Fuller-Austin Asbestos Trust Annual Reports, 2012–2025

Fuller-Austin's net claimants' equity declined by $5.8 million in 2025 to $104.1 million, while investments fell by $4.0 million to $103.3 million. Interest and dividends of $2.9 million and realized investment gains of $7.9 million were partly offset by approximately $97,000 in unrealized losses. Claims expense and cash claim payments both totaled $12.5 million, alongside $1.2 million in operating and legal expense and $2.9 million in federal income tax expense. Insurance receipts were approximately $102,000.

In September, the Trustees approved an increase in the payment percentage from 30% to 38%, and the trust reported approximately $10.35 million in supplemental payments to previously paid claimants. Those supplemental distributions explain most of the year's claim payments. The trust received 781 new claims and disposed of 490, allowing 411 and disallowing 79; those disposition counts should not be interpreted as the number of supplemental-payment recipients.

Fuller-Austin ended 2024 with $110.0 million in net claimants' equity, an increase of $1.4 million from its restated opening balance. A tax-accounting policy change added $7.3 million to opening equity, raising it from the previously reported $101.3 million to $108.6 million; that adjustment was not 2024 operating income. Net investment income of $11.4 million and approximately $108,000 in insurance proceeds exceeded $4.6 million in claims expense, $1.1 million in operating and legal expense, and $4.3 million in federal income tax expense.

Investments declined slightly to $107.2 million, as cash tax payments of $6.1 million and claim payments of $4.7 million absorbed much of the year's realized earnings. The trust received 1,133 claims and disposed of 1,084, allowing 953 and disallowing 131. The modest annual equity gain should be assessed separately from the substantial opening adjustment caused by the change in tax accounting.

Fuller-Austin ended 2023 with $107.8 million in investments and $101.3 million in net claimants' equity. On the basis presented in this report, equity increased by $5.6 million from the $95.7 million comparative balance. Net investment income of $15.5 million, largely $12.0 million in unrealized gains, and approximately $217,000 in insurance proceeds exceeded $3.9 million in claims expense, $1.3 million in operating and legal expense, and $4.9 million in federal income tax expense. Cash claim payments totaled $4.1 million.

The trust received 969 claims and disposed of 1,047, allowing 904 and disallowing 143. Its stated accounting basis records accepted but unpaid claims and excludes liabilities for future filings or claims not yet accepted. Accordingly, positive net claimants' equity is not directly comparable with the large deficits in older reports that incorporated broader projected claims. The investment portfolio grew by $10.3 million, principally through unrealized appreciation rather than positive net cash inflows.

Fuller-Austin's investments declined by $30.2 million in 2022 to $97.4 million. Net investment losses totaled $13.7 million, driven by $16.0 million in unrealized losses, while operating and legal expense was $1.3 million. The trust received 600 claims and disposed of 599, allowing 536 and disallowing 63. On October 27, the Trustees approved an increase in the payment sum percentage from 16.2% to 30%, with retrospective application to eligible claims previously paid below 30%.

The report contains conflicting presentations of its year-end position: the balance sheet shows a positive $95.7 million balance and only accepted unpaid claims, while the changes statement carries forward a $321.7 million deficit and the notes retain broader liability estimates. The 2023 report subsequently uses $95.7 million as its opening net claimants' equity. These figures should not be treated as a reconciled measure of 2022 financial improvement; the investment decline and claims activity provide the clearer basis for this year's summary.

Fuller-Austin's investments rose by $4.6 million in 2021 to $127.6 million. Net investment income was $9.5 million, including $5.5 million of unrealized gains, while no insurance proceeds were received. Claim payments were approximately $2.0 million, operating and legal expense $1.6 million, and federal income tax expense $2.5 million. The reported fund deficit narrowed by $27.1 million to $298.2 million, with a $21.8 million favorable adjustment to accrued asbestos claims accounting for most of the improvement.

The trust received 586 claims and disposed of 753, allowing 707 and disallowing 46. Asbestosis comprised 602 allowed claims. The year's portfolio growth was supported by investment returns and modest distributions; the separate reduction in the deficit included revised estimates of claims obligations and should not be read as a cash gain.

Fuller-Austin ended 2020 with $123.0 million in investments, up $7.0 million. Net investment income of $10.3 million included $1.9 million in interest and dividends, $5.0 million in realized gains, and $3.5 million in unrealized gains. Insurance receipts were approximately $94,000 and claim payments $1.9 million. Operating and legal expense was $1.5 million and federal income tax expense $3.3 million. The fund deficit narrowed by $44.6 million to $325.3 million, largely reflecting a $38.9 million favorable adjustment to accrued asbestos claims.

New filings fell to 503 from 1,723 in 2019. The trust disposed of 1,040 claims, allowing 878 and disallowing 162; these dispositions need not relate to claims filed in the same year. Investment gains and relatively low distributions increased the portfolio, while the deficit's larger improvement again reflected changes in estimated liabilities as well as financial results.

Fuller-Austin's investments increased by $9.5 million in 2019 to $116.0 million. Net investment income was $15.4 million, predominantly $13.2 million in unrealized gains, and insurance receipts added approximately $821,000. Claim payments declined to $2.8 million from $6.0 million in 2018. Operating and legal expense was $2.0 million and federal income tax expense $5.0 million. The fund deficit narrowed by $68.7 million to $369.9 million, with a $59.4 million favorable adjustment to accrued claims contributing most of that accounting improvement.

The trust received 1,723 claims and disposed of 1,536, allowing 1,089 and disallowing 447. Asbestosis accounted for 1,004 allowed claims. Positive markets and lower distributions strengthened the investment portfolio, while the much larger reduction in the deficit also depended on revised claim-liability estimates.

Fuller-Austin ended 2018 with $106.6 million in investments, down $12.1 million. Unrealized losses of $10.5 million exceeded realized gains of $5.1 million and interest and dividends of $2.2 million, producing a net investment loss of $3.1 million. The trust paid $6.0 million in asbestos claims, received approximately $184,000 in insurance proceeds, and recorded $1.6 million in operating and legal expense. The fund deficit narrowed to $438.6 million from $542.2 million because a $106.0 million favorable adjustment to accrued claims outweighed the investment losses and expenses.

The trust reported 1,874 new claims and 2,196 dispositions, including 2,039 allowed and 157 disallowed claims. The opposing movements in investments and the reported deficit are important: the portfolio shrank, while revised estimates reduced the recorded burden of future claims. The smaller deficit did not represent an equivalent improvement in liquid resources.

Fuller-Austin's investments fell by $8.6 million in 2017 to $118.6 million, as $18.1 million in claim payments exceeded investment earnings and approximately $675,000 in insurance receipts. Interest and dividends were $2.4 million, realized and unrealized gains totaled $7.9 million, and operating and legal expense was $1.5 million. The reported fund deficit widened sharply to $542.2 million, principally because of a $282.0 million upward adjustment to accrued asbestos claim liabilities. The deficit change therefore primarily reflected revised liability estimates, not market losses.

The trust received 3,150 claims and disposed of 5,077, allowing 4,735 and disallowing 342. Asbestosis represented 4,353 allowed claims. The payment sum percentage was reduced from 78% to 41.6% for payments beginning January 1, then reduced again to 16.2% in October. The year combined unusually heavy claims processing with substantial reassessment of the trust's projected obligations.

Fuller-Austin ended 2016 with $127.2 million in investments, down approximately $457,000. Interest and dividends of $2.4 million and realized and unrealized gains totaling $4.9 million helped fund $6.6 million in claim payments and $1.4 million in operating and legal expense. Insurance receipts were only approximately $217,000. The reported fund deficit nevertheless widened to $266.5 million from $129.0 million, mainly because estimated accrued asbestos claims increased by $141.4 million; that change was distinct from the modest reduction in investments.

The trust reported 2,266 new claims and 437 dispositions, comprising 267 allowed and 170 disallowed claims. The payment sum percentage remained 78% through year-end. The report discloses a subsequent reduction to 41.6% for claims paid beginning January 1, 2017, based on higher forecast claim liabilities. That reduction belongs to the following payment year.

Fuller-Austin's investments declined by $12.2 million in 2015 to $127.7 million. Claim payments increased to $12.5 million, while insurance receipts fell to $1.3 million. Interest and dividends of $2.3 million and realized gains of $1.2 million were largely offset by $3.1 million in unrealized investment losses. Operating and legal expense was $1.3 million. The fund deficit widened from $57.2 million to $129.0 million, driven primarily by a $72.3 million increase in estimated accrued asbestos claims, rather than an investment loss of comparable size.

The trust received 1,807 claims and disposed of 1,380, allowing 1,261 and disallowing 119. Asbestosis accounted for 1,088 of the allowed claims. The report identifies a 78% payment sum percentage. Increased filings and higher projected liabilities were the central developments, alongside claim distributions that substantially exceeded new insurance receipts.

Fuller-Austin ended 2014 with $139.8 million in investments, an increase of $1.5 million. Insurance receipts totaled $6.5 million, while claim payments fell to $7.8 million from $30.7 million in 2013. Interest and dividends of $2.0 million and realized gains of $3.1 million were partly offset by approximately $604,000 in unrealized losses. Operating and legal expense rose to $1.8 million. The reported fund deficit narrowed to $57.2 million from $69.9 million, helped by a $4.5 million downward adjustment to estimated claim liabilities.

The claims schedule reports 734 new filings and 873 dispositions, including 709 allowed and 164 disallowed claims. The payment sum percentage was 78%. Reduced distributions and continued insurance receipts helped preserve investments, while the smaller accounting deficit also reflected revised liability estimates rather than cash inflows alone.

Fuller-Austin's investments remained nearly unchanged in 2013 at $138.4 million, as $23.4 million in insurance receipts and investment earnings largely funded $30.7 million in claim payments. Interest and dividends were $2.7 million, realized and unrealized investment gains totaled $5.4 million, and operating and legal expense was $1.2 million. The reported fund deficit narrowed by $24.6 million to $69.9 million, despite a $3.3 million upward adjustment to accrued claims and $2.4 million in deferred tax expense. The deficit continued to include estimates of future asbestos liabilities.

The trust received 652 new claims and disposed of 812, allowing 574 and disallowing 238. The payment sum percentage increased from 71% to 78% on October 17, 2013. The year combined substantial claimant distributions with insurance recoveries sufficient to preserve most of the investment portfolio; the improvement in the accounting deficit was not an equivalent increase in cash holdings.

Fuller-Austin ended 2012 with $138.5 million in investments, up $19.0 million, after receiving $35.6 million in insurance settlements and paying $17.6 million in asbestos claims. The reported fund deficit narrowed from $136.8 million to $94.5 million, principally because a revised estimate reduced accrued asbestos injury claims by $37.7 million. Interest and dividends contributed $3.5 million, net investment gains approximately $1.5 million, and operating and legal expense was $1.2 million. Insurance cash collections exceeded the $2.1 million of proceeds recognized in the year's income statement because receipts and accrual recognition occurred in different periods.

The trust reported 1,188 new filings and 1,162 claim dispositions, comprising 787 allowed and 375 disallowed claims, and identified a 71% payment sum percentage. Its fund deficit included estimated future claim liabilities, so the improvement in that figure should be distinguished from the increase in invested assets and the cash actually distributed.