2004 Adjusted Operating Earnings by Line of Business

Adjusted Operating Earnings is the key measure used for management purposes to track the Company’s profitability from ongoing operations. The Company’s method of calculating adjusted operating earnings may be different from the method used by other companies, and therefore comparability may be limited. Presented below is Adjusted Operating Earnings by Line of Business for 2003 and 2004.

(Dollars in millions)	2003*		2004
Life and Annuity	$639		$753
Special Markets	46		56
Investment Management	120		146
International	10		(7)
Corporate	64		72
Adjusted Operating Earnings	$879		$1,020

* 2003 adjusted operating earnings have been revised to conform to the Company’s change in definition of adjusted operating earnings, effective January 1, 2004, relating to the exclusion of the earnings of Express Scripts, Inc., an investment of the Company accounted for by the equity method of accounting, and discontinued operations.

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