Analysis of Reportable Segments
HCA Healthcare Inc. operates in 2 segments: National Group and American Group.
Segment Profit Margin
HCA Healthcare Inc., profit margin by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| National Group | 24.14% | 21.53% | 21.74% | 22.05% | 22.15% |
| American Group | 23.54% | 22.60% | 21.16% | 20.92% | 20.23% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The annual reportable segment profit margin data over the five-year period reveals distinct trends for the National Group and the American Group segments.
- National Group
- The profit margin of the National Group demonstrates a subtle downward trend from 2017 to 2020, decreasing from 22.15% to 21.53%. This slight decline suggests a gradual compression in profitability during this interval. However, the year 2021 shows a notable reversal, with the profit margin increasing sharply to 24.14%. This rebound indicates a significant improvement in the segment’s operational efficiency or product mix, surpassing its previous margins and suggesting effective management or favorable market conditions.
- American Group
- In contrast, the American Group exhibits a steady and consistent upward trajectory in profit margins throughout the entire period. Starting at 20.23% in 2017, the margin increases incrementally each year, reaching 23.54% by 2021. This consistent improvement reflects ongoing enhancements in profitability, potentially due to successful strategic initiatives, cost control measures, or market growth within this segment.
- Comparative Insights
- Throughout the analyzed years, the National Group maintains a higher profit margin compared to the American Group until 2020, with margins generally above 21%. However, after 2020, the National Group margin increases significantly, widening the margin gap between the two groups. The American Group’s profit margin growth rate appears steadier but less pronounced relative to the National Group's sharp rebound in 2021. This could imply differing competitive dynamics or operational conditions impacting each segment.
- Overall Profitability Trends
- Both segments exhibit positive developments in profitability by the end of the time frame, with 2021 marking the highest reported margins for each group. The improvements in profit margins suggest enhanced cost management, revenue growth, or market positioning across the company’s segments. The contrasting patterns—steady growth in one segment versus a modest decline followed by a sharp increase in the other—highlight the importance of segment-specific factors influencing profitability.
Segment Profit Margin: National Group
HCA Healthcare Inc.; National Group; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted segment EBITDA | 7,200) | 5,532) | 5,634) | 4,980) | 4,600) |
| Revenues | 29,826) | 25,694) | 25,913) | 22,581) | 20,772) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 24.14% | 21.53% | 21.74% | 22.05% | 22.15% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment profit margin = 100 × Adjusted segment EBITDA ÷ Revenues
= 100 × 7,200 ÷ 29,826 = 24.14%
- Adjusted Segment EBITDA
- The Adjusted Segment EBITDA exhibited a generally upward trend from 2017 to 2021. It increased steadily from $4600 million in 2017 to $5634 million in 2019, followed by a slight decline to $5532 million in 2020. A significant rise was observed in 2021, reaching $7200 million, marking the highest value in the period analyzed.
- Revenues
- Revenues showed consistent growth over the years, increasing from $20,772 million in 2017 to $25,913 million in 2019. A minor decrease occurred in 2020, with revenues falling to $25,694 million, but a recovery and notable increase followed in 2021, reaching $29,826 million.
- Segment Profit Margin
- The segment profit margin exhibited a slight decreasing trend from 2017 to 2020, moving from 22.15% to 21.53%. However, in 2021, the margin improved markedly to 24.14%, the highest margin recorded in the five-year span. This indicates improved profitability relative to revenues in the latest year despite earlier declines.
Segment Profit Margin: American Group
HCA Healthcare Inc.; American Group; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted segment EBITDA | 6,156) | 5,333) | 4,904) | 4,593) | 4,231) |
| Revenues | 26,152) | 23,593) | 23,173) | 21,959) | 20,912) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 23.54% | 22.60% | 21.16% | 20.92% | 20.23% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment profit margin = 100 × Adjusted segment EBITDA ÷ Revenues
= 100 × 6,156 ÷ 26,152 = 23.54%
- Adjusted segment EBITDA
- There is a consistent upward trend in adjusted segment EBITDA over the five-year period. Starting at $4,231 million in 2017, it increased annually, reaching $6,156 million by 2021. This reflects an approximate 45% growth over the period, indicating improving operating performance within the segment.
- Revenues
- Revenues demonstrate steady growth year-over-year from $20,912 million in 2017 to $26,152 million in 2021. The increase is gradual with no apparent volatility, suggesting stable demand and effective revenue generation within the segment.
- Segment profit margin
- The segment profit margin showed a positive trend, increasing from 20.23% in 2017 to 23.54% in 2021. This improvement suggests enhanced operational efficiency and profitability, as the segment was able to convert a larger portion of its revenues into profit over time.
Segment Return on Assets (Segment ROA)
HCA Healthcare Inc., ROA by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| National Group | 33.95% | 29.25% | 30.80% | 33.56% | 35.12% |
| American Group | 28.73% | 25.69% | 23.80% | 24.02% | 23.33% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The annual reportable segment Return on Assets (ROA) data for the two groups demonstrates distinct trends over the five-year period ending December 31, 2021.
- National Group ROA
- The National Group shows a declining trend from 35.12% in 2017 to a low of 29.25% in 2020. This represents a gradual decrease in asset profitability over these years. However, in 2021, there is a notable rebound to 33.95%, indicating recovery or improved efficiency in asset utilization after the downward trend. Despite the dip, the ROA in 2021 remains slightly below the initial 2017 level.
- American Group ROA
- The American Group exhibits a generally positive trend with some fluctuations. Starting at 23.33% in 2017, the ROA remains relatively stable through 2018 and 2019, hovering around 23.80% to 24.02%. From 2020 onward, the figure increases more substantially, reaching 25.69% in 2020 and further rising to 28.73% in 2021. This indicates a consistent improvement in asset profitability in recent years, culminating in the highest ROA within the observed period.
- Comparative Insights
- Overall, the National Group maintains a higher ROA compared to the American Group throughout the entire period, although the gap narrows significantly by 2021 due to the National Group’s previous declines and the American Group’s growth. The rebound in the National Group's 2021 ROA contrasts with the American Group’s steady upward trajectory, highlighting differing performance dynamics between the two segments. The data suggest the American Group is strengthening its asset efficiency, while the National Group is recovering from a prior decline.
Segment ROA: National Group
HCA Healthcare Inc.; National Group; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted segment EBITDA | 7,200) | 5,532) | 5,634) | 4,980) | 4,600) |
| Assets | 21,205) | 18,913) | 18,290) | 14,839) | 13,097) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 33.95% | 29.25% | 30.80% | 33.56% | 35.12% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment ROA = 100 × Adjusted segment EBITDA ÷ Assets
= 100 × 7,200 ÷ 21,205 = 33.95%
The annual reportable segment data reveals several important trends over the five-year period ending December 31, 2021.
- Adjusted segment EBITDA
- The adjusted segment earnings before interest, taxes, depreciation, and amortization (EBITDA) showed a consistent upward trend from 2017 through 2019, increasing from $4,600 million to $5,634 million. However, a slight decline occurred in 2020, falling to $5,532 million, which may reflect external or operational challenges during that year. By 2021, a significant recovery and growth were evident as EBITDA rose sharply to $7,200 million, surpassing previous years' figures and indicating improved profitability and operational efficiency.
- Assets
- Segment assets demonstrated steady growth across the entire period, increasing from $13,097 million at the end of 2017 to $21,205 million at the end of 2021. The continuous asset accumulation suggests ongoing investments, expansion, or acquisition activities to support the segment's operations and growth strategy.
- Segment Return on Assets (ROA)
- The segment ROA showed a declining trend initially, moving from a high of 35.12% in 2017 down to 29.25% in 2020, indicating a reduction in how efficiently the segment utilized its assets to generate earnings during that timeframe. However, in 2021, the ROA rebounded to 33.95%, reflecting an improvement in asset utilization and profitability relative to the asset base.
Overall, the data suggests that the segment experienced robust growth in earnings and asset base, faced a temporary dip in profitability efficiency around 2020, likely due to challenging conditions, but recovered strongly by 2021. The increasing asset base combined with a rebound in ROA and adjusted EBITDA indicates enhanced operational performance and effective resource management in the latest period.
Segment ROA: American Group
HCA Healthcare Inc.; American Group; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted segment EBITDA | 6,156) | 5,333) | 4,904) | 4,593) | 4,231) |
| Assets | 21,428) | 20,760) | 20,608) | 19,122) | 18,136) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 28.73% | 25.69% | 23.80% | 24.02% | 23.33% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment ROA = 100 × Adjusted segment EBITDA ÷ Assets
= 100 × 6,156 ÷ 21,428 = 28.73%
- Adjusted Segment EBITDA
- The adjusted segment EBITDA demonstrates a consistent upward trend over the five-year period. Beginning at 4,231 million US dollars in 2017, it increased each year, reaching 6,156 million US dollars by the end of 2021. This reflects steady growth in operational profitability within the segment.
- Assets
- The total assets of the segment also show a gradual increase from 18,136 million US dollars in 2017 to 21,428 million US dollars in 2021. This indicates continuous investment and asset base expansion, albeit at a more moderate pace compared to EBITDA growth.
- Segment Return on Assets (ROA)
- The segment ROA exhibits a positive trajectory, rising from 23.33% in 2017 to 28.73% in 2021. This signifies improving efficiency in asset utilization, with the segment generating higher returns per unit of asset over the years.
- Overall Analysis
- The data collectively indicates enhanced financial performance and operational efficiency in the segment. Despite a relatively moderate asset growth, the significant increase in both EBITDA and ROA suggests that the segment has effectively leveraged its assets to drive profitability. The sustained improvement in ROA is particularly indicative of stronger management practices and potentially favorable market conditions contributing to better returns.
Segment Asset Turnover
HCA Healthcare Inc., asset turnover by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| National Group | 1.41 | 1.36 | 1.42 | 1.52 | 1.59 |
| American Group | 1.22 | 1.14 | 1.12 | 1.15 | 1.15 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- National Group Asset Turnover
- The asset turnover ratio for the National Group displays a consistent downward trend from 2017 through 2020, decreasing from 1.59 to 1.36. This decline suggests a progressive reduction in the efficiency with which the group utilized its assets to generate revenue over these years. However, in 2021, there is a slight rebound to 1.41, indicating a modest improvement in asset utilization after the previous declines.
- American Group Asset Turnover
- The American Group's asset turnover ratio remains relatively stable during the period 2017 to 2020, fluctuating narrowly between 1.12 and 1.15. This stability implies consistent asset utilization efficiency. Notably, in 2021, the ratio increases to 1.22, representing an improvement in asset efficiency that exceeds prior years' levels.
- Comparative Insights
- Throughout the five-year span, the National Group consistently registers higher asset turnover ratios than the American Group, implying relatively greater efficiency in asset utilization. Both groups show a dip or plateau in efficiency around 2019-2020, with subsequent recovery or improvement in 2021. The National Group's recovery is partial, whereas the American Group achieves a more pronounced enhancement by 2021.
Segment Asset Turnover: National Group
HCA Healthcare Inc.; National Group; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 29,826) | 25,694) | 25,913) | 22,581) | 20,772) |
| Assets | 21,205) | 18,913) | 18,290) | 14,839) | 13,097) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.41 | 1.36 | 1.42 | 1.52 | 1.59 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment asset turnover = Revenues ÷ Assets
= 29,826 ÷ 21,205 = 1.41
The financial data for the National Group segment reveals several notable trends over the analyzed five-year period ending December 31, 2021.
- Revenues
- Revenues have shown a general upward trajectory, increasing consistently from US$20,772 million in 2017 to US$29,826 million in 2021. The growth is steady except for a slight decrease between 2019 and 2020, where revenues dipped marginally from US$25,913 million to US$25,694 million. This decline in 2020 might be linked to external factors affecting operations during that year. However, the rebound in 2021 to the highest level observed in the series indicates a strong recovery and expansion.
- Assets
- Total assets have also increased significantly over the same period, from US$13,097 million in 2017 to US$21,205 million in 2021. The asset base grew steadily each year, with particularly strong increases between 2018-2019 and 2020-2021. This expansion suggests ongoing investments in operational capacity or acquisitions, supporting the company’s revenue growth.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures efficiency in using assets to generate revenues, exhibits a declining trend from 1.59 in 2017 to a low of 1.36 in 2020. Although there is a slight improvement in 2021 to 1.41, the overall trend indicates that the rate of revenue generation per unit of asset has diminished over the period. This suggests that the asset growth has outpaced revenue growth, reducing operational efficiency to some extent, despite the recovery seen in the final year.
In summary, the segment demonstrates robust revenue and asset growth over the five-year horizon, with a temporary revenue setback in 2020 potentially related to adverse market conditions. The increasing asset base underpins revenue expansion; however, the decreasing asset turnover ratio implies a need to monitor asset utilization efficiency to ensure the continued effectiveness of investments.
Segment Asset Turnover: American Group
HCA Healthcare Inc.; American Group; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 26,152) | 23,593) | 23,173) | 21,959) | 20,912) |
| Assets | 21,428) | 20,760) | 20,608) | 19,122) | 18,136) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.22 | 1.14 | 1.12 | 1.15 | 1.15 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment asset turnover = Revenues ÷ Assets
= 26,152 ÷ 21,428 = 1.22
- Revenues
- The revenues for the American Group demonstrated a consistent upward trajectory over the five-year period. Starting at $20,912 million in 2017, revenues increased steadily each year and reached $26,152 million by 2021. This represents an overall growth of approximately 25% during the period, with notable acceleration in the final year.
- Assets
- Total assets also exhibited growth, rising from $18,136 million in 2017 to $21,428 million in 2021. The asset base expanded gradually each year, with the increase between 2020 and 2021 being comparatively more modest. This growth in assets corresponds to the company’s capacity expansion or capital investment over the period.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures the efficiency of asset utilization to generate revenue, remained relatively stable from 2017 through 2020, fluctuating slightly around an average of approximately 1.14. However, in 2021, there was a noticeable improvement to 1.22, indicating enhanced efficiency in utilizing assets to generate revenues during that year.
- Summary
- Overall, the data indicate steady financial growth within the segment, characterized by rising revenues and asset base expansion. The stable asset turnover ratio over the initial four years suggests consistent operational efficiency, followed by a significant improvement in the most recent year, reflecting better asset use or increased revenue generation relative to asset size. This positive trend in efficiency, combined with sustained revenue growth, suggests favorable performance dynamics in the segment.
Revenues
HCA Healthcare Inc., revenues by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| National Group | 29,826) | 25,694) | 25,913) | 22,581) | 20,772) |
| American Group | 26,152) | 23,593) | 23,173) | 21,959) | 20,912) |
| Corporate and other | 2,774) | 2,246) | 2,250) | 2,137) | 1,930) |
| Total | 58,752) | 51,533) | 51,336) | 46,677) | 43,614) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- National Group Revenue Trends
- The revenue for the National Group exhibited a consistent upward trajectory from 2017 to 2019, increasing from $20,772 million to $25,913 million. However, in 2020, there was a slight decline to $25,694 million, which may suggest the impact of external factors during that year. The revenue rebounded strongly in 2021, reaching $29,826 million, marking the highest value in the observed period and surpassing pre-2020 levels.
- American Group Revenue Trends
- The American Group demonstrated steady growth throughout the five-year span. Revenue increased from $20,912 million in 2017 to $23,173 million in 2019, followed by continued growth to $23,593 million in 2020. This upward trend accelerated in 2021, with revenue climbing to $26,152 million, indicating robust performance relative to previous years.
- Corporate and Other Revenue Trends
- Revenues classified under Corporate and other showed gradual increases over the period. Starting at $1,930 million in 2017, the segment grew each year, reaching $2,250 million by 2019, and maintaining a similar level in 2020 at $2,246 million. In 2021, there was a noticeable increase to $2,774 million, reflecting enhanced contribution from this segment.
- Total Revenue Trends
- Total revenues consolidated across segments increased steadily over the five years. From $43,614 million in 2017, total revenue rose to $51,336 million in 2019 and remained nearly flat in 2020 at $51,533 million. A significant rise occurred in 2021, with total revenue reaching $58,752 million. This progression indicates overall growth resilience, with a slight interruption in 2020 possibly linked to broader market or operational challenges.
Adjusted segment EBITDA
HCA Healthcare Inc., adjusted segment ebitda by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| National Group | 7,200) | 5,532) | 5,634) | 4,980) | 4,600) |
| American Group | 6,156) | 5,333) | 4,904) | 4,593) | 4,231) |
| Corporate and other | (712) | (828) | (681) | (624) | (598) |
| Total | 12,644) | 10,037) | 9,857) | 8,949) | 8,233) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- National Group
- The adjusted segment EBITDA for the National Group demonstrated a generally upward trajectory from 2017 through 2021. Starting at $4,600 million in 2017, there was a steady increase to $5,634 million by 2019, indicating consistent growth over this period. A slight decline to $5,532 million occurred in 2020, which may reflect external or operational challenges during that year. This was followed by a notable recovery and significant increase to $7,200 million in 2021, marking the highest value in the observed timeframe.
- American Group
- The American Group showed a consistent and continuous growth pattern throughout the period. Beginning at $4,231 million in 2017, adjusted EBITDA increased annually, reaching $6,156 million in 2021. Unlike the National Group, there was no decline observed in 2020; instead, the value rose steadily each year, with particularly strong growth from 2019 to 2021.
- Corporate and Other
- The Corporate and other segment consistently reported negative adjusted EBITDA values across all years, reflecting ongoing expenses or losses within this category. The negative value deepened from -$598 million in 2017 to a peak negative of -$828 million in 2020, suggesting increased costs or investments during this period. However, a moderate improvement was observed in 2021, with the negative amount decreasing to -$712 million.
- Total
- The total adjusted segment EBITDA showcased a strong growth trend over the five-year period. Starting at $8,233 million in 2017, the total EBITDA increased each year, reaching $12,644 million in 2021. The data indicates continued overall financial strengthening, with the most pronounced growth occurring between 2020 and 2021. The increase appears to be driven largely by the substantial rise in the National Group segment and consistent growth in the American Group, despite the negative impact from Corporate and other.
Assets
HCA Healthcare Inc., assets by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| National Group | 21,205) | 18,913) | 18,290) | 14,839) | 13,097) |
| American Group | 21,428) | 20,760) | 20,608) | 19,122) | 18,136) |
| Corporate and other | 8,109) | 7,817) | 6,160) | 5,246) | 5,360) |
| Total | 50,742) | 47,490) | 45,058) | 39,207) | 36,593) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- Overall Asset Growth
- The total reportable segment assets exhibited a steady upward trend from December 31, 2017, through December 31, 2021. The total assets increased from $36,593 million in 2017 to $50,742 million in 2021, representing consistent growth over the five-year period.
- National Group Assets
- The National Group assets showed a continuous increase year over year. Beginning at $13,097 million in 2017, assets rose to $21,205 million by 2021. The incremental increases were particularly notable between 2018 and 2019, and again between 2020 and 2021, indicating significant expansions or acquisitions in these years.
- American Group Assets
- The American Group assets experienced a gradual increase as well, starting at $18,136 million in 2017 and reaching $21,428 million in 2021. Compared to the National Group, the growth rate was more moderate with smaller year-over-year increments, particularly stabilizing between 2019 and 2021.
- Corporate and Other Assets
- Assets categorized under Corporate and Other displayed a somewhat fluctuating but generally increasing trend. Initially valued at $5,360 million in 2017, there was a slight decline in 2018 to $5,246 million. Following this, a sharp increase occurred in 2019 to $6,160 million, continuing to rise in 2020 and 2021, eventually reaching $8,109 million. This suggests growing investments or changes in corporate-level assets during the later years.
- Comparative Insights
- Among the segments, the National Group had the highest absolute increase in assets, suggesting a strategic focus or larger capital deployment in this area. The American Group showed steady, moderate asset growth with stability towards the end of the period. Corporate and Other, while smallest in size compared to the segments, exhibited the greatest relative volatility and growth rate, indicating dynamic changes at the corporate level that may impact overall asset structure.