8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

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

Date of Report (Date of earliest event reported): May 17, 2004

ANNUITY AND LIFE RE (HOLDINGS), LTD.

(Exact Name of Registrant as Specified in Charter)

Bermuda	1-16561	66-0619270
(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)

Registrant’s telephone number, including area code: (441) 296-7667

N/A

(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

PRESS RELEASE DATED MAY 17, 2004

UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION

Item 12. Results of Operations and Financial Condition.

     The following information, furnished under “Item 12. Results of Operations and Financial Condition,” 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 May 17, 2004, Annuity and Life Re (Holdings), Ltd. (the “Company”) issued a press release, which is attached hereto as Exhibit 99.1 and incorporated herein by reference. The press release disclosed the Company’s financial results for the three month period ended March 31, 2004. Also on May 17, 2004, the Company posted on its website unaudited supplemental financial information, which is attached hereto as Exhibit 99.2 and incorporated herein by reference.

SIGNATURE

     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.

	ANNUITY AND LIFE RE (HOLDINGS), LTD.
Date: May 17, 2004	By:	/s/ John F. Burke
		John F. Burke
		Chief Executive Officer and President

EXHIBIT INDEX

99.1	Press Release dated May 17, 2004
99.2	Unaudited Supplemental Financial Information

EX-99.1

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

FOR IMMEDIATE RELEASE

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

ANNUITY & LIFE RE MARCH 31, 2004 EARNINGS REPORT

Hamilton, Bermuda, May 17, 2004, 8:00 a.m. ET – Annuity and Life Re (Holdings), Ltd. (NYSE: ANR) today reported financial results for the three month period ended March 31, 2004. The Company reported net income of $834,394 or $0.03 per fully diluted share for the three month period ended March 31, 2004, as compared to a net loss of $(52,474,816) or $(2.03) per fully diluted share for the three month period ended March 31, 2003. Net income for three months ended March 31, 2004 includes a charge of $(365,960) or $(0.01) per fully diluted share for the cumulative effect of adopting the AICPA Statement of Position (SOP) 03-1 effective January 1, 2004.

Net realized investment gains for the three month period ended March 31, 2004 were $678,925 or $0.03 per fully diluted share, as compared with net realized investment gains of $1,663,868 or $0.06 per fully diluted share for the three month period ended March 31, 2003.

Unrealized gains on the Company’s investments improved slightly to $2,550,555 as of March 31, 2004 from $1,840,849 at December 31, 2003. The Company’s investment portfolio currently maintains an average credit quality of AA. Cash used by operations for the three months ended March 31, 2004 was $37,115,802, as compared to cash used by operations of $8,435,060 for the three month period ended March 31, 2003. The increase in cash used by operations is the result of payments made in connection with the settlement of the Met Life recapture and a previously disclosed payment made to Transamerica under an annuity reinsurance agreement.

Book value per share at March 31, 2004 was $5.18, as compared to $5.11 at December 31, 2003. As a result of the Company’s adoption of SOP 03-1, it was required to increase its liabilities by approximately $36.6 million and increase its deferred acquisition costs by approximately $36.2 million. As a result, the Company’s tangible book value, which is GAAP book value less deferred acquisition costs, declined from $2.50 per share at December 31, 2003 to $1.12 as of January 1, 2004. Tangible book value per share then increased to $1.36 at March 31, 2004.

Life Segment Results

Life segment income for the three month period ended March 31, 2004 was $174,580, as compared with a segment loss of $(45,146,168) for the three month period ended March 31, 2003.

Annuity Segment Results

Annuity segment income for the three month period ended March 31, 2004 was $967,653, as compared with a segment loss of $(7,870,476) for the three month period ended March 31, 2003. Annuity segment income for three months ended March 31, 2004 includes a charge of $(365,960) or $(0.01) per fully diluted share for the cumulative effect of adopting SOP 03-1 effective January 1, 2004.

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

“We are very pleased with our results for the first quarter. For this quarter, claim activity on our remaining life agreements stabilized and the annuity segment made money. During the first quarter of 2004, the total return on the assets supporting our annuity reinsurance agreement with Transamerica exceeded the assumptions we previously made in connection with writing off and amortizing the deferred acquisition costs associated with that agreement. In addition, actual lapse rates on the policies underlying the agreement were better than our previous assumptions.

On January 1, 2004 we adopted SOP 03-1. This new standard affects our Transamerica and CIGNA contracts. While the net charge of adopting the SOP on January 1, 2004 was only $365,960 and does not change our view of the profitability of the affected contracts over the long term, we do expect that the SOP will cause volatility in quarterly results. The SOP requires that our liabilities be increased if the invested assets underlying these obligations increase in value, however we are not permitted to reflect the increase in underlying asset values on the asset side of our balance sheet. This disconnect will add volatility to our reported quarterly net income.

In addition to the increased volatility the new SOP will cause, it also adversely impacts our tangible book value computation. The adoption of the SOP required us to increase our deferred acquisition costs by approximately $36.2 million and our liabilities by approximately $36.6 million. While the net impact on our GAAP book value is minor, our tangible book value was reduced by $1.38 as of January 1, 2004, primarily because the increase in our deferred acquisition costs is excluded from the tangible book value computation, while the increase in our liabilities is not. If the SOP were applied as of December 31, 2003 our tangible book value would have been $1.12. The movement from $1.12 at December 31, 2003 to $1.36 at March 31, 2004 reflects the continuing improvement in the Company’s financial condition.

We are very pleased to have Marcum & Kliegman LLP as our new auditors. They were able to mobilize the resources needed to clear our Form 10-Q filing with a minimal delay.

Overall this has been a relatively quiet quarter and reflects further progress toward stabilizing our company.”

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.

Conference Call Information

May 18, 2004 9:00 a.m. Eastern Time
719-457-2665 or 888-855-5428, Code # 457890

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 # 457890

-2-

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; 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, 2003, 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_2004.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.

-3-

ANNUITY AND LIFE RE (HOLDINGS), LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars)

	March 31, 2004			December 31, 2003
	(unaudited)
Assets
Cash and cash equivalents	$	76,488,023		$	80,068,310
Fixed income investments at fair value (amortized cost of $82,515,313 and $115,594,199 at March 31, 2004 and December 31, 2003)		85,665,560			117,812,445
Funds withheld at interest		644,666,193			667,824,819
Accrued investment income		943,738			1,491,170
Receivable for reinsurance ceded		85,760,853			88,480,172
Deposits and other reinsurance receivables		7,423,375			4,580,745
Deferred policy acquisition costs		100,982,665			68,942,628
Other assets		1,641,911			682,050
Total Assets	$	1,003,572,318		$	1,029,882,339
Liabilities
Reserves for future policy benefits	$	161,055,848		$	161,105,541
Interest sensitive contracts liability		677,459,200			670,717,546
Other reinsurance liabilities		23,170,908			55,826,940
Accounts payable and accrued expenses		4,951,505			7,059,733
Total Liabilities		866,637,461			894,709,760
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; 26,454,195 shares outstanding at March 31, 2004 and December 31, 2003)		26,454,195			26,454,195
Additional paid-in capital		334,418,029			334,418,029
Notes receivable from stock sales		—			-
Stock warrants		1,250,000			1,250,000
Unamortized stock based compensation		(1,290,844	)		(1,509,022	)
Accumulated other comprehensive income		2,550,555			1,840,849
Accumulated Deficit		(226,447,078	)		(227,281,472	)
Total Stockholders’ Equity		136,934,857			135,172,579
Total Liabilities and Stockholders’ Equity	$	1,003,572,318		$	1,029,882,339

-4-

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

	For the Quarter Ended March 31,
	2004			2003
Revenues
Net Premiums	$	14,310,641		$	61,365,914
Investment income, net of related expenses		9,250,735			8,158,689
Net realized investment gains (losses)		678,925			1,663,868
Net change in fair value of embedded derivatives		607,388			13,754,859
Surrender fees and other revenues		1,074,932			1,390,247
Total Revenues		25,922,621			86,333,577
Benefits and Expenses
Claims and policy benefits		10,244,658			75,089,440
Interest credited to interest sensitive products		3,529,250			4,871,759
Policy acquisition costs and other insurance expenses		8,180,997			52,501,064
Collateral costs		—			-
Operating expenses		2,767,362			6,346,130
Total Benefits and Expenses		24,722,267			138,808,393
Net income (loss) before cumulative effect of a		1,200,354			(52,474,816	)
Cumulative effect of a change in accounting principle		(365,960	)		-
Net Income (Loss)	$	834,394		$	(52,474,816	)
Net Income (Loss) per common share before cumulative effect of a change in accounting principle
Basic	$	0.04		$	(2.03	)
Diluted	$	0.04		$	(2.03	)
Cumulative effect of a change in accounting principle per common share
Basic	$	(0.01	)	$	-
Diluted	$	(0.01	)	$	-
Net Income (Loss) per common share
Basic	$	0.03		$	(2.03	)
Diluted	$	0.03		$	(2.03	)

-5-

ANNUITY AND LIFE RE (HOLDINGS), LTD.
CONSOLIDATED STATEMENTS OF SEGMENT INCOME
(unaudited and in U.S. dollars)

	Life			Annuity
	Reinsurance			Reinsurance			Corporate			Consolidated
Three Months Ending March 31, 2004
Revenues	$	14,615,501		$	9,920,074		$	1,387,046		$	25,922,621
Benefits and expenses		14,440,921			8,586,461			1,694,885			24,722,267
Segment Income (Loss)	$	174,579		$	1,333,613		$	(307,839	)	$	1,200,354
Cumulative Change due to SOP03-1 Actg Rule		—			(365,960	)		—		$	(365,960	)
Segment Income (Loss)	$	174,579		$	967,653		$	(307,839	)	$	834,394
Total Assets	$	216,526,756		$	702,159,200		$	84,886,362		$	1,003,572,318
Fully Diluted Earnings per Share	$	—		$	0.04		$	(0.01	)	$	0.03
Book Value per share										$	5.18
Three Months Ending March 31, 2003
Revenues	$	60,169,987		$	24,103,131		$	2,060,459		$	86,333,577
Benefits and expenses		105,316,155			31,973,607			1,518,631			138,808,393
Segment (Loss) Income	$	(45,146,168	)	$	(7,870,476	)	$	541,828		$	(52,474,816	)
Total Assets	$	446,513,145		$	1,043,908,700		$	82,205,050		$	1,572,626,895
Fully Diluted Earnings per Share	$	(1.75	)	$	(0.31	)	$	0.02		$	(2.03	)
Book Value per share										$	8.23

-6-

EX-99.2

Annuity & Life Re (Holdings), Ltd.
Quarterly Statement of Net Income and Other Financial Data

	3/31/2004			12/31/2003			9/30/2003			6/30/2003			3/31/2003			12/31/2002			9/30/2002			6/30/2002
Revenues
Net Premiums	$	14,310,641		$	18,385,942		$	28,657,263		$	58,563,721		$	61,365,914		$	89,090,406		$	84,934,401		$	92,065,743
Investment Income		9,250,735			(1,101,429	)		16,250,225			5,734,738			8,158,689			20,055,130			31,127,396			26,366,669
Realized gains(losses)		678,925			(101,432	)		(52,025	)		4,896,176			1,663,868			8,935,951			9,297,351			1,837,672
Net Change in FV of ED’s		607,388			1,846,939			2,808,427			(1,717,537	)		13,754,859			(7,591,580	)		(13,277,823	)		(6,566,805	)
Other Revenue		1,074,932			1,235,993			1,667,997			3,002,778			1,390,247			2,549,743			3,549,362			6,161,207
Total Revenues		25,922,621			20,266,013			49,331,887			70,479,876			86,333,577			113,039,650			115,630,687			119,864,486
Benefits and Expenses
Claims and Benefits	$	10,244,658		$	19,413,255			19,075,004			84,425,206			75,089,440			127,768,226			91,381,831			74,443,139
Annuity Interest		3,529,250			(2,750,729	)		7,642,151			4,217,542			4,871,759			14,154,754			18,345,349			20,948,167
Policy Acquisition & Insurance costs		8,180,997			8,620,567			22,796,448			44,631,210			52,501,064			52,177,650			17,492,342			40,571,869
Financing Costs		—			—						—			—			6,867,795			3,731,580			1,053,037
Operating Expenses		2,767,362			2,160,343			3,605,189			5,922,358			6,346,130			11,951,126			3,826,602			3,142,272
Total Benefits and Expenses		24,722,267			27,443,436			53,118,792			139,196,316			138,808,393			212,919,551			134,777,704			140,158,484
Cumulative Effect		(365,960	)											—			—			—			—
Net Income (Loss)	$	834,394		$	(7,177,423	)	$	(3,786,905	)	$	(68,716,440	)	$	(52,474,816	)	$	(99,879,901	)	$	(19,147,017	)	$	(20,293,998	)
Adjustments to Net Income to Get to Operating Income, Excluding Transamerica
Realized Gains & Losses		678,925			(101,432	)		(52,025	)		4,896,176			1,663,868			8,935,951			9,297,351			1,837,672
Net Change in FV of ED’s (3)		607,388			1,846,939			2,808,427			(1,717,537	)		13,754,859			(7,591,580	)		(13,277,823	)		(6,566,805	)
Change in DAC Amort from ED’s		—			—			—			—			(6,953,904	)		981,124			5,790,244			903,739
Transamerica		930,342			602,126			(4,449,469	)		(102,918	)		883,041			(2,799,031	)		2,000			(24,123,300	)
Operating (Loss) Income, X-TA	$	(1,382,261	)	$	(9,525,056	)	$	(2,093,838	)	$	(71,792,162	)	$	(61,822,680	)	$	(99,406,365	)	$	(20,958,789	)	$	7,654,696
Net Income (Loss) per Share
Basic
Shares		25,786,161			25,957,081			25,893,861			25,841,057			25,796,195			25,755,411			25,733,141			25,722,016
Earnings	$	0.03		$	(0.28	)	$	(0.15	)	$	(2.66	)	$	(2.03	)	$	(3.88	)	$	(0.74	)	$	(0.79	)
Diluted
Shares		26,126,451			25,957,081			25,893,861			26,324,716			26,325,845			26,089,620			26,100,766			26,755,190
Earnings	$	0.03		$	(0.28	)	$	(0.15	)	$	(2.66	)	$	(2.03	)	$	(3.88	)	$	(0.74	)	$	(0.79	)
Operating (Loss) Income, per fully diluted share X-TA (2)	$	(0.05)		$	(0.37	)	$	(0.08	)	$	(2.73	)	$	(2.35	)	$	(3.81	)	$	(0.80	)	$	0.29
Life Insurance In force
Face Amount (000’s)	$	16,695,700		$	17,510,100		$	30,488,600		$	60,397,300		$	68,989,300		$	117,511,100		$	150,948,700		$	137,182,089
Premium	$	56,000,000		$	54,580,000		$	96,281,000		$	156,300,000		$	261,541,595		$	261,541,595		$	325,350,000		$	333,800,000
Annuity Deposits (000s)	$	677,459		$	670,718		$	704,798		$	815,685		$	998,609		$	1,443,143		$	1,464,668		$	1,464,394
Expense Ratio as a % of Revenue, x-Change in FV of Embedded Derivatives
Current Quarter		10.93	%		11.73	%		7.75	%		8.20	%		8.74	%		9.91	%		2.97	%		2.49	%
YTD		10.93	%		8.60	%		8.30	%		8.47	%		8.74	%		4.68	%		2.94	%		2.92	%
Book Value per Share (1)	$	5.18		$	5.11		$	5.39		$	5.52		$	8.23		$	10.28		$	14.73		$	15.21

[Additional columns below]

[Continued from above table, first column(s) repeated]

	3/31/2002			12/31/01			9/30/01			6/30/01			3/31/01			12/31/00			9/30/00			6/30/00
Revenues
Net Premiums	$	78,006,891		$	69,837,478		$	66,813,664		$	61,628,943		$	53,513,153		$	49,901,622		$	44,588,022		$	37,684,372
Investment Income		24,589,790			24,194,090			24,239,602			19,605,194			23,089,810			60,286,132			23,745,266			25,819,232
Realized gains(losses)		(321,708	)		(195,145	)		1,078,933			320,629			25,621			(1,133,867	)		(702,549	)		(2,417,880	)
Net Change in FV of ED’s		1,590,098			8,596,369			(5,265,396	)		1,846,981			(148,927	)
Other Revenue		3,896,125			5,228,601			5,512,939			4,644,690			3,133,471			1,829,461			1,689,451			1,589,357
Total Revenues		107,761,196			107,661,393			92,379,742			88,046,437			79,613,128			110,883,348			69,320,190			62,675,081
Benefits and Expenses
Claims and Benefits		58,815,606			54,325,087			74,873,807			45,201,447			41,624,668			33,913,597			36,040,180			29,898,304
Annuity Interest		17,922,346			18,768,251			14,401,290			7,797,407			8,291,470			43,692,693			5,322,440			8,063,576
Policy Acquisition & Insurance costs		15,636,118			31,359,643			43,306,421			26,889,334			25,025,150			16,286,966			14,922,217			14,919,657
Financing Costs		1,295,704			1,200,000			—			—			—			—			—			—
Operating Expenses		3,657,792			3,719,608			2,478,698			2,689,045			2,665,070			3,926,303			2,328,514			2,165,313
Total Benefits and Expenses		97,327,566			109,372,589			135,060,216			82,577,233			77,606,358			97,819,559			58,613,351			55,046,850
Cumulative Effect		—			—			—			—			(3,665,735	)		—			—			—
Net Income (Loss)	$	10,433,630		$	(1,711,196	)	$	(42,680,474	)	$	5,469,204		$	(1,658,965	)	$	13,063,789		$	10,706,839		$	7,628,231
Adjustments to Net Income to Get to Operating Income, Excluding Transamerica
Realized Gains & Losses		(321,708	)		(195,145	)		1,078,933			320,629			25,621			(1,133,867	)		(702,549	)		(2,417,880	)
Net Change in FV of ED’s (3)		1,590,098			8,596,369			(5,265,396	)		1,846,981			(3,814,662	)		—			—			—
Change in DAC Amort from ED’s		598,981			(2,730,908	)		269,009			257,264			884,451			—			—			—
Transamerica		(2,300	)		(15,778,360	)		(22,024,398	)		(7,222,726	)		(7,020,468	)		2,842,156			4,120,238			4,011,938
Operating (Loss) Income, X-TA	$	8,568,559		$	8,396,848		$	(16,738,622	)	$	10,267,056		$	8,266,093		$	11,355,500		$	7,289,150		$	6,034,173
Net Income (Loss) per Share
Basic
Shares		25,705,328			25,695,578			25,683,328			25,591,746			25,501,331			25,499,999			25,499,999			25,499,999
Earnings	$	0.41		$	(0.07	)	$	(1.66	)	$	0.21		$	(0.07	)	$	0.51		$	0.42		$	0.30
Diluted
Shares		26,968,835			27,813,418			28,534,245			28,211,313			27,960,971			27,676,641			27,419,525			27,311,063
Earnings	$	0.39		$	(0.07	)	$	(1.66	)	$	0.19		$	(0.07	)	$	0.47		$	0.39		$	0.28
Operating (Loss) Income, per fully diluted share X-TA (2)	$	0.32		$	0.30		$	(0.59	)	$	0.36		$	0.30		$	0.41		$	0.27		$	0.22
Life Insurance In force
Face Amount (000’s)	$	129,238,000		$	117,400,000		$	104,000,000		$	91,105,000		$	83,205,000		$	77,016,000		$	61,419,000		$	55,467,000
Premium	$	310,400,000		$	240,100,000		$	227,000,000		$	203,600,000		$	184,900,000		$	159,000,000		$	140,600,000		$	136,700,000
Annuity Deposits (000s)	$	1,503,144		$	1,516,796		$	1,629,042		$	1,550,816		$	1,553,352		$	1,595,129		$	1,480,004		$	1,569,619
Expense Ratio as a % of Revenue, x-Change in FV of Embedded Derivatives
Current Quarter		3.45	%		3.75	%		2.54	%		3.12	%		3.34	%		3.54	%		3.36	%		3.45	%
YTD		3.45	%		3.19	%		2.97	%		3.23	%		3.34	%		3.39	%		3.30	%		3.27	%
Book Value per Share (1)	$	15.78		$	15.65		$	15.91		$	17.36		$	17.33		$	17.13		$	16.43		$	16.02

(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 (Holdings), Ltd.
Quarterly Statement of Net Income and Other Financial Data

	3/31/00			12/31/99			9/30/99			6/30/99			3/31/99			12/31/98			9/30/98			6/30/98
Revenues
Net Premiums	$	36,230,006		$	43,114,344		$	21,101,366		$	18,372,285		$	18,247,102		$	17,878,140		$	10,065,750
Investment Income		26,797,697			26,724,547			19,528,879			20,677,325			18,159,060			14,464,369			5,366,566			4,299,615
Realized gains(losses)		(562,825	)		(597,464	)		(793,008	)		(157,755	)		263,458			1,505,617			1,018,990			148,674
Net Change in FV of ED’s Other Revenue		1,807,601			1,575,505			1,250,961			149,262			239,701			311,243
Total Revenues		64,272,479			70,816,932			41,088,198			39,041,117			36,909,321			34,159,369			16,451,306			4,448,289
Benefits and Expenses
Claims and Benefits		32,958,111			31,447,754			17,232,038			15,507,499			15,765,869			14,897,615			8,399,500
Annuity Interest		8,763,595			9,724,666			4,762,521			3,948,668			3,876,829			1,989,000
Policy Acquisition & Insurance costs		12,856,683			16,751,414			9,052,163			8,991,772			7,405,339			6,341,697			200,175
Financing Costs		—			—			—			—			—			—			—			—
Operating Expenses		1,991,214			3,133,536			1,326,416			1,846,935			1,378,915			1,705,631			1,191,465			873,278
Total Benefits and Expenses		56,569,603			61,057,370			32,373,138			30,294,874			28,426,952			24,933,943			9,791,140			873,278
Cumulative Effect		—			—			—			—			—			—			—			—
Net Income (Loss)	$	7,702,876		$	9,759,562		$	8,715,060		$	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		(562,825	)		(597,464	)		(793,008	)		(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		4,008,208			3,446,911			3,429,323			4,062,300			2,653,060			2,242,565			—			—
Operating (Loss) Income, X-TA	$	4,257,493		$	6,910,115		$	6,078,745		$	4,841,698		$	5,565,851		$	5,477,244		$	5,641,176		$	3,426,337
Net Income (Loss) per Share
Basic
Shares		25,499,999			25,499,999			25,499,999			25,499,999			25,499,999			25,499,999			25,499,999			21,016,483
Earnings	$	0.30		$	0.38		$	0.34		$	0.34		$	0.33		$	0.36		$	0.26		$	0.17
Diluted
Shares		27,443,307			27,369,033			27,218,541			27,114,771			27,181,315			27,373,430			26,629,834			22,405,132
Earnings	$	0.28		$	0.36		$	0.32		$	0.32		$	0.31		$	0.34		$	0.25		$	0.16
Operating (Loss) Income, per fully diluted share X-TA (2)	$	0.16		$	0.25		$	0.22		$	0.18		$	0.20		$	0.20		$	0.21		$	0.15
Life Insurance In force
Face Amount (000’s)	$	52,654,000		$	45,407,000		$	36,558,000		$	31,229,000		$	29,960,000		$	22,538,000		$	15,000,000
Premium	$	131,200,000		$	110,000,000		$	79,200,000		$	73,700,000		$	73,000,000		$	54,900,000		$	40,000,000
Annuity Deposits (000s)	$	1,651,256		$	1,603,383		$	1,625,983		$	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		3.10	%		4.42	%		3.23	%		4.73	%		3.74	%		4.99	%		7.24	%		19.63	%
YTD		3.10	%		4.09	%		3.89	%		4.25	%		3.74	%		6.85	%		9.88	%		19.63	%
Book Value per Share (1)	$	15.64		$	15.37		$	15.18		$	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	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	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	%

Annuity & Life Re
Segment Performance Information, Restated for FAS 133 and LMIG

	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	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	December 31, 2003
Life Reinsurance	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			First Quarter
Life premiums		58,575,661			56,053,471			28,035,629			17,750,914			13,665,652
Net investment income		1,594,325			1,453,958			1,977,934			891,141			949,848
Total Revenues		60,169,987			57,507,429			30,013,563			18,642,054			14,615,501
Benefits		68,573,550			58,156,608			17,741,449			18,180,838			10,126,936
Expenses		36,742,604			38,689,150			11,693,345			6,991,763			4,313,985
Financing costs		—			—			—			—			—
Total Expenses		105,316,155			96,845,758			29,434,795			25,172,601			14,440,920
Life Segment Income (Loss)		(45,146,168	)		(39,338,329	)		578,769			(6,530,547	)		174,580
Invested assets		256,932,453			242,567,939			141,914,107			126,796,271			93,133,674
Total Assets		446,513,145			396,766,778			273,604,371			250,732,481			216,526,757
Policyholder benefit liabilities		256,908,708			235,720,387			187,391,334			161,105,541			161,055,848
Total Liabilities		346,213,145			306,766,778			225,404,371			216,932,481			184,226,757
Shareholders equity		100,300,000			90,000,000			48,200,000			33,800,000			32,300,000
Segment Return on Equity — Annualized		-139.2	%		-165.4	%		3.4	%		-63.7	%		2.11	%
ROR		-75.0	%		-68.4	%		1.9	%		-35.0	%		1.19	%
Annuity Reinsurance
Annuity premiums and fees		4,180,500			5,513,028			2,289,632			1,871,021			1,719,921
Net investment income		19,922,631			2,253,771			16,817,569			(725,732	)		8,200,153
Total Revenues		24,103,131			7,766,799			19,107,200			1,145,289			9,920,074
Annuity Benefits		11,387,649			30,486,140			8,975,705			(1,518,312	)		3,646,972
Expenses		20,585,958			10,344,598			13,573,014			2,658,605			4,939,490
Total Expenses		31,973,607			40,830,738			22,548,719			1,140,293			8,586,461
Annuity Segment Income (Loss), before cumulative effect of FAS 133		(7,870,476	)		(33,063,939	)		(3,441,519	)		4,996			1,333,613
Cumulative effect of FAS 133		—			—			—			—			(365,960	)
Annuity Segment Income (Loss)		(7,870,476	)		(33,063,939	)		(3,441,519	)		4,996			967,653
Invested assets		984,719,779			798,170,410			691,161,997			657,250,211			631,385,390
Total Assets		1,043,908,700			849,885,167			730,598,264			695,317,546			702,159,200
Interest sensitive contract liabilities		998,608,700			815,685,167			704,798,264			670,717,546			677,459,200
Total Liabilities		998,608,700			815,685,167			704,798,264			670,717,546			677,459,200
Shareholders equity		45,300,000			34,200,000			25,800,000			24,600,000			24,700,000
Segment Return on Equity — Annualized		-57.7	%		-332.7	%		-45.9	%		0.1	%		21.6	%
Seg inc/Ave Policyholder Liab — Annualized		-2.6	%		-11.7	%		-1.6	%		0.0	%		0.8	%

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	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	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	%

Annuity & Life Re
Segment Performance Information

	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	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	December 31, 2003
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			First Quarter
Corporate
Net investment income, including realized capital gains and (losses)		2,060,459			5,205,648			211,124			478,670			1,387,046
Expenses		1,518,631			1,519,821			1,135,278			1,130,542			1,694,885
Net income		541,828			3,685,827			(924,154	)		(651,872	)		(307,839	)
Invested assets		76,740,945			29,576,558			75,167,532			81,659,092			82,300,712
Total Assets		82,205,050			32,087,049			77,216,650			83,832,312			84,886,361
Total Liabilities		11,587,846			9,565,313			8,637,124			7,059,733			4,951,505
Shareholders equity		70,617,204			22,521,736			68,579,526			76,772,579			79,934,856
Segment Return on Equity — Annualized		3.7	%		31.7	%		-8.1	%		-3.6	%		-1.57	%
Consolidated
Net premiums and fees		62,756,161			61,566,499			30,325,261			19,621,935			15,385,573
Net investment income, including realized capital gains and (losses)		23,577,416			8,913,377			19,006,627			644,078			10,537,048
Total Revenues		86,333,577			70,479,876			49,331,887			20,266,013			25,922,621
Policyholder Benefits		79,961,199			88,642,748			26,717,155			16,662,526			13,773,908
Expenses		58,847,194			50,553,568			26,401,637			10,780,910			10,948,359
Financing costs		—			—			—			—			—
Total benefits and expenses		138,808,393			139,196,316			53,118,792			27,443,436			24,722,267
Net income (loss), before cumulative effect of FAS 133		(52,474,816	)		(68,716,440	)		(3,786,905	)		(7,177,423	)		1,200,354
Cumulative effect of FAS 133		—			—			—			—			(365,960	)
Net Income (Loss)		(52,474,816	)		(68,716,440	)		(3,786,905	)		(7,177,423	)		834,394
Invested assets, including funds withheld		1,318,393,177			1,070,314,907			908,243,636			865,705,574			806,819,776
Total Assets		1,572,626,895			1,278,738,994			1,081,419,285			1,029,882,339			1,003,572,318
Policyholder benefit and interest sensitive contract liabilities		1,255,517,408			1,051,405,554			892,189,598			831,823,087			838,515,048
Total Liabilities		1,356,409,691			1,132,017,258			938,839,759			894,709,760			866,637,462
Shareholders equity		216,217,204			146,721,736			142,579,526			135,172,579			136,934,856
Segment Return on Equity — Annualized		-86.6	%		-151.5	%		-10.5	%		-20.7	%		3.53	%