Lack of Volatility in Results and Excess Capital Returned to Shareholders
CAPITAL STRUCTURE & DEBT MATURITY PROFILE
December 31,
2021
December 31,
Capital Profile
2020
($ millions)
Senior notes and other debt $
2,259
$
1,623
Subordinated debentures
1,008
1,102
Total debt
3,267
2,725
Common equity
6,653
6,311
Total capitalization
$
9,920
$
9,036
Debt-to-capital ratio
32.9%
30.2%
Proforma for 1Q22 Maturities
29.9%
Debt Maturities
$700
$600
$470
$500
$427
$400
$400
$350
$300
$250
$200
$100
آلات
$185
$300
$250
$650
2022*
2037
2044 2050 2052
2058 2059 2060 2061
Confidential
*$76M repaidat maturity on January 3, 2022
Actively manage capital
Hybrids add permanence to capital structure
Well-balanced debt maturity profile
Significant off-balance sheet value remains in various private
equity and real estate investments
Capital Transactions
▪ Issued subordinated debt in February 2021 ($300M @ 4.125%)
Redeemed subordinated debt in March 2021 ($110M @ 5.9%)
Issued senior debt in March 2021 ($400M @ 3.55%)
Redeemed subordinated debt in June 2021 ($290M @ 5.75%)
■Issued senior debt in September 2021 ($350M @ 3.15%) to
partially prefund 2022 maturities
Repurchased 1.8M shares for $122M in 2021
■ 10M shares remain under share repurchase authorization as of
12/31/21
Liquidity
Strong liquidity throughout the Group (approx. $1.5 bn)
Meaningful growth in operating cash flow ($2.2 bn in 2021)
19View entire presentation