Manville Asbestos Trust Annual Reports, 2003–2025

Manville ended 2025 with $563.35 million in net claimants’ equity, up $6.48 million from $556.86 million at the start of the year. Net investment income of $75.38 million exceeded $57.69 million in personal injury settlements, $3.77 million in net operating expenses, and an $8.52 million current income-tax provision. Reductions in outstanding offers and lease commitments also supported the modest increase.

Personal injury cash payments totaled $56.31 million, and year-end cash equivalents and investments were $626.38 million. Personal injury cash payments rose from $49.78 million in 2024 to $56.31 million. The supplemental claims schedule reports 19,507 offers accepted and 7,223 accepted claims still unpaid at year-end; these are settlement measures, not counts of checks issued. Unrealized gains of $17.56 million offset $7.97 million in net cash outflows. The audited filing continued to describe a 5.1% payment percentage.

Manville ended 2024 with $556.86 million in net claimants’ equity, up $14.46 million from $542.40 million at the start of the year. Net investment income of $78.69 million exceeded $52.10 million in personal injury settlements, $3.70 million in net operating expenses, and an $8.82 million current income-tax provision. The investment pool grew despite continued distributions.

Personal injury cash payments totaled $49.78 million, and year-end cash equivalents and investments were $616.79 million. The annual accounting reports 13,601 personal injury claim payments. Unrealized gains of $20.88 million offset $1.56 million in net cash outflows, explaining the rise in combined cash and investments. Settlements exceeded cash payments by approximately $2.32 million, reflecting recognition and payment timing. The report continued to describe a 5.1% payment percentage.

Manville ended 2023 with $542.40 million in net claimants’ equity, up $19.22 million from $523.19 million at the start of the year. Net investment income of $83.61 million exceeded $55.37 million in personal injury settlements, $3.21 million in net operating expenses, and a $5.74 million current income-tax provision. This recovered part of the prior year’s decline.

Personal injury cash payments totaled $55.46 million, and year-end cash equivalents and investments were $597.47 million. Although the record is labeled Quarterly Financial Reports, its attachments include the audited full-year filing used here. Unrealized gains of $48.28 million more than offset $21.33 million in net cash outflows. The report continued to describe a 5.1% payment percentage. The quarterly figures overlap the annual totals and should not be added to them.

Manville ended 2022 with $523.19 million in net claimants’ equity, down $135.46 million from $658.65 million at the start of the year. A $72.70 million net investment loss, together with $56.18 million in personal injury settlements, drove the reduction. Net operating expenses were $2.93 million and the current income-tax provision was $5.24 million; reductions in outstanding offers and lease commitments provided only a small offset.

Personal injury cash payments totaled $55.91 million, and year-end cash equivalents and investments were $570.51 million. The trustees reported 13,526 personal injury claim payments. The cash-flow statement shows $129.84 million of unrealized losses and $26.79 million of net cash outflows, explaining the sharp contraction in the investment pool. The net investment loss reported in equity differs from the unrealized loss because it also incorporates investment income, realized results, expenses, and tax-related adjustments. The reported payment percentage remained 5.1%.

Manville ended 2021 with $658.65 million in net claimants’ equity, up $16.42 million from $642.23 million at the start of the year. Investment income of $92.79 million and $712,000 in insurance proceeds supported the increase. Personal injury settlements were $63.40 million, net operating expenses were $3.53 million, and the income-tax provision was $10.08 million.

Personal injury cash payments totaled $64.27 million, and year-end cash equivalents and investments were $727.14 million. The payment percentage returned from 4.3% to 5.1% in February 2021. Approximately $5.6 million of retroactive payments brought eligible prior settlements up to the restored percentage; these supplemental payments should not be counted as new claims. Unrealized gains of $26.29 million offset $8.02 million in net cash outflows, producing growth in the investment pool despite ongoing distributions.

Manville ended 2020 with $642.23 million in net claimants’ equity, up $11.05 million from $631.18 million at the start of the year. Investment income of $75.98 million exceeded $57.19 million in personal injury settlements, $2.84 million in net operating expenses, and a $5.55 million income-tax provision. Despite severe market disruption during the year, the investment pool finished above its opening balance.

Personal injury cash payments totaled $62.51 million, and year-end cash equivalents and investments were $708.87 million. The trust reduced its payment percentage from 5.1% to 4.3% effective April 28, 2020, following its review and the pandemic-related market decline. The report also describes restoration to 5.1% in February 2021 as a subsequent event; that restoration and the related supplemental payments are not 2020 payment activity. Unrealized gains of $42.69 million offset $30.06 million in net cash outflows.

Manville ended 2019 with $631.18 million in net claimants’ equity, up $31.29 million from $599.88 million at the start of the year. Investment income of $108.69 million exceeded $66.28 million in personal injury settlements, $2.79 million in net operating expenses, and a $7.94 million income-tax provision. Market performance drove the recovery from the previous year’s decline.

Personal injury cash payments totaled $63.39 million, and year-end cash equivalents and investments were $696.24 million. This record includes both a September filing and a full-year annual report; the summary uses the latter. Unrealized investment gains of $62.35 million more than offset $17.65 million in net cash outflows, increasing the investment pool. Cash payments and settlements recognized during the year differed, while the report continued to use the historical 5.1% payment percentage.

Manville ended 2018 with $599.88 million in net claimants’ equity, down $85.11 million from $684.99 million at the start of the year. The report recorded an investment loss of $9.66 million, alongside $63.52 million in personal injury settlements, $3.18 million in net operating expenses, and a $6.69 million income-tax provision. A $2.42 million increase in lease commitments also reduced equity.

Personal injury cash payments totaled $65.34 million, and year-end cash equivalents and investments were $651.54 million. Including co-defendant payments, total cash claim distributions were $65.39 million. The cash-flow statement reports $67.61 million in unrealized losses in addition to $28.08 million in net cash outflows. The year’s decline thus combined continuing claim distributions with market losses. These figures follow the original 2018 report; the following year reclassified some investment and operating costs without changing ending equity.

Manville ended 2017 with $684.99 million in net claimants’ equity, up $3.73 million from $681.26 million at the start of the year. Investment income of $82.89 million narrowly exceeded the year’s principal deductions: $69.97 million in personal injury settlements, $2.79 million in net operating expenses, and a $7.01 million income-tax provision. Small decreases in outstanding offers and lease commitments also supported equity.

Personal injury cash payments totaled $67.48 million, and year-end cash equivalents and investments were $747.24 million. The report applied the 5.1% payment percentage adopted in November 2016. Cash outflows exceeded inflows by $30.47 million, but $39.88 million in unrealized investment gains produced a modest increase in the investment pool. The positive year-end result therefore depended on investment appreciation while claims continued to consume cash.

Manville ended 2015 with $717.33 million in net claimants’ equity, down $71.75 million from $789.08 million at the start of the year. Investment income fell to $13.85 million, while personal injury settlements totaled $81.97 million. Net operating expenses were $3.81 million and the income-tax provision was $6.24 million. Insurance settlement proceeds of $2.84 million and a $3.48 million reduction in outstanding offers softened the decline.

Personal injury cash payments totaled $76.70 million, and year-end cash equivalents and investments were $768.79 million. Total cash claim payments, including co-defendant payments, were $76.71 million. The investment pool fell as $39.56 million in net cash outflows combined with $37.94 million in unrealized losses. The year therefore illustrates how claim distributions can reduce resources even when the income statement still reports positive investment income after combining interest, dividends, gains, losses, and related adjustments.

Manville ended 2014 with $789.08 million in net claimants’ equity, down $45.80 million from $834.88 million at the start of the year. Investment income of $58.94 million was insufficient to cover $91.65 million in personal injury settlements, $4.69 million in net operating expenses, and an $8.03 million income-tax provision. A new lease commitment added $1.37 million to deductions.

Personal injury cash payments totaled $116.27 million, and year-end cash equivalents and investments were $846.29 million. The trustees approved a reduction in the payment percentage from 7.5% to 6.25% following the August 2014 review. Total cash claim payments, including co-defendant payments, were $116.43 million—more than settlements recognized during the year, reflecting the distinction between settlement and payment timing. Only $1.25 million of unrealized gains offset $73.31 million in net cash outflows.

Manville ended 2013 with $834.88 million in net claimants’ equity, up $16.77 million from $818.11 million at the start of the year. Investment income of $136.63 million exceeded $111.49 million in personal injury settlements, $3.88 million in net operating expenses, and a $9.69 million income-tax provision. A $5.24 million reduction in outstanding claim offers also supported the increase.

Personal injury cash payments totaled $101.77 million, and year-end cash equivalents and investments were $918.35 million. Including co-defendant distributions, total claim cash payments were $102.12 million. The cash-flow statement shows $80.60 million of unrealized gains offsetting $45.13 million in net cash outflows. The trust thus increased its investment pool while continuing distributions, although cash payments were lower than settlements recognized during the year.

Manville ended 2012 with $818.11 million in net claimants’ equity, down $67.07 million from $885.18 million at the start of the year. Investment income recovered to $86.64 million, but remained below $146.25 million in personal injury settlements, $4.02 million in net operating expenses, and a $5.18 million income-tax provision. Reductions in outstanding offers and lease commitments partly offset deductions.

Personal injury cash payments totaled $131.87 million, and year-end cash equivalents and investments were $882.88 million. The trustees reported approximately 25,500 personal injury payments. In January 2012 they introduced a Maximum Annual Payment limit: once the annual cap is reached, unpaid claims carry forward to the front of the next year’s payment queue. The $146.25 million in settlements and $131.87 million in cash payments therefore should not be treated as interchangeable measures. Unrealized investment gains cushioned, but did not eliminate, the drawdown in the investment pool.

Manville ended 2011 with $885.18 million in net claimants’ equity, down $130.64 million from $1015.82 million at the start of the year. Investment income of $19.43 million was well below $141.07 million in personal injury settlements, $4.31 million in net operating expenses, and a $5.57 million income-tax provision. Co-defendant settlements added $413,205 to deductions.

Personal injury cash payments totaled $140.43 million, and year-end cash equivalents and investments were $928.25 million. Including co-defendant payments, claim cash distributions totaled $140.65 million. Net cash outflows of $108.32 million were compounded by $25.74 million in unrealized investment losses. The decline consequently reflected both sustained claim distributions and weaker market results. The report’s 7.5% payment percentage describes the historical settlement basis.

Manville ended 2010 with $1015.82 million in net claimants’ equity, down $43.40 million from $1059.23 million at the start of the year. Investment income of $90.62 million did not cover $127.36 million in personal injury settlements, $4.80 million in net operating expenses, and a $4.22 million income-tax provision. A $7.38 million reduction in the earlier personal injury pro rata adjustment liability partly offset these deductions.

Personal injury cash payments totaled $140.16 million, and year-end cash equivalents and investments were $1062.31 million. Total claim cash payments, including $679,898 in co-defendant payments, reached $140.84 million. The trust recorded $67.65 million of unrealized investment gains, but these were insufficient to offset $111.68 million in net cash outflows. Claim payments therefore continued to draw down the investment pool despite positive investment results.

Manville ended 2009 with $1059.23 million in net claimants’ equity, up $54.34 million from $1004.89 million at the start of the year. Investment income of $161.57 million helped restore part of the prior year’s decline. Personal injury settlements were $113.12 million and net operating expenses were $5.24 million; the statements recorded a $1.77 million income-tax benefit. A $8.99 million reduction in outstanding claim offers also increased equity.

Personal injury cash payments totaled $123.99 million, and year-end cash equivalents and investments were $1106.34 million. Total cash claim payments, including co-defendant payments, were $125.20 million. The cash-flow statement shows $183.03 million of unrealized gains offsetting $137.79 million in net cash outflows. The improvement therefore depended heavily on market recovery, while substantial claim distributions continued at the report’s 7.5% payment percentage.

Manville ended 2008 with $1004.89 million in net claimants’ equity, down $773.15 million from $1778.03 million at the start of the year. The decline reflected both a $288.16 million investment loss and a $365.74 million retroactive personal injury payment adjustment following the increase from 5% to 7.5%. Separate personal injury settlements were $85.76 million; net operating expenses were $5.82 million and the income-tax provision was $9.28 million.

Personal injury cash payments totaled $419.08 million, and year-end cash equivalents and investments were $1061.10 million. The trustees reported 268,422 claim payments, including approximately 255,000 supplemental payments totaling $334 million on previously settled claims. These are not 268,422 new claimants. The $365.74 million adjustment was an accrued obligation, while $334 million was the approximate portion paid that year. An additional $2.26 million was paid for co-defendant claims and adjustments, bringing total claim cash payments to $421.34 million.

Manville ended 2007 with $1778.03 million in net claimants’ equity, up $36.53 million from $1741.50 million at the start of the year. Investment income of $99.69 million exceeded $47.65 million in personal injury settlements, $5.37 million in net operating expenses, and a $9.92 million income-tax provision. Contribution and indemnity settlements added $484,953 to deductions.

Personal injury cash payments totaled $47.13 million, and year-end cash equivalents and investments were $1834.71 million. The record contains two half-year accountings; these figures use the full-year audited statements in the December filing. The report also describes the subsequent approval of an increase from 5% to 7.5% in early 2008, with retroactive payments planned for eligible earlier claimants. Those additional payments belong to 2008, not the 2007 cash totals.

Manville ended 2006 with $1741.50 million in net claimants’ equity, up $109.81 million from $1631.70 million at the start of the year. Investment income of $173.83 million was the main source of growth, comfortably exceeding $52.69 million in personal injury settlements, $5.71 million in net operating expenses, and a $7.45 million income-tax provision. The statements also recorded $592,592 in contribution and indemnity settlements.

Personal injury cash payments totaled $52.82 million, and year-end cash equivalents and investments were $1795.26 million. The report lists 12,231 claims settled. The trust retained its 5% payment percentage following its review in March 2006. Although cash outflows exceeded inflows by $10.48 million, $138.95 million of unrealized investment gains expanded the investment pool, so much of the year’s growth was not cash income.

Manville ended 2005 with $1631.70 million in net claimants’ equity, up $5.61 million from $1626.09 million at the start of the year. The report recorded $88.10 million in investment income, including realized and unrealized results, and a separate $4.64 million deduction for deferred income taxes on investments. Net operating expenses were $6.13 million and the current income-tax provision was $7.61 million. A $6.08 million reduction in outstanding claim offers and $592,191 of insurance proceeds also supported equity.

Personal injury cash payments totaled $71.22 million, and year-end cash equivalents and investments were $1666.78 million. The trustees reported 21,288 claim payments and 20,838 claims settled, with another $178,580 paid for contribution and indemnity claims. Cash outflows exceeded inflows by $24.81 million, but $29.01 million of unrealized investment gains kept the combined cash-and-investment balance slightly above its opening level.

Manville ended 2004 with $1626.09 million in net claimants’ equity, up $44.70 million from $1581.39 million at the start of the year. Investment income of $46.32 million and investment gains of $76.36 million, net of deferred taxes, supported the increase. A $42.77 million reduction in outstanding claim offers and recovery of a $10 million contribution claim also added to equity. Operating expenses were $7.00 million and the income-tax provision was $5.72 million.

Personal injury cash payments totaled $123.02 million, and year-end cash equivalents and investments were $1662.58 million. The trustees reported 46,719 claim payments and 42,612 claims settled. The $10 million recovery came from the MacArthur fund following successful insurance litigation; the trust also received approximately $2.4 million in related interest. The equity increase therefore reflected investment results, liability changes, and a recovery, rather than investment earnings alone.

Manville ended 2003 with $1581.39 million in net claimants’ equity, up $37.16 million from $1544.23 million at the start of the year. Investment income of $44.52 million and $234.76 million of realized and unrealized investment gains more than offset claim settlements and other deductions. Operating expenses were $8.87 million and the income-tax provision was $3.49 million.

Personal injury cash payments totaled $230.65 million, and year-end cash equivalents and investments were $1645.85 million. The trustees reported 87,471 claim payments and 85,608 claims settled; these measure different stages of processing. Another $889,360 was paid for contribution and indemnity claims. Unrealized investment gains of $248.80 million offset substantial net cash outflows, allowing the investment pool to grow despite the year’s distributions.