EX-99.2 4 w89379aexv99w2.txt UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION . . . EXHIBIT 99.2 ANNUITY & LIFE RE (HOLDINGS), LTD. QUARTERLY STATEMENT OF NET INCOME AND OTHER FINANCIAL DATA
6/30/2003 3/31/2003 12/31/2002 9/30/2002 --------- --------- ---------- --------- REVENUES Net Premiums $ 58,563,721 $ 61,365,914 $ 89,090,406 $ 84,934,401 Investment Income 5,734,738 8,158,689 20,055,130 31,127,396 Realized gains(losses) 4,896,176 1,663,868 8,935,951 9,297,351 Net Change in FV of ED's (1,717,537) 13,754,859 (7,591,580) (13,277,823) Other 3,002,778 1,390,247 2,549,743 3,549,362 ------------- ------------- ------------- ------------- Total Revenues 70,479,876 86,333,577 113,039,650 115,630,687 ------------- ------------- ------------- ------------- BENEFITS AND EXPENSES Claims and Benefits 84,425,206 75,089,440 127,768,226 91,381,831 Annuity Interest 4,217,542 4,871,759 14,154,754 18,345,349 Policy Acquisition & Insurance costs 44,631,210 52,501,064 52,177,650 17,492,342 Financing Costs -- -- 6,867,795 3,731,580 Operating Expenses 5,922,358 6,346,130 11,951,126 3,826,602 ------------- ------------- ------------- ------------- Total Benefits and Expenses 139,196,316 138,808,393 212,919,551 134,777,704 Cumulative Effect -- -- -- -- ------------- ------------- ------------- ------------- NET (LOSS) INCOME $ (68,716,440) $ (52,474,816) $ (99,879,901) $ (19,147,017) ============= ============= ============= ============= ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses 4,896,176 1,663,868 8,935,951 9,297,351 Net Change in FV of ED's (3) (1,717,537) 13,754,859 (7,591,580) (13,277,823) Change in DAC Amort from ED's -- (6,953,904) 981,124 5,790,244 Transamerica (102,918) 883,041 (2,799,031) 2,000 ------------- ------------- ------------- ------------- OPERATING (LOSS) INCOME, X-TA $ (71,792,162) $ (61,822,680) $ (99,406,365) $ (20,958,789) ============= ============= ============= ============= NET (LOSS) INCOME PER SHARE Basic Shares 25,841,057 25,796,195 25,755,411 25,733,141 Earnings $ (2.66) $ (2.03) $ (3.88) $ (0.74) Diluted Shares 26,324,716 26,325,845 26,089,620 26,100,766 Earnings $ (2.66) $ (2.03) $ (3.88) $ (0.74) OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ (2.73) $ (2.35) $ (3.81) $ (0.80) LIFE INSURANCE IN FORCE Face Amount (000's) $ 60,397,300 $ 68,989,300 $ 117,511,100 $ 150,948,700 Premium $ 156,300,000 $ 261,541,595 $ 261,541,595 $ 325,350,000 ANNUITY DEPOSITS (000's) $ 815,685 $ 998,609 $ 1,443,143 $ 1,464,668 EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 8.20% 8.74% 9.91% 2.97% YTD 5.56% 5.21% 4.68% 2.94% BOOK VALUE PER SHARE (1) $ 5.52 $ 8.23 $ 10.28 $ 14.73
6/30/2002 3/31/2002 12/31/01 9/30/01 --------- --------- -------- ------- REVENUES Net Premiums $ 92,065,743 $ 78,006,891 $ 69,837,478 $ 66,813,664 Investment Income 26,366,669 24,589,790 24,194,090 24,239,602 Realized gains(losses) 1,837,672 (321,708) (195,145) 1,078,933 Net Change in FV of ED's (6,566,805) 1,590,098 8,596,369 (5,265,396) Other 6,161,207 3,896,125 5,228,601 5,512,939 ------------- ------------- ------------- ------------- Total Revenues 119,864,486 107,761,196 107,661,393 92,379,742 ------------- ------------- ------------- ------------- BENEFITS AND EXPENSES Claims and Benefits 74,443,139 58,815,606 54,325,087 74,873,807 Annuity Interest 20,948,167 17,922,346 18,768,251 14,401,290 Policy Acquisition & Insurance costs 40,571,869 15,636,118 31,359,643 43,306,421 Financing Costs 1,053,037 1,295,704 1,200,000 -- Operating Expenses 3,142,272 3,657,792 3,719,608 2,478,698 ------------- ------------- ------------- ------------- Total Benefits and Expenses 140,158,484 97,327,566 109,372,589 135,060,216 Cumulative Effect -- -- -- -- ------------- ------------- ------------- ------------- NET (LOSS) INCOME $ (20,293,998) $ 10,433,630 $ (1,711,196) $ (42,680,474) ============= ============= ============= ============= ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses 1,837,672 (321,708) (195,145) 1,078,933 Net Change in FV of ED's (3) (6,566,805) 1,590,098 8,596,369 (5,265,396) Change in DAC Amort from ED's 903,739 598,981 (2,730,908) 269,009 Transamerica (24,123,300) (2,300) (15,778,360) (22,024,398) ------------- ------------- ------------- ------------- OPERATING (LOSS) INCOME, X-TA $ 7,654,696 $ 8,568,559 $ 8,396,848 $ (16,738,622) ============= ============= ============= ============= NET (LOSS) INCOME PER SHARE Basic Shares 25,722,016 25,705,328 25,695,578 25,683,328 Earnings $ (0.79) $ 0.41 $ (0.07) $ (1.66) Diluted Shares 26,755,190 26,968,835 27,813,418 28,534,245 Earnings $ (0.79) $ 0.39 $ (0.07) $ (1.66) OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ 0.29 $ 0.32 $ 0.30 $ (0.59) LIFE INSURANCE IN FORCE Face Amount (000's) $ 137,182,089 $ 129,238,000 $ 117,400,000 $ 104,000,000 Premium $ 333,800,000 $ 310,400,000 $ 240,100,000 $ 227,000,000 ANNUITY DEPOSITS (000S) $ 1,464,394 $ 1,503,144 $ 1,516,796 $ 1,629,042 EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 2.49% 3.45% 3.75% 2.54% YTD 2.92% 3.45% 3.19% 2.97% BOOK VALUE PER SHARE (1) $ 15.21 $ 15.78 $ 15.65 $ 15.91
6/30/01 3/31/01 12/31/00 9/30/00 --------- --------- ---------- --------- REVENUES Net Premiums $ 61,628,943 $ 53,513,153 $ 49,901,622 $ 44,588,022 Investment Income 19,605,194 23,089,810 60,286,132 23,745,266 Realized gains(losses) 320,629 25,621 (1,133,867) (702,549) Net Change in FV of ED's 1,846,981 (148,927) -- -- Other 4,644,690 3,133,471 1,829,461 1,689,451 ------------- ------------- ------------- ------------- Total Revenues 88,046,437 79,613,128 110,883,348 69,320,190 ------------- ------------- ------------- ------------- BENEFITS AND EXPENSES Claims and Benefits 45,201,447 41,624,668 33,913,597 36,040,180 Annuity Interest 7,797,407 8,291,470 43,692,693 5,322,440 Policy Acquisition & Insurance costs 26,889,334 25,025,150 16,286,966 14,922,217 Financing Costs -- -- -- -- Operating Expenses 2,689,045 2,665,070 3,926,303 2,328,514 ------------- ------------- ------------- ------------- Total Benefits and Expenses 82,577,233 77,606,358 97,819,559 58,613,351 Cumulative Effect -- (3,665,735) -- -- ------------- ------------- ------------- ------------- NET (LOSS) INCOME $ 5,469,204 $ (1,658,965) $ 13,063,789 $ 10,706,839 ============= ============= ============= ============= ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses 320,629 25,621 (1,133,867) (702,549) Net Change in FV of ED's (3) 1,846,981 (3,814,662) -- -- Change in DAC Amort from ED's 257,264 884,451 -- -- Transamerica (7,222,726) (7,020,468) 2,842,156 4,120,238 ------------- ------------- ------------- ------------- OPERATING (LOSS) INCOME, X-TA $ 10,267,056 $ 8,266,093 $ 11,355,500 $ 7,289,150 ============= ============= ============= ============= NET (LOSS) INCOME PER SHARE Basic Shares 25,591,746 25,501,331 25,499,999 25,499,999 Earnings $ 0.21 $ (0.07) $ 0.51 $ 0.42 Diluted Shares 28,211,313 27,960,971 27,676,641 27,419,525 Earnings $ 0.19 $ (0.07) $ 0.47 $ 0.39 OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ 0.36 $ 0.30 $ 0.41 $ 0.27 LIFE INSURANCE IN FORCE Face Amount (000's) $ 91,105,000 $ 83,205,000 $ 77,016,000 $ 61,419,000 Premium $ 203,600,000 $ 184,900,000 $ 159,000,000 $ 140,600,000 ANNUITY DEPOSITS (000's) $ 1,550,816 $ 1,553,352 $ 1,595,129 $ 1,480,004 EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 3.12% 3.34% 3.54% 3.36% YTD 3.23% 3.34% 3.39% 3.30% BOOK VALUE PER SHARE (1) $ 17.36 $ 17.33 $ 17.13 $ 16.43
6/30/00 3/31/00 12/31/99 9/30/99 --------- --------- ---------- --------- REVENUES Net Premiums $ 37,684,372 $ 36,230,006 $ 43,114,344 $ 21,101,366 Investment Income 25,819,232 26,797,697 26,724,547 19,528,879 Realized gains(losses) (2,417,880) (562,825) (597,464) (793,008) Net Change in FV of ED's -- -- -- -- Other 1,589,357 1,807,601 1,575,505 1,250,961 ------------- ------------- ------------- ------------ Total Revenues 62,675,081 64,272,479 70,816,932 41,088,198 ------------- ------------- ------------- ------------ BENEFITS AND EXPENSES Claims and Benefits 29,898,304 32,958,111 31,447,754 17,232,038 Annuity Interest 8,063,576 8,763,595 9,724,666 4,762,521 Policy Acquisition & Insurance costs 14,919,657 12,856,683 16,751,414 9,052,163 Financing Costs -- -- -- -- Operating Expenses 2,165,313 1,991,214 3,133,536 1,326,416 ------------- ------------- ------------- ------------ Total Benefits and Expenses 55,046,850 56,569,603 61,057,370 32,373,138 Cumulative Effect -- -- -- -- ------------- ------------- ------------- ------------ NET (LOSS) INCOME $ 7,628,231 $ 7,702,876 $ 9,759,562 $ 8,715,060 ============= ============= ============= ============ ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses (2,417,880) (562,825) (597,464) (793,008) Net Change in FV of ED's (3) -- -- -- -- Change in DAC Amort from ED's -- -- -- -- Transamerica 4,011,938 4,008,208 3,446,911 3,429,323 ------------- ------------- ------------- ------------ OPERATING (LOSS) INCOME, X-TA $ 6,034,173 $ 4,257,493 $ 6,910,115 $ 6,078,745 ============= ============= ============= ============ NET (LOSS) INCOME PER SHARE Basic Shares 25,499,999 25,499,999 25,499,999 25,499,999 Earnings $ 0.30 $ 0.30 $ 0.38 $ 0.34 Diluted Shares 27,311,063 27,443,307 27,369,033 27,218,541 Earnings $ 0.28 $ 0.28 $ 0.36 $ 0.32 OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ 0.22 $ 0.16 $ 0.25 $ 0.22 LIFE INSURANCE IN FORCE Face Amount (000's) $ 55,467,000 $ 52,654,000 $ 45,407,000 $ 36,558,000 Premium $ 136,700,000 $ 131,200,000 $ 110,000,000 $ 79,200,000 ANNUITY DEPOSITS (000's) $ 1,569,619 $ 1,651,256 $ 1,603,383 $ 1,625,983 EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 3.45% 3.10% 4.42% 3.23% YTD 3.27% 3.10% 4.09% 3.89% BOOK VALUE PER SHARE (1) $ 16.02 $ 15.64 $ 15.37 $ 15.18
6/30/99 3/31/99 12/31/98 9/30/98 6/30/98 ------- ------- -------- ------- ------- REVENUES Net Premiums $ 18,372,285 $18,247,102 $17,878,140 $10,065,750 -- Investment Income 20,677,325 18,159,060 14,464,369 5,366,566 4,299,615 Realized gains(losses) (157,755) 263,458 1,505,617 1,018,990 148,674 Net Change in FV of ED's -- -- -- -- -- Other 149,262 239,701 311,243 -- -- ------------ ----------- ----------- ----------- ----------- Total Revenues 39,041,117 36,909,321 34,159,369 16,451,306 4,448,289 ------------ ----------- ----------- ----------- ----------- BENEFITS AND EXPENSES Claims and Benefits 15,507,499 15,765,869 14,897,615 8,399,500 -- Annuity Interest 3,948,668 3,876,829 1,989,000 -- -- Policy Acquisition & Insurance costs 8,991,772 7,405,339 6,341,697 200,175 -- Financing Costs -- -- -- -- -- Operating Expenses 1,846,935 1,378,915 1,705,631 1,191,465 873,278 ------------ ----------- ----------- ----------- ----------- Total Benefits and Expenses 30,294,874 28,426,952 24,933,943 9,791,140 873,278 Cumulative Effect -- -- -- -- -- ------------ ----------- ----------- ----------- ----------- NET (LOSS) INCOME $ 8,746,243 $ 8,482,369 $ 9,225,426 $ 6,660,166 $ 3,575,011 ============ =========== =========== =========== =========== ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses (157,755) 263,458 1,505,617 1,018,990 148,674 Net Change in FV of ED's (3) -- -- -- -- -- Change in DAC Amort from ED's -- -- -- -- -- Transamerica 4,062,300 2,653,060 2,242,565 -- -- ------------ ----------- ----------- ----------- ----------- OPERATING (LOSS) INCOME, X-TA $ 4,841,698 $ 5,565,851 $ 5,477,244 $ 5,641,176 $ 3,426,337 ============ =========== =========== =========== =========== NET (LOSS) INCOME PER SHARE Basic Shares 25,499,999 25,499,999 25,499,999 25,499,999 21,016,483 Earnings $ 0.34 $ 0.33 $ 0.36 $ 0.26 $ 0.17 Diluted Shares 27,114,771 27,181,315 27,373,430 26,629,834 22,405,132 Earnings $ 0.32 $ 0.31 $ 0.34 $ 0.25 $ 0.16 OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ 0.18 $ 0.20 $ 0.20 $ 0.21 $ 0.15 LIFE INSURANCE IN FORCE Face Amount (000's) $ 31,229,000 $29,960,000 $22,538,000 $15,000,000 -- Premium $ 73,700,000 $73,000,000 $54,900,000 $40,000,000 -- ANNUITY DEPOSITS (000's) $ 1,607,049 $ 1,510,639 $ 1,283,676 $ 1,057,702 -- EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 4.73% 3.74% 4.99% 7.24% 19.63% YTD 4.25% 3.74% 6.85% 9.88% 19.63% BOOK VALUE PER SHARE (1) $ 14.95 $ 14.88 $ 14.72 $ 14.55 $ 14.03
(1) Computed as reported BV divided by outstanding shares. (2) Utilizes fully diluted shares even if they are anti-dilutive. (3) Includes cumulative effect of a change in accounting principle. ANNUITY & LIFE RE SEGMENT PERFORMANCE INFORMATION, RESTATED FOR FAS 133 AND LMIG
DECEMBER 31, 2000 ----------------------------------------------------------------------------------- LIFE REINSURANCE FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ---------------- ------------- -------------- ------------- -------------- Life premiums ............................... 34,690,006 36,324,372 42,548,022 47,875,622 Net investment income ....................... 1,466,942 1,605,164 1,498,751 1,467,938 -------------- -------------- -------------- -------------- Total Revenues .............................. 36,156,948 37,929,536 44,046,773 49,343,560 -------------- -------------- -------------- -------------- Benefits .................................... 32,038,096 28,971,653 35,454,847 32,796,883 Expenses .................................... 2,424,402 4,860,553 4,196,248 7,764,144 Financing costs ............................. -- -- -- -- -------------- -------------- -------------- -------------- Total Expenses .............................. 34,462,497 33,832,206 39,651,095 40,561,027 -------------- -------------- -------------- -------------- Life Segment Income (Loss) .................. 1,694,451 4,097,330 4,395,678 8,782,533 ============== ============== ============== ============== Invested assets ............................. 93,223,039 92,321,040 85,898,474 98,719,458 -------------- -------------- -------------- -------------- Total Assets ................................ 132,550,727 241,491,920 269,145,189 291,657,595 ============== ============== ============== ============== Policyholder benefit liabilities ............ 45,067,769 151,407,586 168,560,545 172,096,303 -------------- -------------- -------------- -------------- Total Liabilities ........................... 51,835,227 157,470,420 179,023,689 179,720,125 ============== ============== ============== ============== Shareholders equity ......................... 80,715,500 84,021,500 90,121,500 111,937,470 ============== ============== ============== ============== Segment Return on Equity - Annualized ....... 9.0% 19.9% 20.2% 34.8% ============== ============== ============== ============== ROR ......................................... 4.7% 10.8% 10.0% 17.8% ============== ============== ============== ============== ANNUITY REINSURANCE Annuity premiums and fees ................... 3,347,601 2,949,357 3,729,451 3,855,461 Net investment income ....................... 21,241,480 19,889,025 17,917,534 54,736,268 -------------- -------------- -------------- -------------- Total Revenues .............................. 24,589,081 22,838,382 21,646,985 58,591,729 -------------- -------------- -------------- -------------- Annuity Benefits ............................ 9,683,610 8,990,227 5,907,773 44,809,407 Expenses .................................... 11,176,398 10,884,127 11,616,811 10,125,081 -------------- -------------- -------------- -------------- Total Expenses .............................. 20,860,009 19,874,355 17,524,584 54,934,488 -------------- -------------- -------------- -------------- Annuity Segment Income (Loss), before cumulative effect of FAS 133 ...... 3,729,072 2,964,027 4,122,401 3,657,241 Cumulative effect of FAS 133 ................ -- -- -- -- -------------- -------------- -------------- -------------- Annuity Segment Income (Loss) ............... 3,729,072 2,964,027 4,122,401 3,657,241 ============== ============== ============== ============== Invested assets ............................. 1,549,411,492 1,484,681,045 1,403,461,868 1,499,613,767 -------------- -------------- -------------- -------------- Total Assets ................................ 1,724,828,149 1,643,051,707 1,555,032,266 1,675,647,751 ============== ============== ============== ============== Interest sensitive contract liabilities ..... 1,652,943,649 1,571,873,207 1,482,253,766 1,597,985,221 -------------- -------------- -------------- -------------- Total Liabilities ........................... 1,652,943,649 1,571,873,207 1,482,253,766 1,597,985,221 ============== ============== ============== ============== Shareholders equity ......................... 71,884,500 71,178,500 72,778,500 77,662,530 ============== ============== ============== ============== Segment Return on Equity - Annualized ....... 20.6% 16.6% 22.9% 19.4% ============== ============== ============== ============== Seg inc/Ave. Policyholder Liab - Annualized . 0.9% 0.7% 1.1% 0.9% ============== ============== ============== ==============
DECEMBER 31, 2001 ----------------------------------------------------------------------------------- LIFE REINSURANCE FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ---------------- ------------- -------------- ------------- -------------- Life premiums ............................... 51,003,153 59,308,943 63,923,667 67,542,477 Net investment income ....................... 1,399,958 1,704,157 2,027,692 2,877,741 -------------- -------------- -------------- -------------- Total Revenues .............................. 52,403,111 61,013,100 65,951,358 70,420,219 -------------- -------------- -------------- -------------- Benefits .................................... 40,361,817 44,033,754 73,371,548 53,154,853 Expenses .................................... 7,907,171 9,602,197 13,004,348 9,421,985 Financing costs ............................. -- -- -- 1,200,000 -------------- -------------- -------------- -------------- Total Expenses .............................. 48,268,988 53,635,950 86,375,896 63,776,839 -------------- -------------- -------------- -------------- Life Segment Income (Loss) .................. 4,134,123 7,377,149 (20,424,537) 6,643,380 ============== ============== ============== ============== Invested assets ............................. 98,053,528 126,400,607 151,311,682 264,434,485 -------------- -------------- -------------- -------------- Total Assets ................................ 304,343,877 333,362,942 401,683,367 538,181,649 ============== ============== ============== ============== Policyholder benefit liabilities ............ 176,221,387 187,984,169 212,609,621 221,145,594 -------------- -------------- -------------- -------------- Total Liabilities ........................... 184,226,407 203,710,642 255,380,367 375,485,898 ============== ============== ============== ============== Shareholders equity ......................... 120,117,470 129,652,300 146,303,000 162,695,751 ============== ============== ============== ============== Segment Return on Equity - Annualized ....... 14.3% 23.6% -59.2% 17.2% ============== ============== ============== ============== ROR ......................................... 7.9% 12.1% -31.0% 9.4% ============== ============== ============== ============== ANNUITY REINSURANCE Annuity premiums and fees ................... 5,643,471 6,964,689 8,402,936 7,523,602 Net investment income ....................... 17,894,195 15,797,730 13,622,109 27,321,433 -------------- -------------- -------------- -------------- Total Revenues .............................. 23,537,665 22,762,419 22,025,045 34,845,035 -------------- -------------- -------------- -------------- Annuity Benefits ............................ 9,554,321 8,965,100 15,903,549 19,938,485 Expenses .................................... 18,265,791 18,463,065 31,507,297 24,055,706 -------------- -------------- -------------- -------------- Total Expenses .............................. 27,820,111 27,428,166 47,410,846 43,994,191 -------------- -------------- -------------- -------------- Annuity Segment Income (Loss), before cumulative effect of FAS 133 .......... (4,282,446) (4,665,746) (25,385,802) (9,149,155) Cumulative effect of FAS 133 ................ (3,665,735) -- -- -- -------------- -------------- -------------- -------------- Annuity Segment Income (Loss) ............... (7,948,181) (4,665,746) (25,385,802) (9,149,155) ============== ============== ============== ============== Invested assets ............................. 1,458,736,475 1,456,392,079 1,562,593,817 1,492,722,891 -------------- -------------- -------------- -------------- Total Assets ................................ 1,632,014,571 1,630,980,947 1,713,508,054 1,602,020,485 ============== ============== ============== ============== Interest sensitive contract liabilities ..... 1,556,532,041 1,553,833,247 1,631,111,054 1,520,316,236 -------------- -------------- -------------- -------------- Total Liabilities ........................... 1,556,532,041 1,553,833,247 1,631,111,054 1,520,316,236 ============== ============== ============== ============== Shareholders equity ......................... 75,482,530 77,147,700 82,397,000 81,704,249 ============== ============== ============== ============== Segment Return on Equity - Annualized ....... -22.4% -24.5% -127.3% -44.6% ============== ============== ============== ============== Seg inc/Ave. Policyholder Liab - Annualized . -1.1% -1.2% -6.4% -2.3% ============== ============== ============== ==============
DECEMBER 31, 2002 ----------------------------------------------------------------------------------- LIFE REINSURANCE FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ---------------- ------------- -------------- ------------- -------------- Life premiums .............................. 75,163,415 89,431,564 82,304,042 86,281,988 Net investment income ...................... 3,982,629 5,033,613 4,404,125 5,581,802 -------------- -------------- -------------- -------------- Total Revenues ............................. 79,146,044 94,465,177 86,708,167 91,863,790 -------------- -------------- -------------- -------------- Benefits ................................... 57,176,440 71,565,974 77,925,339 111,461,759 Expenses ................................... 13,447,202 15,280,408 14,990,085 44,569,012 Financing costs ............................ 1,295,704 1,053,037 3,731,580 6,867,794 -------------- -------------- -------------- -------------- Total Expenses ............................. 71,919,346 87,899,418 96,647,003 162,898,564 -------------- -------------- -------------- -------------- Life Segment Income (Loss) ................. 7,226,698 6,565,759 (9,938,836) (71,034,773) ============== ============== ============== ============== Invested assets ............................ 275,563,872 302,098,565 340,711,970 303,207,491 -------------- -------------- -------------- -------------- Total Assets ............................... 566,428,888 605,018,193 657,422,016 528,577,026 ============== ============== ============== ============== Policyholder benefit liabilities ........... 234,131,629 254,695,355 280,915,909 269,619,809 -------------- -------------- -------------- -------------- Total Liabilities .......................... 388,658,888 419,318,193 452,822,016 322,877,026 ============== ============== ============== ============== Shareholders equity ........................ 177,770,000 185,700,000 204,600,000 205,700,000 ============== ============== ============== ============== Segment Return on Equity - Annualized ...... 17.0% 14.5% -20.4% -138.5% ============== ============== ============== ============== ROR ........................................ 9.1% 7.0% -11.5% -77.3% ============== ============== ============== ============== ANNUITY REINSURANCE Annuity premiums and fees .................. 6,739,601 8,795,385 6,179,721 5,358,161 Net investment income ...................... 20,176,153 12,599,964 12,355,845 6,222,901 -------------- -------------- -------------- -------------- Total Revenues ............................. 26,915,754 21,395,350 18,535,566 11,581,062 -------------- -------------- -------------- -------------- Annuity Benefits ........................... 19,561,512 23,825,333 31,801,841 30,461,221 Expenses ................................... 4,417,842 27,307,389 4,987,368 14,311,626 -------------- -------------- -------------- -------------- Total Expenses ............................. 23,979,353 51,132,722 36,789,209 44,772,847 -------------- -------------- -------------- -------------- Annuity Segment Income (Loss), before cumulative effect of FAS 133 ......... 2,936,401 (29,737,373) (18,253,643) (33,191,785) Cumulative effect of FAS 133 ............... -- -- -- -- -------------- -------------- -------------- -------------- Annuity Segment Income (Loss) .............. 2,936,401 (29,737,373) (18,253,643) (33,191,785) ============== ============== ============== ============== Invested assets ............................ 1,483,747,426 1,471,125,940 1,462,326,418 1,446,104,341 -------------- -------------- -------------- -------------- Total Assets ............................... 1,588,375,551 1,553,294,479 1,549,867,709 1,527,343,080 ============== ============== ============== ============== Interest sensitive contract liabilities .... 1,505,945,551 1,467,194,479 1,464,667,709 1,443,143,080 -------------- -------------- -------------- -------------- Total Liabilities .......................... 1,505,945,551 1,467,194,479 1,464,667,709 1,443,143,080 ============== ============== ============== ============== Shareholders equity ........................ 82,430,000 86,100,000 85,200,000 84,200,000 ============== ============== ============== ============== Segment Return on Equity - Annualized ...... 14.3% -141.2% -85.2% -156.7% ============== ============== ============== ============== Seg inc/Ave. Policyholder Liab - Annualized 0.8% -8.0% -5.0% -9.1% ============== ============== ============== ==============
DECEMBER 31, 2003 ----------------------------------------------------------------------- LIFE REINSURANCE FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ---------------- ------------- -------------- ------------- -------------- Life premiums ..................................... 58,575,661 56,053,471 Net investment income ............................. 1,594,325 1,453,958 -------------- -------------- -------------- -------------- Total Revenues .................................... 60,169,987 57,507,429 -------------- -------------- -------------- -------------- Benefits .......................................... 68,573,550 58,156,608 Expenses .......................................... 36,742,604 38,689,150 Financing costs ................................... -- -- -------------- -------------- -------------- -------------- Total Expenses .................................... 105,316,155 96,845,758 -------------- -------------- -------------- -------------- Life Segment Income (Loss) ........................ (45,146,168) (39,338,329) ============== ============== ============== ============== Invested assets ................................... 256,932,453 242,567,939 -------------- -------------- -------------- -------------- Total Assets ...................................... 446,513,145 396,766,778 ============== ============== ============== ============== Policyholder benefit liabilities .................. 256,908,708 235,720,387 -------------- -------------- -------------- -------------- Total Liabilities ................................. 346,213,145 306,766,778 ============== ============== ============== ============== Shareholders equity ............................... 100,300,000 90,000,000 ============== ============== ============== ============== Segment Return on Equity - Annualized ............. -139.2% -165.4% ============== ============== ============== ============== ROR ............................................... -75.0% -68.4% ============== ============== ============== ============== ANNUITY REINSURANCE Annuity premiums and fees ......................... 4,180,500 5,513,028 Net investment income ............................. 19,922,631 2,253,771 -------------- -------------- -------------- -------------- Total Revenues .................................... 24,103,131 7,766,799 -------------- -------------- -------------- -------------- Annuity Benefits .................................. 11,387,649 30,486,140 Expenses .......................................... 20,585,958 10,344,598 -------------- -------------- -------------- -------------- Total Expenses .................................... 31,973,607 40,830,738 -------------- -------------- -------------- -------------- Annuity Segment Income (Loss), before cumulative effect of FAS 133 . (7,870,476) (33,063,939) Cumulative effect of FAS 133 ...................... -- -- -------------- -------------- -------------- -------------- Annuity Segment Income (Loss) ..................... (7,870,476) (33,063,939) ============== ============== ============== ============== Invested assets ................................... 984,719,779 798,170,410 -------------- -------------- -------------- -------------- Total Assets ...................................... 1,043,908,700 849,885,167 ============== ============== ============== ============== Interest sensitive contract liabilities ........... 998,608,700 815,685,167 -------------- -------------- -------------- -------------- Total Liabilities ................................. 998,608,700 815,685,167 ============== ============== ============== ============== Shareholders equity ............................... 45,300,000 34,200,000 ============== ============== ============== ============== Segment Return on Equity - Annualized ............. -57.7% -332.7% ============== ============== ============== ============== Seg inc/Ave. Policyholder Liab - Annualized ....... -2.6% -11.7% ============== ============== ============== ==============
ANNUITY & LIFE RE SEGMENT PERFORMANCE INFORMATION
DECEMBER 31, 2000 ---------------------------------------------------------------------------------- FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ------------- -------------- ------------- -------------- CORPORATE Net investment income, including realized capital gains and (losses) ......... 3,526,450 1,907,163 3,626,432 2,948,059 Expenses ................................ 1,247,097 1,340,290 1,437,672 2,324,044 -------------- -------------- -------------- -------------- Net income .............................. 2,279,353 566,874 2,188,761 624,015 ============== ============== ============== ============== Invested assets ......................... 244,947,333 254,993,063 259,775,025 253,596,024 -------------- -------------- -------------- -------------- Total Assets ............................ 251,794,745 258,277,877 264,999,434 257,381,545 ============== ============== ============== ============== Total Liabilities ....................... 5,441,098 4,595,910 5,320,890 5,765,769 ============== ============== ============== ============== Shareholders equity ..................... 246,353,647 253,681,967 259,678,544 251,615,776 ============== ============== ============== ============== Segment Return on Equity - Annualized ... 3.7% 0.9% 3.4% 1.0% ============== ============== ============== ============== CONSOLIDATED Net premiums and fees ................... 38,037,607 39,273,729 46,277,473 51,731,083 Net investment income, including realized capital gains and (losses) ......... 26,234,872 23,401,352 23,042,717 59,152,265 -------------- -------------- -------------- -------------- Total Revenues .......................... 64,272,479 62,675,081 69,320,190 110,883,348 -------------- -------------- -------------- -------------- Policyholder Benefits ................... 41,721,706 37,961,880 41,362,620 77,606,290 Expenses ................................ 14,847,897 17,084,970 17,250,731 20,213,269 Financing costs ......................... -- -- -- -- -------------- -------------- -------------- -------------- Total benefits and expenses ............. 56,569,603 55,046,850 58,613,351 97,819,559 -------------- -------------- -------------- -------------- Net income (loss), before cumulative effect of FAS 133 ................... 7,702,876 7,628,231 10,706,839 13,063,789 Cumulative effect of FAS 133 ............ -- -- -- -- -------------- -------------- -------------- -------------- Net Income (Loss) ....................... 7,702,876 7,628,231 10,706,839 13,063,789 ============== ============== ============== ============== Invested assets, including funds withheld 1,887,581,864 1,831,995,148 1,749,135,367 1,851,929,249 -------------- -------------- -------------- -------------- Total Assets ............................ 2,109,173,621 2,142,821,504 2,089,176,889 2,224,686,891 ============== ============== ============== ============== Policyholder benefit and interest sensitive contract liabilities ...... 1,698,011,418 1,723,280,793 1,650,814,311 1,770,081,524 -------------- -------------- -------------- -------------- Total Liabilities ....................... 1,710,219,974 1,733,939,537 1,666,598,345 1,783,471,115 ============== ============== ============== ============== Shareholders equity ..................... 398,953,647 408,881,967 422,578,544 441,215,776 ============== ============== ============== ============== Segment Return on Equity - Annualized ... 7.8% 7.6% 10.3% 12.1% ============== ============== ============== ==============
DECEMBER 31, 2001 ------------------------------------------------------------------------------------ FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ------------- -------------- ------------- -------------- CORPORATE Net investment income, including realized capital gains and (losses) ......... 3,672,352 4,270,917 4,403,338 2,396,139 Expenses ................................ 1,517,258 1,513,117 1,273,474 1,601,558 ------------- -------------- -------------- -------------- Net income .............................. 2,155,093 2,757,800 3,129,864 794,581 ============= ============== ============== ============== Invested assets ......................... 258,975,192 261,316,480 213,182,175 156,312,422 ------------- -------------- -------------- -------------- Total Assets ............................ 262,947,177 270,959,673 218,103,053 170,570,456 ============= ============== ============== ============== Total Liabilities ....................... 5,378,378 10,742,871 18,157,941 12,781,614 ============= ============== ============== ============== Shareholders equity ..................... 257,568,799 260,216,802 199,945,112 157,788,842 ============= ============== ============== ============== Segment Return on Equity - Annualized ... 3.4% 4.3% 5.4% 1.8% ============= ============== ============== ============== CONSOLIDATED Net premiums and fees ................... 56,646,624 66,273,633 72,326,603 75,066,079 Net investment income, including realized capital gains and (losses) ......... 22,966,504 21,772,804 20,053,139 32,595,314 ------------- -------------- -------------- -------------- Total Revenues .......................... 79,613,128 88,046,437 92,379,742 107,661,393 ------------- -------------- -------------- -------------- Policyholder Benefits ................... 49,916,138 52,998,854 89,275,097 73,093,339 Expenses ................................ 27,690,220 29,578,379 45,785,119 35,079,249 Financing costs ......................... -- -- -- 1,200,000 ------------- -------------- -------------- -------------- Total benefits and expenses ............. 77,606,358 82,577,233 135,060,216 109,372,588 ------------- -------------- -------------- -------------- Net income (loss), before cumulative effect of FAS 133 ................... 2,006,770 5,469,204 (42,680,474) (1,711,195) Cumulative effect of FAS 133 ............ (3,665,735) -- -- -- ------------- -------------- -------------- -------------- Net Income (Loss) ....................... (1,658,965) 5,469,204 (42,680,474) (1,711,195) ============= ============== ============== ============== Invested assets, including funds withheld 1,815,765,195 1,844,109,166 1,927,087,675 1,913,469,798 ------------- -------------- -------------- -------------- Total Assets ............................ 2,199,305,625 2,235,303,562 2,333,294,474 2,310,772,590 ============= ============== ============== ============== Policyholder benefit and interest sensitive contract liabilities ...... 1,732,753,428 1,741,817,416 1,843,720,675 1,741,461,830 ------------- -------------- -------------- -------------- Total Liabilities ....................... 1,746,136,826 1,768,286,760 1,904,649,362 1,908,583,748 ============= ============== ============== ============== Shareholders equity ..................... 453,168,799 467,016,802 428,645,112 402,188,842 ============= ============== ============== ============== Segment Return on Equity - Annualized ... 1.8% 4.8% -38.1% -1.6% ============= ============== ============== ==============
DECEMBER 31, 2002 ------------------------------------------------------------------------------------ FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ------------- -------------- ------------- -------------- CORPORATE Net investment income, including realized capital gains and (losses) ......... 1,699,398 4,003,959 10,386,955 9,594,797 Expenses ................................ 1,428,867 1,126,344 1,341,492 5,248,138 ------------- -------------- -------------- -------------- Net income .............................. 270,532 2,877,615 9,045,463 4,346,658 ============= ============== ============== ============== Invested assets ......................... 155,554,854 131,230,105 87,295,212 (15,872,115) ------------- -------------- -------------- -------------- Total Assets ............................ 161,250,407 137,994,918 113,368,735 (11,221,919) ============= ============== ============== ============== Total Liabilities ....................... 15,698,416 18,604,634 23,926,436 10,341,370 ============= ============== ============== ============== Shareholders equity ..................... 145,551,991 119,390,284 89,442,299 (21,563,289) ============= ============== ============== ============== Segment Return on Equity - Annualized ... 0.7% 8.7% 34.7% 51.2% ============= ============== ============== ============== CONSOLIDATED Net premiums and fees ................... 81,903,016 98,226,950 88,483,763 91,640,149 Net investment income, including realized capital gains and (losses) ......... 25,858,180 21,637,536 27,146,925 21,399,501 ------------- -------------- -------------- -------------- Total Revenues .......................... 107,761,196 119,864,485 115,630,688 113,039,650 ------------- -------------- -------------- -------------- Policyholder Benefits ................... 76,737,951 95,391,307 109,727,180 141,922,980 Expenses ................................ 19,293,910 43,714,140 21,318,944 64,128,777 Financing costs ......................... 1,295,704 1,053,037 3,731,580 6,867,794 ------------- -------------- -------------- -------------- Total benefits and expenses ............. 97,327,566 140,158,484 134,777,704 212,919,551 ------------- -------------- -------------- -------------- Net income (loss), before cumulative effect of FAS 133 ................... 10,433,630 (20,293,999) (19,147,016) (99,879,901) Cumulative effect of FAS 133 ............ -- -- -- -- ------------- -------------- -------------- -------------- Net Income (Loss) ....................... 10,433,630 (20,293,999) (19,147,016) (99,879,901) ============= ============== ============== ============== Invested assets, including funds withheld 1,914,866,152 1,904,454,610 1,890,333,600 1,733,439,717 ------------- -------------- -------------- -------------- Total Assets ............................ 2,316,054,846 2,296,307,590 2,320,658,460 2,044,698,187 ============= ============== ============== ============== Policyholder benefit and interest sensitive contract liabilities ...... 1,740,077,180 1,721,889,834 1,745,583,618 1,712,762,889 ------------- -------------- -------------- -------------- Total Liabilities ....................... 1,910,302,855 1,905,117,306 1,941,416,161 1,776,361,476 ============= ============== ============== ============== Shareholders equity ..................... 405,751,991 391,190,284 379,242,299 268,336,711 ============= ============== ============== ============== Segment Return on Equity - Annualized ... 10.3% -20.4% -19.9% -123.4% ============= ============== ============== ==============
DECEMBER 31, 2003 -------------------------------------------------------------------------- FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ------------- -------------- ------------- -------------- CORPORATE Net investment income, including realized capital gains and (losses) ......... 2,060,459 5,205,648 Expenses ................................ 1,518,631 1,519,821 ------------- -------------- ------------- -------------- Net income .............................. 541,828 3,685,827 ============= ============== ============= ============== Invested assets ......................... 76,740,945 29,576,558 ------------- -------------- ------------- -------------- Total Assets ............................ 82,205,050 32,087,049 ============= ============== ============= ============== Total Liabilities ....................... 11,587,846 9,565,313 ============= ============== ============= ============== Shareholders equity ..................... 70,617,204 22,521,736 ============= ============== ============= ============== Segment Return on Equity - Annualized ... 3.7% 31.7% ============= ============== ============= ============== CONSOLIDATED Net premiums and fees ................... 62,756,161 61,566,499 Net investment income, including realized capital gains and (losses) ......... 23,577,416 8,913,377 ------------- -------------- ------------- -------------- Total Revenues .......................... 86,333,577 70,479,876 ------------- -------------- ------------- -------------- Policyholder Benefits ................... 79,961,199 88,642,748 Expenses ................................ 58,847,194 50,553,568 Financing costs ......................... -- -- ------------- -------------- ------------- -------------- Total benefits and expenses ............. 138,808,393 139,196,316 ------------- -------------- ------------- -------------- Net income (loss), before cumulative effect of FAS 133 ................... (52,474,816) (68,716,440) Cumulative effect of FAS 133 ............ -- -- ------------- -------------- ------------- -------------- Net Income (Loss) ....................... (52,474,816) (68,716,440) ============= ============== ============= ============== Invested assets, including funds withheld 1,318,393,177 1,070,314,907 ------------- -------------- ------------- -------------- Total Assets ............................ 1,572,626,895 1,278,738,994 ============= ============== ============= ============== Policyholder benefit and interest sensitive contract liabilities ...... 1,255,517,408 1,051,405,554 ------------- -------------- ------------- -------------- Total Liabilities ....................... 1,356,409,691 1,132,017,258 ============= ============== ============= ============== Shareholders equity ..................... 216,217,204 146,721,736 ============= ============== ============= ============== Segment Return on Equity - Annualized ... -86.6% -151.5% ============= ============== ============= ==============