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 2025
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	12/31/12	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	12/31/27		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
														$294.1	<-12 mths	13.38%
Assets Under Management* $B	$59.6	$69.4	$76.8	$78.9	$84.8	$88.8	$89.1	$100.2	$101.7	$111.5	$102.7	$110.5	$128.7					67.63%	<-Total Growth	10	Assets Under Management*
Assets Under Administraiton*	$23.8	$29.3	$32.7	$36.9	$41.4	$80.8	$79.7	$89.2	$95.8	$109.7	$97.7	$108.3	$130.4					298.82%	<-Total Growth	10	Assets Under Administraiton*
Total	$83.5	$98.7	$109.5	$115.8	$126.2	$169.5	$168.8	$189.5	$197.5	$221.2	$200.4	$218.9	$259.4	$266.6				136.94%	<-Total Growth	10	Assets Under Management
Increase	13.33%	18.24%	10.93%	5.78%	9.00%	34.31%	-0.45%	12.27%	4.22%	11.99%	-9.38%	9.21%	18.51%	2.78%				9.01%	<-IRR #YR->	10	Assets Under Management	136.94%
5 year Running Average	$66.9	$76.7	$86.9	$96.2	$106.7	$124.0	$138.0	$154.0	$170.3	$189.3	$195.5	$205.5	$219.5	$233.3				6.48%	<-IRR #YR->	5	Assets Under Management	36.90%
AUM per Share	$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	$2,777.21	$2,858.74				9.71%	<-IRR #YR->	10	5 yr Running Average	152.53%
Increase	12.53%	8.34%	9.35%	4.07%	5.13%	33.61%	-2.12%	13.96%	4.13%	11.48%	-6.97%	14.83%	26.43%	2.94%				7.35%	<-IRR #YR->	5	5 yr Running Average	42.54%
5 year Running Average	$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	$2,157.52	$2,360.36
P/AUM Ratio Median	0.0284	0.0408	0.0415	0.0378	0.0395	0.0347	0.0330	0.0325	0.0289	0.0317	0.0376	0.0389	0.0392					0.0361	<-Median->	10	P/AUM Ratio Median
P/AUM Ratio Close	0.0342	0.0473	0.0409	0.0390	0.0449	0.0377	0.0280	0.0403	0.0299	0.0352	0.0414	0.0411	0.0480	0.0489				0.0396	<-Median->	10	P/AUM Ratio Close
Ending Assets Under Mge and Admin in Billions									P/AUM	10 yr	0.0361	5 yr	0.0376		35.49%	Diff M/C
			-$109	$0	$0	$0	$0	$0	$0	$0	$0	$0	$259
								-$189	$0	$0	$0	$0	$259
			-$87	$0	$0	$0	$0	$0	$0	$0	$0	$0	$219
								-$154	$0	$0	$0	$0	$219
Taking this out of Adjusted Reve																					Taking this out of Other Revenue, gets me to Premiums and Depoists
Other Revenue IFRS 4	$934	$931	$1,084	$1,158	$1,206	$1,441	$1,752	$1,679	$1,775	$2,116	$2,086							-100.00%	<-Total Growth	8	Other Revenue	under the new accting.
																			in 2023 Statement says $1.537M 2022, $1507M 2023
Premiums and deposits														$23,640	<-12 mths	3.90%
Net Premiums	$4,996	$5,007	$5,426	$6,041	$6,548	$7,254	$7,849	$8,944	$11,196	$13,165	$13,109	$16,804	$20,424					276.41%	<-Total Growth	10	Net Premiums
Inv Inc. Interest and Other Income	$1,025	$935	$1,007	$1,097	$1,115	$1,200	$1,306	$1,364	$1,439	$1,624	$2,146	$1,946	$2,329					131.28%	<-Total Growth	10	Inv Inc. Int and Other Inc
Adjusted Revenue Total	$6,021	$5,942	$6,433	$7,138	$7,663	$8,454	$9,155	$10,308	$12,635	$14,789	$15,255	$16,635	$22,753	$23,640	<-12 mths			253.69%	<-Total Growth	10	Adjusted Revenue Total
Increase	0.37%	-1.31%	8.26%	10.96%	7.36%	10.32%	8.29%	12.59%	22.57%	17.05%	3.15%	9.05%	36.78%	3.90%	<-12 mths			13.47%	<-IRR #YR->	10	Revenue	253.69%
5 year Running Average	$5,652	$5,947	$6,143	$6,307	$6,639	$7,126	$7,769	$8,544	$9,643	$11,068	$12,428	$13,924	$16,413	$18,614	<-12 mths			17.16%	<-IRR #YR->	5	Revenue	120.73%
Revenue per Share	$66.15	$59.81	$63.84	$69.68	$72.15	$79.19	$84.32	$96.37	$118.01	$137.50	$145.60	$166.95	$243.60	$253.49	<-12 mths			10.33%	<-IRR #YR->	10	5 yr Running Average	167.20%
Increase	-0.34%	-9.58%	6.72%	9.16%	3.54%	9.75%	6.48%	14.29%	22.46%	16.51%	5.89%	14.66%	45.92%	4.06%	<-12 mths			13.95%	<-IRR #YR->	5	5 yr Running Average	92.11%
5 year Running Average	$66.24	$67.08	$66.30	$65.17	$66.33	$68.93	$73.84	$80.34	$90.01	$103.08	$116.36	$132.89	$162.33	$189.43	<-12 mths			14.33%	<-IRR #YR->	10	Revenue per Share	281.61%
P/S (Price/Sales) Median	0.39	0.68	0.71	0.61	0.65	0.70	0.61	0.60	0.45	0.47	0.49	0.51	0.45	0.52	<-12 mths			20.38%	<-IRR #YR->	5	Revenue per Share	152.78%
P/S (Price/Sales) Close	0.47	0.78	0.70	0.63	0.74	0.76	0.52	0.74	0.47	0.53	0.54	0.54	0.55	0.55	<-12 mths			9.37%	<-IRR #YR->	10	5 yr Running Average	144.85%
* Excluded changes in value of Inv.					P/S Med	20 yr	0.54	15 yr	0.51	10 yr	0.56	5 yr	0.47		-0.58%	Diff M/C		15.10%	<-IRR #YR->	5	5 yr Running Average	102.05%
*in 2023 Premiums and Deposits
			-$6,433	$0	$0	$0	$0	$0	$0	$0	$0	$0	$22,753
								-$10,308	$0	$0	$0	$0	$22,753
			-$6,143	$0	$0	$0	$0	$0	$0	$0	$0	$0	$16,413
								-$8,544	$0	$0	$0	$0	$16,413
			-$63.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$243.60
								-$96.37	$0.00	$0.00	$0.00	$0.00	$243.60
			-$66.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$162.33
								-$80.34	$0.00	$0.00	$0.00	$0.00	$162.33
														$11,152	<-12 mths	2.55%
Insurance Service Revenue											$5,138	$5,740	$6,802	$1,826				Consolidated Income Statemetns
Interest &other investment Income											$1,864	$1,946	$2,329	$540
Other Revenue											$1,537	$1,507	$1,744	$487
Net											$8,539	$9,193	$10,875
Net Revenue*	$7,479	$6,023	$9,680	$8,235	$9,347	$11,276	$9,912	$15,265	$17,639	$15,486	$8,595	$9,193	$10,875	$11,152	<-12 mths			12.35%	<-Total Growth	10	Net Revenue*
Increase	40.87%	-19.47%	60.72%	-14.93%	13.50%	20.64%	-12.10%	54.01%	15.55%	-12.21%	-44.50%	6.96%	18.30%	2.55%	<-12 mths			1.17%	<-IRR #YR->	10	Revenue	12.35%
5 year Running Average	$5,967	$6,279	$7,052	$7,345	$8,153	$8,912	$9,690	$10,807	$12,688	$13,916	$13,379	$13,236	$12,358	$11,060.2	<-12 mths			-6.56%	<-IRR #YR->	5	Revenue	-28.76%
Revenue per Share	$82.17	$60.63	$96.06	$80.39	$88.01	$105.62	$91.29	$142.71	$164.75	$143.98	$82.03	$92.26	$116.43	$119.58	<-12 mths			5.77%	<-IRR #YR->	10	5 yr Running Average	75.24%
Increase	39.88%	-26.21%	58.43%	-16.31%	9.47%	20.01%	-13.57%	56.32%	15.45%	-12.61%	-43.02%	12.46%	26.20%	2.71%	<-12 mths			2.72%	<-IRR #YR->	5	5 yr Running Average	14.35%
5 year Running Average	$69.88	$70.89	$75.66	$75.60	$81.45	$86.14	$92.27	$101.61	$118.48	$129.67	$124.95	$125.15	$119.89	$110.86	<-12 mths			1.94%	<-IRR #YR->	10	Revenue per Share	21.21%
P/S (Price/Sales) Median	0.32	0.67	0.47	0.53	0.53	0.52	0.56	0.40	0.32	0.45	0.88	0.93	0.93	1.09	<-12 mths			-3.99%	<-IRR #YR->	5	Revenue per Share	-18.41%
P/S (Price/Sales) Close	0.38	0.77	0.46	0.55	0.61	0.57	0.48	0.50	0.33	0.50	0.97	0.98	1.15	1.17	<-12 mths			4.71%	<-IRR #YR->	10	5 yr Running Average	58.47%
*Revenue in M CDN $					P/S Med	20 yr	0.53	15 yr	0.53	10 yr	0.53	5 yr	0.88		119.74%	Diff M/C		3.37%	<-IRR #YR->	5	5 yr Running Average	18.00%
			-$9,680	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10,875
								-$15,265	$0	$0	$0	$0	$10,875
			-$7,052	$0	$0	$0	$0	$0	$0	$0	$0	$0	$12,358
								-$10,807	$0	$0	$0	$0	$12,358
			-$96.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$116.43
								-$142.71	$0.00	$0.00	$0.00	$0.00	$116.43
			-$75.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$119.89
								-$101.61	$0.00	$0.00	$0.00	$0.00	$119.89
														$1,104	<-12 mths	2.79%
														$11.63	<-12 mths	4.21%
Core Earnings Calc							$611	$701	$762	$897	$947	$959	$1,071
Core Earnings	$312	$350	$400	$364	$548	$515	$611	$701	$762	$897	$947	$956	$1,074					168.50%	<-Total Growth	10	Core Earnings
AEPS*	$3.31	$3.57	$3.97	$3.57	$5.19	$4.81	$5.55	$6.55	$7.12	$8.31	$8.85	$9.31	$11.16	$12.14	$13.23			181.11%	<-Total Growth	10	AEPS
Increase	180.51%	7.85%	11.20%	-10.08%	45.38%	-7.32%	15.38%	18.02%	8.70%	16.71%	6.50%	5.20%	19.87%	8.78%	8.98%			10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	10.55%	7.60%	8.94%	8.09%	9.72%	8.04%	12.74%	9.18%	12.90%	11.48%	11.16%	10.31%	8.37%	8.68%	9.46%			10.89%	<-IRR #YR->	10	AEPS	181.11%
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	$8.95	$9.95	$10.94			11.25%	<-IRR #YR->	5	AEPS	70.38%
Payout Ratio	29.61%	27.45%	26.70%	32.49%	24.28%	29.73%	28.65%	26.95%	27.25%	25.03%	29.38%	31.90%	30.11%	29.65%	27.21%			2.62%	<-IRR #YR->	10	5 yr Running Average	197.94%
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%	28.73%	29.21%	29.65%			11.76%	<-IRR #YR->	5	5 yr Running Average	74.33%
Price/AEPS Median	7.87	11.37	11.37	11.98	9.03	11.44	9.25	8.80	7.50	7.84	8.12	9.19	9.75	10.77	0.00			9.11	<-Median->	10	Price/AEPS Median
Price/AEPS High	9.48	13.93	12.34	12.84	11.06	12.68	11.00	10.92	10.60	9.16	9.53	10.00	12.22	11.70	0.00			10.96	<-Median->	10	Price/AEPS High
Price/AEPS Low	6.27	8.81	10.39	11.12	7.01	10.21	7.51	6.67	4.39	6.52	6.71	8.37	7.28	9.84	0.00			7.15	<-Median->	10	Price/AEPS Low
Price/AEPS Close	9.48	13.15	11.19	12.36	10.29	12.44	7.85	10.89	7.75	8.71	8.96	9.70	11.95	11.52	10.58			9.99	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	26.59	14.18	12.45	11.12	14.96	11.53	9.06	12.85	8.42	10.17	9.54	10.21	14.32	12.54	11.52			10.66	<-Median->	10	Trailing P/AEPS Close
Median Values		DPR	10 Yrs	29.01%	5 Yrs	29.38%	P/CF	5 Yrs	in order	8.12	10.00	6.71	8.96		41.87%	Diff M/C					DPR 75% to 95% best
* Core Earnings per Share
			-$3.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.16
								-$6.55	$0.00	$0.00	$0.00	$0.00	$11.16
			-$3.00	$0.00	$0.00	-$4.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.95
								-$5.13	$0.00	$0.00	$0.00	$0.00	$8.95
														$9.41	<-12 mths	-3.68%
Difference Basic and Diluted	3.78%	0.83%	1.00%	0.56%	0.57%	0.62%	0.53%	0.47%	0.18%	0.39%	0.39%	0.40%	0.41%
Pre-split 2005
EPS Basic	$3.44	$3.60	$4.01	$3.59	$5.22	$4.84	$5.62	$6.43	$5.71	$7.73	$7.68	$7.51	$9.81					144.64%	<-Total Growth	10	EPS Basic
Pre-split 2005
EPS Diluted*	$3.31	$3.57	$3.97	$3.57	$5.19	$4.81	$5.59	$6.40	$5.70	$7.70	$7.65	$7.48	$9.77	$9.47	$11.92			146.10%	<-Total Growth	10	EPS Diluted
Increase	180.51%	7.85%	11.20%	-10.08%	45.38%	-7.32%	16.22%	14.49%	-10.94%	35.09%	-0.65%	-2.22%	30.61%	-3.07%	25.87%			10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	10.55%	7.60%	8.94%	8.09%	9.72%	8.04%	12.83%	8.97%	10.33%	10.64%	9.65%	8.28%	7.33%	6.77%	8.52%			9.42%	<-IRR #YR->	10	Earnings per Share	146.10%
5 year Running Average	$2.17	$2.72	$3.00	$3.12	$3.92	$4.22	$4.63	$5.11	$5.54	$6.04	$6.61	$6.99	$7.66	$8.41	$9.26			8.83%	<-IRR #YR->	5	Earnings per Share	52.66%
10 year Running Average	$2.19	$2.37	$2.58	$2.77	$3.01	$3.20	$3.67	$4.06	$4.33	$4.98	$5.42	$5.81	$6.39	$6.98	$7.65			9.81%	<-IRR #YR->	10	5 yr Running Average	154.99%
* Diluted ESP per share									E/P	10 Yrs	9.31%	5Yrs	9.65%					8.42%	<-IRR #YR->	5	5 yr Running Average	49.84%
			-$3.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.77
								-$6.40	$0.00	$0.00	$0.00	$0.00	$9.77
			-$3.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.66
								-$5.11	$0.00	$0.00	$0.00	$0.00	$7.66
Dividend*														$3.72	$3.98				Estimates		Dividend*
Increase														10.71%	10.56%				Estimates		Increase
Payout Ratio EPS														39.28%	33.39%				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	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.36	$3.60	$3.60	$3.60		216.98%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	8.16%	9.43%	8.62%	13.49%	11.19%	11.01%	9.92%	7.22%	25.00%	14.23%	13.13%	7.14%	0.00%	0.00%		19	0	24	Years of data, Count P, N	79.17%
Average Increases 5 Year Running	5.6%	0.9%	1.6%	3.5%	5.2%	7.9%	10.2%	10.7%	10.8%	10.6%	12.9%	13.5%	13.9%	13.3%	11.9%	6.9%		10.66%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.97	$0.98	$1.00	$1.03	$1.09	$1.18	$1.30	$1.44	$1.60	$1.76	$2.00	$2.27	$2.59	$2.92	$3.23	$3.43		160.04%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.76%	2.41%	2.35%	2.71%	2.69%	2.60%	3.10%	3.06%	3.63%	3.19%	3.62%	3.47%	3.09%	2.75%				3.09%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	3.12%	1.97%	2.16%	2.53%	2.20%	2.35%	2.61%	2.47%	2.57%	2.73%	3.08%	3.19%	2.46%	2.54%				2.55%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	4.72%	3.12%	2.57%	2.92%	3.46%	2.91%	3.82%	4.04%	6.21%	3.84%	4.38%	3.81%	4.13%	3.01%				3.83%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	3.12%	2.09%	2.39%	2.63%	2.36%	2.39%	3.65%	2.47%	3.52%	2.87%	3.28%	3.29%	2.52%	2.57%	2.57%	2.57%		2.75%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	29.61%	27.45%	26.70%	32.49%	24.28%	29.73%	28.44%	27.58%	34.04%	27.01%	33.99%	39.71%	34.39%	38.01%	30.20%	#DIV/0!		31.11%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	44.79%	36.03%	33.16%	33.08%	27.74%	27.90%	28.10%	28.19%	28.84%	29.16%	30.19%	32.51%	33.81%	34.73%	34.85%	#DIV/0!		29.00%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	7.86%	0.00%	82.17%	22.13%	0.00%	23.67%	44.04%	45.17%	11.17%	120.93%	44.44%	22.05%	30.15%	21.51%	#VALUE!	#DIV/0!		26.91%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	9.38%	11.83%	15.73%	18.84%	33.72%	60.68%	42.54%	40.25%	26.59%	26.97%	30.73%	26.83%	26.13%	29.86%	#VALUE!	#DIV/0!		28.85%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	0.00%	5.12%	0.00%	12.82%	20.52%	97.86%	9.69%	0.00%	0.00%	7.60%	2.72%	0.00%	18.24%	21.51%	#VALUE!	#DIV/0!		8.65%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	12.23%	9.83%	21.03%	21.80%	28.99%	25.93%	32.54%	59.86%	0.00%	6680.69%	10.59%	16.19%	11.82%	9.71%	#VALUE!	#DIV/0!		23.87%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.09%	2.75%	5 Yr Med	5 Yr Cl	3.47%	3.28%	5 Yr Med	Payout	34.04%	30.15%	2.72%					13.74%	<-IRR #YR->	5	Dividends	90.37%
* Dividends per share	10 Yr Med	and Cur.	-16.78%	-6.47%	5 Yr Med	and Cur.	-25.90%	-21.55%	Last Div Inc --->		$0.820	$0.900	9.76%					12.23%	<-IRR #YR->	10	Dividends	216.98%
Dividends Growth 15																		8.56%	<-IRR #YR->	15	Dividends	242.86%
Dividends Growth 20																		11.09%	<-IRR #YR->	20	Dividends	719.51%
Dividends Growth 25																		10.59%	<-IRR #YR->	24	Dividends
Dividends Growth 5								-$1.77	$0.00	$0.00	$0.00	$0.00	$3.36								Dividends Growth 5
Dividends Growth 10			-$1.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.36								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	$3.36								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	$3.36								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	$3.36								Dividends Growth 25
Historical Dividends	Historical	High Div	5.33%	Low Div	1.39%	10 Yr High	6.02%	10 Yr Low	2.21%	Med Div	2.71%	Close Div	2.47%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-51.72%	Cheap	85.11%	Exp.	-57.26%		16.43%	Exp.	-5.05%	Cheap	3.99%								High/Ave/Median
Future Dividend Yield					Div Yield	4.90%	earning in	5	Years	at IRR of	13.74%	Div Inc.	90.37%								Future Dividend Yield
Future Dividend Yield					Div Yield	9.32%	earning in	10	Years	at IRR of	13.74%	Div Inc.	262.40%								Future Dividend Yield
Future Dividend Yield					Div Yield	17.75%	earning in	15	Years	at IRR of	13.74%	Div Inc.	589.90%								Future Dividend Yield
Future Dividend Paid					Div Paid	$6.85	earning in	5	Years	at IRR of	13.74%	Div Inc.	90.37%								Future Dividend Paid
Future Dividend Paid					Div Paid	$13.05	earning in	10	Years	at IRR of	13.74%	Div Inc.	262.40%								Future Dividend Paid
Future Dividend Paid					Div Paid	$24.84	earning in	15	Years	at IRR of	13.74%	Div Inc.	589.90%								Future Dividend Paid
Dividend Covering Cost					Total Div	$23.67	over	5	Years	at IRR of	13.74%	Div Cov.	16.92%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$61.89	over	10	Years	at IRR of	13.74%	Div Cov.	44.24%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$134.64	over	15	Years	at IRR of	13.74%	Div Cov.	96.23%								Dividend Covering Cost
Yield if held 5 years	2.51%	3.25%	4.61%	3.45%	3.72%	5.49%	3.92%	3.91%	4.54%	4.44%	4.72%	5.78%	5.83%	6.74%	5.53%	5.01%		4.49%	<-Median->	10	Paid Median Price
Yield if held 10 years	4.90%	4.99%	4.34%	4.11%	3.81%	3.66%	5.28%	7.68%	5.77%	6.15%	9.98%	7.32%	7.45%	8.42%	7.68%	6.54%		5.96%	<-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%	14.62%	10.71%	10.64%	13.81%		7.19%	<-Median->	10	Paid Median Price
Yield if held 20 years									13.72%	10.83%	12.99%	15.12%	13.76%	12.77%	10.89%	9.21%		13.72%	<-Median->	5	Paid Median Price
Yield if held 25 years														25.46%	18.75%	17.99%		#NUM!	<-Median->	0	Paid Median Price
																					BMO, EMP
Cost covered if held 5 years	12.44%	16.27%	21.68%	15.35%	16.08%	22.60%	16.02%	15.97%	18.67%	18.78%	18.12%	22.11%	22.47%	27.37%	24.77%	23.83%		18.39%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	37.37%	41.28%	35.86%	33.40%	30.50%	27.51%	37.85%	53.04%	39.10%	42.11%	60.88%	44.00%	44.66%	52.82%	53.18%	49.24%		40.60%	<-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%	109.40%	82.56%	89.79%	126.61%		66.08%	<-Median->	10	Paid Median Price
Cost covered if held 20 years									136.39%	109.71%	116.64%	132.17%	118.38%	113.53%	105.96%	96.87%		118.38%	<-Median->	5	Paid Median Price
Cost covered if held 25 years														239.71%	193.72%	202.22%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$10,308	$12,635	$14,789	$15,255	$16,635	$22,753	$23,640	<-12 mths	3.90%		120.73%	<-Total Growth	5	Revenue Growth	120.73%
AEPS Growth								$6.55	$7.12	$8.31	$8.85	$9.31	$11.16	$11.63	<-12 mths	4.21%		70.38%	<-Total Growth	5	AEPS Growth	70.38%
Net Income Growth								$687	$611	$830	$817	$769	$942	$895	<-12 mths	-4.99%		37.12%	<-Total Growth	5	Net Income Growth	37.12%
Cash Flow Growth								$418	$1,860	$185	$613	$1,342	$1,041	$1,561	<-12 mths	49.95%		149.04%	<-Total Growth	5	Cash Flow Growth	149.04%
Dividend Growth								$1.77	$1.94	$2.08	$2.60	$2.97	$3.36	$3.60	<-12 mths	7.14%		90.37%	<-Total Growth	5	Dividend Growth	90.37%
Stock Price Growth								$71.33	$55.18	$72.38	$79.27	$90.33	$133.32	$139.91	<-12 mths	4.94%		86.91%	<-Total Growth	5	Stock Price Growth	86.91%
Revenue Growth			$6,433	$7,138	$7,663	$8,454	$9,155	$10,308	$12,635	$14,789	$15,255	$16,635	$22,753		<-this year	-100.00%		253.69%	<-Total Growth	10	Revenue Growth	253.69%
AEPS Growth			$3.97	$3.57	$5.19	$4.81	$5.55	$6.55	$7.12	$8.31	$8.85	$9.31	$11.16	$12.14	<-this year	8.78%		181.11%	<-Total Growth	10	AEPS Growth	181.11%
Net Income Growth			$400	$364	$548	$515	$613	$687	$611	$830	$817	$769	$942	$874	<-this year	-7.22%		135.50%	<-Total Growth	10	Net Income Growth	135.50%
Cash Flow Growth			$130	$537	-$96	$645	$392	$418	$1,860	$185	$613	$1,342	$1,041					700.77%	<-Total Growth	10	Cash Flow Growth	700.77%
Dividend Growth			$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.36	$3.72	<-this year	10.71%		216.98%	<-Total Growth	10	Dividend Growth	216.98%
Stock Price Growth			$44.43	$44.13	$53.39	$59.82	$43.57	$71.33	$55.18	$72.38	$79.27	$90.33	$133.32	$139.91	<-this year	4.94%		200.07%	<-Total Growth	10	Stock Price Growth	200.07%
Dividends on Shares				$26.68	$28.98	$32.89	$36.57	$40.60	$44.62	$47.84	$59.80	$68.31	$77.28	$82.80	$82.80	$82.80		$463.57	No of Years	10	Total Divs	12/31/14
Paid			$1,021.89	$1,014.99	$1,227.97	$1,375.86	$1,002.11	$1,640.59	$1,269.14	$1,664.74	$1,823.21	$2,077.59	$3,066.36	$3,217.93	$3,217.93	$3,217.93		$3,066.36	No of Years	10	Worth	$44.43
Total																		$3,529.93
Graham Number AEPS	$71.52	$54.11	$58.69	$56.97	$72.09	$71.87	$76.95	$87.55	$94.33	$107.70	$112.07	$118.35	$135.87	$148.82	$155.36	$0.00		131.51%	<-Total Growth	10	Graham Number AEPS
Increase	152.38%	-24.35%	8.46%	-2.93%	26.53%	-0.30%	7.07%	13.78%	7.75%	14.17%	4.07%	5.60%	14.80%	9.53%	4.39%	-100.00%		7.41%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.36	0.75	0.77	0.75	0.65	0.77	0.67	0.66	0.57	0.60	0.64	0.72	0.80	0.88				0.66	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	0.44	0.92	0.83	0.80	0.80	0.85	0.79	0.82	0.80	0.71	0.75	0.79	1.00	0.95				0.80	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.29	0.58	0.70	0.70	0.50	0.68	0.54	0.50	0.33	0.50	0.53	0.66	0.60	0.80				0.54	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.44	0.87	0.76	0.77	0.74	0.83	0.57	0.81	0.58	0.67	13.00	0.76	0.98	0.94	0.90	#DIV/0!		0.77	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-56.13%	-13.23%	-24.30%	-22.54%	-25.94%	-16.76%	-43.38%	-18.52%	-41.50%	-32.79%	-29.27%	-23.68%	-1.88%	-5.99%	-9.95%	#DIV/0!		-24.81%	<-Median->	10	Graham Price
Graham Number EPS	$71.52	$54.11	$58.69	$56.97	$72.09	$71.87	$77.22	$86.54	$84.40	$103.67	$104.20	$106.08	$127.13	$131.44	$147.47	$0.00		116.61%	<-Total Growth	10	Graham Number EPS
Increase	152.38%	-24.35%	8.46%	-2.93%	26.53%	-0.30%	7.45%	12.06%	-2.47%	22.83%	0.51%	1.81%	19.84%	3.40%	12.19%	-100.00%		4.63%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.36	0.75	0.77	0.75	0.65	0.77	0.66	0.67	0.63	0.63	0.69	0.81	0.86	0.99				0.68	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	0.44	0.92	0.83	0.80	0.80	0.85	0.79	0.83	0.89	0.73	0.81	0.88	1.07	1.08				0.82	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.29	0.58	0.70	0.70	0.50	0.68	0.54	0.51	0.37	0.52	0.57	0.73	0.64	0.91				0.55	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.44	0.87	0.76	0.77	0.74	0.83	0.56	0.82	0.65	0.70	0.76	0.85	1.05	1.06	0.95	#DIV/0!		0.77	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-56.13%	-13.23%	-24.30%	-22.54%	-25.94%	-16.76%	-43.58%	-17.57%	-34.62%	-30.18%	-23.92%	-14.85%	4.87%	6.44%	-5.13%	#DIV/0!		-23.23%	<-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		24.00	<Count Years>		Month, Year
Price Close	$31.38	$46.95	$44.43	$44.13	$53.39	$59.82	$43.57	$71.33	$55.18	$72.38	$79.27	$90.33	$133.32	$139.91	$139.91	$139.91		200.07%	<-Total Growth	10	Stock Price
Increase	19.36%	49.62%	-5.37%	-0.68%	20.98%	12.04%	-27.16%	63.71%	-22.64%	31.17%	9.52%	13.95%	47.59%	4.94%	0.00%	0.00%		11.15	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	9.48	13.15	11.19	12.36	10.29	12.44	7.79	11.15	9.68	9.40	10.36	12.08	13.65	14.77	11.74	#DIV/0!		13.32%	<-IRR #YR->	5	Stock Price	86.91%
Trailing P/E Ratio	26.59	14.18	12.45	11.12	14.96	11.53	9.06	12.76	8.62	12.70	10.29	11.81	17.82	14.32	14.77	11.74		11.61%	<-IRR #YR->	10	Stock Price	200.07%
CAPE (10 Yr P/E)	14.04	13.99	13.55	13.15	12.66	12.48	11.41	11.29	11.01	10.49	10.53	10.57	11.00	11.45	11.57	#DIV/0!		16.09%	<-IRR #YR->	5	Price & Dividend	123.52%
Median 10, 5 Yrs		D.  per yr	2.61%	2.77%	% Tot Ret	18.33%	17.19%	T P/E	$11.67	$11.81	P/E:	$10.75	$10.36					14.22%	<-IRR #YR->	10	Price & Dividend	247.82%
Price 15		D.  per yr	2.47%		% Tot Ret	19.89%						CAPE Diff	32.53%					9.93%	<-IRR #YR->	15	Stock Price	314.04%
Price  20		D.  per yr	2.20%		% Tot Ret	21.13%												8.21%	<-IRR #YR->	20	Stock Price	384.80%
Price  25		D.  per yr	2.05%		% Tot Ret	20.09%												8.15%	<-IRR #YR->	24	Stock Price
Price & Dividend 15																		12.40%	<-IRR #YR->	15	Price & Dividend	379.92%
Price & Dividend 20																		10.41%	<-IRR #YR->	20	Price & Dividend	491.44%
Price & Dividend 25																		10.20%	<-IRR #YR->	24	Price & Dividend
Price  5								-$71.33	$0.00	$0.00	$0.00	$0.00	$133.32								Price  5
Price 10			-$44.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$133.32								Price 10
Price & Dividend 5								-$71.33	$1.94	$2.08	$2.60	$2.97	$136.68								Price & Dividend 5
Price & Dividend 10			-$44.43	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$136.68								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	$133.32								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	$133.32								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	$133.32								Price  25
Price & Dividend 15	$0.98	$0.98	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$136.68								Price & Dividend 15
Price & Dividend 20	$0.98	$0.98	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$136.68								Price & Dividend 20
Price & Dividend 25	$0.98	$0.98	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$136.68								Price & Dividend 25
Price H/L Median	$26.06	$40.58	$45.13	$42.78	$46.89	$55.05	$51.35	$57.63	$53.38	$65.13	$71.89	$85.53	$108.82	$130.74				141.15%	<-Total Growth	10	Stock Price
Increase	-22.97%	55.72%	11.20%	-5.21%	9.62%	17.40%	-6.72%	12.23%	-7.37%	22.01%	10.38%	18.97%	27.24%	20.14%				9.20%	<-IRR #YR->	10	Stock Price	141.15%
P/E Ratio	7.87	11.37	11.37	11.98	9.03	11.44	9.19	9.00	9.36	8.46	9.40	11.43	11.14	13.81				13.56%	<-IRR #YR->	5	Stock Price	88.83%
Trailing P/E Ratio	22.08	12.26	12.64	10.77	13.13	10.61	10.68	10.31	8.34	11.43	9.34	11.18	14.55	13.38				13.04%	<-IRR #YR->	10	Price & Dividend	188.17%
P/E on Running 5 yr Average	12.01	14.92	15.02	13.71	11.96	13.04	11.10	11.27	9.64	10.78	10.88	12.24	14.21	15.54				16.97%	<-IRR #YR->	5	Price & Dividend	114.36%
P/E on Running 10 yr Average	11.91	17.09	17.51	15.45	15.56	17.22	13.98	14.20	12.33	13.08	13.28	14.73	17.04	18.74				11.43	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.84%	3.41%	% Tot Ret	29.45%	20.10%	T P/E	10.73	11.18	P/E:	9.38	9.40						Count	24	Years of data
			-$45.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$108.82
								-$57.63	$0.00	$0.00	$0.00	$0.00	$108.82
			-$45.13	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.36	$3.60	$3.60	$112.18
								-$57.63	$1.94	$2.08	$2.60	$2.97	$112.18
High Months	Mar	Nov	Jul	Dec	Nov	Nov	Jan	Dec	Feb	Nov	Feb	Dec	Dec	May
Price High	$31.37	$49.72	$49.00	$45.85	$57.39	$60.98	$61.03	$71.55	$75.50	$76.11	$84.37	$93.14	$136.35	$141.99				178.27%	<-Total Growth	10	Stock Price
Increase	-25.13%	58.50%	-1.45%	-6.43%	25.17%	6.26%	0.08%	17.24%	5.52%	0.81%	10.85%	10.39%	46.39%	4.14%				10.78%	<-IRR #YR->	10	Stock Price	178.27%
P/E Ratio	9.48	13.93	12.34	12.84	11.06	12.68	10.92	11.18	13.25	9.88	11.03	12.45	13.96	14.99				13.77%	<-IRR #YR->	5	Stock Price	90.57%
Trailing P/E Ratio	26.58	15.02	13.73	11.55	16.08	11.75	12.69	12.80	11.80	13.35	10.96	12.18	18.23	14.53				12.88	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.43	12.18	P/E:	11.82	12.45					16.51	P/E Ratio		Historical High
			-$49.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$136.35
								-$71.55	$0.00	$0.00	$0.00	$0.00	$136.35
Low Months	Aug	Jan	Jun	Feb	Feb	Jun	Dec	Jan	Mar	Jan	May	Oct	Apr	Apr
Price Low	$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	$119.48				97.07%	<-Total Growth	10	Stock Price
Increase	-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%	46.98%				7.02%	<-IRR #YR->	10	Stock Price	97.07%
P/E Ratio	6.27	8.81	10.39	11.12	7.01	10.21	7.45	6.83	5.48	7.03	7.77	10.42	8.32	12.62				13.21%	<-IRR #YR->	5	Stock Price	85.98%
Trailing P/E Ratio	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	12.23				10.10	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	9.48	9.50	P/E:	7.61	7.77					6.87	P/E Ratio		Historical Low
			-$41.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$81.29
								-$43.71	$0.00	$0.00	$0.00	$0.00	$81.29
													-$888	<-12 mths	-270.00%
Free Cash Flow MS old				$469	-$188	$521	$215	$268	$1,683	-$63	$326	$1,063
Free Cash Flow MS	$452	-$195	$79	-$320	$1,400	-$2	-$100	-$4,470	-$3	$70	$6,770	-$240	-$1,050					-1429.11%	<-Total Growth	10	Free Cash Flow
Change	-53.50%	-143.14%	140.51%	-505.06%	537.50%	-100.13%	-5305.41%	-4370.00%	99.92%	2177.15%	9571.43%	-103.55%	-337.50%					-25.15%	<-IRR #YR->	5	Free Cash Flow MS	76.51%
FCF/CF from Op Ratio	0.40	1.00	0.61	-0.60	-14.58	0.00	-0.26	-10.69	0.00	0.38	11.04	-0.18	-1.01					#NUM!	<-IRR #YR->	10	Free Cash Flow MS	-1429.11%
Dividends paid	$83	$68	$65	$72	$129	$152	$173	$188	$208	$224	$224	$224	$224					244.62%	<-Total Growth	10	Dividends paid
Percentage paid	18.36%	-34.87%	82.28%	-22.50%	9.21%	-8216.22%	-173.00%	-4.21%	-6172.11%	320.00%	3.31%	-93.33%	-21.33%					-$0.22	<-Median->	10	Percentage paid
5 Year Coverage	11.40%	15.95%	18.50%	37.65%	29.45%	50.51%	55.91%	-20.45%	-26.77%	-20.98%	44.87%	50.22%	19.90%								5 Year Covrage
Dividend Coverage Ratio			1.22	-4.44	10.85	-0.01	-0.58	-23.78	-0.02	0.31	30.22	-1.07	-4.69					-0.30	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								-4.89	-3.74	-4.77	2.23	1.99	5.02								5 Year of Caogerage
								$4,470	$0	$0	$0	$0	-$1,050
			-$79	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$1,050
Market Cap in $M	$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	$12,452.5	$13,047.7	$13,047.7	$13,047.7		1.78	<-Total Growth	10	Market Cap	178.12%
Pre-split 2005
Diluted # of Shares in Million	96.20	97.90	100.80	102.00	103.40	107	110	107	107	108	107	103	96	94				-4.76%	<-Total Growth	10	Diluted
Change	3.96%	1.77%	2.96%	1.19%	1.37%	3.48%	2.80%	-2.73%	0.00%	0.93%	-0.93%	-3.74%	-6.80%	-2.08%				-0.49%	<-IRR #YR->	10	Diluted
Intangible/Market Cap Ratio	-5.82%	-0.72%	-0.89%	-0.59%	-0.58%	-0.93%	-0.91%	0.00%	0.00%	-0.93%	-0.93%	-0.97%	0.00%	-1.06%				-2.15%	<-IRR #YR->	5	Diluted
Change in Diluted Shares per Year
			-100.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	96.0
								-107.0	0.0	0.0	0.0	0.0	96.0
Pre-split 2005
Basic # of Shares in Millions	90.60	97.20	99.90	101.40	102.80	106	109	107	107	107	106	102	96	93				-3.90%	<-Total Growth	10	Basic
Change	5.49%	7.28%	2.78%	1.50%	1.38%	3.11%	2.83%	-1.83%	0.00%	0.00%	-0.93%	-3.77%	-5.88%	-3.13%				0.00%	<-Median->	10	Change
Difference	0.47%	2.20%	0.88%	1.02%	3.31%	0.71%	-0.39%	-0.03%	0.06%	0.52%	-1.16%	-2.31%	-2.71%	0.28%				0.01%	<-Median->	10	Difference
														$1,561	<-12 mths	49.95%
Pre-split 2005
# of Share in Millions	91.024	99.342	100.775	102.435	106.205	106.756	108.575	106.966	107.064	107.557	104.773	99.643	93.403	93.258	93.258	93.258		-0.76%	<-IRR #YR->	10	Shares	-7.32%
Change	0.71%	9.14%	1.44%	1.65%	3.68%	0.52%	1.70%	-1.48%	0.09%	0.46%	-2.59%	-4.90%	-6.26%	-0.16%	0.00%	0.00%		-2.68%	<-IRR #YR->	5	Shares	-12.68%
Cash Flow from Operations $M	$1,135	-$195	$130	$537	-$96	$645	$392	$418	$1,860	$185	$613	$1,342	$1,041	$1,561	<-12 mths			700.77%	<-Total Growth	10	Cash Flow	Share Capital
Increase	21.39%	-117.18%	166.67%	313.08%	-117.88%	771.88%	-39.22%	6.63%	344.98%	-90.05%	231.35%	118.92%	-22.43%	49.95%	<-12 mths			SO, Share Iss	BuyBacks
5 year Running Average	$887	$713	$561	$508	$302	$204	$322	$379	$644	$700	$694	$884	$1,008	$948	<-12 mths			79.84%	<-Total Growth	10	CF 5 Yr Running
CFPS	$12.47	-$1.96	$1.29	$5.24	-$0.90	$6.04	$3.61	$3.91	$17.37	$1.72	$5.85	$13.47	$11.15	$16.74	<-12 mths			763.97%	<-Total Growth	10	Cash Flow per Share
Increase	20.54%	-115.74%	165.72%	306.38%	-117.24%	768.41%	-40.24%	8.24%	344.57%	-90.10%	240.16%	130.19%	-17.25%	50.19%	<-12 mths			23.13%	<-IRR #YR->	10	Cash Flow	700.77%
5 year Running Average	$10.36	$8.29	$6.33	$5.48	$3.23	$1.94	$3.06	$3.58	$6.01	$6.53	$6.49	$8.46	$9.91	$9.78	<-12 mths			20.02%	<-IRR #YR->	5	Cash Flow	149.04%
P/CF on Med Price	2.09	-20.67	34.98	8.16	-51.87	9.11	14.22	14.75	3.07	37.87	12.29	6.35	9.76	7.81	<-12 mths			24.07%	<-IRR #YR->	10	Cash Flow per Share	763.97%
P/CF on Closing Price	2.52	-23.92	34.44	8.42	-59.07	9.90	12.07	18.25	3.18	42.08	13.55	6.71	11.96	8.36	<-12 mths			23.32%	<-IRR #YR->	5	Cash Flow per Share	185.21%
															-11.43%	Diff M/C		4.58%	<-IRR #YR->	10	CFPS 5 yr Running	56.56%
Excl.Working Capital CF	-$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	$680.0	$0.0	<-12 mths			22.59%	<-IRR #YR->	5	CFPS 5 yr Running	176.88%
Cash Flow from Operations $M WC	-$227	$1,902	-$1,318	$927	$652	$156	$1,781	-$2,248	-$2,579	$2,944	$10,005	-$760	$1,721	$1,561	<-12 mths			230.58%	<-Total Growth	10	Cash Flow less WC
Increase	-122.75%	937.89%	-169.30%	170.33%	-29.67%	-76.07%	1041.67%	-226.22%	-14.72%	214.15%	239.84%	-107.60%	326.45%	-9.30%	<-12 mths			#NUM!	<-IRR #YR->	10	Cash Flow less WC	230.58%
5 year Running Average	$662	$897	$423	$456	$387	$464	$440	$254	-$448	$11	$1,981	$1,472	$2,266	$3,094	<-12 mths			#NUM!	<-IRR #YR->	5	Cash Flow less WC	176.56%
CFPS Excl. WC	-$2.49	$19.15	-$13.08	$9.05	$6.14	$1.46	$16.40	-$21.02	-$24.09	$27.37	$95.49	-$7.63	$18.43	$16.74	<-12 mths			18.28%	<-IRR #YR->	10	CF less WC 5 Yr Run	435.74%
Increase	-122.59%	867.73%	-168.31%	169.19%	-32.16%	-76.20%	1022.54%	-228.12%	-14.62%	213.63%	248.87%	-107.99%	341.58%	-9.16%	<-12 mths			54.96%	<-IRR #YR->	5	CF less WC 5 Yr Run	793.61%
5 year Running Average	$7.95	$9.97	$4.74	$4.73	$3.75	$4.54	$3.99	$2.41	-$4.22	$0.03	$18.83	$14.03	$21.91	$30.08	<-12 mths			#NUM!	<-IRR #YR->	10	CFPS - Less WC	240.88%
P/CF on Median Price	-10.45	2.12	-3.45	4.73	7.64	37.67	3.13	-2.74	-2.22	2.38	0.75	-11.21	5.91	7.81	<-12 mths			#NUM!	<-IRR #YR->	5	CFPS - Less WC	187.67%
P/CF on Closing Price	-12.58	2.45	-3.40	4.88	8.70	40.94	2.66	-3.39	-2.29	2.64	0.83	-11.84	7.24	8.36	<-12 mths			16.56%	<-IRR #YR->	10	CFPS 5 yr Running	362.82%
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	9.44	5 yr	9.76	P/CF Med	10 yr	2.75	5 yr	0.75		203.40%	Diff M/C		55.54%	<-IRR #YR->	5	CFPS 5 yr Running	810.28%
			-100.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	93.4								Shares
								-107.0	0.0	0.0	0.0	0.0	93.4								Shares
			-$130.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,041.0								Cash Flow
								-$418.0	$0.0	$0.0	$0.0	$0.0	$1,041.0								Cash Flow
			-$1.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.15								Cash Flow per Share
								-$3.91	$0.00	$0.00	$0.00	$0.00	$11.15								Cash Flow per Share
			-$6.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.91								CFPS 5 yr Running
								-$3.58	$0.00	$0.00	$0.00	$0.00	$9.91								CFPS 5 yr Running
			$1,318.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,721.0								Cash Flow less WC
								$2,248.0	$0.0	$0.0	$0.0	$0.0	$1,721.0								Cash Flow less WC
			-$423.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,266.2								CF less WC 5 Yr Run
								-$253.6	$0.0	$0.0	$0.0	$0.0	$2,266.2								CF less WC 5 Yr Run
			$13.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.43								CFPS - Less WC
								$21.02	$0.00	$0.00	$0.00	$0.00	$18.43								CFPS - Less WC
			-$4.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$21.91								CFPS 5 yr Running
								-$2.41	$0.00	$0.00	$0.00	$0.00	$21.91								CFPS 5 yr Running
Financing Charges
Income Taxes Paid	-$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	$2,541
Change in Investment Cont. Liab	$39	$32	$46	-$38	-$49	-$19	$43		-$55	$2	-$30	$1,549	-$15
Change in Reinsruance Assets								-$95	-$837	-$203	-$237	-$384	-$767
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	$42,312
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	-$44,061
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	$54	-$103	$650	$83	$174	$278	-$253	-$68	-$186	$42	-$337	-$397	-$925
Change in other assets and Liab.
Chgne in non-cash WC
												$2,460
Change in Insurance Cont. Liab
Change in Investment Cont. Liab												$151	$235
Change in Reinsruance Assets
Change in Working Capital	$1,362	-$2,097	$1,448	-$390	-$748	$489	-$1,390	$2,666	$4,439	-$2,759	-$9,392	$2,102	-$680
Google -->TD 2017		-$2,081	$1,448	-$390	-$748	$489	-$1,389	$2,666	$4,439	-$2,759	-$9,392	$2,102	-$680
Difference		-$16	$0	$0	$0	$0	-$1	$0	$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	15.18%	-3.24%	1.34%	6.52%	-1.03%	5.72%	3.95%	2.74%	10.54%	1.19%	7.13%	14.60%	9.57%	14.00%				612.78%	<-Total Growth	10	OPM
Increase	-13.83%	-121.33%	141.48%	385.56%	-115.75%	656.94%	-30.86%	-30.76%	285.09%	-88.67%	497.01%	104.68%	-34.43%	46.23%					Should increase		or be stable.
Diff from Median	147.9%	-152.9%	-78.1%	6.5%	-116.8%	-6.5%	-35.4%	-55.3%	72.3%	-80.5%	16.5%	138.5%	56.4%	128.7%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	6.12%	5 Yrs	9.57%					should be	zero, it is a		check on calculations
																						Ins Con Liab
Offsetting assets	$20,744	$21,508	$27,049	$29,066	$31,091	$33,822	$34,579	$39,919	$45,147	$45,651	$39,985	$42,618	$45,580	$45,676				$39,952	<-Median->	10	Offsetting assets	Type
Debt/Asset Ratio	0.99	0.93	0.84	0.81	0.79	0.78	0.77	0.77	0.82	0.81	0.77	0.93	0.95	0.96				0.80	<-Median->	10	Debt/Asset Ratio	Lg Term A
Long Term Debt	$20,443	$19,935	$22,714	$23,503	$24,505	$26,271	$26,570	$30,665	$37,102	$37,117	$30,970	$39,688	$43,246	$43,658				$30,818	<-Median->	10	Debt	Lg Term
Change	16.23%	-2.48%	13.94%	3.47%	4.26%	7.21%	1.14%	15.41%	20.99%	0.04%	-16.56%	28.15%	8.96%	0.95%				5.73%	<-Median->	10	Change	Intang/GW
Debt/Market Cap Ratio	7.16	4.27	5.07	5.20	4.32	4.11	5.62	4.02	6.28	4.77	3.73	4.41	3.47	3.35				4.37	<-Median->	10	Debt/Market Cap Ratio	Liquidity
Assets/Current Liabilities Ratio	89.01	91.16	92.20	73.42	60.76	57.16	46.14	54.26	48.20	42.33	42.50	49.39	57.82	58.78				51.83	<-Median->	10	Assets/Current Liabilities Ratio	Liq. + CF
Debt to Cash Flow (Years)	18.01	-102.23	174.72	43.77	-255.26	40.73	67.78	73.36	19.95	200.63	50.52	29.57	41.54	27.97							Debt to Cash Flow (Years)	Debt Ratio
																						Fin Leverage
Intangibles	$461.0	$530	$560	$623	$659	$659	$1,071	$1,110	$1,621	$1,708	$1,784	$1,847	$1,964	$1,994				250.71%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$153.0	$181	$270	$334	$313	$313	$633	$606	$1,224	$1,267	$1,318	$1,318	$1,490	$1,525				451.85%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$614.0	$711	$830	$957	$972	$972	$1,704	$1,716	$2,845	$2,975	$3,102	$3,165	$3,454	$3,519				316.14%	<-Total Growth	10	Total
Change	-1.92%	15.80%	16.74%	15.30%	1.57%	0.00%	75.31%	0.70%	65.79%	4.57%	4.27%	2.03%	9.13%	1.88%				4.42%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.21	0.15	0.19	0.21	0.17	0.15	0.36	0.22	0.48	0.38	0.37	0.35	0.28	0.27				0.31	<-Median->	10	Intangible/Market Cap Ratio
Current Assets (incld. Other Assets)	$1,487	$964	$1,084	$1,735	$1,785	$2,349	$2,351	$2,403	$3,729	$3,561	$3,556	$2,865	$3,473	$3,473				220.39%	<-Total Growth	10	Current Assets
Current Liabilities (+ other)	$469	$483	$546	$721	$939	$1,083	$1,377	$1,348	$1,794	$2,236	$2,057	$1,900	$1,900	$1,900				247.99%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	3.17	2.00	1.99	2.41	1.90	2.17	1.71	1.78	2.08	1.59	1.73	1.51	1.83	1.83				1.81	<-Median->	10	Ratio
Liq. with CF aft div	2.66	1.66	1.66	2.07	1.66	1.90	1.52	1.56	1.86	1.45	1.53	1.30	1.57	1.55				1.53	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.05	1.34	1.54	1.82	113.66	232.90	401.52	157.56	1141.86	295.45	288.53	308.30	492.57					308.30	<-Median->	5	Ratio
Assets	$41,747	$44,030	$50,339	$52,938	$57,050	$61,906	$63,540	$73,148	$86,466	$94,659	$87,425	$93,846	$109,861	$111,676				118.24%	<-Total Growth	10	Assets
Liabilities	$35,451	$40,362	$46,404	$48,754	$52,285	$56,770	$57,822	$67,018	$79,953	$87,414	$80,285	$86,808	$102,394	$104,114				120.66%	<-Total Growth	10	Liabilities
Debt Ratio	1.18	1.09	1.08	1.09	1.09	1.09	1.10	1.09	1.08	1.08	1.09	1.08	1.07	1.07				1.09	<-Median->	10	Ratio
Estimates BVPS														$78.56	$84.46				Estimates		Estimates BVPS
Estimate Book Value														$7,326.3	$7,876.6				Estimates		Estimate Book Value
P/B Ratio (Close)														1.78	1.66				Estimates		P/B Ratio (Close)
Difference from 10 year median															63.88%	Diff M/C			Estimates		Difference from 10 yr med.
Gross Book Value	$6,296	$3,668	$3,935	$4,184	$4,765	$5,136	$5,718	$6,130	$6,513	$7,245	$7,140	$7,038	$7,467	$7,562				89.76%	<-Total Growth	10	Book Value
NCI	$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	$600	$600				#DIV/0!	<-Total Growth	6	Preferred shares by Subsidiary
Book Value	$6,296	$3,668	$3,935	$4,184	$4,765	$5,136	$5,193	$5,605	$5,988	$6,720	$6,615	$6,663	$6,867	$6,962				74.51%	<-Total Growth	10	Book Value
Book Value per share	$69.17	$36.92	$39.05	$40.85	$44.87	$48.11	$47.83	$52.40	$55.93	$62.48	$63.14	$66.87	$73.52	$74.65				88.28%	<-Total Growth	10	Book Value per share
P/B Ratio (Median)	0.38	1.10	1.16	1.05	1.05	1.14	1.07	1.10	0.95	1.04	1.14	1.28	1.48	1.75				1.09	<-Median->	10	P/B Ratio (Median)
									P/BV	10 yr Med	1.09	5 yr Med	1.14
Participating Policholders	$44	$47	$49	$45	$39	$41	$45	$42	$41	$48	$6	$0	$0	$0				-100.00%	<-Total Growth	10	Participating Policholders
NetBook Value	$6,252	$3,621	$3,886	$4,139	$4,726	$5,095	$5,148	$5,563	$5,947	$6,672	$6,609	$6,663	$6,867	$7,562	$7,562.0	$7,562.0		76.71%	<-Total Growth	10	Book Value
Book Value per share	$68.69	$36.45	$38.56	$40.41	$44.50	$47.73	$47.41	$52.01	$55.55	$62.03	$63.08	$66.87	$73.52	$81.09	$81.09	$81.09		90.66%	<-Total Growth	10	Book Value per Share
Increase	127.07%	-46.93%	5.79%	4.78%	10.13%	7.25%	-0.65%	9.69%	6.80%	11.68%	1.69%	6.01%	9.95%	10.29%	0.00%	0.00%		49.59%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	0.38	1.11	1.17	1.06	1.05	1.15	1.08	1.11	0.96	1.05	1.14	1.28	1.48	1.61				1.15	P/B Ratio		Historical Median
P/B Ratio (Close)	0.46	1.29	1.15	1.09	1.20	1.25	0.92	1.37	0.99	1.17	1.26	1.35	1.81	1.73	1.73	1.73		6.67%	<-IRR #YR->	10	Book Value per Share	90.66%
Change	-47.43%	181.94%	-10.55%	-5.21%	9.86%	4.47%	-26.69%	49.26%	-27.57%	17.46%	7.70%	7.49%	34.24%	-4.85%	0.00%	0.00%		7.17%	<-IRR #YR->	5	Book Value per Share	41.37%
Leverage Ratios												14.6%	17.3%	14.8%
Leverage (A/BK)	6.68	12.16	12.95	12.79	12.07	12.15	12.34	13.15	14.54	14.19	13.23	14.08	16.00	14.77				14.19	<-Median->	5	A/BV
Debt/Equity Ratio	5.67	11.15	11.94	11.78	11.06	11.14	11.23	12.05	13.44	13.10	12.15	13.03	14.91	13.77				13.10	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	1.10	5 yr Med	1.14		57.49%	Diff M/C		12.07	Historical		Leverage (A/BK)
			-$38.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$73.52
								-$52.01	$0.00	$0.00	$0.00	$0.00	$73.52
														$1,047	<-12 mths	-8.56%
Total Comprehensive Income	$320	$383	$443	$427	$542	$514	$602	$711	$605	$958	$393	$827	$1,145					158.47%	<-Total Growth	10	Total Comprehensive Income
Participating Shareholders	$3	$3	$2	$4	-$6	$2	$4	-$10	-$1	$7	-$42	$0	$0					-100.00%	<-Total Growth	10	Participating Shareholders
Shareholders	$317	$380	$441	$423	$548	$512	$598	$721	$606	$951	$435	$827	$1,145					159.64%	<-Total Growth	10	Comprehensive Income
Increase	140.15%	19.87%	16.05%	-4.08%	29.55%	-6.57%	16.80%	20.57%	-15.95%	56.93%	-54.26%	90.11%	38.45%					38.45%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$211	$283	$314	$339	$422	$461	$504	$560	$597	$678	$662	$708	$793					10.01%	<-IRR #YR->	10	Comprehensive Income	159.64%
ROE	5.1%	10.5%	11.3%	10.2%	11.6%	10.0%	11.6%	13.0%	10.2%	14.3%	6.6%	12.4%	16.7%					9.69%	<-IRR #YR->	5	Comprehensive Income	58.81%
5Yr Median	5.1%	10.5%	10.5%	10.2%	10.5%	10.5%	11.3%	11.6%	11.6%	11.6%	11.6%	12.4%	12.4%					9.70%	<-IRR #YR->	10	5 Yr Running Average	152.32%
% Difference from Net Income	1.60%	8.57%	10.25%	16.21%	0.00%	-0.58%	-2.45%	4.95%	-0.82%	14.58%	-46.76%	7.54%	21.55%					7.18%	<-IRR #YR->	5	5 Yr Running Average	41.47%
Median Values									Diff	5, 10 yr	2.5%	4.9%	7.5%					12.4%	<-Median->	5	Return on Equity
			-$441.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,145.0
								-$721.0	$0.0	$0.0	$0.0	$0.0	$1,145.0
			-$314.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$792.8
								-$560.4	$0.0	$0.0	$0.0	$0.0	$792.8
Current Liability Coverage Ratio	-0.48	3.94	-2.41	1.29	0.69	0.14	1.29	-1.67	-1.44	1.32	4.86	-0.40	0.91	0.82							CFO / Current Liabilities
5 year Median	2.18	2.18	2.06	1.29	0.69	0.69	0.69	0.69	0.14	0.14	1.29	-0.40	0.91	0.91				0.80	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	-0.54%	4.32%	-2.62%	1.75%	1.14%	0.25%	2.80%	-3.07%	-2.98%	3.11%	11.44%	-0.81%	1.57%	1.40%							CFO / Total Assets
5 year Median	3.8%	3.8%	2.7%	1.8%	1.14%	1.14%	1.14%	1.14%	0.25%	0.25%	2.80%	-0.81%	1.57%	1.57%				1.4%	<-Median->	10	Return on Assets
Return on Assets ROA	0.75%	0.79%	0.79%	0.69%	0.96%	0.83%	0.96%	0.94%	0.71%	0.88%	0.93%	0.82%	0.86%	0.78%				Net	Income/Assets		Return on Assets
5Yr Median	0.75%	0.79%	0.79%	0.75%	0.79%	0.79%	0.83%	0.94%	0.94%	0.88%	0.93%	0.88%	0.86%	0.86%				0.9%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	4.99%	9.67%	10.29%	8.79%	11.60%	10.11%	11.91%	12.35%	10.27%	12.44%	12.36%	11.54%	13.72%	11.56%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	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%	12.36%				11.8%	<-Median->	10	Return on Equity
														$895	<-12 mths	-4.99%
Total Net Income	$345	$388	$433	$386	$554	$531	$638	$699	$632	$859	$800	$789	$962					122.17%	<-Total Growth	10	Total Net Income
Participating Shareholders	$33	$38	$33	$22	$6	$16	$4	-$10	-$1	$7	-$42	$0	$0					-100.00%	<-Total Growth	10	Participating Shareholders
Preferred Share							$21	$22	$22	$22	$25	$20	$20
Net Income	$312	$350	$400	$364	$548	$515	$613	$687	$611	$830	$817	$769	$942	$874	$1,057			135.50%	<-Total Growth	10	Net Income
Increase	145.67%	12.18%	14.29%	-9.00%	50.55%	-6.02%	19.03%	12.07%	-11.06%	35.84%	-1.57%	-5.88%	22.50%	-7.22%	20.94%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$192	$249	$288	$311	$395	$435	$488	$545	$595	$651	$712	$743	$794	$846.4	$891.8			8.94%	<-IRR #YR->	10	Net Income	135.50%
Operating Cash Flow	$1,135	-$195	$130	$537	-$96	$645	$392	$418	$1,860	$185	$613	$1,342	$1,041					6.52%	<-IRR #YR->	5	Net Income	37.12%
Investment Cash Flow	-$852	-$140	-$53	-$115	-$112	-$231	-$400	-$156	-$1,140	-$294	-$287	-$307	-$491					10.67%	<-IRR #YR->	10	5 Yr Running Average	175.63%
Total Accruals	$29	$685	$323	-$58	$756	$101	$621	$425	-$109	$939	$491	-$266	$392					7.80%	<-IRR #YR->	5	5 Yr Running Average	45.54%
Total Assets	$41,747	$44,030	$50,339	$52,938	$57,050	$61,906	$63,540	$73,148	$86,466	$94,659	$87,425	$93,846	$109,861						Balance Sheet		Assets
Accruals Ratio	0.07%	1.56%	0.64%	-0.11%	1.33%	0.16%	0.98%	0.58%	-0.13%	0.99%	0.56%	-0.28%	0.36%					0.36%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	-1.33	0.19	-0.30	0.39	0.85	3.29	0.34	-0.30	-0.24	0.28	0.08	-0.98	0.53					0.31	<-Median->	10	EPS/CF Ratio
			-$400.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$942.0
								-$687.0	$0.0	$0.0	$0.0	$0.0	$942.0
			-$288.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$793.8
								-$545.4	$0.0	$0.0	$0.0	$0.0	$793.8
Change in Close	19.36%	49.62%	-5.37%	-0.68%	20.98%	12.04%	-27.16%	63.71%	-22.64%	31.17%	9.52%	13.95%	47.59%	4.94%	0.00%	0.00%			Count	25	Years of data
up/down																			Count	0	0.00%
Meet Prediction?																		% right	Count	0	#DIV/0!
Financial Cash Flow	$217	-$240	-$108	$44	$152	-$183	-$93	-$198	$111	$111	-$525	-$1,009	-$397						C F Statement		Financial Cash Flow
Total Accruals	-$188	$925	$431	-$102	$604	$284	$714	$623	-$220	$828	$1,016	$743	$789								Accruals
Accruals Ratio	-0.45%	2.10%	0.86%	-0.19%	1.06%	0.46%	1.12%	0.85%	-0.25%	0.87%	1.16%	0.79%	0.72%					0.79%	<-Median->	5	Ratio
Cash	$1,096	$523	$498	$969	$912	$1,141	$1,046	$1,108	$1,949	$1,949	$1,358	$1,379	$1,566	$1,794							Cash
Cash per Share	$12.04	$5.26	$4.94	$9.46	$8.59	$10.69	$9.63	$10.36	$18.20	$18.12	$12.96	$13.84	$16.77	$19.24				$16.77	<-Median->	5	Cash per Share
Percentage of Stock Price	38.37%	11.21%	11.12%	21.44%	16.08%	17.87%	22.11%	14.52%	32.99%	25.04%	16.35%	15.32%	12.58%	13.75%				16.35%	<-Median->	5	% of Stock Price
Notes:
May 25, 2025.  Last estimates were for 2024, 2025 of $266.6B 2024 AUM, $10.26, $11.35 AEPS, $9.73, $11.40 EPS, $3.34, $3.59 Dividends, $944M, $1020M Net Income.
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. 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	2018	May 21	2018	May 26	2019	May 24	2020	May 24	2021	May 28	2022	May 28	2023	May 26	2024			May 26	2025
Ricard, 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%			0.048	0.05%			0.00%
CEO - Shares - Amount					$2.140		$2.207		$3.040		$3.488		$3.975		$6.399				$6.716
Options - percentage				0.348	0.33%	0.382	0.36%	0.436	0.41%	0.480	0.46%	0.492	0.49%	0.540	0.58%			0.526	0.56%			-2.67%
Options - amount					$24.804		$21.071		$31.541		$38.079		$44.415		$72.026				$73.566
Charest, Yvon	0.12%	0.128	0.12%
CEO - Shares - Amount	$7.539		$5.593
Options - percentage	0.60%	0.697	0.64%
Options - amount	$38.463		$30.347
Jobin, Eric												0.005	0.01%	0.007	0.01%			0.006	0.01%			-11.68%
CFO - Shares - Amount													$0.484		$0.961				$0.890
Options - percentage												0.027	0.03%	0.054	0.06%			0.065	0.07%			19.61%
Options - amount													$2.474		$7.257				$9.108
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	0.00%	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%			0.016	0.02%			45.05%
Officer - Shares - Amount	$0.072		$0.053		$0.423		$0.478		$0.663		$0.839		$0.991		$1.512				$2.302
Options - percentage	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	0.27%			0.229	0.25%			-8.34%
Options - amount	$6.629		$6.063		$11.836		$10.581		$16.357		$18.538		$21.683		$33.257				$31.991
Daignault, Benoit						0.001	0.00%	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		$0.200				$0.210
Options - percentage						0.001	0.00%	0.003	0.00%	0.004	0.00%	0.005	0.01%	0.006	0.01%			0.007	0.01%			17.18%
Options - amount							$0.058		$0.245		$0.341		$0.474		$0.847				$1.041
Gagnon, Martin														0.010	0.01%			0.010	0.01%			2.41%
Director - Shares - Amount															$1.333				$1.433
Options - percentage														0.000	0.00%			0.002	0.00%			410.33%
Options - amount															$0.057				$0.304
Mercier, Monique												0.002	0.00%	0.000	0.00%						Ceased insider May 2025
Director - Shares - Amount													$0.206		$0.003
Options - percentage												0.009	0.01%	0.012	0.01%
Options - amount													$0.826		$1.541
Poulin, Marc												0.005	0.00%	0.004	0.00%			0.004	0.00%			0.00%
Director - Shares - Amount													$0.406		$0.467				$0.490
Options - percentage												0.009	0.01%	0.011	0.01%			0.013	0.01%			12.81%
Options - amount													$0.853		$1.492				$1.766
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%			0.011	0.01%		Chair since Jan 2019	0.00%
Chairman - Shares - Amt					$0.464		$0.552		$0.724		$0.793		$0.903		$1.467				$1.539
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%			0.008	0.01%			34.32%
Options - amount					$0.000		$0.000		$0.038		$0.147		$0.350		$0.795				$1.120
Bourgon, Jocelyne	0.00%	0.001	0.00%
Chairman - Shares - Amt	$0.000		$0.044
Options - percentage	0.00%	0.011	0.01%
Options - amount	$0.000		$0.483
LeBoutilier, John	0.00%																				Ceased insider May 2017
Chairman - Shares - Amt	$0.000
Options - percentage	0.00%
Options - amount	$0.000
Increase in O/S Shares	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%			0.410	0.44%		Average	27.60%
Due to Stock Options	$54.458		$32.961		$6.928		$86.024		$10.208		$43.862		$25.763		$20.927				$54.661		in jan 2018 looks like selling
Book Value	$40.000		$22.000		$7.000		$54.000		$9.000		$34.000		$19.000		$15.000				$28.000		off of options.
Insider Buying	-$0.355		-$0.722		-$0.051		-$1.459		-$0.634		-$1.264		-$0.210		-$1.483				$0.000		same in May 2018
Insider Selling	$24.765		$17.891		$4.559		$11.365		$4.550		$7.785		$10.911		$13.570				$26.439		Stock Based Compensation
Net Insider Selling	$24.410		$17.169		$4.507		$9.906		$3.916		$6.521		$10.700		$12.087				$26.439
Net Selling % of Market Cap	0.38%		0.36%		0.06%		0.17%		0.05%		0.08%		0.12%		0.10%				0.20%
Directors		14		11		12		12		15		17		15				13
Women	46%	6	43%	4	36%	5	42%	5	42%	7	47%	7	41%	7	47%			6	46%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	1	7%	1	6%	1	7%			1	8%
Institutions/Holdings	42.90%	6	14.38%			20	22.41%			20	20.33%	20	20.33%	20	20.33%			20	21.98%
Total Shares Held	42.87%	0.719	0.66%			24.332	22.73%			21.880	20.88%	18.833	18.90%	16.989	18.19%			20.499	21.98%
Increase/Decrease 3 Mths	0.07%	0.031	4.50%			-0.258	-1.05%			-0.132	-0.60%	-1.844	-8.92%	-1.236	-6.78%			3.690	21.95%
Starting No. of Shares		0.688	reuters			24.590	Top 20 MS			22.012	Top 20 MS	20.677	Top 20 MS	18.225	Top 20 MS			16.809	Top 20 MS
Institutions/Holdings		169	26.80%	314	49.69%																Shareholders
Amt			########		$2,935.360
Total Shares Held		31.000	28.55%	38.000	35.00%
Amt			########		$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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