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 2026
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/26
IA Financial Corp					TSX	IAG	OTC	IDLLF	https://ia.ca/about-us			Fiscal Yr:	Dec 31
Year	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	12/31/28		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
														$423.1	<-12 mths	24.06%
Assets Under Management* $B	$69.4	$76.8	$78.9	$84.8	$88.8	$89.1	$100.2	$101.7	$111.5	$102.7	$110.5	$128.7	$143.2					81.46%	<-Total Growth	10	Assets Under Management*
Assets Under Administraiton*	$29.3	$32.7	$36.9	$41.4	$80.8	$79.7	$89.2	$95.8	$109.7	$97.7	$108.3	$130.4	$197.9					436.04%	<-Total Growth	10	Assets Under Administraiton*
Total	$98.7	$109.5	$115.8	$126.2	$169.5	$168.8	$189.5	$197.5	$221.2	$200.4	$218.9	$259.1	$341.1	$266.6				194.50%	<-Total Growth	10	Assets Under Management
Increase	18.24%	10.93%	5.78%	9.00%	34.31%	-0.45%	12.27%	4.22%	11.99%	-9.38%	9.21%	18.37%	31.64%	-21.83%				11.41%	<-IRR #YR->	10	Assets Under Management	194.50%
5 year Running Average	$76.7	$86.9	$96.2	$106.7	$124.0	$138.0	$154.0	$170.3	$189.3	$195.5	$205.5	$219.4	$248.1	$257.2				11.55%	<-IRR #YR->	5	Assets Under Management	72.71%
AUM per Share	$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	$2,773.93	$3,717.98	$2,958.34				9.94%	<-IRR #YR->	10	5 yr Running Average	157.87%
Increase	8.34%	9.35%	4.07%	5.13%	33.61%	-2.12%	13.96%	4.13%	11.48%	-6.97%	14.83%	26.28%	34.03%	-20.43%				7.82%	<-IRR #YR->	5	5 yr Running Average	45.70%
5 year Running Average	$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	$2,156.87	$2,531.55	$2,711.97
P/AUM Ratio Median	0.0408	0.0415	0.0378	0.0395	0.0347	0.0330	0.0325	0.0289	0.0317	0.0376	0.0389	0.0392	0.0401					0.0361	<-Median->	10	P/AUM Ratio Median
P/AUM Ratio Close	0.0473	0.0409	0.0390	0.0449	0.0377	0.0280	0.0403	0.0299	0.0352	0.0414	0.0411	0.0481	0.0478	0.0617				0.0407	<-Median->	10	P/AUM Ratio Close
Ending Assets Under Mge and Admin in Billions									P/AUM	10 yr	0.0361	5 yr	0.0389		70.88%	Diff M/C
			-$116	$0	$0	$0	$0	$0	$0	$0	$0	$0	$341
								-$197	$0	$0	$0	$0	$341
			-$96	$0	$0	$0	$0	$0	$0	$0	$0	$0	$248
								-$170	$0	$0	$0	$0	$248
Taking this out of Adjusted Reve																					Taking this out of Other Revenue, gets me to Premiums and Depoists
Other Revenue IFRS 4	$931	$1,084	$1,158	$1,206	$1,441	$1,752	$1,679	$1,775	$2,116	$2,086								-100.00%	<-Total Growth	7	Other Revenue	under the new accting.
																			in 2023 Statement says $1.537M 2022, $1507M 2023
Premiums and deposits														$24,815	<-12 mths	2.40%
Net Premiums	$5,007	$5,426	$6,041	$6,548	$7,254	$7,849	$8,944	$11,196	$13,165	$13,109	$16,804	$20,424	$22,017					264.46%	<-Total Growth	10	Net Premiums
Inv Inc. Interest and Other Income	$935	$1,007	$1,097	$1,115	$1,200	$1,306	$1,364	$1,439	$1,624	$2,146	$1,946	$2,329	$2,216					102.01%	<-Total Growth	10	Inv Inc. Int and Other Inc
Adjusted Revenue Total	$5,942	$6,433	$7,138	$7,663	$8,454	$9,155	$10,308	$12,635	$14,789	$15,255	$16,635	$22,753	$24,233	$24,815	<-12 mths			239.49%	<-Total Growth	10	Adjusted Revenue Total
Increase	-1.31%	8.26%	10.96%	7.36%	10.32%	8.29%	12.59%	22.57%	17.05%	3.15%	9.05%	36.78%	6.50%	2.40%	<-12 mths			13.00%	<-IRR #YR->	10	Revenue	239.49%
5 year Running Average	$5,947	$6,143	$6,307	$6,639	$7,126	$7,769	$8,544	$9,643	$11,068	$12,428	$13,924	$16,413	$18,733	$20,738	<-12 mths			13.91%	<-IRR #YR->	5	Revenue	91.79%
Revenue per Share	$59.81	$63.84	$69.68	$72.15	$79.19	$84.32	$96.37	$118.01	$137.50	$145.60	$166.95	$243.60	$264.16	$275.36	<-12 mths			11.50%	<-IRR #YR->	10	5 yr Running Average	197.04%
Increase	-9.58%	6.72%	9.16%	3.54%	9.75%	6.48%	14.29%	22.46%	16.51%	5.89%	14.66%	45.92%	8.44%	4.24%	<-12 mths			14.20%	<-IRR #YR->	5	5 yr Running Average	94.27%
5 year Running Average	$67.08	$66.30	$65.17	$66.33	$68.93	$73.84	$80.34	$90.01	$103.08	$116.36	$132.89	$162.33	$191.56	$219.13	<-12 mths			14.25%	<-IRR #YR->	10	Revenue per Share	279.09%
P/S (Price/Sales) Median	0.68	0.71	0.61	0.65	0.70	0.61	0.60	0.45	0.47	0.49	0.51	0.45	0.56	0.60	<-12 mths			17.49%	<-IRR #YR->	5	Revenue per Share	123.84%
P/S (Price/Sales) Close	0.78	0.70	0.63	0.74	0.76	0.52	0.74	0.47	0.53	0.54	0.54	0.55	0.67	0.66	<-12 mths			11.38%	<-IRR #YR->	10	5 yr Running Average	193.94%
* Excluded changes in value of Inv.					P/S Med	20 yr	0.54	15 yr	0.56	10 yr	0.54	5 yr	0.49		23.17%	Diff M/C		16.31%	<-IRR #YR->	5	5 yr Running Average	112.83%
*in 2023 Premiums and Deposits
			-$7,138	$0	$0	$0	$0	$0	$0	$0	$0	$0	$24,233
								-$12,635	$0	$0	$0	$0	$24,233
			-$6,307	$0	$0	$0	$0	$0	$0	$0	$0	$0	$18,733
								-$9,643	$0	$0	$0	$0	$18,733
			-$69.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$264.16
								-$118.01	$0.00	$0.00	$0.00	$0.00	$264.16
			-$65.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$191.56
								-$90.01	$0.00	$0.00	$0.00	$0.00	$191.56
														$12,463	<-12 mths	3.02%		Consolidated Income Statemetns
Insurance Service Revenue										$5,138	$5,740	$6,802	$7,790	$1,826					<-Total Growth	3	Insurance Service Revenue
Interest & other investment Income										$1,864	$1,946	$2,329	$2,216	$540					<-Total Growth	3	Interest &other investment Income
Other Revenue										$1,537	$1,507	$1,744	$2,092	$487					<-Total Growth	3	Other Revenue
Net										$8,539	$9,193	$10,875	$12,098						<-Total Growth	3	Net
Net Revenue*	$6,023	$9,680	$8,235	$9,347	$11,276	$9,912	$15,265	$17,639	$15,486	$8,595	$9,193	$10,875	$12,098	$12,463	<-12 mths			46.91%	<-Total Growth	10	Net Revenue*
Increase	-19.47%	60.72%	-14.93%	13.50%	20.64%	-12.10%	54.01%	15.55%	-12.21%	-44.50%	6.96%	18.30%	11.25%	3.02%	<-12 mths			3.92%	<-IRR #YR->	10	Revenue	46.91%
5 year Running Average	$6,279	$7,052	$7,345	$8,153	$8,912	$9,690	$10,807	$12,688	$13,916	$13,379	$13,236	$12,358	$11,249	$10,644.8	<-12 mths			-7.26%	<-IRR #YR->	5	Revenue	-31.41%
Revenue per Share	$60.63	$96.06	$80.39	$88.01	$105.62	$91.29	$142.71	$164.75	$143.98	$82.03	$92.26	$116.43	$131.88	$138.30	<-12 mths			4.35%	<-IRR #YR->	10	5 yr Running Average	53.15%
Increase	-26.21%	58.43%	-16.31%	9.47%	20.01%	-13.57%	56.32%	15.45%	-12.61%	-43.02%	12.46%	26.20%	13.27%	4.87%	<-12 mths			-2.38%	<-IRR #YR->	5	5 yr Running Average	-11.34%
5 year Running Average	$70.89	$75.66	$75.60	$81.45	$86.14	$92.27	$101.61	$118.48	$129.67	$124.95	$125.15	$119.89	$113.32	$112.18	<-12 mths			5.07%	<-IRR #YR->	10	Revenue per Share	64.05%
P/S (Price/Sales) Median	0.67	0.47	0.53	0.53	0.52	0.56	0.40	0.32	0.45	0.88	0.93	0.93	1.13	1.19	<-12 mths			-4.35%	<-IRR #YR->	5	Revenue per Share	-19.95%
P/S (Price/Sales) Close	0.77	0.46	0.55	0.61	0.57	0.48	0.50	0.33	0.50	0.97	0.98	1.15	1.35	1.32	<-12 mths			4.13%	<-IRR #YR->	10	5 yr Running Average	49.90%
*Revenue in M CDN $					P/S Med	20 yr	0.53	15 yr	0.53	10 yr	0.55	5 yr	0.93		141.11%	Diff M/C		-0.89%	<-IRR #YR->	5	5 yr Running Average	-4.36%
			-$8,235	$0	$0	$0	$0	$0	$0	$0	$0	$0	$12,098
								-$17,639	$0	$0	$0	$0	$12,098
			-$7,345	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11,249
								-$12,688	$0	$0	$0	$0	$11,249
			-$80.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$131.88
								-$164.75	$0.00	$0.00	$0.00	$0.00	$131.88
			-$75.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$113.32
								-$118.48	$0.00	$0.00	$0.00	$0.00	$113.32
																		From Mkt Scr, but cannot find these values in the Annual Rep
Premims and Annuity Revenues				$6,550	$7,250	$7,850	$8,940	$11,200	$13,160	$13,110	$5,740	$5,330	$6,200					-5.34%	<-Total Growth	9	Premims and Annuity Revenues
Total Interest & Dividend Inc				$1,140	$1,210	$1,350	$1,370	$1,450	$1,620	$2,140	-$1,360	$1,130	$1,750					53.51%	<-Total Growth	9	Total Interest & Dividend Inc
Gain or Loss on Sales of Investments				$473	$1,370	-$1,040	$3,270	$3,220	-$1,410	-$8,740	$2,040	-$307	-$933					-297.25%	<-Total Growth	9	Gain or Loss on Sales of Investments
Other Revenues				$1,210	$1,440	$1,750	$1,680	$1,760	$2,100	$2,090	$1,510	$1,740	$2,092					72.89%	<-Total Growth	9	Other Revenues
Total Revenue				$9,373	$11,270	$9,910	$15,260	$17,630	$15,470	$8,600	$7,930	$7,893	$9,109					-2.82%	<-Total Growth	9	Total Revenue
																		#DIV/0!	<-Total Growth	-1
																		#DIV/0!	<-Total Growth	-1
																		#DIV/0!	<-Total Growth	-1
																		#DIV/0!	<-Total Growth	-1
																		#DIV/0!	<-Total Growth	-1
																		#DIV/0!	<-Total Growth	-1
Their Total Revenue				$9,370	$11,280	$9,910	$15,260	$17,620	$15,470	$8,600	$7,930	$7,900	$9,100					-2.88%	<-Total Growth	9	Their Total Revenue
														$1,235	<-12 mths	2.07%
														$13.30	<-12 mths	2.62%
Core Earnings Calc						$611	$701	$762	$897	$947	$959	$1,071	$1,205
Core Earnings	$350	$400	$364	$548	$515	$611	$701	$762	$897	$947	$956	$1,074	$1,210					232.42%	<-Total Growth	10	Core Earnings
AEPS*	$3.57	$3.97	$3.57	$5.19	$4.81	$5.55	$6.55	$7.12	$8.31	$8.85	$9.31	$11.16	$12.96	$13.81	$15.40			263.03%	<-Total Growth	10	AEPS
Increase	7.85%	11.20%	-10.08%	45.38%	-7.32%	15.38%	18.02%	8.70%	16.71%	6.50%	5.20%	19.87%	16.13%	6.56%	11.51%			10	0	10	Years of Data, EPS P or N	100.00%
AEPS Yield	7.60%	8.94%	8.09%	9.72%	8.04%	12.74%	9.18%	12.90%	11.48%	11.16%	10.31%	8.37%	7.29%	7.56%	8.43%			13.76%	<-IRR #YR->	10	AEPS	263.03%
5 year Running Average	$2.72	$3.00	$3.12	$3.92	$4.22	$4.62	$5.13	$5.84	$6.47	$7.28	$8.03	$8.95	$10.12	$11.22	$12.53			12.73%	<-IRR #YR->	5	AEPS	82.02%
Payout Ratio	27.45%	26.70%	32.49%	24.28%	29.73%	28.65%	26.95%	27.25%	25.03%	29.38%	31.90%	30.11%	29.17%	31.06%	28.57%			3.31%	<-IRR #YR->	10	5 yr Running Average	224.29%
5 year Running Average	42.26%	39.92%	39.86%	28.11%	28.13%	28.37%	28.42%	27.37%	27.52%	27.45%	28.10%	28.73%	29.12%	30.32%	30.16%			11.60%	<-IRR #YR->	5	5 yr Running Average	73.13%
Price/AEPS Median	11.37	11.37	11.98	9.03	11.44	9.25	8.80	7.50	7.84	8.12	9.19	9.75	11.51	11.88	0.00			9.11	<-Median->	10	Price/AEPS Median
Price/AEPS High	13.93	12.34	12.84	11.06	12.68	11.00	10.92	10.60	9.16	9.53	10.00	12.22	13.80	13.17	0.00			10.96	<-Median->	10	Price/AEPS High
Price/AEPS Low	8.81	10.39	11.12	7.01	10.21	7.51	6.67	4.39	6.52	6.71	8.37	7.28	9.22	10.59	0.00			7.15	<-Median->	10	Price/AEPS Low
Price/AEPS Close	13.15	11.19	12.36	10.29	12.44	7.85	10.89	7.75	8.71	8.96	9.70	11.95	13.72	13.22	11.86			9.99	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	14.18	12.45	11.12	14.96	11.53	9.06	12.85	8.42	10.17	9.54	10.21	14.32	15.93	14.09	13.22			10.87	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	9.50	12.28	7.94	11.57	P/AEPS	5 Yrs	in order	9.19	10.00	7.28	9.70		43.94%	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	$12.96
								-$7.12	$0.00	$0.00	$0.00	$0.00	$12.96
			-$3.12	$0.00	$0.00	-$4.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.12
								-$5.84	$0.00	$0.00	$0.00	$0.00	$10.12
														$10.80	<-12 mths	-4.34%
Difference Basic and Diluted	0.83%	1.00%	0.56%	0.57%	0.62%	0.53%	0.47%	0.18%	0.39%	0.39%	0.40%	0.41%	0.62%
Pre-split 2005
EPS Basic	$3.60	$4.01	$3.59	$5.22	$4.84	$5.62	$6.43	$5.71	$7.73	$7.68	$7.51	$9.81	$11.36					216.43%	<-Total Growth	10	EPS Basic
Pre-split 2005
EPS Diluted*	$3.57	$3.97	$3.57	$5.19	$4.81	$5.59	$6.40	$5.70	$7.70	$7.65	$7.48	$9.77	$11.29	$14.43	$15.54			216.25%	<-Total Growth	10	EPS Diluted
Increase	7.85%	11.20%	-10.08%	45.38%	-7.32%	16.22%	14.49%	-10.94%	35.09%	-0.65%	-2.22%	30.61%	15.56%	27.77%	7.69%			10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	7.60%	8.94%	8.09%	9.72%	8.04%	12.83%	8.97%	10.33%	10.64%	9.65%	8.28%	7.33%	6.35%	7.90%	8.51%			12.20%	<-IRR #YR->	10	Earnings per Share	216.25%
5 year Running Average	$2.72	$3.00	$3.12	$3.92	$4.22	$4.63	$5.11	$5.54	$6.04	$6.61	$6.99	$7.66	$8.78	$10.12	$11.70			14.65%	<-IRR #YR->	5	Earnings per Share	98.07%
10 year Running Average	$2.37	$2.58	$2.77	$3.01	$3.20	$3.67	$4.06	$4.33	$4.98	$5.42	$5.81	$6.39	$7.16	$8.08	$9.15			10.90%	<-IRR #YR->	10	5 yr Running Average	181.35%
* Diluted ESP per share									E/P	10 Yrs	9.31%	5Yrs	8.28%					9.65%	<-IRR #YR->	5	5 yr Running Average	58.50%
			-$3.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.29
								-$5.70	$0.00	$0.00	$0.00	$0.00	$11.29
			-$3.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.78
								-$5.54	$0.00	$0.00	$0.00	$0.00	$8.78
Dividend*														$4.29					Estimates		Dividend*
Increase														13.49%					Estimates		Increase
Payout Ratio EPS														29.74%					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	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.36	$3.78	$4.29	$4.40	$4.40		225.86%	<-Total Growth	10	Dividends
Increase	0.00%	8.16%	9.43%	8.62%	13.49%	11.19%	11.01%	9.92%	7.22%	25.00%	14.23%	13.13%	12.50%	13.49%	2.56%	0.00%		20	0	25	Years of data, Count P, N	80.00%
Average Increases 5 Year Running	0.9%	1.6%	3.5%	5.2%	7.9%	10.2%	10.7%	10.8%	10.6%	12.9%	13.5%	13.9%	14.4%	15.7%	11.2%	8.3%		10.80%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.98	$1.00	$1.03	$1.09	$1.18	$1.30	$1.44	$1.60	$1.76	$2.00	$2.27	$2.59	$2.96	$3.40	$3.76	$4.05		186.63%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.41%	2.35%	2.71%	2.69%	2.60%	3.10%	3.06%	3.63%	3.19%	3.62%	3.47%	3.09%	2.53%	2.62%				3.09%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.97%	2.16%	2.53%	2.20%	2.35%	2.61%	2.47%	2.57%	2.73%	3.08%	3.19%	2.46%	2.11%	2.36%				2.52%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	3.12%	2.57%	2.92%	3.46%	2.91%	3.82%	4.04%	6.21%	3.84%	4.38%	3.81%	4.13%	3.16%	2.93%				3.83%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	2.09%	2.39%	2.63%	2.36%	2.39%	3.65%	2.47%	3.52%	2.87%	3.28%	3.29%	2.52%	2.13%	2.35%	2.41%	2.41%		2.70%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	27.45%	26.70%	32.49%	24.28%	29.73%	28.44%	27.58%	34.04%	27.01%	33.99%	39.71%	34.39%	33.48%	29.74%	28.32%	#DIV/0!		31.61%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	36.03%	33.16%	33.08%	27.74%	27.90%	28.10%	28.19%	28.84%	29.16%	30.19%	32.51%	33.81%	33.70%	33.59%	32.14%	#DIV/0!		29.00%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	0.00%	82.17%	22.13%	0.00%	23.67%	44.04%	45.17%	11.17%	120.93%	44.44%	22.05%	30.15%	25.84%	44.34%	#VALUE!	#DIV/0!		27.99%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	11.83%	15.73%	18.84%	33.72%	60.68%	42.54%	40.25%	26.59%	26.97%	30.73%	26.83%	26.13%	31.59%	31.04%	#VALUE!	#DIV/0!		31.16%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	5.12%	0.00%	12.82%	20.52%	97.86%	9.69%	0.00%	0.00%	7.60%	2.72%	0.00%	18.24%	48.16%	44.34%	#VALUE!	#DIV/0!		8.65%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	9.83%	21.03%	21.80%	28.99%	25.93%	32.54%	59.86%	0.00%	6680.69%	10.59%	16.19%	11.82%	10.45%	13.73%	#VALUE!	#DIV/0!		21.06%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.09%	2.70%	5 Yr Med	5 Yr Cl	3.19%	2.87%	5 Yr Med	Payout	33.99%	30.15%	7.60%					14.27%	<-IRR #YR->	5	Dividends	94.85%
* Dividends per share	10 Yr Med	and Cur.	-22.07%	-10.66%	5 Yr Med	and Cur.	-24.55%	-16.15%	Last Div Inc --->		$0.990	$1.100	11.11%					12.54%	<-IRR #YR->	10	Dividends	225.86%
Dividends Growth 15																		9.42%	<-IRR #YR->	15	Dividends	285.71%
Dividends Growth 20																		10.64%	<-IRR #YR->	20	Dividends	656.00%
Dividends Growth 25																		10.67%	<-IRR #YR->	25	Dividends
Dividends Growth 5								-$1.94	$0.00	$0.00	$0.00	$0.00	$3.78								Dividends Growth 5
Dividends Growth 10			-$1.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.78								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	$3.78								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	$3.78								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	$3.78								Dividends Growth 25
Historical Dividends	Historical	High Div	5.19%	Low Div	1.39%	10 Yr High	6.02%	10 Yr Low	2.12%	Med Div	2.70%	Close Div	2.43%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-53.57%	Cheap	73.35%	Exp.	-59.97%		13.66%	Exp.	-10.76%	Exp.	-0.94%								High/Ave/Median
Future Dividend Yield					Div Yield	4.69%	earning in	5	Years	at IRR of	14.27%	Div Inc.	94.85%								Future Dividend Yield
Future Dividend Yield					Div Yield	9.15%	earning in	10	Years	at IRR of	14.27%	Div Inc.	279.65%								Future Dividend Yield
Future Dividend Yield					Div Yield	17.82%	earning in	15	Years	at IRR of	14.27%	Div Inc.	639.72%								Future Dividend Yield
Future Dividend Paid					Div Paid	$8.57	earning in	5	Years	at IRR of	14.27%	Div Inc.	94.85%								Future Dividend Paid
Future Dividend Paid					Div Paid	$16.70	earning in	10	Years	at IRR of	14.27%	Div Inc.	279.65%								Future Dividend Paid
Future Dividend Paid					Div Paid	$32.55	earning in	15	Years	at IRR of	14.27%	Div Inc.	639.72%								Future Dividend Paid
Dividend Covering Cost					Total Div	$29.24	over	5	Years	at IRR of	14.27%	Div Cov.	16.01%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$77.64	over	10	Years	at IRR of	14.27%	Div Cov.	42.52%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$171.95	over	15	Years	at IRR of	14.27%	Div Cov.	94.16%								Dividend Covering Cost
Yield if held 5 years	3.25%	4.61%	3.45%	3.72%	5.49%	3.92%	3.91%	4.54%	4.44%	4.72%	5.78%	5.83%	7.08%	6.59%	6.12%	5.14%		4.63%	<-Median->	10	Paid Median Price
Yield if held 10 years	4.99%	4.34%	4.11%	3.81%	3.66%	5.28%	7.68%	5.77%	6.15%	9.98%	7.32%	7.45%	8.84%	9.15%	7.99%	8.57%		6.73%	<-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%	11.24%	12.68%	16.88%	10.84%		7.19%	<-Median->	10	Paid Median Price
Yield if held 20 years								13.72%	10.83%	12.99%	15.12%	13.76%	13.40%	12.98%	11.26%	14.61%		13.56%	<-Median->	6	Paid Median Price
Yield if held 25 years													26.73%	22.34%	21.98%	22.40%		26.73%	<-Median->	1	Paid Median Price
																					BMO, EMP
Cost covered if held 5 years	16.27%	21.68%	15.35%	16.08%	22.60%	16.02%	15.97%	18.67%	18.78%	18.12%	22.11%	22.47%	27.71%	26.10%	26.15%	23.65%		18.72%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	41.28%	35.86%	33.40%	30.50%	27.51%	37.85%	53.04%	39.10%	42.11%	60.88%	44.00%	44.66%	53.24%	55.03%	52.27%	61.51%		43.05%	<-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%	83.09%	92.36%	133.02%	93.85%		66.08%	<-Median->	10	Paid Median Price
Cost covered if held 20 years								136.39%	109.71%	116.64%	132.17%	118.38%	114.17%	108.59%	101.14%	142.74%		117.51%	<-Median->	6	Paid Median Price
Cost covered if held 25 years													240.98%	198.26%	210.57%	235.15%		240.98%	<-Median->	1	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$12,635	$14,789	$15,255	$16,635	$22,753	$24,233	$24,815	<-12 mths	2.40%		91.79%	<-Total Growth	5	Revenue Growth	91.79%
AEPS Growth								$7.12	$8.31	$8.85	$9.31	$11.16	$12.96	$13.30	<-12 mths	2.62%		82.02%	<-Total Growth	5	AEPS Growth	82.02%
Net Income Growth								$611	$830	$817	$769	$942	$1,053	$1,004	<-12 mths	-4.65%		72.34%	<-Total Growth	5	Net Income Growth	72.34%
Cash Flow Growth								$1,860	$185	$613	$1,342	$1,041	$1,342	$872	<-12 mths	-35.02%		-27.85%	<-Total Growth	5	Cash Flow Growth	-27.85%
Dividend Growth								$1.94	$2.08	$2.60	$2.97	$3.36	$3.78	$4.29	<-12 mths	13.49%		94.85%	<-Total Growth	5	Dividend Growth	94.85%
Stock Price Growth								$55.18	$72.38	$79.27	$90.33	$133.32	$177.83	$182.61	<-12 mths	2.69%		222.27%	<-Total Growth	5	Stock Price Growth	222.27%
Revenue Growth			$7,138	$7,663	$8,454	$9,155	$10,308	$12,635	$14,789	$15,255	$16,635	$22,753	$24,233					239.49%	<-Total Growth	10	Revenue Growth	239.49%
AEPS Growth			$3.57	$5.19	$4.81	$5.55	$6.55	$7.12	$8.31	$8.85	$9.31	$11.16	$12.96	$13.81	<-this year	6.56%		263.03%	<-Total Growth	10	AEPS Growth	263.03%
Net Income Growth			$364	$548	$515	$613	$687	$611	$830	$817	$769	$942	$1,053	$1,300	<-this year	23.46%		189.29%	<-Total Growth	10	Net Income Growth	189.29%
Cash Flow Growth			$537	-$96	$645	$392	$418	$1,860	$185	$613	$1,342	$1,041	$1,342					149.91%	<-Total Growth	10	Cash Flow Growth	149.91%
Dividend Growth			$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.36	$3.78	$4.29	<-this year	13.49%		225.86%	<-Total Growth	10	Dividend Growth	225.86%
Stock Price Growth			$44.13	$53.39	$59.82	$43.57	$71.33	$55.18	$72.38	$79.27	$90.33	$133.32	$177.83	$177.00	<-this year	-0.47%		302.97%	<-Total Growth	10	Stock Price Growth	302.97%
Dividends on Shares				$28.98	$32.89	$36.57	$40.60	$44.62	$47.84	$59.80	$68.31	$77.28	$86.94	$98.67	$101.20	$101.20		$523.83	No of Years	10	Total Divs	12/31/15
Paid			$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	$4,090.09	$4,200.03	$4,200.03	$4,200.03		$4,090.09	No of Years	10	Worth	$44.13
Total																		$4,613.92
Graham Number AEPS	$54.11	$58.69	$56.97	$72.09	$71.87	$76.95	$87.55	$94.33	$107.70	$112.07	$118.35	$135.87	$151.98	$167.21	$176.58	$0.00		166.76%	<-Total Growth	10	Graham Number AEPS
Increase	-24.35%	8.46%	-2.93%	26.53%	-0.30%	7.07%	13.78%	7.75%	14.17%	4.07%	5.60%	14.80%	11.85%	10.03%	5.60%	-100.00%		9.80%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.75	0.77	0.75	0.65	0.77	0.67	0.66	0.57	0.60	0.64	0.72	0.80	0.98	0.98				0.66	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	0.92	0.83	0.80	0.80	0.85	0.79	0.82	0.80	0.71	0.75	0.79	1.00	1.18	1.09				0.80	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.58	0.70	0.70	0.50	0.68	0.54	0.50	0.33	0.50	0.53	0.66	0.60	0.79	0.87				0.54	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.87	0.76	0.77	0.74	0.83	0.57	0.81	0.58	0.67	13.00	0.76	0.98	1.17	1.09	1.03	#DIV/0!		0.79	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-13.23%	-24.30%	-22.54%	-25.94%	-16.76%	-43.38%	-18.52%	-41.50%	-32.79%	-29.27%	-23.68%	-1.88%	17.01%	9.21%	3.42%	#DIV/0!		-24.81%	<-Median->	10	Graham Price
Graham Number EPS	$54.11	$58.69	$56.97	$72.09	$71.87	$77.22	$86.54	$84.40	$103.67	$104.20	$106.08	$127.13	$141.85	$170.90	$177.35	$0.00		148.98%	<-Total Growth	10	Graham Number EPS
Increase	-24.35%	8.46%	-2.93%	26.53%	-0.30%	7.45%	12.06%	-2.47%	22.83%	0.51%	1.81%	19.84%	11.58%	20.48%	3.77%	-100.00%		9.51%	<-Median->	10	Graham Price
Price/GP Ratio Med	0.75	0.77	0.75	0.65	0.77	0.66	0.67	0.63	0.63	0.69	0.81	0.86	1.05	0.96				0.68	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	0.92	0.83	0.80	0.80	0.85	0.79	0.83	0.89	0.73	0.81	0.88	1.07	1.26	1.06				0.84	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.58	0.70	0.70	0.50	0.68	0.54	0.51	0.37	0.52	0.57	0.73	0.64	0.84	0.86				0.55	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	0.87	0.76	0.77	0.74	0.83	0.56	0.82	0.65	0.70	0.76	0.85	1.05	1.25	1.07	1.03	#DIV/0!		0.79	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	-13.23%	-24.30%	-22.54%	-25.94%	-16.76%	-43.58%	-17.57%	-34.62%	-30.18%	-23.92%	-14.85%	4.87%	25.37%	6.85%	2.97%	#DIV/0!		-20.75%	<-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		25.00	<Count Years>		Month, Year
Price Close	$46.95	$44.43	$44.13	$53.39	$59.82	$43.57	$71.33	$55.18	$72.38	$79.27	$90.33	$133.32	$177.83	$182.61	$182.61	$182.61		302.97%	<-Total Growth	10	Stock Price
Increase	49.62%	-5.37%	-0.68%	20.98%	12.04%	-27.16%	63.71%	-22.64%	31.17%	9.52%	13.95%	47.59%	33.39%	2.69%	0.00%	0.00%		11.15	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	13.15	11.19	12.36	10.29	12.44	7.79	11.15	9.68	9.40	10.36	12.08	13.65	15.75	12.66	11.75	#DIV/0!		26.37%	<-IRR #YR->	5	Stock Price	222.27%
Trailing P/E Ratio	14.18	12.45	11.12	14.96	11.53	9.06	12.76	8.62	12.70	10.29	11.81	17.82	18.20	16.17	12.66	11.75		14.95%	<-IRR #YR->	10	Stock Price	302.97%
CAPE (10 Yr P/E)	13.99	13.55	13.15	12.66	12.48	11.41	11.29	11.01	10.49	10.53	10.57	11.00	11.69	11.95	11.89	#DIV/0!		29.70%	<-IRR #YR->	5	Price & Dividend	274.67%
Median 10, 5 Yrs		D.  per yr	2.60%	3.33%	% Tot Ret	14.82%	11.21%	T P/E	$12.25	$12.70	P/E:	$10.75	$12.08					17.56%	<-IRR #YR->	10	Price & Dividend	357.21%
Price 15		D.  per yr	2.19%		% Tot Ret	16.53%						CAPE Diff	13.56%					11.07%	<-IRR #YR->	15	Stock Price	383.10%
Price  20		D.  per yr	2.08%		% Tot Ret	17.99%												9.48%	<-IRR #YR->	20	Stock Price	511.73%
Price  25		D.  per yr	1.88%		% Tot Ret	17.20%												9.06%	<-IRR #YR->	25	Stock Price
Price & Dividend 15																		13.26%	<-IRR #YR->	15	Price & Dividend	448.13%
Price & Dividend 20																		11.56%	<-IRR #YR->	20	Price & Dividend	624.20%
Price & Dividend 25																		10.94%	<-IRR #YR->	25	Price & Dividend
Price  5								-$55.18	$0.00	$0.00	$0.00	$0.00	$177.83								Price  5
Price 10			-$44.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$177.83								Price 10
Price & Dividend 5								-$55.18	$2.08	$2.60	$2.97	$3.36	$181.61								Price & Dividend 5
Price & Dividend 10			-$44.13	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.36	$181.61								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	$177.83								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	$177.83								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	$177.83								Price  25
Price & Dividend 15	$0.98	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.36	$181.61								Price & Dividend 15
Price & Dividend 20	$0.98	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.36	$181.61								Price & Dividend 20
Price & Dividend 25	$0.98	$1.06	$1.16	$1.26	$1.43	$1.59	$1.77	$1.94	$2.08	$2.60	$2.97	$3.36	$181.61								Price & Dividend 25
Price H/L Median	$40.58	$45.13	$42.78	$46.89	$55.05	$51.35	$57.63	$53.38	$65.13	$71.89	$85.53	$108.82	$149.14	$164.04				248.66%	<-Total Growth	10	Stock Price
Increase	55.72%	11.20%	-5.21%	9.62%	17.40%	-6.72%	12.23%	-7.37%	22.01%	10.38%	18.97%	27.24%	37.05%	9.99%				13.30%	<-IRR #YR->	10	Stock Price	248.66%
P/E Ratio	11.37	11.37	11.98	9.03	11.44	9.19	9.00	9.36	8.46	9.40	11.43	11.14	13.21	11.37				22.81%	<-IRR #YR->	5	Stock Price	179.39%
Trailing P/E Ratio	12.26	12.64	10.77	13.13	10.61	10.68	10.31	8.34	11.43	9.34	11.18	14.55	15.27	14.53				17.27%	<-IRR #YR->	10	Price & Dividend	304.62%
P/E on Running 5 yr Average	14.92	15.02	13.71	11.96	13.04	11.10	11.27	9.64	10.78	10.88	12.24	14.21	16.99	16.20				26.44%	<-IRR #YR->	5	Price & Dividend	210.73%
P/E on Running 10 yr Average	17.09	17.51	15.45	15.56	17.22	13.98	14.20	12.33	13.08	13.28	14.73	17.04	20.84	20.30				11.44	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.97%	3.62%	% Tot Ret	22.99%	13.71%	T P/E	10.93	11.43	P/E:	9.38	11.14						Count	25	Years of data
			-$42.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$149.14
								-$53.38	$0.00	$0.00	$0.00	$0.00	$149.14
			-$42.78	$1.77	$1.94	$2.08	$2.60	$2.97	$3.36	$3.78	$4.29	$4.40	$152.92
								-$53.38	$2.08	$2.60	$2.97	$3.36	$152.92
High Months	Nov	Jul	Dec	Nov	Nov	Jan	Dec	Feb	Nov	Feb	Dec	Dec	Dec	Jan
Price High	$49.72	$49.00	$45.85	$57.39	$60.98	$61.03	$71.55	$75.50	$76.11	$84.37	$93.14	$136.35	$178.80	$181.90				289.97%	<-Total Growth	10	Stock Price
Increase	58.50%	-1.45%	-6.43%	25.17%	6.26%	0.08%	17.24%	5.52%	0.81%	10.85%	10.39%	46.39%	31.13%	1.73%				14.58%	<-IRR #YR->	10	Stock Price	289.97%
P/E Ratio	13.93	12.34	12.84	11.06	12.68	10.92	11.18	13.25	9.88	11.03	12.45	13.96	15.84	12.61				18.82%	<-IRR #YR->	5	Stock Price	136.82%
Trailing P/E Ratio	15.02	13.73	11.55	16.08	11.75	12.69	12.80	11.80	13.35	10.96	12.18	18.23	18.30	16.11				13.06	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.74	13.35	P/E:	11.82	12.45					16.40	P/E Ratio		Historical High
			-$45.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$178.80
								-$75.50	$0.00	$0.00	$0.00	$0.00	$178.80
Low Months	Jan	Jun	Feb	Feb	Jun	Dec	Jan	Mar	Jan	May	Oct	Apr	Apr	Mar
Price Low	$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	$146.18				200.96%	<-Total Growth	10	Stock Price
Increase	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%	22.35%				11.65%	<-IRR #YR->	10	Stock Price	200.96%
P/E Ratio	8.81	10.39	11.12	7.01	10.21	7.45	6.83	5.48	7.03	7.77	10.42	8.32	10.58	10.13				30.76%	<-IRR #YR->	5	Stock Price	282.21%
Trailing P/E Ratio	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	12.95				10.16	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	9.48	10.18	P/E:	7.61	8.32					6.90	P/E Ratio		Historical Low
			-$39.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$119.48
								-$31.26	$0.00	$0.00	$0.00	$0.00	$119.48
												-$888	<-12 mths	-270.00%
Free Cash Flow MS old			$469	-$188	$521	$215	$268	$1,683	-$63	$326	$1,063
change				-140.09%	377.13%	-58.73%	24.65%	527.99%	-103.74%	617.46%	226.07%
Free Cash Flow MS	-$195	$79	-$320	$1,400	-$2	-$100	-$4,470	-$3	$70	$6,770	-$240	-$1,050	$470					246.88%	<-Total Growth	10	Free Cash Flow
Change	-143.14%	140.51%	-505.06%	537.50%	-100.13%	-5305.41%	-4370.00%	99.92%	2177.15%	9571.43%	-103.55%	-337.50%	144.76%					#NUM!	<-IRR #YR->	5	Free Cash Flow MS	14046.59%
FCF/CF from Op Ratio	1.00	0.61	-0.60	-14.58	0.00	-0.26	-10.69	0.00	0.38	11.04	-0.18	-1.01	0.35					#NUM!	<-IRR #YR->	10	Free Cash Flow MS	246.88%
Dividends paid	$68	$65	$72	$129	$152	$173	$188	$208	$224	$277	$304	$322	$350					386.11%	<-Total Growth	10	Dividends paid
Percentage paid	-34.87%	82.28%	-22.50%	9.21%	-8216.22%	-173.00%	-4.21%	-6172.11%	320.00%	4.09%	-126.67%	-30.67%	74.47%					-$0.17	<-Median->	10	Percentage paid
5 Year Coverage	15.95%	18.50%	37.65%	29.45%	50.51%	55.91%	-20.45%	-26.77%	-20.98%	47.21%	56.47%	24.07%	24.53%								5 Year Covrage
Dividend Coverage Ratio		1.22	-4.44	10.85	-0.01	-0.58	-23.78	-0.02	0.31	24.44	-0.79	-3.26	1.34					-0.01	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							-4.89	-3.74	-4.77	2.12	1.77	4.15	4.08								5 Year of Caogerage
								$3	$0	$0	$0	$0	$470
			$320	$0	$0	$0	$0	$0	$0	$0	$0	$0	$470
Market Cap in $M	$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	$16,313.2	$16,456.4	$16,456.4	$16,456.4		2.61	<-Total Growth	10	Market Cap	260.88%
Pre-split 2005
Diluted # of Shares in Million	97.90	100.80	102.00	103.40	107	110	107	107	108	107	103	96	93	92				-8.82%	<-Total Growth	10	Diluted
Change	1.77%	2.96%	1.19%	1.37%	3.48%	2.80%	-2.73%	0.00%	0.93%	-0.93%	-3.74%	-6.80%	-3.13%	-1.08%				#NUM!	<-IRR #YR->	10	Diluted
Intangible/Market Cap Ratio	-0.72%	-0.89%	-0.59%	-0.58%	-0.93%	-0.91%	0.00%	0.00%	-0.93%	-0.93%	-0.97%	0.00%	0.00%	-1.09%				#NUM!	<-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	93.0
							-107.0	0.0	0.0	0.0	0.0	96.0	93.0
Pre-split 2005
Basic # of Shares in Millions	97.20	99.90	101.40	102.80	106	109	107	107	107	106	102	96	93	91				-8.28%	<-Total Growth	10	Basic
Change	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%	-2.15%				-0.47%	<-Median->	10	Change
Difference	2.20%	0.88%	1.02%	3.31%	0.71%	-0.39%	-0.03%	0.06%	0.52%	-1.16%	-2.31%	-2.71%	-1.36%	-0.97%				-0.21%	<-Median->	10	Difference
														$872	<-12 mths	-35.02%						Common shares
Pre-split 2005
# of Share in Millions	99.342	100.775	102.435	106.205	106.756	108.575	106.966	107.064	107.557	104.773	99.643	93.403	91.735	90.118	90.118	90.118		-1.10%	<-IRR #YR->	10	Shares	-10.45%
Change	9.14%	1.44%	1.65%	3.68%	0.52%	1.70%	-1.48%	0.09%	0.46%	-2.59%	-4.90%	-6.26%	-1.79%	-1.76%	0.00%	0.00%		-3.04%	<-IRR #YR->	5	Shares	-14.32%
Cash Flow from Operations $M	-$195	$130	$537	-$96	$645	$392	$418	$1,860	$185	$613	$1,342	$1,041	$1,342	$872	<-12 mths			149.91%	<-Total Growth	10	Cash Flow	Share Capital
Increase	-117.18%	166.67%	313.08%	-117.88%	771.88%	-39.22%	6.63%	344.98%	-90.05%	231.35%	118.92%	-22.43%	28.91%	-35.02%	<-12 mths			SO, Share Iss	BuyBacks
5 year Running Average	$713	$561	$508	$302	$204	$322	$379	$644	$700	$694	$884	$1,008	$905	$1,042	<-12 mths			77.93%	<-Total Growth	10	CF 5 Yr Running
CFPS	-$1.96	$1.29	$5.24	-$0.90	$6.04	$3.61	$3.91	$17.37	$1.72	$5.85	$13.47	$11.15	$14.63	$9.68	<-12 mths			179.06%	<-Total Growth	10	Cash Flow per Share
Increase	-115.74%	165.72%	306.38%	-117.24%	768.41%	-40.24%	8.24%	344.57%	-90.10%	240.16%	130.19%	-17.25%	31.26%	-33.86%	<-12 mths			9.59%	<-IRR #YR->	10	Cash Flow	149.91%
5 year Running Average	$8.29	$6.33	$5.48	$3.23	$1.94	$3.06	$3.58	$6.01	$6.53	$6.49	$8.46	$9.91	$9.36	$10.95	<-12 mths			-6.32%	<-IRR #YR->	5	Cash Flow	-27.85%
P/CF on Med Price	-20.67	34.98	8.16	-51.87	9.11	14.22	14.75	3.07	37.87	12.29	6.35	9.76	10.19	16.95	<-12 mths			10.81%	<-IRR #YR->	10	Cash Flow per Share	179.06%
P/CF on Closing Price	-23.92	34.44	8.42	-59.07	9.90	12.07	18.25	3.18	42.08	13.55	6.71	11.96	12.16	18.87	<-12 mths			-3.38%	<-IRR #YR->	5	Cash Flow per Share	-15.79%
															89.11%	Diff M/C		5.51%	<-IRR #YR->	10	CFPS 5 yr Running	70.95%
Excl.Working Capital CF	$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	-$622.0	$0.0	<-12 mths			9.29%	<-IRR #YR->	5	CFPS 5 yr Running	55.89%
Cash Flow from Operations $M WC	$1,902	-$1,318	$927	$652	$156	$1,781	-$2,248	-$2,579	$2,944	$10,005	-$760	$1,721	$720	$872	<-12 mths			-22.33%	<-Total Growth	10	Cash Flow less WC
Increase	937.89%	-169.30%	170.33%	-29.67%	-76.07%	1041.67%	-226.22%	-14.72%	214.15%	239.84%	-107.60%	326.45%	-58.16%	21.11%	<-12 mths			-2.50%	<-IRR #YR->	10	Cash Flow less WC	-22.33%
5 year Running Average	$897	$423	$456	$387	$464	$440	$254	-$448	$11	$1,981	$1,472	$2,266	$2,926	$2,512	<-12 mths			#NUM!	<-IRR #YR->	5	Cash Flow less WC	127.92%
CFPS Excl. WC	$19.15	-$13.08	$9.05	$6.14	$1.46	$16.40	-$21.02	-$24.09	$27.37	$95.49	-$7.63	$18.43	$7.85	$9.68	<-12 mths			20.42%	<-IRR #YR->	10	CF less WC 5 Yr Run	541.10%
Increase	867.73%	-168.31%	169.19%	-32.16%	-76.20%	1022.54%	-228.12%	-14.62%	213.63%	248.87%	-107.99%	341.58%	-57.40%	23.28%	<-12 mths			#NUM!	<-IRR #YR->	5	CF less WC 5 Yr Run	753.71%
5 year Running Average	$9.97	$4.74	$4.73	$3.75	$4.54	$3.99	$2.41	-$4.22	$0.03	$18.83	$14.03	$21.91	$28.30	$24.76	<-12 mths			-1.41%	<-IRR #YR->	10	CFPS - Less WC	-13.27%
P/CF on Median Price	2.12	-3.45	4.73	7.64	37.67	3.13	-2.74	-2.22	2.38	0.75	-11.21	5.91	19.00	16.95	<-12 mths			18.39%	<-IRR #YR->	5	CFPS - Less WC	132.58%
P/CF on Closing Price	2.45	-3.40	4.88	8.70	40.94	2.66	-3.39	-2.29	2.64	0.83	-11.84	7.24	22.66	18.87	<-12 mths			19.58%	<-IRR #YR->	10	CFPS 5 yr Running	497.97%
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	9.98	5 yr	10.19	P/CF Med	10 yr	2.75	5 yr	2.38		585.02%	Diff M/C		#NUM!	<-IRR #YR->	5	CFPS 5 yr Running	770.65%
			-102.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	91.7								Shares
								-107.1	0.0	0.0	0.0	0.0	91.7								Shares
			-$537.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,342.0								Cash Flow
								-$1,860.0	$0.0	$0.0	$0.0	$0.0	$1,342.0								Cash Flow
			-$5.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.63								Cash Flow per Share
								-$17.37	$0.00	$0.00	$0.00	$0.00	$14.63								Cash Flow per Share
			-$5.48	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.36								CFPS 5 yr Running
								-$6.01	$0.00	$0.00	$0.00	$0.00	$9.36								CFPS 5 yr Running
			-$927.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$720.0								Cash Flow less WC
								$2,579.0	$0.0	$0.0	$0.0	$0.0	$720.0								Cash Flow less WC
			-$456.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,926.0								CF less WC 5 Yr Run
								$447.6	$0.0	$0.0	$0.0	$0.0	$2,926.0								CF less WC 5 Yr Run
			-$9.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$7.85								CFPS - Less WC
								$24.09	$0.00	$0.00	$0.00	$0.00	$7.85								CFPS - Less WC
			-$4.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$28.30								CFPS 5 yr Running
								$4.22	$0.00	$0.00	$0.00	$0.00	$28.30								CFPS 5 yr Running
Financing Charges
Income Taxes Paid	-$107	-$73	-$109	-$90	-$159
Change in Insurance Cont. Liab	-$662	$2,583	$525	$1,105	$1,778	$243	$4,807	$5,899	$19	-$6,221	$1,626	$2,541	$1,588
Change in Investment Cont. Liab	$32	$46	-$38	-$49	-$19	$43		-$55	$2	-$30	$1,549	-$15	$214
Change in Reinsruance Assets							-$95	-$837	-$203	-$237	-$384	-$767	-$237
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	$52,421
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	-$53,592
realizes losses, gains on investmt	-$23	-$20	-$29	-$12	-$13	$19	-$30	-$49	-$32	-$47
Chnge in Mortgage Debt	$11	-$1
Increase in Secuiritzation Liab.	$149	$189
Int paid on Mortgage	-$7	-$11
Other Items Affecting cash	-$103	$650	$83	$174	$278	-$253	-$68	-$186	$42	-$337	-$397	-$925	$87
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	$141
Change in Reinsruance Assets
Change in Working Capital	-$2,097	$1,448	-$390	-$748	$489	-$1,390	$2,666	$4,439	-$2,759	-$9,392	$2,102	-$680	$622
Google -->TD 2017	-$2,081	$1,448	-$390	-$748	$489	-$1,389	$2,666	$4,439	-$2,759	-$9,392	$2,102	-$680	$622
Difference	-$16	$0	$0	$0	$0	-$1	$0	$0	$0	$0	$0	$0	$0
Next year's statement	-$87	1836	-$11	-$532	$1,226	<-- now saying
Original Statement	$103					but CF same
	-$2,081
OPM Ratio	-3.24%	1.34%	6.52%	-1.03%	5.72%	3.95%	2.74%	10.54%	1.19%	7.13%	14.60%	9.57%	11.09%	7.00%				70.11%	<-Total Growth	10	OPM
Increase	-121.33%	141.48%	385.56%	-115.75%	656.94%	-30.86%	-30.76%	285.09%	-88.67%	497.01%	104.68%	-34.43%	15.88%	-36.93%					Should increase		or be stable.
Diff from Median	-150.4%	-79.1%	1.5%	-116.0%	-11.0%	-38.5%	-57.4%	64.1%	-81.4%	11.0%	127.2%	49.0%	72.6%	8.9%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	6.43%	5 Yrs	9.57%					should be	zero, it is a		check on calculations
EBITDA				$889	$856	$1,020	$1,120	$1,060	$1,500	$1,500	$1,250	$1,490	$1,620					82.23%	<-Total Growth	9	EBITDA	from Mkt Sc
Change					-3.71%	19.16%	9.80%	-5.36%	41.51%	0.00%	-16.67%	19.20%	8.72%					8.72%	<-Median->	9	Change
Margin				9.49%	7.59%	10.29%	7.34%	6.02%	9.70%	17.44%	15.76%	18.86%	17.80%					9.99%	<-Median->	10	Margin
EBIT				$794	$756	$878	$964	$844	$1,180	$1,100	$1,070	$1,300	$1,480					86.40%	<-Total Growth	9	EBIT	from Mkt Sc
Change					-4.79%	16.14%	9.79%	-12.45%	39.81%	-6.78%	-2.73%	21.50%	13.85%					9.79%	<-Median->	9	Change
Margin				8.47%	6.70%	8.86%	6.32%	4.79%	7.63%	12.79%	13.49%	16.46%	16.26%					8.67%	<-Median->	10	Margin
																						Ins Con Liab
Offsetting assets	$21,508	$27,049	$29,066	$31,091	$33,822	$34,579	$39,919	$45,147	$45,651	$39,985	$42,618	$45,580	$46,024	$46,013				$41,302	<-Median->	10	Offsetting assets	Type
Debt/Asset Ratio	0.93	0.84	0.81	0.79	0.78	0.77	0.77	0.82	0.81	0.77	0.93	0.95	0.98	0.98				0.80	<-Median->	10	Debt/Asset Ratio	Lg Term A
Long Term Debt	$19,935	$22,714	$23,503	$24,505	$26,271	$26,570	$30,665	$37,102	$37,117	$30,970	$39,688	$43,246	$44,937	$44,979				$34,036	<-Median->	10	Debt	Lg Term
Change	-2.48%	13.94%	3.47%	4.26%	7.21%	1.14%	15.41%	20.99%	0.04%	-16.56%	28.15%	8.96%	3.91%	0.09%				5.73%	<-Median->	10	Change	Intang/GW
Debt/Market Cap Ratio	4.27	5.07	5.20	4.32	4.11	5.62	4.02	6.28	4.77	3.73	4.41	3.47	2.75	2.73				4.22	<-Median->	10	Debt/Market Cap Ratio	Liquidity
Assets/Current Liabilities Ratio	91.16	92.20	73.42	60.76	57.16	46.14	54.26	48.20	42.33	42.50	49.39	62.71	52.46	53.76				50.93	<-Median->	10	Assets/Current Liabilities Ratio	Liq. + CF
Debt to Cash Flow (Years)	-102.23	174.72	43.77	-255.26	40.73	67.78	73.36	19.95	200.63	50.52	29.57	41.54	33.49	51.58							Debt to Cash Flow (Years)	Debt Ratio
																						Fin Leverage
Intangibles	$530	$560	$623	$659	$659	$1,071	$1,110	$1,621	$1,708	$1,784	$1,847	$1,964	$2,278	$2,279				265.65%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$181	$270	$334	$313	$313	$633	$606	$1,224	$1,267	$1,318	$1,318	$1,490	$1,799	$1,814				438.62%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$711	$830	$957	$972	$972	$1,704	$1,716	$2,845	$2,975	$3,102	$3,165	$3,454	$4,077	$4,093				326.02%	<-Total Growth	10	Total
Change	15.80%	16.74%	15.30%	1.57%	0.00%	75.31%	0.70%	65.79%	4.57%	4.27%	2.03%	9.13%	18.04%	0.39%				4.42%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.15	0.19	0.21	0.17	0.15	0.36	0.22	0.48	0.38	0.37	0.35	0.28	0.25	0.25				0.31	<-Median->	10	Intangible/Market Cap Ratio
Current Assets (incld. Other Assets)	$964	$1,084	$1,735	$1,785	$2,349	$2,351	$2,403	$3,729	$3,561	$3,556	$2,865	$3,473	$5,188	$5,134				199.02%	<-Total Growth	10	Current Assets
Current Liabilities (+ other)	$483	$546	$721	$939	$1,083	$1,377	$1,348	$1,794	$2,236	$2,057	$1,900	$1,752	$2,341	$2,341				224.69%	<-Total Growth	10	Current Liabilities
Liquidity Ratio	2.00	1.99	2.41	1.90	2.17	1.71	1.78	2.08	1.59	1.73	1.51	1.98	2.22	2.19				1.84	<-Median->	10	Ratio
Liq. with CF aft div	1.66	1.66	2.07	1.66	1.90	1.52	1.56	1.86	1.45	1.53	1.30	1.68	1.93	1.88				1.53	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.34	1.54	1.82	113.66	232.90	401.52	157.56	1141.86	295.45	288.53	308.30	492.68	855.93					308.30	<-Median->	5	Ratio
Assets	$44,030	$50,339	$52,938	$57,050	$61,906	$63,540	$73,148	$86,466	$94,659	$87,425	$93,846	$109,861	$122,808	$125,852				131.98%	<-Total Growth	10	Assets
Liabilities	$40,362	$46,404	$48,754	$52,285	$56,770	$57,822	$67,018	$79,953	$87,414	$80,285	$86,808	$102,394	$114,542	$117,743				134.94%	<-Total Growth	10	Liabilities
Debt Ratio	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	1.07				1.09	<-Median->	10	Ratio
Estimates BVPS														$84.46					Estimates		Estimates BVPS
Estimate Book Value														$7,611.4					Estimates		Estimate Book Value
P/B Ratio (Close)														2.16					Estimates		P/B Ratio (Close)
Difference from 10 year median															93.18%	Diff M/C			Estimates		Difference from 10 yr med.
Gross Book Value	$3,668	$3,935	$4,184	$4,765	$5,136	$5,718	$6,130	$6,513	$7,245	$7,140	$7,038	$7,467	$8,266	$8,109	8109.00	8109.00		97.56%	<-Total Growth	10	Book Value
NCI	$0.0	$0.0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	0.00	0.00					NCI
Preferred shares by Subsidiary						$525	$525	$525	$525	$525	$375	$600	$1,000	$1,000	1000.00	1000.00		#DIV/0!	<-Total Growth	7	Preferred shares by Subsidiary
Book Value	$3,668	$3,935	$4,184	$4,765	$5,136	$5,193	$5,605	$5,988	$6,720	$6,615	$6,663	$6,867	$7,266	$7,109	$7,109	$7,109		73.66%	<-Total Growth	10	Book Value
Book Value per share	$36.92	$39.05	$40.85	$44.87	$48.11	$47.83	$52.40	$55.93	$62.48	$63.14	$66.87	$73.52	$79.21	$78.89	$78.89	$78.89		93.92%	<-Total Growth	10	Book Value per share
P/B Ratio (Median)	1.10	1.16	1.05	1.05	1.14	1.07	1.10	0.95	1.04	1.14	1.28	1.48	1.88	2.08	0.00	0.00		1.12	<-Median->	10	P/B Ratio (Median)
									P/BV	10 yr Med	1.12	5 yr Med	1.28
Participating Policholders	$47	$49	$45	$39	$41	$45	$42	$41	$48	$6	$0	$0	$0	$0				-100.00%	<-Total Growth	10	Participating Policholders
NetBook Value	$3,621	$3,886	$4,139	$4,726	$5,095	$5,148	$5,563	$5,947	$6,672	$6,609	$6,663	$6,867	$7,266	$8,109	$8,109.0	$8,109.0		75.55%	<-Total Growth	10	Book Value
Book Value per share	$36.45	$38.56	$40.41	$44.50	$47.73	$47.41	$52.01	$55.55	$62.03	$63.08	$66.87	$73.52	$79.21	$89.98	$89.98	$89.98		96.03%	<-Total Growth	10	Book Value per Share
Increase	-46.93%	5.79%	4.78%	10.13%	7.25%	-0.65%	9.69%	6.80%	11.68%	1.69%	6.01%	9.95%	7.73%	13.60%	0.00%	0.00%		74.67%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.11	1.17	1.06	1.05	1.15	1.08	1.11	0.96	1.05	1.14	1.28	1.48	1.88	1.82				1.16	P/B Ratio		Historical Median
P/B Ratio (Close)	1.29	1.15	1.09	1.20	1.25	0.92	1.37	0.99	1.17	1.26	1.35	1.81	2.25	2.03	2.03	2.03		6.96%	<-IRR #YR->	10	Book Value per Share	96.03%
Change	181.94%	-10.55%	-5.21%	9.86%	4.47%	-26.69%	49.26%	-27.57%	17.46%	7.70%	7.49%	34.24%	23.81%	-9.61%	0.00%	0.00%		7.35%	<-IRR #YR->	5	Book Value per Share	42.60%
Leverage Ratios											14.6%	17.3%	16.3%	14.8%							Financial Leverage ratio
Leverage (A/BK)	12.16	12.95	12.79	12.07	12.15	12.34	13.15	14.54	14.19	13.23	14.08	16.00	16.90	16.40				14.19	<-Median->	5	A/BV
Debt/Equity Ratio	11.15	11.94	11.78	11.06	11.14	11.23	12.05	13.44	13.10	12.15	13.03	14.91	15.76	14.52				13.10	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	1.12	5 yr Med	1.28		80.57%	Diff M/C		12.11	Historical		Leverage (A/BK)
			-$40.41	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$79.21
								-$55.55	$0.00	$0.00	$0.00	$0.00	$79.21
														$1,065	<-12 mths	-0.75%
Total Comprehensive Income	$383	$443	$427	$542	$514	$602	$711	$605	$958	$393	$827	$1,145	$1,073					151.29%	<-Total Growth	10	Total Comprehensive Income
Participating Shareholders	$3	$2	$4	-$6	$2	$4	-$10	-$1	$7	-$42	$0	$0	$0					-100.00%	<-Total Growth	10	Participating Shareholders
Shareholders	$380	$441	$423	$548	$512	$598	$721	$606	$951	$435	$827	$1,145	$1,073					153.66%	<-Total Growth	10	Comprehensive Income
Increase	19.87%	16.05%	-4.08%	29.55%	-6.57%	16.80%	20.57%	-15.95%	56.93%	-54.26%	90.11%	38.45%	-6.29%					38.45%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$283	$314	$339	$422	$461	$504	$560	$597	$678	$662	$708	$793	$886					9.76%	<-IRR #YR->	10	Comprehensive Income	153.66%
ROE	10.5%	11.3%	10.2%	11.6%	10.0%	11.6%	13.0%	10.2%	14.3%	6.6%	12.4%	16.7%	14.8%					12.11%	<-IRR #YR->	5	Comprehensive Income	77.06%
5Yr Median	10.5%	10.5%	10.2%	10.5%	10.5%	11.3%	11.6%	11.6%	11.6%	11.6%	12.4%	12.4%	14.3%					10.10%	<-IRR #YR->	10	5 Yr Running Average	161.72%
% Difference from Net Income	8.57%	10.25%	16.21%	0.00%	-0.58%	-2.45%	4.95%	-0.82%	14.58%	-46.76%	7.54%	21.55%	1.90%					8.22%	<-IRR #YR->	5	5 Yr Running Average	48.44%
Median Values									Diff	5, 10 yr	2.5%	7.5%	7.5%					14.3%	<-Median->	5	Return on Equity
			-$423.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,073.0
								-$606.0	$0.0	$0.0	$0.0	$0.0	$1,073.0
			-$338.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$886.2
								-$597.0	$0.0	$0.0	$0.0	$0.0	$886.2
Current Liability Coverage Ratio	3.94	-2.41	1.29	0.69	0.14	1.29	-1.67	-1.44	1.32	4.86	-0.40	0.98	0.31	0.37							CFO / Current Liabilities
5 year Median	2.18	2.06	1.29	0.69	0.69	0.69	0.69	0.14	0.14	1.29	-0.40	0.98	0.98	0.37				0.50	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	4.32%	-2.62%	1.75%	1.14%	0.25%	2.80%	-3.07%	-2.98%	3.11%	11.44%	-0.81%	1.57%	0.59%	0.69%							CFO / Total Assets
5 year Median	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%	0.69%				0.9%	<-Median->	10	Return on Assets
Return on Assets ROA	0.79%	0.79%	0.69%	0.96%	0.83%	0.96%	0.94%	0.71%	0.88%	0.93%	0.82%	0.86%	0.86%	1.03%				Net	Income/Assets		Return on Assets
5Yr Median	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%	0.86%				0.9%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	9.67%	10.29%	8.79%	11.60%	10.11%	11.91%	12.35%	10.27%	12.44%	12.36%	11.54%	13.72%	14.49%	16.03%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	9.55%	9.67%	8.79%	9.67%	10.11%	10.29%	11.60%	11.60%	11.91%	12.35%	12.35%	12.36%	12.44%	13.72%				12.1%	<-Median->	10	Return on Equity
														$1,004	<-12 mths	-4.65%
Total Net Income	$388	$433	$386	$554	$531	$638	$699	$632	$859	$800	$789	$962	$1,096					183.94%	<-Total Growth	10	Total Net Income
Participating Shareholders	$38	$33	$22	$6	$16	$4	-$10	-$1	$7	-$42	$0	$0	$0					-100.00%	<-Total Growth	10	Participating Shareholders
Preferred Share						$21	$22	$22	$22	$25	$20	$20	$43
Net Income	$350	$400	$364	$548	$515	$613	$687	$611	$830	$817	$769	$942	$1,053	$1,300	$1,400			189.29%	<-Total Growth	10	Net Income	Alphaspread
Increase	12.18%	14.29%	-9.00%	50.55%	-6.02%	19.03%	12.07%	-11.06%	35.84%	-1.57%	-5.88%	22.50%	11.78%	23.46%	7.69%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$249	$288	$311	$395	$435	$488	$545	$595	$651	$712	$743	$794	$882	$976.2	$1,092.8			11.21%	<-IRR #YR->	10	Net Income	189.29%
Operating Cash Flow	-$195	$130	$537	-$96	$645	$392	$418	$1,860	$185	$613	$1,342	$1,041	$1,342					11.50%	<-IRR #YR->	5	Net Income	72.34%
Investment Cash Flow	-$140	-$53	-$115	-$112	-$231	-$400	-$156	-$1,140	-$294	-$287	-$307	-$491	-$854					11.00%	<-IRR #YR->	10	5 Yr Running Average	184.03%
Total Accruals	$685	$323	-$58	$756	$101	$621	$425	-$109	$939	$491	-$266	$392	$565					8.20%	<-IRR #YR->	5	5 Yr Running Average	48.32%
Total Assets	$44,030	$50,339	$52,938	$57,050	$61,906	$63,540	$73,148	$86,466	$94,659	$87,425	$93,846	$109,861	$122,808						Balance Sheet		Assets
Accruals Ratio	1.56%	0.64%	-0.11%	1.33%	0.16%	0.98%	0.58%	-0.13%	0.99%	0.56%	-0.28%	0.36%	0.46%					0.46%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	0.19	-0.30	0.39	0.85	3.29	0.34	-0.30	-0.24	0.28	0.08	-0.98	0.53	1.44					0.31	<-Median->	10	EPS/CF Ratio
			-$364.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,053.0
								-$611.0	$0.0	$0.0	$0.0	$0.0	$1,053.0
			-$310.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$882.2
								-$594.8	$0.0	$0.0	$0.0	$0.0	$882.2
Change in Close	49.62%	-5.37%	-0.68%	20.98%	12.04%	-27.16%	63.71%	-22.64%	31.17%	9.52%	13.95%	47.59%	33.39%	2.69%	0.00%	0.00%			Count	26	Years of data
up/down																			Count	0	0.00%
Meet Prediction?																		% right	Count	0	#DIV/0!
Financial Cash Flow	-$240	-$108	$44	$152	-$183	-$93	-$198	$111	$111	-$525	-$1,009	-$397	-$778						C F Statement		Financial Cash Flow
Total Accruals	$925	$431	-$102	$604	$284	$714	$623	-$220	$828	$1,016	$743	$789	$1,343								Accruals
Accruals Ratio	2.10%	0.86%	-0.19%	1.06%	0.46%	1.12%	0.85%	-0.25%	0.87%	1.16%	0.79%	0.72%	1.09%					0.87%	<-Median->	5	Ratio
Cash	$523	$498	$969	$912	$1,141	$1,046	$1,108	$1,949	$1,949	$1,358	$1,379	$1,566	$2,262	$2,208							Cash
Cash per Share	$5.26	$4.94	$9.46	$8.59	$10.69	$9.63	$10.36	$18.20	$18.12	$12.96	$13.84	$16.77	$24.66	$24.50				$16.77	<-Median->	5	Cash per Share
Percentage of Stock Price	11.21%	11.12%	21.44%	16.08%	17.87%	22.11%	14.52%	32.99%	25.04%	16.35%	15.32%	12.58%	13.87%	13.42%				15.32%	<-Median->	5	% of Stock Price
Notes:
June 6, 2026.  Last estimates were for 2025, 2026 $266.6M 2025 AUM, $12.14, $13.23 AEPS, $9.47, $11.92 EPS, $3.72, $3.98 Dividends, $874M, $1057M Net Income.
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 an insurance and wealth management group based in Canada. The company's products and services are offered on both an individual and
group basis and extend throughout Canada and the United States. Its operating segments are: Insurance, Canada; Wealth Management; U.S. Operations; Investment;
and Corporate. Maximum revenue is generated from the Insurance, Canada segment.
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 26	2019	May 24	2020	May 24	2021	May 28	2022	May 28	2023	May 26	2024	May 26	2025			Jun 6	2026
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%			0.058	0.06%			20.83%
CEO - Shares - Amount			$2.140		$2.207		$3.040		$3.488		$3.975		$6.399		$8.536				$10.591
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	0.57%			0.543	0.60%			3.25%
Options - amount			$24.804		$21.071		$31.541		$38.079		$44.415		$72.026		$93.504				$99.143
Charest, Yvon	0.12%
CEO - Shares - Amount	$5.593
Options - percentage	0.64%
Options - amount	$30.347
Jobin, Eric										0.005	0.01%	0.007	0.01%	0.006	0.01%			0.008	0.01%			32.18%
CFO - Shares - Amount											$0.484		$0.961		$1.132				$1.536
Options - percentage										0.027	0.03%	0.054	0.06%	0.065	0.07%			0.074	0.08%			13.71%
Options - amount											$2.474		$7.257		$11.577				$13.518
Potvin, Jacques	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	0.00%	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%	0.006	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%			0.012	0.01%			-29.21%
Officer - Shares - Amount	$0.053		$0.423		$0.478		$0.663		$0.839		$0.991		$1.512		$2.925				$2.126
Options - percentage	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%			0.207	0.23%			-9.44%
Options - amount	$6.063		$11.836		$10.581		$16.357		$18.538		$21.683		$33.257		$40.662				$37.812
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%						ceased insider May 2026	-100.00%
Director - Shares - Amount					$0.083		$0.108		$0.119		$0.135		$0.200		$0.267
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%							-100.00%
Options - amount					$0.058		$0.245		$0.341		$0.474		$0.847		$1.324
Gagnon, Martin												0.010	0.01%	0.010	0.01%			0.010	0.01%			2.52%
Director - Shares - Amount													$1.333		$1.821				$1.917
Options - percentage												0.000	0.00%	0.002	0.00%			0.004	0.00%			73.28%
Options - amount													$0.057		$0.387				$0.688
Griffin, Emma Kate														0.001	0.00%			0.001	0.00%			0.00%
Director - Shares - Amount															$0.099				$0.101
Options - percentage														0.014	0.01%			0.016	0.02%			13.15%
Options - amount															$2.445				$2.840
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%			0.004	0.00%			12.54%
Director - Shares - Amount											$0.406		$0.467		$0.622				$0.719
Options - percentage										0.009	0.01%	0.011	0.01%	0.013	0.01%			0.014	0.02%			9.74%
Options - amount											$0.853		$1.492		$2.245				$2.530
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%			0.012	0.01%		Chair since Jan 2019	9.09%
Chairman - Shares - Amt			$0.464		$0.552		$0.724		$0.793		$0.903		$1.467		$1.956				$2.191
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%			0.010	0.01%			20.32%
Options - amount			$0.000		$0.000		$0.038		$0.147		$0.350		$0.795		$1.424				$1.759
Bourgon, Jocelyne	0.00%
Chairman - Shares - Amt	$0.044
Options - percentage	0.01%
Options - amount	$0.483
LeBoutilier, John																					Ceased insider May 2017
Chairman - Shares - Amt
Options - percentage
Options - amount
Increase in O/S Shares	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%			0.300	0.33%		Average	0.38%
Due to Stock Options	$32.961		$6.928		$86.024		$10.208		$43.862		$25.763		$20.927		$54.661				$53.349		in jan 2018 looks like selling
Book Value	$22.000		$7.000		$54.000		$9.000		$34.000		$19.000		$15.000		$28.000				$22.000		off of options.
Insider Buying	-$0.722		-$0.051		-$1.459		-$0.634		-$1.264		-$0.210		-$1.483		$0.000				-$2.450		same in May 2018
Insider Selling	$17.891		$4.559		$11.365		$4.550		$7.785		$10.911		$13.570		$26.439				$22.761		Stock Based Compensation
Net Insider Selling	$17.169		$4.507		$9.906		$3.916		$6.521		$10.700		$12.087		$26.439				$20.311
Net Selling % of Market Cap	0.36%		0.06%		0.17%		0.05%		0.08%		0.12%		0.10%		0.16%				0.12%
Directors		11		12		12		15		17		15		13				15
Women	43%	4	36%	5	42%	5	42%	7	47%	7	41%	7	47%	6	46%			7	47%
Minorities	0%	0	0%	0	0%	0	0%	1	7%	1	6%	1	7%	1	8%			1	7%
Institutions/Holdings	14.38%			20	22.41%			20	20.33%	20	20.33%	20	20.33%	20	21.98%			20	21.09%
Total Shares Held	0.66%			24.332	22.73%			21.880	20.88%	18.833	18.90%	16.989	18.19%	20.499	22.35%			18.825	20.89%
Increase/Decrease 3 Mths	4.50%			-0.258	-1.05%			-0.132	-0.60%	-1.844	-8.92%	-1.236	-6.78%	3.690	21.95%			0.037	0.19%
Starting No. of Shares	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			18.789	Top 20 MS
Institutions/Holdings	26.80%	314	49.69%																		Shareholders
Amt	$1,711.290		$2,935.360
Total Shares Held	28.55%	38.000	35.00%
Amt	$1,854.420		$2,273.160
Increase/Decrease 3 Mths	0.00%	5.000	15.15%
Starting No. of Shares	Morningstar	33.000	Morningstar
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