248	-$2,579	$2,944	$10,005	-$760	$688	<-12 mths			-139.96%	<-Total Growth	10	Cash Flow less WC
Increase	31.32%	-122.75%	937.89%	-169.30%	170.33%	-29.67%	-76.07%	1041.67%	-226.22%	-14.72%	214.15%	239.84%	-107.60%	190.53%	<-12 mths			#NUM!	<-IRR #YR->	10	Cash Flow less WC	-139.96%
5 year Running Average	$842	$662	$897	$423	$456	$387	$464	$440	$254	-$448	$11	$1,981	$1,472	$2,060	<-12 mths			#NUM!	<-IRR #YR->	5	Cash Flow less WC	-142.67%
CFPS Excl. WC	$11.04	-$2.49	$19.15	-$13.08	$9.05	$6.14	$1.46	$16.40	-$21.02	-$24.09	$27.37	$95.49	-$7.63	$6.90	<-12 mths			5.08%	<-IRR #YR->	10	CF less WC 5 Yr Run	64.07%
Increase	21.88%	-122.59%	867.73%	-168.31%	169.19%	-32.16%	-76.20%	1022.54%	-228.12%	-14.62%	213.63%	248.87%	-107.99%	190.53%	<-12 mths			27.35%	<-IRR #YR->	5	CF less WC 5 Yr Run	234.94%
5 year Running Average	$10.13	$7.95	$9.97	$4.74	$4.73	$3.75	$4.54	$3.99	$2.41	-$4.22	$0.03	$18.83	$14.03	$19.61	<-12 mths			#NUM!	<-IRR #YR->	10	CFPS - Less WC	-139.84%
P/CF on Median Price	3.06	-10.45	2.12	-3.45	4.73	7.64	37.67	3.13	-2.74	-2.22	2.38	0.75	-11.21	12.68	<-12 mths			#NUM!	<-IRR #YR->	5	CFPS - Less WC	-146.50%
P/CF on Closing Price	2.38	-12.58	2.45	-3.40	4.88	8.70	40.94	2.66	-3.39	-2.29	2.64	0.83	-11.84	12.82	<-12 mths			3.47%	<-IRR #YR->	10	CFPS 5 yr Running	40.70%
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	10.70	5 yr	12.29	P/CF Med	10 yr	1.57	5 yr	-2.22		718.31%	Diff M/C		28.55%	<-IRR #YR->	5	CFPS 5 yr Running	251.10%
			-99.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	99.6								Shares
								-108.6	0.0	0.0	0.0	0.0	99.6								Shares
			$195.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,342.0								Cash Flow
								-$392.0	$0.0	$0.0	$0.0	$0.0	$1,342.0								Cash Flow
			$1.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.47								Cash Flow per Share
								-$3.61	$0.00	$0.00	$0.00	$0.00	$13.47								Cash Flow per Share
			-$8.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.46								CFPS 5 yr Running
								-$3.06	$0.00	$0.00	$0.00	$0.00	$8.46								CFPS 5 yr Running
			-$1,902.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$760.0								Cash Flow less WC
								-$1,781.0	$0.0	$0.0	$0.0	$0.0	-$760.0								Cash Flow less WC
			-$897.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,472.4								CF less WC 5 Yr Run
								-$439.6	$0.0	$0.0	$0.0	$0.0	$1,472.4								CF less WC 5 Yr Run
			-$19.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$7.63								CFPS - Less WC
								-$16.40	$0.00	$0.00	$0.00	$0.00	-$7.63								CFPS - Less WC
			-$9.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.03								CFPS 5 yr Running
								-$3.99	$0.00	$0.00	$0.00	$0.00	$14.03								CFPS 5 yr Running
Financing Charges
Income Taxes Paid	-$69	-$88	-$107	-$73	-$109	-$90	-$159
Change in Insurance Cont. Liab		$1,357	-$662	$2,583	$525	$1,105	$1,778	$243	$4,807	$5,899	$19	-$6,221	$1,626
Change in Investment Cont. Liab		$39	$32	$46	-$38	-$49	-$19	$43		-$55	$2	-$30	$1,549
Change in Reinsruance Assets									-$95	-$837	-$203	-$237	-$384
provision for losses
Sales, Mat. & repayments, Investmt			$15,352	$15,636	$21,572	$17,286	$16,281	$11,632	$14,764	$16,472	$26,344	$34,366	$25,385
Purchase of Investments			-$16,739	-$17,551	-$22,394	-$19,162	-$17,657	-$13,074	-$16,712	-$16,805	-$28,931	-$36,886	-$28,288
realizes losses, gains on investmt			-$23	-$20	-$29	-$12	-$13	$19	-$30	-$49	-$32	-$47		This may not be right
Chnge in Mortgage Debt			$11	-$1
Increase in Secuiritzation Liab.			$149	$189
Int paid on Mortgage			-$7	-$11
Other Items Affecting cash	$6	$54	-$103	$650	$83	$174	$278	-$253	-$68	-$186	$42	-$337	-$397
Change in other assets and Liab.
Chgne in non-cash WC
													$2,460
Change in Insurance Cont. Liab
Change in Investment Cont. Liab													$151
Change in Reinsruance Assets
Change in Working Capital	-$63	$1,362	-$2,097	$1,448	-$390	-$748	$489	-$1,390	$2,666	$4,439	-$2,759	-$9,392	$2,102
Google -->TD 2017			-$2,081	$1,448	-$390	-$748	$489	-$1,389	$2,666	$4,439	-$2,759	-$9,392	$2,102
Difference			-$16	$0	$0	$0	$0	-$1	$0	$0	$0	$0	$0
Next year's statement		2014 St->	-$87	1836	-$11	-$532	$1,226	<-- now saying
Original Statement		2013 St->	$103					but CF same
			-$2,081
OPM Ratio	17.61%	15.18%	-3.24%	1.34%	6.52%	-1.03%	5.72%	3.95%	2.74%	10.54%	1.19%	7.13%	14.60%	6.95%				550.89%	<-Total Growth	10	OPM
Increase	49.39%	-13.83%	-121.33%	141.48%	385.56%	-115.75%	656.94%	-30.86%	-30.76%	285.09%	-88.67%	497.01%	104.68%	-52.36%					Should increase		or be stable.
Diff from Median	264.1%	213.7%	-166.9%	-72.2%	34.8%	-121.2%	18.2%	-18.2%	-43.4%	118.0%	-75.3%	47.4%	201.8%	43.8%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	4.84%	5 Yrs	7.13%					should be	zero, it is a		check on calculations
																						Ins Con Liab
Offsetting assets	$20,634	$20,744	$21,508	$27,049	$29,066	$31,091	$33,822	$34,579	$39,919	$45,147	$45,651	$39,985	$42,618	$41,586				$37,249	<-Median->	10	Offsetting assets	Type
Debt/Asset Ratio	0.85	0.99	0.93	0.84	0.81	0.79	0.78	0.77	0.77	0.82	0.81	0.77	0.93	0.75				0.80	<-Median->	10	Debt/Asset Ratio	Lg Term A
Long Term Debt	$17,589	$20,443	$19,935	$22,714	$23,503	$24,505	$26,271	$26,570	$30,665	$37,102	$37,117	$30,970	$39,688	$31,083				$28,618	<-Median->	10	Debt	Lg Term
Change	15.13%	16.23%	-2.48%	13.94%	3.47%	4.26%	7.21%	1.14%	15.41%	20.99%	0.04%	-16.56%	28.15%	-21.68%				5.73%	<-Median->	10	Change	Intang/GW
Debt/Market Cap Ratio	7.40	7.16	4.27	5.07	5.20	4.32	4.11	5.62	4.02	6.28	4.77	3.73	4.41	3.53				4.59	<-Median->	10	Debt/Market Cap Ratio	Liquidity
Assets/Current Liabilities Ratio	77.36	89.01	91.16	92.20	73.42	60.76	57.16	46.14	54.26	48.20	42.33	42.50	49.39	28.22				51.83	<-Median->	10	Assets/Current Liabilities Ratio	Liq. + CF
Debt to Cash Flow (Years)	18.81	18.01	-102.23	174.72	43.77	-255.26	40.73	67.78	73.36	19.95	200.63	50.52	29.57	45.18							Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles	$463.0	$461.0	$530	$560	$623	$659	$659	$1,071	$1,110	$1,621	$1,708	$1,784	$1,847	$1,857				248.49%	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill	$163.0	$153.0	$181	$270	$334	$313	$313	$633	$606	$1,224	$1,267	$1,318	$1,318	$1,336				628.18%	<-Total Growth	10	Goodwill
Total	$626.0	$614.0	$711	$830	$957	$972	$972	$1,704	$1,716	$2,845	$2,975	$3,102	$3,165	$3,193				345.15%	<-Total Growth	10	Total
Change	16.36%	-1.92%	15.80%	16.74%	15.30%	1.57%	0.00%	75.31%	0.70%	65.79%	4.57%	4.27%	2.03%	0.88%				4.42%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.26	0.21	0.15	0.19	0.21	0.17	0.15	0.36	0.22	0.48	0.38	0.37	0.35	0.36				0.29	<-Median->	10	Intangible/Market Cap Ratio
Current Assets (incld. Other Assets)	$628	$1,487	$964	$1,084	$1,735	$1,785	$2,349	$2,351	$2,403	$3,729	$3,561	$3,556	$2,865	$5,747				197.20%	<-Total Growth	10	Current Assets
Current Liabilities (+ other)	$484	$469	$483	$546	$721	$939	$1,083	$1,377	$1,348	$1,794	$2,236	$2,057	$1,900	$3,452				293.37%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	1.30	3.17	2.00	1.99	2.41	1.90	2.17	1.71	1.78	2.08	1.59	1.73	1.51	1.66				1.84	<-Median->	10	Ratio
Liq. with CF aft div	1.10	2.66	1.66	1.66	2.07	1.66	1.90	1.52	1.56	1.86	1.45	1.53	1.30	1.52				1.53	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.30	1.05	1.34	1.54	1.82	113.66	232.90	401.52	157.56	1141.86	295.45	288.53	308.30	308.30				295.45	<-Median->	5	Ratio
Assets	$37,441	$41,747	$44,030	$50,339	$52,938	$57,050	$61,906	$63,540	$73,148	$86,466	$94,659	$87,425	$93,846	$97,405				113.14%	<-Total Growth	10	Assets
Liabilities	$34,666	$35,451	$40,362	$46,404	$48,754	$52,285	$56,770	$57,822	$67,018	$79,953	$87,414	$80,285	$86,808	$90,247				115.07%	<-Total Growth	10	Liabilities
Debt Ratio	1.08	1.18	1.09	1.08	1.09	1.09	1.09	1.10	1.09	1.08	1.08	1.09	1.08	1.08				1.09	<-Median->	10	Ratio
Estimates BVPS														$72.80	$79.50				Estimates		Estimates BVPS
Estimate Book Value														$7,254.0	$7,921.6				Estimates		Estimate Book Value
P/B Ratio (Close)														1.22	1.11				Estimates		P/B Ratio (Close)
Difference from 10 year median															11.85%	Diff M/C			Estimates		Difference from 10 yr med.
Gross Book Value	$2,775	$6,296	$3,668	$3,935	$4,184	$4,765	$5,136	$5,718	$6,130	$6,513	$7,245	$7,140	$7,038	$7,158				91.88%	<-Total Growth	10	Book Value
NCI	$0.0	$0.0	$0.0	$0.0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0							NCI
Preferred shares by Subsidiary								$525	$525	$525	$525	$525	$375	$375				#DIV/0!	<-Total Growth	5	Preferred shares by Subsidiary
Book Value	$2,775	$6,296	$3,668	$3,935	$4,184	$4,765	$5,136	$5,193	$5,605	$5,988	$6,720	$6,615	$6,663	$6,783				81.65%	<-Total Growth	10	Book Value
Book Value per share	$30.70	$69.17	$36.92	$39.05	$40.85	$44.87	$48.11	$47.83	$52.40	$55.93	$62.48	$63.14	$66.87	$68.07				81.10%	<-Total Growth	10	Book Value per share
P/B Ratio (Median)	1.10	0.38	1.10	1.16	1.05	1.05	1.14	1.07	1.10	0.95	1.04	1.14	1.28	1.29				1.09	<-Median->	10	P/B Ratio (Median)
Participating Policholders	$41	$44	$47	$49	$45	$39	$41	$45	$42	$41	$48	$6	$0	$0				-100.00%	<-Total Growth	10	Participating Policholders
NetBook Value	$2,734	$6,252	$3,621	$3,886	$4,139	$4,726	$5,095	$5,148	$5,563	$5,947	$6,672	$6,609	$6,663	$7,158	$7,158.0	$7,158.0		84.01%	<-Total Growth	10	Book Value
Book Value per share	$30.25	$68.69	$36.45	$38.56	$40.41	$44.50	$47.73	$47.41	$52.01	$55.55	$62.03	$63.08	$66.87	$71.84	$71.84	$71.84		83.45%	<-Total Growth	10	Book Value per Share
Increase	0.65%	127.07%	-46.93%	5.79%	4.78%	10.13%	7.25%	-0.65%	9.69%	6.80%	11.68%	1.69%	6.01%	7.43%	0.00%	0.00%		7.44%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.12	0.38	1.11	1.17	1.06	1.05	1.15	1.08	1.11	0.96	1.05	1.14	1.28	1.22				1.15	P/B Ratio		Historical Median
P/B Ratio (Close)	0.87	0.46	1.29	1.15	1.09	1.20	1.25	0.92	1.37	0.99	1.17	1.26	1.35	1.23	1.23	1.23		6.26%	<-IRR #YR->	10	Book Value per Share	83.45%
Change	-29.04%	-47.43%	181.94%	-10.55%	-5.21%	9.86%	4.47%	-26.69%	49.26%	-27.57%	17.46%	7.70%	7.49%	-8.81%	0.00%	0.00%		7.12%	<-IRR #YR->	5	Book Value per Share	41.03%
Leverage (A/BK)	13.69	6.68	12.16	12.95	12.79	12.07	12.15	12.34	13.15	14.54	14.19	13.23	14.08	13.61				14.08	<-Median->	5	A/BV
Debt/Equity Ratio	12.68	5.67	11.15	11.94	11.78	11.06	11.14	11.23	12.05	13.44	13.10	12.15	13.03	12.61				13.03	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	1.10	5 yr Med	1.11		12.44%	Diff M/C		11.55	Historical		Leverage (A/BK)
			-$36.45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$66.87
								-$47.41	$0.00	$0.00	$0.00	$0.00	$66.87
														$868	<-12 mths	4.96%
Total Comprehensive Income	$146	$320	$383	$443	$427	$542	$514	$602	$711	$605	$958	$393	$827					115.93%	<-Total Growth	10	Total Comprehensive Income
Participating Shareholders	$14	$3	$3	$2	$4	-$6	$2	$4	-$10	-$1	$7	-$42	$0					-100.00%	<-Total Growth	10	Participating Shareholders
Shareholders	$132	$317	$380	$441	$423	$548	$512	$598	$721	$606	$951	$435	$827					117.63%	<-Total Growth	10	Comprehensive Income
Increase	-56.15%	140.15%	19.87%	16.05%	-4.08%	29.55%	-6.57%	16.80%	20.57%	-15.95%	56.93%	-54.26%	90.11%					20.57%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$192	$211	$283	$314	$339	$422	$461	$504	$560	$597	$678	$662	$708					8.09%	<-IRR #YR->	10	Comprehensive Income	117.63%
ROE	4.8%	5.1%	10.5%	11.3%	10.2%	11.6%	10.0%	11.6%	13.0%	10.2%	14.3%	6.6%	12.4%					6.70%	<-IRR #YR->	5	Comprehensive Income	38.29%
5Yr Median	11.9%	5.1%	10.5%	10.5%	10.2%	10.5%	10.5%	11.3%	11.6%	11.6%	11.6%	11.6%	12.4%					9.61%	<-IRR #YR->	10	5 Yr Running Average	150.35%
% Difference from Net Income	3.94%	1.60%	8.57%	10.25%	16.21%	0.00%	-0.58%	-2.45%	4.95%	-0.82%	14.58%	-46.76%	7.54%					7.02%	<-IRR #YR->	5	5 Yr Running Average	40.36%
Median Values									Diff	5, 10 yr	2.5%	-0.8%	4.9%					12.4%	<-Median->	5	Return on Equity
			-$380.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$827.0
								-$598.0	$0.0	$0.0	$0.0	$0.0	$827.0
			-$282.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$708.0
								-$504.4	$0.0	$0.0	$0.0	$0.0	$708.0
Current Liability Coverage Ratio	2.06	-0.48	3.94	-2.41	1.29	0.69	0.14	1.29	-1.67	-1.44	1.32	4.86	-0.40	0.20							CFO / Current Liabilities
5 year Median	2.43	2.18	2.18	2.06	1.29	0.69	0.69	0.69	0.69	0.14	0.14	1.29	-0.40	0.20				0.42	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	2.67%	-0.54%	4.32%	-2.62%	1.75%	1.14%	0.25%	2.80%	-3.07%	-2.98%	3.11%	11.44%	-0.81%	0.71%							CFO / Total Assets
5 year Median	4.5%	3.8%	3.8%	2.7%	1.8%	1.14%	1.14%	1.14%	1.14%	0.25%	0.25%	2.80%	-0.81%	0.71%				0.7%	<-Median->	10	Return on Assets
Return on Assets ROA	0.34%	0.75%	0.79%	0.79%	0.69%	0.96%	0.83%	0.96%	0.94%	0.71%	0.88%	0.93%	0.82%	0.97%				Net	Income/Assets		Return on Assets
5Yr Median	1.17%	0.75%	0.79%	0.79%	0.75%	0.79%	0.79%	0.83%	0.94%	0.94%	0.88%	0.93%	0.88%	0.88%				0.9%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	4.65%	4.99%	9.67%	10.29%	8.79%	11.60%	10.11%	11.91%	12.35%	10.27%	12.44%	12.36%	11.54%	13.19%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	9.55%	4.99%	9.55%	9.67%	8.79%	9.67%	10.11%	10.29%	11.60%	11.60%	11.91%	12.35%	12.35%	12.36%				11.6%	<-Median->	10	Return on Equity
														$732	<-12 mths	-4.81%
Total Net Income	$141	$345	$388	$433	$386	$554	$531	$638	$699	$632	$859	$800	$789					103.35%	<-Total Growth	10	Total Net Income
Participating Shareholders	$14	$33	$38	$33	$22	$6	$16	$4	-$10	-$1	$7	-$42	$0					-100.00%	<-Total Growth	10	Participating Shareholders
Preferred Share								$21	$22	$22	$22	$25	$20
Net Income	$127	$312	$350	$400	$364	$548	$515	$613	$687	$611	$830	$817	$769	$944	$1,020			119.71%	<-Total Growth	10	Net Income
Increase	-49.40%	145.67%	12.18%	14.29%	-9.00%	50.55%	-6.02%	19.03%	12.07%	-11.06%	35.84%	-1.57%	-5.88%	22.81%	8.01%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$178	$192	$249	$288	$311	$395	$435	$488	$545	$595	$651	$712	$743	$794.3	$876.1			8.19%	<-IRR #YR->	10	Net Income	119.71%
Operating Cash Flow	$935	$1,135	-$195	$130	$537	-$96	$645	$392	$418	$1,860	$185	$613	$1,342					4.64%	<-IRR #YR->	5	Net Income	25.45%
Investment Cash Flow	-$1,532	-$852	-$140	-$53	-$115	-$112	-$231	-$400	-$156	-$1,140	-$294	-$287	-$307					11.54%	<-IRR #YR->	10	5 Yr Running Average	198.07%
Total Accruals	$724	$29	$685	$323	-$58	$756	$101	$621	$425	-$109	$939	$491	-$266					8.77%	<-IRR #YR->	5	5 Yr Running Average	52.21%
Total Assets	$37,441	$41,747	$44,030	$50,339	$52,938	$57,050	$61,906	$63,540	$73,148	$86,466	$94,659	$87,425	$93,846						Balance Sheet		Assets
Accruals Ratio	1.93%	0.07%	1.56%	0.64%	-0.11%	1.33%	0.16%	0.98%	0.58%	-0.13%	0.99%	0.56%	-0.28%					0.56%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.11	-1.33	0.19	-0.30	0.39	0.85	3.29	0.34	-0.30	-0.24	0.28	0.08	-0.98					0.18	<-Median->	10	EPS/CF Ratio
			-$350.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$769.0
								-$613.0	$0.0	$0.0	$0.0	$0.0	$769.0
			-$249.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$742.8
								-$488.0	$0.0	$0.0	$0.0	$0.0	$742.8
Change in Close	-28.58%	19.36%	49.62%	-5.37%	-0.68%	20.98%	12.04%	-27.16%	63.71%	-22.64%	31.17%	9.52%	13.95%	-2.04%	0.00%	0.00%			Count	24	Years of data
up/down																			Count	0	0.00%
Meet Prediction?																		% right	Count	0	#DIV/0!
Financial Cash Flow	$451	$217	-$240	-$108	$44	$152	-$183	-$93	-$198	$111	$111	-$525	-$1,009						C F Statement		Financial Cash Flow
Total Accruals	$273	-$188	$925	$431	-$102	$604	$284	$714	$623	-$220	$828	$1,016	$743								Accruals
Accruals Ratio	0.73%	-0.45%	2.10%	0.86%	-0.19%	1.06%	0.46%	1.12%	0.85%	-0.25%	0.87%	1.16%	0.79%					0.85%	<-Median->	5	Ratio
Cash	$308	$1,096	$523	$498	$969	$912	$1,141	$1,046	$1,108	$1,949	$1,949	$1,358	$1,379	$1,462							Cash
Cash per Share	$3.41	$12.04	$5.26	$4.94	$9.46	$8.59	$10.69	$9.63	$10.36	$18.20	$18.12	$12.96	$13.84	$14.67				$13.84	<-Median->	5	Cash per Share
Percentage of Stock Price	12.96%	38.37%	11.21%	11.12%	21.44%	16.08%	17.87%	22.11%	14.52%	32.99%	25.04%	16.35%	15.32%	16.58%				16.35%	<-Median->	5	% of Stock Price
Notes:
May 26, 2024.  Last estimates were for 2023, 2024 and 2025 of $266.6M for AIM&A Total, 9.47, $10.47 and $11.42 for AEPS, $9.41, $9.73 and $11.40 for EPS,
$2.98, $3.27 and $3.06 for Dividends, $69.70, $79.00 and $85.00 for BVPS, $923M, $1032M, and $1169M for Net Income.
May 28, 2023.  Last estimates were for 2022 and 2023 of $249.5B and $266.6B for AUM, $8.51 and $9.32 for AEPS, $7.39 and $8.56 for EPS,
$2.60 and $2.83 for Dividends, $64.80 and $69.80 for BVPS, and $772M, $900M for Net Income.
May 28, 2022.  Last estimates were for 2021 and 2022 of $6.98, $7.61 for EPS, $1.98 and 2.06 for Dividends and $751M and $819M for Net Income.
May 24, 2021.  Last estimates were for 2020, 2021 and 2022 of $4.32, $6.15 and 6.86 for EPS, $1.95, $1.97 and 2.05 for dividends, and $464M, $661M and $756M for Net Income.
May 24, 2020.  Last estimates were for 6.01, 6.41 and $6.79 for EPS and $646M, $684M and $719M for Net Income.
May 26, 2019.  Last estimates were for 2018, 2019 and 2020 of $11256M and $12644M for 2018 and 2019 for Revenue, $5.39, $5.81 and $6.78 for EPS,
$6.45 and $7.90 for 2018 and 2019 for CFPS and $593M, $645M and $678M for Net Income.
January 2, 2019 the company has a name change to IA Financial Corp and IAIFS is now a subsidiary.  Old name was Industrial Alliance Ins. & Fin.Srv. Inc.
May 19, 2018.  Last estimates were for 2017, 2018 and 2019 of $10085M, $11245M and $12644M for Revenue, $4.88, $5.39 and $5.78 for EPS,
$6.43, $7.60 and $7.90 for CPFS and $524M, $580M and $632M for Net Income.
Early in 2018 was when I did initial spreadshsset.
February 2000.  The company demutualized and joined TSE under Symbol IAG.
In 2000 it renamed to Industrial Alliance Insurance and Financial Services
In 1999 the wealth managemtn company Investia Financial Services was created.
In 1988 it added National Life Assurance Company and The Solidarity (founded 1901).
January 1987.  Industrial Life Insurance and Alliance Nationale merged.
In 1948 Alliance Nationale became a mutual life insurance company in Canada
In 1905 Industrial Life Insurance Company was started.
IA Financial Group says it was founded in 1892
Sector:
Insurance, Finance
What should this stock accomplish?
Why I bought this stock.
Why am I following this stock.
This was a stock shown as a dividend growth stock on the Canadian All Star List.
http://www.dividendgrowthinvestingandretirement.com/canadian-dividend-all-star-list/
Dividends
Dividends are paid quarterly in Cycle 3 of March, June, September and December.  Dividends are declared in one month for shareholders of record of that month and paid in the next month.
For example, the dividends declared on xxx15 was for shareholders of record of xxand paid on xxx
For example, A dividend was declared on February 11, 2016 for shareholders of record of February 26, 2016 and paid on March 15, 2016.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money.
iA Financial Corp Inc is a life and health insurance company. It offers life and health insurance products, savings and retirement plans, mutual funds, securities, auto and home insurance,
mortgages, and others. The company operates and manages its activities according to five main reportable operating segments Insurance Canada, Individual Wealth Management,
Investment, Corporate, and U.S Operations. The majority of its revenue comes from Insurance Canada.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2015	Feb 20	2018	May 21	2018	May 26	2019	May 24	2020	May 24	2021	May 28	2022	May 28	2023			May 26	2024
Richard, Denis						0.030	0.03%	0.040	0.04%	0.042	0.04%	0.044	0.04%	0.044	0.04%			0.048	0.05%			9.09%
CEO - Shares - Amount							$2.140		$2.207		$3.040		$3.488		$3.975				$4.248
Options - percentage						0.348	0.33%	0.382	0.36%	0.436	0.41%	0.480	0.46%	0.492	0.49%			0.540	0.54%			9.87%
Options - amount							$24.804		$21.071		$31.541		$38.079		$44.415				$47.806
Charest, Yvon		0.126	0.12%	0.128	0.12%
CEO - Shares - Amount			$7.539		$5.593
Options - percentage		0.643	0.60%	0.697	0.64%
Options - amount			$38.463		$30.347
Jobin, Eric														0.005	0.01%			0.007	0.01%			34.49%
CFO - Shares - Amount															$0.484				$0.638
Options - percentage														0.027	0.03%			0.054	0.05%			98.77%
Options - amount															$2.474				$4.817
Potvin, Jacques				0.000	0.00%	0.007	0.01%	0.007	0.01%	0.007	0.01%	0.007	0.01%	0.007	0.01%						Ceased insider Aug 2023
CFO - Shares - Amount					$0.000		$0.509		$0.395		$0.521		$0.573		$0.657
Options - percentage				0.000	0.00%	0.095	0.09%	0.128	0.12%	0.161	0.15%	0.187	0.18%	0.209	0.21%
Options - amount					$0.000		$6.791		$7.037		$11.640		$14.819		$18.871
Laflamme, Renee		0.001	0.00%	0.001	0.00%	0.006	0.01%	0.009	0.01%	0.009	0.01%	0.011	0.01%	0.011	0.01%			0.011	0.01%			3.37%
Officer - Shares - Amount			$0.072		$0.053		$0.423		$0.478		$0.663		$0.839		$0.991				$1.004
Options - percentage		0.111	0.10%	0.139	0.13%	0.166	0.16%	0.192	0.18%	0.226	0.21%	0.234	0.22%	0.240	0.24%			0.249	0.25%			3.92%
Options - amount			$6.629		$6.063		$11.836		$10.581		$16.357		$18.538		$21.683				$22.074
Daignault, Benoit								0.001	0.00%	0.001	0.00%	0.001	0.00%	0.001	0.00%			0.001	0.00%			0.00%
Director - Shares - Amount									$0.083		$0.108		$0.119		$0.135				$0.133
Options - percentage								0.001	0.00%	0.003	0.00%	0.004	0.00%	0.005	0.01%			0.006	0.01%			21.01%
Options - amount									$0.058		$0.245		$0.341		$0.474				$0.562
Cote, Agathe						0.000	0.00%	0.000	0.00%												Ceased insider May 6, 2021
Director - Shares - Amount							$0.000		$0.000
Options - percentage						0.004	0.00%	0.006	0.01%
Options - amount							$0.308		$0.335
Mercier, Monique														0.002	0.00%			0.000	0.00%			-99.17%
Director - Shares - Amount															$0.206				$0.002
Options - percentage														0.009	0.01%			0.012	0.01%			26.44%
Options - amount															$0.826				$1.023
Poulin, Marc														0.005	0.00%			0.004	0.00%			-22.22%
Director - Shares - Amount															$0.406				$0.310
Options - percentage														0.009	0.01%			0.011	0.01%			18.45%
Options - amount															$0.853				$0.990
Martin, Jacques						0.007	0.01%	0.010	0.01%	0.010	0.01%	0.010	0.01%	0.010	0.01%			0.011	0.01%		Chair since Jan 2019	10.00%
Chairman - Shares - Amt							$0.464		$0.552		$0.724		$0.793		$0.903				$0.973
Options - percentage						0.000	0.00%	0.000	0.00%	0.001	0.00%	0.002	0.00%	0.004	0.00%			0.006	0.01%			53.71%
Options - amount							$0.000		$0.000		$0.038		$0.147		$0.350				$0.527
Bourgon, Jocelyne		0.000	0.00%	0.001	0.00%
Chairman - Shares - Amt			$0.000		$0.044
Options - percentage		0.000	0.00%	0.011	0.01%
Options - amount			$0.000		$0.483
LeBoutilier, John		0.000	0.00%																		Ceased insider May 2017
Chairman - Shares - Amt			$0.000
Options - percentage		0.000	0.00%
Options - amount			$0.000
Increase in O/S Shares	0.49%	1.020	0.97%	0.551	0.52%	0.159	0.15%	1.206	1.13%	0.185	0.17%	0.606	0.56%	0.325	0.31%			0.264	0.25%		Average	0.49%
Due to Stock Options	$27.496		$54.458		$32.961		$6.928		$86.024		$10.208		$43.862		$25.763				$20.927		in jan 2018 looks like selling
Book Value	$20.000		$40.000		$22.000		$7.000		$54.000		$9.000		$34.000		$19.000				$15.000		off of options.
Insider Buying	$0.000		-$0.355		-$0.722		-$0.051		-$1.459		-$0.634		-$1.264		-$0.210				-$1.483		same in May 2018
Insider Selling	$0.000		$24.765		$17.891		$4.559		$11.365		$4.550		$7.785		$10.911				$13.570
Net Insider Selling	$0.000		$24.410		$17.169		$4.507		$9.906		$3.916		$6.521		$10.700				$12.087
Net Selling % of Market Cap	0.00%		0.38%		0.36%		0.06%		0.17%		0.05%		0.08%		0.12%				0.14%
Directors		13		14		11		12		12		15		17				15
Women		6	46%	6	43%	4	36%	5	42%	5	42%	7	47%	7	41%			7	47%
Minorities		0	0%	0	0%	0	0%	0	0%	0	0%	1	7%	1	6%			1	7%
Institutions/Holdings		183	42.90%	6	14.38%			20	22.41%			20	20.33%	20	20.33%			20	20.33%
Total Shares Held		45.763	42.87%	0.719	0.66%			24.332	22.73%			21.880	20.88%	18.833	18.90%			16.989	17.05%
Increase/Decrease 3 Mths		0.031	0.07%	0.031	4.50%			-0.258	-1.05%			-0.132	-0.60%	-1.844	-8.92%			-1.236	-6.78%
Starting No. of Shares		45.732		0.688	reuters			24.590	Top 20 MS			22.012	Top 20 MS	20.677	Top 20 MS			18.225	Top 20 MS
Institutions/Holdings				169	26.80%	314	49.69%														Shareholders
Amt					$1,711.290		$2,935.360
Total Shares Held				31.000	28.55%	38.000	35.00%
Amt					$1,854.420		$2,273.160
Increase/Decrease 3 Mths				0.000	0.00%	5.000	15.15%
Starting No. of Shares				31.000	Morningstar	33.000	Morningstar
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