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ANNUITY AND LIFE RE (HOLDINGS), LTD.

November 13, 2003

/s/ John F. Burke

John F. Burke
Chief Executive Officer and
Chief Financial Officer

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

The following information, including Exhibit 99.1 attached hereto, is being furnished under “Item 12. Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

On November 13, 2003, the Company issued a press release, which is attached hereto as Exhibit 99.1. Exhibit 99.1 is incorporated herein by reference. The press release disclosed material non-public information regarding the Company’s results of operations for the three month period ended September 30, 2003.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Hamilton, Bermuda, November 13, 2003, 6:00 p.m. ET – Annuity and Life Re (Holdings), Ltd. (NYSE: ANR) today reported financial results for the three month period ended September 30, 2003. The Company reported a net income of $33,392 or $0.00 per fully diluted share for the three month period ended September 30, 2003 as compared to a net loss of $(19,147,017) or $(0.74) per fully diluted share for the three month period ended September 30, 2002. Net income in the third quarter of 2003 was primarily the result of a $9.0 million benefit resulting from a comprehensive settlement terminating all reinsurance relationships between XL Life and the Company (the “Comprehensive Settlement”), partially offset by losses on three life reinsurance agreements, litigation costs and compensation related expenses.

Net realized investment losses for the three month period ended September 30, 2003 were $(52,025) or $(0.00) per fully diluted share as compared with net realized investment gains of $9,297,351 or $0.36 per fully diluted share for the three month period ended September 30, 2002.

Jay Burke, Chief Executive Officer and Chief Financial Officer of the Company, commented,

“This quarter’s results show a marked improvement over the recent past. Our results were favorably impacted by the Comprehensive Settlement with XL Life. While this is good news, it also means we still have losses in our remaining book of business. We have yet to fully reposition our investment portfolio and our expense reduction efforts will not completely take hold until the second quarter of 2004.

As of September 30, 2003 our unsecured letter of credit facility at Citibank stood at $26.7 million. Citibank has agreed that, provided the Company can reduce Citibank’s unsecured letter of credit exposure to less than $17 million as of November 30 ,2003, Citibank will renew all letters of credit outstanding at December 31, 2003 through December 31, 2004.

In addition, in the third quarter we were notified by the New York Stock Exchange that we are no longer facing delisting procedures and that the Exchange has removed the flag on our ticker symbol.

I continue to caution that not all of the Company’s issues are resolved. Absent the net income benefit produced by the Comprehensive Settlement with XL Life we would have reported a loss for the quarter. While we believe the third quarter was impacted by some large claims and seasonal premium fluctuations, even adjusting for those items we still would have reported a loss. In addition, we still have significant issues to resolve involving our annuity reinsurance contract with Transamerica, pending shareholder litigation and GMIB / GMDB exposure through our reinsurance agreement with CIGNA.

Transamerica has alleged that the Company owes $14.9 million under its annuity reinsurance contract with Transamerica. The Company has not agreed that such amount is currently owed to Transamerica and the parties are attempting to resolve their disputes. Transamerica has indicated that if the parties cannot resolve their issues, it will attempt to put our Bermuda operating subsidiary into liquidation.

In addition to the discussions with Transamerica related to the alleged amounts owed to it, we have been attempting to engage Transamerica, and ultimately IL Annuity, in discussions aimed at improving investment returns from the convertible bond portfolio and potentially redesigning the VisionMark product to reduce the minimum guarantee exposures from the Transamerica agreement. If the Company is not successful in convincing Transamerica and IL Annuity to restructure the portfolio and/or to redesign the product, the Company may incur additional write downs of deferred acquisition costs in the future.

If we are able to reposition our general account investment portfolio to achieve a substantially higher yield within our investment guidelines, successfully defend ourselves against the shareholder class action suit, achieve a favorable outcome from the MetLife arbitration, and resolve our issues with Transamerica regarding our annuity reinsurance agreement, we can achieve a modest profit in 2004. While I am cautiously optimistic that we can accomplish these objectives, the Company continues to face significant challenges. Our failure to achieve any one of these objectives could have a material adverse effect on our financial condition and results of operations.”

Our net income for the three months ended September 30, 2003 includes a net gain from reinsurance recaptures and terminations of approximately $7.9 million, which includes the impact of the Comprehensive Settlement with XL Life. Adverse mortality experience under the Company’s largest life reinsurance treaty continued, resulting in a loss on that agreement of $(2,397,000) for the quarter. Another large life agreement included an unusually large claim for $900,000 and, coupled with the agreement’s typically lower third quarter premiums, generated a loss of $(2,174,000). We also incurred $1,004,000 for litigation costs and $1,000,000 in compensation related expenses, and added $800,000 to our reserves for guaranteed minimum death and income benefits. Embedded derivatives associated with certain of our modified coinsurance agreements produced a net gain of $2,808,427 million for three months ended September 30, 2003.

Unrealized gains on the Company’s investments declined to $2,211,223 as of September 30, 2003 from $2,641,227 at June 30, 2003. The Company’s investment portfolio currently maintains an average credit quality of AA-. Cash used by operations for the nine month period ended September 30, 2003 was $(97,859,548) compared to cash provided from operations of $27,726,444 for the comparable period ending September 30, 2002. At September 30, 2003, virtually all of the Company’s invested assets were pledged as collateral for the benefit of its U.S. based cedents. Book value per share at September 30, 2003 and June 30, 2003 was $5.52 and $5.53, respectively. Tangible book value, which is GAAP book value excluding deferred acquisition costs, improved to $2.70 at September 30, 2003 as compared to $1.44 at June 30, 2003.

Life segment income for the three month period ended September 30, 2003 was $601,214, as compared with segment loss of $(9,938,836) for the comparable prior period of 2002. As mentioned above, major contributors to the current quarter’s result include a net gain from recaptures of $5,637,000, offset by net losses of $(5,600,000) on three life reinsurance agreements, litigation and compensation related expenses.

Annuity segment income was $378,926 for the three month period ended September 30, 2003, as compared with a loss of $(18,253,644) for the three month period ended September 30, 2002. Segment

income for the third quarter of 2003 is the result of a net gain from embedded derivatives of $2,808,000, partially offset by $(568,000) of losses from the recapture of two annuity reinsurance agreements during the quarter, an increase in our guaranteed minimum death benefit and guaranteed minimum income benefit reserve of $800,000 and expenses allocated to this segment.

November 14, 2003, 9:00 a.m. Eastern Time
719-457-2727 or 800-474-8920, Code # 557251

The call will be available for replay for seven days following the conference call. The replay numbers are: 719-457-0820 or 888-203-1112, Code # 557251

Annuity and Life Re (Holdings), Ltd. provides annuity and life reinsurance to insurers through its wholly owned subsidiaries, Annuity and Life Reassurance, Ltd. and Annuity and Life Reassurance America, Inc.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. All statements which address operating performance, events, or developments that the Company expects or anticipates may occur in the future are forward-looking statements. These statements are made on the basis of management’s views and assumptions; as a result, there can be no assurance that management’s expectations will necessarily come to pass. The Company cautions that actual results could differ materially from those expressed or implied in forward-looking statements. Important factors that could materially and adversely affect the Company’s operations and financial condition and/or cause the Company’s actual results of operations or financial condition to differ from those expressed or implied in the Company’s forward-looking statements include, but are not necessarily limited to, the Company’s ability to meet the obligations associated with the Company’s current business and to fund the Company’s continuing operations; the Company’s ability to reduce or otherwise satisfy the Company’s collateral obligations through novations, recaptures or otherwise; the outcome of pending legal proceedings involving the Company; the Company’s ability to obtain adequate financial ratings; the ability of the Company’s cedents to manage successfully assets they hold on the Company’s behalf; the Company’s success in managing its investments; the Company’s ability to maintain the listing of its common shares on the New York Stock Exchange; changes in mortality, morbidity and claims experience; the Company’s ability to make accurate estimates and assumptions regarding future mortality, persistency, lapses, expenses and investment performance based upon historical results and information provided to it by its cedents; the Company’s ability to underwrite business; unanticipated withdrawal or surrender activity; changes in market conditions, including changes in interest rate levels; the competitive environment; the impact of recent and possible future terrorist attacks and the U.S. government’s response thereto; the Company’s ability to attract and retain clients; the loss of a key executive; regulatory changes (such as changes in U.S. tax law and insurance regulation that directly affect the competitive environment for the Company’s products); and a prolonged economic downturn. Investors are also directed to consider the risks and uncertainties discussed in documents the Company has filed with the Securities and Exchange Commission, and in particular, the Company’s Annual Report on Form 10-K for the year ended December 31, 2002, as amended. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on the Company’s behalf.

This press release and the attached financial statements are available in the “Press Releases” section of the Company’s website at www.alre.bm/releases_2003.html. Certain financial information that has been made available to financial analysts, and which may be discussed on the conference call, is available in the “Financial Reports” section of the Company’s website at www.alre.bm/reports.html.


		September 30, 2003			December 31, 2002

		(unaudited)
Assets
Cash and cash equivalents		$	113,859,239		$	152,930,908
Fixed income investments at fair value (amortized cost of $96,058,034 and $146,487,903 at September 30, 2003 and December 31, 2002)			98,810,759			153,415,429
Funds withheld at interest			695,573,638			1,427,093,380
Accrued investment income			1,083,924			2,141,338
Receivable for reinsurance ceded			89,506,699			93,669,173
Other reinsurance receivables			6,775,426			25,025,453
Deferred policy acquisition costs			74,844,406			187,913,648
Other assets			965,194			2,508,858

	Total Assets	$	1,081,419,285		$	2,044,698,187

Liabilities
Reserves for future policy benefits		$	187,391,334		$	269,619,809
Interest sensitive contracts liability			700,977,967			1,443,143,080
Other reinsurance liabilities			38,013,037			51,139,164
Accounts payable and accrued expenses			8,637,124			12,459,423

	Total Liabilities	$	935,019,462		$	1,776,361,476

Stockholders’ Equity
Preferred shares (par value $1.00; 50,000,000 shares authorized; no shares outstanding)		$	—		$	—
Common shares (par value $1.00; 100,000,000 shares authorized; 26,473,728 and 26,106,328 shares outstanding at September 30, 2003 and December 31, 2002)			26,473,728			26,106,328
Additional paid-in capital			334,481,610			335,334,932
Notes receivable from stock sales			—			(1,626,493	)
Unamortized stock grant compensation			(1,732,985	)		(2,514,693	)
Stock warrants			1,250,000			—
Accumulated other comprehensive income			2,211,223			6,162,525
(Accumulated Deficit)			(216,283,753	)		(95,125,888	)

	Total Stockholders’ Equity	$	146,399,823		$	268,336,711

	Total Liabilities and Stockholders’ Equity	$	1,081,419,285		$	2,044,698,187

ANNUITY AND LIFE RE (HOLDINGS), LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in U.S. dollars)

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2003

2002

2003

2002

Revenues

Net premiums

28,657,264

84,934,401

148,586,899

255,007,035

Investment income, net of related expenses

16,250,225

31,127,396

30,143,651

82,083,855

Net realized investment gains

(52,025

)

9,297,351

6,508,019

10,813,315

Net change in fair value of embedded derivatives

2,808,427

(13,277,823

)

14,845,749

(18,254,530

)

Surrender fees and other revenues

1,667,997

3,549,362

6,061,022

13,606,694

Total Revenues

49,331,887

115,630,687

206,145,340

343,256,369

Benefits and Expenses

Claims and policy benefits

19,075,004

91,381,831

178,589,650

224,640,576

Interest credited to interest sensitive products

3,821,854

18,345,349

12,911,155

57,215,862

Policy acquisition costs and other insurance expenses

22,796,448

17,492,342

119,928,722

73,700,329

Collateral costs

—

3,731,580

—

6,080,321

Operating expenses

3,605,189

3,826,602

15,873,678

10,626,666

Total Benefits and Expenses

49,298,495

134,777,704

327,303,205

372,263,754

Net (Loss)

33,392

(19,147,017

)

(121,157,865

)

(29,007,385

)

Net (loss) per common share

Basic

0.00

(0.74

)

(4.69

)

(1.13

)

Diluted

0.00

(0.74

)

(4.69

)

(1.13

)

ANNUITY AND LIFE RE (HOLDINGS), LTD.
SEGMENT RESULTS
(Unaudited and in U.S. dollars)


	Life			Annuity
Three Months Ending September 30, 2003	Reinsurance			Reinsurance			Corporate			Consolidated

Revenues	$	30,013,563		$	19,097,603		$	220,721		$	49,331,887
Benefits and expenses		29,412,349			18,718,677			1,167,469			49,298,495

Segment Income (Loss)	$	601,214		$	378,926		$	(946,748	)	$	33,392

Total Assets	$	273,604,371		$	726,777,967		$	81,036,947		$	1,081,419,285

Fully Diluted Earnings per Share	$	0.02		$	0.01		$	(0.04	)	$	0.00

Book Value per share										$	5.53

Three Months Ending September 30, 2002
Revenues	$	86,708,167		$	18,535,565		$	10,386,955		$	115,630,687
Benefits and expenses		96,647,003			36,789,209			1,341,492			134,777,704

Segment (Loss) Income	$	(9,938,836	)	$	(18,253,644	)	$	9,045,463		$	(19,147,017	)

Total Assets	$	657,422,016		$	1,549,867,709		$	113,368,735		$	2,320,658,460

Fully Diluted Earnings per Share	$	(0.39	)	$	(0.71	)	$	0.35		$	(0.74	)

Book Value per share										$	14.68

Nine Months Ending September 30, 2003
Revenues	$	147,690,979		$	50,967,532		$	7,486,829		$	206,145,340
Benefits and expenses		231,574,262			91,523,023			4,205,920			327,303,205

Segment (Loss) Income	$	(83,883,283	)	$	(40,555,491	)	$	3,280,909		$	(121,157,865	)

Fully Diluted Earnings per Share	$	(3.25	)	$	(1.57	)	$	0.13		$	(4.69	)

Book Value per share										$	5.53

Nine Months Ending September 30, 2002
Revenues	$	260,319,387		$	66,846,670		$	16,090,312		$	343,256,369
Benefits and expenses		256,465,767			111,901,285			3,896,702			372,263,754

Segment Income (Loss)	$	3,853,620		$	(45,054,615	)	$	12,193,610		$	(29,007,385	)

Fully Diluted Earnings per Share	$	0.15		$	(1.76	)	$	0.48		$	(1.13	)

Book Value per share										$	14.68

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MQQPNYFYYS9DK;6UW=^8&MWG/>^O$3]T%ON/I=EI\?G0BTT7I%T1ZTYW^=*A' &O;X!`0`[ ` end -----END PRIVACY-ENHANCED MESSAGE-----


Bermuda	1-16561	Not Applicable

(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


Cumberland House, 1 Victoria Street, Hamilton, Bermuda		HM 11

(Address of Principal Executive Offices)		(Zip Code)

(a)		Not applicable.

(b)		Not applicable.

(c)		Exhibits


		Cumberland House 1 Victoria Street Hamilton HM 11 P.O. Box HM 98 Hamilton HM AX Bermuda (441) 296-7667 fax (441) 296-7665


CONTACT:		Jay Burke Annuity & Life Re (Holdings), Ltd. 441-296-7667