-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B+F6Rn57vO5McwClb+ZIETv02AWyZDUlalntjyMnL4pB6jioTO2KvueAMdLnPj1e 2GW+dr3p4EjJ/DurlpPSEQ== 0000893220-05-000587.txt : 20050316 0000893220-05-000587.hdr.sgml : 20050316 20050316142131 ACCESSION NUMBER: 0000893220-05-000587 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050314 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050316 DATE AS OF CHANGE: 20050316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANNUITY & LIFE RE (HOLDINGS), LTD. CENTRAL INDEX KEY: 0001051628 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 000000000 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16561 FILM NUMBER: 05684705 BUSINESS ADDRESS: STREET 1: CUMBERLAND HOUSE, 1 VICTORIA ST STREET 2: PO BOX HM 98, HAMILTON, HM AX CITY: HAMILTON STATE: D0 ZIP: HM 11 BUSINESS PHONE: 441-296-7667 MAIL ADDRESS: STREET 1: CUMBERLAND HOUSE, 1 VICTORIA ST STREET 2: PO BOX HM 98, HAMILTON, HM AX CITY: HAMILTON STATE: D0 ZIP: HM 11 FORMER COMPANY: FORMER CONFORMED NAME: ANNUITY & LIFE RE HOLDINGS LTD DATE OF NAME CHANGE: 19971217 8-K 1 w06852e8vk.htm FORM 8-K DATE OF REPORT: MARCH 14, 2005 e8vk
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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) March 14, 2005                                                            

Annuity and Life Re (Holdings), Ltd.

(Exact Name of Registrant as Specified in its Charter)
         
Bermuda   1-16561   66-0619270
 
  (Commission   (IRS Employer
  File Number)   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                                                            

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     
o
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
    
o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
    
o
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
    
o
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

TABLE OF CONTENTS

Item 2.02. Results of Operations and Financial Condition
Item 9.01 Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
PRESS RELEASE DATED MARCH 14, 2005
UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION

Table of Contents

Item 2.02. Results of Operations and Financial Condition.

     The following information, furnished under “Item 2.02. 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 March 14, 2005, 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 and year ended December 31, 2004. Also on March 14, 2005, the Company posted on its website unaudited supplemental financial information, which is attached hereto as Exhibit 99.2 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(a) Financial Statements of Businesses Acquired.

Not applicable.

(b) Pro Forma Financial Information.

Not applicable

(c) Exhibits.

     
99.1
  Press Release dated March 14, 2005
 
    
99.2
  Unaudited Supplemental Financial Information

 

Table of Contents

SIGNATURES

     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: March 16, 2005  By:   /s/ John W. Lockwood    
    John W. Lockwood   
    Chief Financial Officer   

 

Table of Contents

         

EXHIBIT INDEX

     
99.1
  Press Release dated March 14, 2005
 
    
99.2
  Unaudited Supplemental Financial Information

 

EX-99.1 2 w06852exv99w1.htm PRESS RELEASE DATED MARCH 14, 2005 exv99w1
 

Exhibit 99.1

     
(ANNUITY LIFE RE LOGO)   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 FOURTH QUARTER 2004 EARNINGS REPORT

Hamilton, Bermuda, March 14, 2005 6:00 p.m. EST – Annuity and Life Re (Holdings), Ltd. (ANNRF.OB) today reported financial results for the three months and year ended December 31, 2004. The Company reported a net loss of $(59,634,766) or $(2.30) per fully diluted share for the three months ended December 31, 2004, as compared to a net loss of $(7,177,423) or $(0.28) per fully diluted share for the three months ended December 31, 2003. The Company reported a net loss of $(68,326,455) or $(2.64) per fully diluted share for the year ended December 31, 2004, as compared to a net loss of $(132,155,584) or $(5.11) per fully diluted share for the year ended December 31, 2003. The fourth quarter 2004 loss included a $60,627,007 charge related to the termination of the Company’s annuity reinsurance agreement with Transamerica and the related novation of its two largest life reinsurance agreements to Transamerica.

Net realized investment losses for the three months ended December 31, 2004 were $(16,636), as compared with net realized investment losses of $(101,432) for the three months ended December 31, 2003. Net realized investment gains for the year ended December 31, 2004 were $439,536, as compared with net realized investment gains of $6,406,587 for the year ended December 31, 2003.

Gross unrealized gains on the Company’s investments were $1,266,517 as of December 31, 2004, as compared to gross unrealized gains of $2,218,246 at December 31, 2003. The Company’s investment portfolio currently maintains an average credit quality of AA. Cash used by operations for the year ended December 31, 2004 was $57,925,171 as compared to cash used by operations of $112,176,985 for the year ended December 31, 2003. The cash used by operations in the year ended December 31, 2004 includes payments made in connection with the settlement of the Met Life recapture, payments made to Transamerica under the annuity reinsurance agreement and payments related to the recapture of the Company’s GMDB/GMIB reinsurance agreement with CIGNA.

Jay Burke, the Company’s Chief Executive Officer, commented:

“We are very pleased that the Company and Transamerica were able to work together in a mutually beneficial way to terminate the annuity reinsurance agreement between the companies. The agreement had been a long standing source of losses for us. The termination of this agreement marks the resolution of a significant contingency that has impeded our ability to pursue strategic alternatives. We do, however, remain in discussions with Transamerica regarding its claim that we owe them an additional $2.0 million

 

 

related to one of the life reinsurance agreements that was novated to Transamerica as of December 31, 2004.”

********************************************************************************************************************************

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 pursue strategic alternatives on favorable terms; the loss of a key executive; 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 list its common shares on a national exchange or automated quotation system; 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; 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_2005.html. Certain financial information that has been made available to financial analysts is available in the “Financial Reports” section of the Company’s website at www.alre.bm/reports.html.

-2-

 

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

                 
    December 31, 2004     December 31, 2003  
Assets
                
 
                
Cash and cash equivalents
   $ 56,394,484     $ 80,068,310  
Fixed income investments at fair value (amortized cost of $80,767,893 and $115,594,199 at December 31, 2004 and December 31, 2003)
     82,034,410       117,812,445  
Funds withheld at interest
     56,415,386       667,824,819  
Accrued investment income
     1,155,762       1,491,170  
Receivable for reinsurance ceded
     82,433,270       88,480,172  
Other reinsurance receivables
     4,306,931       4,580,745  
Deferred policy acquisition costs
     6,084,488       68,942,628  
Other assets
     580,625       682,050  
 
            
Total Assets
   $ 289,405,356     $ 1,029,882,339  
 
            
 
                
Liabilities
                
 
                
Reserves for future policy benefits
   $ 109,860,843     $ 161,105,541  
Interest sensitive contracts liability
     57,754,009       670,717,546  
Other reinsurance liabilities
     49,186,297       55,826,940  
Accounts payable and accrued expenses
     6,186,995       7,059,733  
 
            
Total Liabilities
     222,988,144       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; 26,338,528 and 26,454,195 shares outstanding at December 31, 2004 and December 31, 2003)
     26,338,528       26,454,195  
Additional paid-in capital
     333,810,766       334,418,029  
Stock warrants
     1,350,000       1,250,000  
Unamortized stock-based compensation
     (490,415 )     (1,509,022 )
Accumulated other comprehensive income
     1,016,260       1,840,849  
Accumulated deficit
     (295,607,927 )     (227,281,472 )
 
            
Total Stockholders’ Equity
     66,417,212       135,172,579  
 
            
Total Liabilities and Stockholders’ Equity
   $ 289,405,356     $ 1,029,882,339  
 
            

-3-

 

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

                                 
    For the Three Months Ended December 31,     For the Year Ended December 31,  
    2004     2003     2004     2003  
Revenues
                                
 
                                
Net premiums
   $ 13,731,847     $ 18,385,942     $ 48,297,706     $ 166,972,840  
Investment income, net of related expenses
     3,822,551       (1,101,429 )     21,697,563       29,042,223  
Net realized investment (losses) gains
     (16,636 )     (101,432 )     439,536       6,406,587  
Net change in fair value of embedded derivatives
     488,957       1,846,939       2,181,070       16,692,688  
Surrender fees and other revenues
     865,786       1,235,993       4,475,691       7,297,015  
 
                        
 
                                
Total Revenues
     18,892,505       20,266,013     $ 77,091,566       226,411,353  
 
                        
 
                                
Benefits and Expenses
                                
 
                                
Claims and policy benefits
     (10,581,972 )     19,413,255       14,101,129       198,002,905  
Interest credited to interest sensitive products
     (5,466,086 )     (2,750,729 )     5,399,460       13,980,723  
Policy acquisition costs and other insurance expenses
     92,393,679       8,620,567       110,922,948       128,549,288  
Operating expenses
     2,181,650       2,160,343       14,628,524       18,034,021  
 
                        
 
                                
Total Benefits and Expenses
     78,527,271       27,443,436     $ 145,052,061       358,566,937  
 
                        
 
                                
Loss before cumulative effect of a change in accounting
   $ (59,634,766 )   $ (7,177,423 )   $ (67,960,495 )     (132,155,584 )
 
                                
Cumulative effect of a change in accounting principle
     —       —       (365,960 )     —  
 
                        
 
                                
Net Loss
   $ (59,634,766 )   $ (7,177,423 )   $ (68,326,455 )   $ (132,155,584 )
 
                        
 
                                
Loss per common share before cumulative effect of a change in accounting principle
                                
 
                                
Basic
   $ (2.30 )   $ (0.28 )   $ (2.63 )   $ (5.11 )
 
                                
Diluted
   $ (2.30 )   $ (0.28 )   $ (2.63 )   $ (5.11 )
 
                                
Cumulative effect of a change in accounting principle per common share
                                
 
                                
Basic
   $ —     $ —     $ (0.01 )   $ —  
 
                                
Diluted
   $ —     $ —     $ (0.01 )   $ —  
 
                                
Net loss per common share
                                
 
                                
Basic
   $ (2.30 )   $ (0.28 )   $ (2.64 )   $ (5.11 )
 
                                
Diluted
   $ (2.30 )   $ (0.28 )   $ (2.64 )   $ (5.11 )

-4-

 

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

                                 
    Life     Annuity              
Three Months Ended December 31, 2004   Reinsurance     Reinsurance     Corporate     Consolidated  
Revenues
   $ 14,402,116     $ 3,898,277     $ 592,112     $ 18,892,505  
Benefits and Expenses
     18,032,616       58,921,790       1,572,865       78,527,271  
 
                        
 
                                
Segment Loss
   $ (3,630,500 )   $ (55,023,513 )   $ (980,753 )   $ (59,634,766 )
 
                        
 
                                
Total Assets
   $ 163,747,140     $ 59,554,009     $ 66,104,207     $ 289,405,356  
 
                        
 
                                
Fully Diluted Earnings per Share
   $ (0.14 )   $ (2.12 )   $ (0.04 )   $ (2.30 )
 
                        
 
                                
Three Months Ended December 31, 2003
                                
                                 
 
                                
Revenues
   $ 18,642,054     $ 1,145,289     $ 478,670     $ 20,266,013  
Benefits and Expenses
     25,172,601       1,140,293       1,130,542       27,443,436  
 
                        
 
                                
Segment (Loss) Income
   $ (6,530,547 )   $ 4,996     $ (651,872 )   $ (7,177,423 )
 
                        
 
                                
Total Assets
   $ 250,732,481     $ 695,317,546     $ 83,832,312     $ 1,029,882,339  
 
                        
 
                                
Fully Diluted Earnings per Share
   $ (0.25 )   $ 0.00     $ (0.03 )   $ (0.28 )
 
                        
 
                                
Year Ended December 31, 2004
                                
                                 
 
                                
Revenues
   $ 50,153,025     $ 23,847,196     $ 3,091,345     $ 77,091,566  
Benefits and Expenses
     50,271,120       83,505,926       11,275,015       145,052,061  
 
                        
 
                                
Segment Loss before cumulative effect of a change in accounting principle
   $ (118,095 )   $ (59,658,730 )   $ (8,183,670 )   $ (67,960,495 )
Cumulative effect of a change in accounting principle
     —       (365,960 )     —       (365,960 )
 
                        
Segment Loss
   $ (118,095 )   $ (60,024,690 )   $ (8,183,670 )   $ (68,326,455 )
 
                        
 
                                
Total Assets
   $ 163,747,140     $ 59,554,009     $ 66,104,207     $ 289,405,356  
 
                        
 
                                
Fully Diluted Earnings per Share
   $ (0.00 )   $ (2.32 )   $ (0.32 )   $ (2.64 )
 
                        
 
                                
Book Value per share
                           $ 2.52  
 
                              
 
                                
 
                                
Year Ended December 31, 2003
                                
                                 
 
                                
Revenues
   $ 166,333,033     $ 52,122,419     $ 7,955,901     $ 226,411,353  
Benefits and Expenses
     256,769,309       96,493,357       5,304,271       358,566,937  
 
                        
 
                                
Segment (Loss) Income
   $ (90,436,276 )   $ (44,370,938 )   $ 2,651,630     $ (132,155,584 )
 
                        
 
                                
Total Assets
   $ 250,732,481     $ 695,317,546     $ 83,832,312     $ 1,029,882,339  
 
                        
 
                                
Fully Diluted Earnings per Share
   $ (3.49 )   $ (1.72 )   $ 0.10     $ (5.11 )
 
                        
 
                                
Book Value per share
                           $ 5.11  
 
                              

-5-

EX-99.2 3 w06852exv99w2.txt UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION . . . EXHIBIT 99.2 ANNUITY & LIFE RE (HOLDINGS), LTD. QUARTERLY STATEMENT OF NET INCOME AND OTHER FINANCIAL DATA
12/31/2004 9/30/2004 6/30/2004 3/31/2004 -------------------------------------------------------------- REVENUES Net Premiums $ 13,731,847 $ 9,906,337 $ 10,348,881 $ 14,310,641 Investment Income 3,822,551 4,780,211 3,844,066 9,250,735 Realized gains(losses) (16,636) (84,868) (137,885) 678,925 Net Change in FV of ED's 488,957 565,939 518,786 607,388 Other Revenue 865,786 1,024,405 1,510,568 1,074,932 -------------------------------------------------------------- Total Revenues $ 18,892,505 $ 16,192,024 $ 16,084,416 25,922,621 -------------------------------------------------------------- BENEFITS AND EXPENSES Claims and Benefits $(10,581,972) $ 5,669,394 $ 8,769,049 $ 10,244,658 Annuity Interest (5,466,086) 5,513,653 1,822,643 3,529,250 Policy Acquisition & Insurance costs 92,393,679 5,693,745 4,654,527 8,180,997 Financing Costs - - - - Operating Expenses 2,181,650 2,410,937 7,268,575 2,767,362 -------------------------------------------------------------- Total Benefits and Expenses $ 78,527,271 $ 19,287,729 $ 22,514,794 24,722,267 Cumulative Effect - - - (365,960) -------------------------------------------------------------- NET (LOSS) INCOME $(59,634,766) $ (3,095,705) $ (6,430,378) $ 834,394 ============================================================== ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses (16,636) (84,868) (137,885) 678,925 Net Change in FV of ED's (3) 488,957 565,939 518,786 607,388 Change in DAC Amort from ED's - - - - Shareholder lawsuit settlement - - (5,000,000) - Transamerica annuity contract (54,760,434) (2,058,655) (1,779,533) 930,342 Transamerica SOP adjustment - - - (2,244,720) -------------------------------------------------------------- OPERATING (LOSS) INCOME, X-TA $ (5,346,653) $ (1,518,121) $ (31,746) $ 862,459 ============================================================== NET INCOME (LOSS) PER SHARE Basic Shares 25,961,161 25,945,328 25,874,495 25,786,161 Earnings $ (2.30) $ (0.12) $ (0.25) $ 0.03 Diluted Shares 25,961,161 25,945,328 25,874,495 26,126,451 Earnings $ (2.30) $ (0.12) $ (0.25) $ 0.03 OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ (0.21) $ (0.06) $ (0.00) $ 0.03 LIFE INSURANCE IN FORCE Face Amount (000's) $ 2,344,200 $ 15,340,800 $ 16,446,500 $ 16,695,700 Premium $ 17,200,000 $ 44,000,000 $ 51,200,000 $ 56,000,000 ANNUITY DEPOSITS (000s) $ 57,754 $ 621,979 $ 643,402 $ 677,459 EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 11.85% 15.43% 46.70% 10.93% YTD 19.53% 22.03% 24.55% 10.93% BOOK VALUE PER SHARE (1) $ 2.52 $ 4.78 $ 4.81 $ 5.18 12/31/2003 9/30/2003 6/30/2003 3/31/2003 -------------------------------------------------------------- REVENUES Net Premiums $ 18,385,942 $ 28,657,263 $ 58,563,721 $ 61,365,914 Investment Income (1,101,429) 16,250,225 5,734,738 8,158,689 Realized gains(losses) (101,432) (52,025) 4,896,176 1,663,868 Net Change in FV of ED's 1,846,939 2,808,427 (1,717,537) 13,754,859 Other Revenue 1,235,993 1,667,997 3,002,778 1,390,247 -------------------------------------------------------------- Total Revenues 20,266,013 49,331,887 70,479,876 86,333,577 -------------------------------------------------------------- BENEFITS AND EXPENSES Claims and Benefits $ 19,413,255 19,075,004 84,425,206 75,089,440 Annuity Interest (2,750,729) 7,642,151 4,217,542 4,871,759 Policy Acquisition & Insurance costs 8,620,567 22,796,448 44,631,210 52,501,064 Financing Costs - - - - Operating Expenses 2,160,343 3,605,189 5,922,358 6,346,130 -------------------------------------------------------------- Total Benefits and Expenses 27,443,436 53,118,792 139,196,316 138,808,393 Cumulative Effect - - - - -------------------------------------------------------------- NET (LOSS) INCOME $ (7,177,423) $ (3,786,905) $(68,716,440) $(52,474,816) ============================================================== ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses (101,432) (52,025) 4,896,176 1,663,868 Net Change in FV of ED's (3) 1,846,939 2,808,427 (1,717,537) 13,754,859 Change in DAC Amort from ED's - - - (6,953,904) Shareholder lawsuit settlement - - - - Transamerica annuity contract 602,126 (4,449,469) (102,918) 883,041 Transamerica SOP adjustment -------------------------------------------------------------- OPERATING (LOSS) INCOME, X-TA $ (9,525,056) $ (2,093,838) $(71,792,162) $(61,822,680) ============================================================== NET INCOME (LOSS) PER SHARE Basic Shares 25,957,081 25,893,861 25,841,057 25,796,195 Earnings $ (0.28) $ (0.15) $ (2.66) $ (2.03) Diluted Shares 25,957,081 25,893,861 26,324,716 26,325,845 Earnings $ (0.28) $ (0.15) $ (2.66) $ (2.03) OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ (0.37) $ (0.08) $ (2.73) $ (2.35) LIFE INSURANCE IN FORCE Face Amount (000's) $ 17,510,100 $ 30,488,600 $ 60,397,300 $ 68,989,300 Premium $ 54,580,000 $ 96,281,000 $156,300,000 $261,541,595 ANNUITY DEPOSITS (000s) $ 670,718 $ 704,798 $ 815,685 $ 998,609 EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 11.73% 7.75% 8.20% 8.74% YTD 8.60% 8.30% 8.47% 8.74% BOOK VALUE PER SHARE (1) $ 5.11 $ 5.39 $ 5.52 $ 8.23 12/31/2002 9/30/2002 6/30/2002 3/31/2002 -------------------------------------------------------------- REVENUES Net Premiums $ 89,090,406 $ 84,934,401 $ 92,065,743 $ 78,006,891 Investment Income 20,055,130 31,127,396 26,366,669 24,589,790 Realized gains(losses) 8,935,951 9,297,351 1,837,672 (321,708) Net Change in FV of ED's (7,591,580) (13,277,823) (6,566,805) 1,590,098 Other Revenue 2,549,743 3,549,362 6,161,207 3,896,125 -------------------------------------------------------------- Total Revenues 113,039,650 115,630,687 119,864,486 107,761,196 -------------------------------------------------------------- BENEFITS AND EXPENSES Claims and Benefits 127,768,226 91,381,831 74,443,139 58,815,606 Annuity Interest 14,154,754 18,345,349 20,948,167 17,922,346 Policy Acquisition & Insurance costs 52,177,650 17,492,342 40,571,869 15,636,118 Financing Costs 6,867,795 3,731,580 1,053,037 1,295,704 Operating Expenses 11,951,126 3,826,602 3,142,272 3,657,792 -------------------------------------------------------------- Total Benefits and Expenses 212,919,551 134,777,704 140,158,484 97,327,566 Cumulative Effect - - - - -------------------------------------------------------------- NET (LOSS) INCOME $(99,879,901) $(19,147,017) $(20,293,998) $ 10,433,630 ============================================================== ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses 8,935,951 9,297,351 1,837,672 (321,708) Net Change in FV of ED's (3) (7,591,580) (13,277,823) (6,566,805) 1,590,098 Change in DAC Amort from ED's 981,124 5,790,244 903,739 598,981 Shareholder lawsuit settlement - - - - Transamerica annuity contract (2,799,031) 2,000 (24,123,300) (2,300) Transamerica SOP adjustment -------------------------------------------------------------- OPERATING (LOSS) INCOME, X-TA $(99,406,365) $(20,958,789) $ 7,654,696 $ 8,568,559 ============================================================== NET INCOME (LOSS) PER SHARE Basic Shares 25,755,411 25,733,141 25,722,016 25,705,328 Earnings $ (3.88) $ (0.74) $ (0.79) $ 0.41 Diluted Shares 26,089,620 26,100,766 26,755,190 26,968,835 Earnings $ (3.88) $ (0.74) $ (0.79) $ 0.39 OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ (3.81) $ (0.80) $ 0.29 $ 0.32 LIFE INSURANCE IN FORCE Face Amount (000's) $117,511,100 $150,948,700 $137,182,089 $129,238,000 Premium $261,541,595 $325,350,000 $333,800,000 $310,400,000 ANNUITY DEPOSITS (000s) $ 1,443,143 $ 1,464,668 $ 1,464,394 $ 1,503,144 EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 9.91% 2.97% 2.49% 3.45% YTD 4.68% 2.94% 2.92% 3.45% BOOK VALUE PER SHARE (1) $ 10.28 $ 14.73 $ 15.21 $ 15.78 12/31/01 9/30/01 6/30/01 3/31/01 -------------------------------------------------------------- REVENUES Net Premiums $ 69,837,478 $ 66,813,664 $ 61,628,943 $ 53,513,153 Investment Income 24,194,090 24,239,602 19,605,194 23,089,810 Realized gains(losses) (195,145) 1,078,933 320,629 25,621 Net Change in FV of ED's 8,596,369 (5,265,396) 1,846,981 (148,927) Other Revenue 5,228,601 5,512,939 4,644,690 3,133,471 -------------------------------------------------------------- Total Revenues 107,661,393 92,379,742 88,046,437 79,613,128 -------------------------------------------------------------- BENEFITS AND EXPENSES Claims and Benefits 54,325,087 74,873,807 45,201,447 41,624,668 Annuity Interest 18,768,251 14,401,290 7,797,407 8,291,470 Policy Acquisition & Insurance costs 31,359,643 43,306,421 26,889,334 25,025,150 Financing Costs 1,200,000 - - - Operating Expenses 3,719,608 2,478,698 2,689,045 2,665,070 -------------------------------------------------------------- Total Benefits and Expenses 109,372,589 135,060,216 82,577,233 77,606,358 Cumulative Effect - - - (3,665,735) -------------------------------------------------------------- NET (LOSS) INCOME $ (1,711,196) $(42,680,474) $ 5,469,204 $ (1,658,965) ============================================================== ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses (195,145) 1,078,933 320,629 25,621 Net Change in FV of ED's (3) 8,596,369 (5,265,396) 1,846,981 (3,814,662) Change in DAC Amort from ED's (2,730,908) 269,009 257,264 884,451 Shareholder lawsuit settlement - - - - Transamerica annuity contract (15,778,360) (22,024,398) (7,222,726) (7,020,468) Transamerica SOP adjustment -------------------------------------------------------------- OPERATING (LOSS) INCOME, X-TA $ 8,396,848 $(16,738,622) $ 10,267,056 $ 8,266,093 ============================================================== NET INCOME (LOSS) PER SHARE Basic Shares 25,695,578 25,683,328 25,591,746 25,501,331 Earnings $ (0.07) $ (1.66) $ 0.21 $ (0.07) Diluted Shares 27,813,418 28,534,245 28,211,313 27,960,971 Earnings $ (0.07) $ (1.66) $ 0.19 $ (0.07) OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ 0.30 $ (0.59) $ 0.36 $ 0.30 LIFE INSURANCE IN FORCE Face Amount (000's) $117,400,000 $104,000,000 $ 91,105,000 $ 83,205,000 Premium $240,100,000 $227,000,000 $203,600,000 $184,900,000 ANNUITY DEPOSITS (000s) $ 1,516,796 $ 1,629,042 $ 1,550,816 $ 1,553,352 EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 3.75% 2.54% 3.12% 3.34% YTD 3.19% 2.97% 3.23% 3.34% BOOK VALUE PER SHARE (1) $ 15.65 $ 15.91 $ 17.36 $ 17.33 12/31/00 9/30/00 6/30/00 3/31/00 -------------------------------------------------------------- REVENUES Net Premiums $ 49,901,622 $ 44,588,022 $ 37,684,372 $ 36,230,006 Investment Income 60,286,132 23,745,266 25,819,232 26,797,697 Realized gains(losses) (1,133,867) (702,549) (2,417,880) (562,825) Net Change in FV of ED's Other Revenue 1,829,461 1,689,451 1,589,357 1,807,601 -------------------------------------------------------------- Total Revenues 110,883,348 69,320,190 62,675,081 64,272,479 -------------------------------------------------------------- BENEFITS AND EXPENSES Claims and Benefits 33,913,597 36,040,180 29,898,304 32,958,111 Annuity Interest 43,692,693 5,322,440 8,063,576 8,763,595 Policy Acquisition & Insurance costs 16,286,966 14,922,217 14,919,657 12,856,683 Financing Costs - - - - Operating Expenses 3,926,303 2,328,514 2,165,313 1,991,214 -------------------------------------------------------------- Total Benefits and Expenses 97,819,559 58,613,351 55,046,850 56,569,603 Cumulative Effect - - - - -------------------------------------------------------------- NET (LOSS) INCOME $ 13,063,789 $ 10,706,839 $ 7,628,231 $ 7,702,876 ============================================================== ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses (1,133,867) (702,549) (2,417,880) (562,825) Net Change in FV of ED's (3) - - - - Change in DAC Amort from ED's - - - - Shareholder lawsuit settlement - - - - Transamerica annuity contract 2,842,156 4,120,238 4,011,938 4,008,208 Transamerica SOP adjustment -------------------------------------------------------------- OPERATING (LOSS) INCOME, X-TA $ 11,355,500 $ 7,289,150 $ 6,034,173 $ 4,257,493 ============================================================== NET INCOME (LOSS) PER SHARE Basic Shares 25,499,999 25,499,999 25,499,999 25,499,999 Earnings $ 0.51 $ 0.42 $ 0.30 $ 0.30 Diluted Shares 27,676,641 27,419,525 27,311,063 27,443,307 Earnings $ 0.47 $ 0.39 $ 0.28 $ 0.28 OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ 0.41 $ 0.27 $ 0.22 $ 0.16 LIFE INSURANCE IN FORCE Face Amount (000's) $ 77,016,000 $ 61,419,000 $ 55,467,000 $ 52,654,000 Premium $159,000,000 $140,600,000 $136,700,000 $131,200,000 ANNUITY DEPOSITS (000s) $ 1,595,129 $ 1,480,004 $ 1,569,619 $ 1,651,256 EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 3.54% 3.36% 3.45% 3.10% YTD 3.39% 3.30% 3.27% 3.10% BOOK VALUE PER SHARE (1) $ 17.13 $ 16.43 $ 16.02 $ 15.64 12/31/99 9/30/99 6/30/99 3/31/99 ------------------------------------------------------------- REVENUES Net Premiums $ 43,114,344 $ 21,101,366 $ 18,372,285 $18,247,102 Investment Income 26,724,547 19,528,879 20,677,325 18,159,060 Realized gains(losses) (597,464) (793,008) (157,755) 263,458 Net Change in FV of ED's Other Revenue 1,575,505 1,250,961 149,262 239,701 ------------------------------------------------------------- Total Revenues 70,816,932 41,088,198 39,041,117 36,909,321 ------------------------------------------------------------- BENEFITS AND EXPENSES Claims and Benefits 31,447,754 17,232,038 15,507,499 15,765,869 Annuity Interest 9,724,666 4,762,521 3,948,668 3,876,829 Policy Acquisition & Insurance costs 16,751,414 9,052,163 8,991,772 7,405,339 Financing Costs - - - - Operating Expenses 3,133,536 1,326,416 1,846,935 1,378,915 ------------------------------------------------------------- Total Benefits and Expenses 61,057,370 32,373,138 30,294,874 28,426,952 Cumulative Effect - - - - ------------------------------------------------------------- NET (LOSS) INCOME $ 9,759,562 $ 8,715,060 $ 8,746,243 $ 8,482,369 ============================================================= ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses (597,464) (793,008) (157,755) 263,458 Net Change in FV of ED's (3) - - - - Change in DAC Amort from ED's - - - - Shareholder lawsuit settlement - - - - Transamerica annuity contract 3,446,911 3,429,323 4,062,300 2,653,060 Transamerica SOP adjustment ------------------------------------------------------------- OPERATING (LOSS) INCOME, X-TA $ 6,910,115 $ 6,078,745 $ 4,841,698 $ 5,565,851 ============================================================= NET INCOME (LOSS) PER SHARE Basic Shares 25,499,999 25,499,999 25,499,999 25,499,999 Earnings $ 0.38 $ 0.34 $ 0.34 $ 0.33 Diluted Shares 27,369,033 27,218,541 27,114,771 27,181,315 Earnings $ 0.36 $ 0.32 $ 0.32 $ 0.31 OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ 0.25 $ 0.22 $ 0.18 $ 0.20 LIFE INSURANCE IN FORCE Face Amount (000's) $ 45,407,000 $ 36,558,000 $ 31,229,000 $29,960,000 Premium $ 110,000,000 $ 79,200,000 $ 73,700,000 $73,000,000 ANNUITY DEPOSITS (000s) $ 1,603,383 $ 1,625,983 $ 1,607,049 $ 1,510,639 EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 4.42% 3.23% 4.73% 3.74% YTD 4.09% 3.89% 4.25% 3.74% BOOK VALUE PER SHARE (1) $ 15.37 $ 15.18 $ 14.95 $ 14.88 12/31/98 9/30/98 6/30/98 --------------------------------------------- REVENUES Net Premiums $ 17,878,140 $ 10,065,750 Investment Income 14,464,369 5,366,566 4,299,615 Realized gains(losses) 1,505,617 1,018,990 148,674 Net Change in FV of ED's Other Revenue 311,243 --------------------------------------------- Total Revenues 34,159,369 16,451,306 4,448,289 --------------------------------------------- BENEFITS AND EXPENSES Claims and Benefits 14,897,615 8,399,500 Annuity Interest 1,989,000 Policy Acquisition & Insurance costs 6,341,697 200,175 Financing Costs - - - Operating Expenses 1,705,631 1,191,465 873,278 --------------------------------------------- Total Benefits and Expenses 24,933,943 9,791,140 873,278 Cumulative Effect - - - --------------------------------------------- NET (LOSS) INCOME $ 9,225,426 $ 6,660,166 $ 3,575,011 ============================================= ADJUSTMENTS TO NET INCOME TO GET TO OPERATING INCOME, EXCLUDING TRANSAMERICA Realized Gains & Losses 1,505,617 1,018,990 148,674 Net Change in FV of ED's (3) - - - Change in DAC Amort from ED's - - - Shareholder lawsuit settlement - - - Transamerica annuity contract 2,242,565 - - Transamerica SOP adjustment --------------------------------------------- OPERATING (LOSS) INCOME, X-TA $ 5,477,244 $ 5,641,176 $ 3,426,337 ============================================= NET INCOME (LOSS) PER SHARE Basic Shares 25,499,999 25,499,999 21,016,483 Earnings $ 0.36 $ 0.26 $ 0.17 Diluted Shares 27,373,430 26,629,834 22,405,132 Earnings $ 0.34 $ 0.25 $ 0.16 OPERATING (LOSS) INCOME, PER FULLY DILUTED SHARE X-TA (2) $ 0.20 $ 0.21 $ 0.15 LIFE INSURANCE IN FORCE Face Amount (000's) $ 22,538,000 $ 15,000,000 Premium $ 54,900,000 $ 40,000,000 ANNUITY DEPOSITS (000s) $ 1,283,676 $ 1,057,702 EXPENSE RATIO AS A % OF REVENUE, X-CHANGE IN FV OF EMBEDDED DERIVATIVES Current Quarter 4.99% 7.24% 19.63% YTD 6.85% 9.88% 19.63% BOOK VALUE PER SHARE (1) $ 14.72 $ 14.55 $ 14.03
(1) COMPUTED AS REPORTED BV DIVIDED BY OUSTANDING SHARES. (2) UTILIZIES 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 ----------------------------------------------------------------- FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ------------- -------------- ------------- -------------- LIFE REINSURANCE 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 ------------- ------------- ------------- ------------- Policyholder 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 3,729,072 2,964,027 4,122,401 3,657,241 cumulative effect of FAS 133/SOP 03-1 Cumulative effect of FAS 133/SOP 03-1 - - - - ------------- ------------- ------------- ------------- 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 ----------------------------------------------------------------- FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ------------- -------------- ------------- -------------- LIFE REINSURANCE 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 ------------- ------------- ------------- ------------- Policyholder 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 (4,282,446) (4,665,746) (25,385,802) (9,149,155) cumulative effect of FAS 133/SOP 03-1 Cumulative effect of FAS 133/SOP 03-1 (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 ----------------------------------------------------------------- FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ------------- -------------- ------------- -------------- LIFE REINSURANCE 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 ------------- ------------- ------------- ------------- Policyholder 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 2,936,401 (29,737,373) (18,253,643) (33,191,785) cumulative effect of FAS 133/SOP 03-1 Cumulative effect of FAS 133/SOP 03-1 - - - - ------------- ------------- ------------- ------------- 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 ----------------------------------------------------------------- FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ------------- -------------- ------------- -------------- LIFE REINSURANCE Life premiums 58,575,661 56,053,471 28,035,629 17,750,914 Net investment income 1,594,325 1,453,958 1,977,934 891,141 ------------- ----------- ----------- ----------- Total Revenues 60,169,987 57,507,429 30,013,563 18,642,054 ------------- ----------- ----------- ----------- Policyholder Benefits 68,573,550 58,156,608 17,741,449 18,180,838 Expenses 36,742,604 38,689,150 11,693,345 6,991,763 Financing costs - - - - ------------- ----------- ----------- ----------- Total Expenses 105,316,155 96,845,758 29,434,795 25,172,601 ------------- ----------- ----------- ----------- Life Segment Income (Loss) (45,146,168) (39,338,329) 578,769 (6,530,547) ============= =========== =========== =========== Invested assets ........................... 256,932,453 242,567,939 141,914,107 126,796,271 ------------- ----------- ----------- ----------- Total Assets .............................. 446,513,145 396,766,778 273,604,371 250,732,481 ============= =========== =========== =========== Policyholder benefit liabilities .......... 256,908,708 235,720,387 187,391,334 161,105,541 ------------- ----------- ----------- ----------- Total Liabilities ......................... 346,213,145 306,766,778 225,404,371 216,932,481 ============= =========== =========== =========== Shareholders equity ....................... 100,300,000 90,000,000 48,200,000 33,800,000 ============= =========== =========== =========== Segment Return on Equity - Annualized -139.2% -165.4% 3.4% -63.7% ============= =========== =========== =========== ROR -75.0% -68.4% 1.9% -35.0% ============= =========== =========== =========== ANNUITY REINSURANCE Annuity premiums and fees 4,180,500 5,513,028 2,289,632 1,871,021 Net investment income 19,922,631 2,253,771 16,817,569 (725,732) ------------- ----------- ----------- ----------- Total Revenues 24,103,131 7,766,799 19,107,200 1,145,289 ------------- ----------- ----------- ----------- Annuity Benefits 11,387,649 30,486,140 8,975,705 (1,518,312) Expenses 20,585,958 10,344,598 13,573,014 2,658,605 ------------- ----------- ----------- ----------- Total Expenses 31,973,607 40,830,738 22,548,719 1,140,293 ------------- ----------- ----------- ----------- Annuity Segment Income (Loss), before (7,870,476) (33,063,939) (3,441,519) 4,996 cumulative effect of FAS 133/SOP 03-1 Cumulative effect of FAS 133/SOP 03-1 - - - - ------------- ----------- ----------- ----------- Annuity Segment Income (Loss) (7,870,476) (33,063,939) (3,441,519) 4,996 ============= =========== =========== =========== Invested assets ........................... 984,719,779 798,170,410 691,161,997 657,250,211 ------------- ----------- ----------- ----------- Total Assets .............................. 1,043,908,700 849,885,167 730,598,264 695,317,546 ============= =========== =========== =========== Interest sensitive contract liabilities ... 998,608,700 815,685,167 704,798,264 670,717,546 ------------- ----------- ----------- ----------- Total Liabilities ......................... 998,608,700 815,685,167 704,798,264 670,717,546 ============= =========== =========== =========== Shareholders equity ....................... 45,300,000 34,200,000 25,800,000 24,600,000 ============= =========== =========== =========== Segment Return on Equity - Annualized -57.7% -332.7% -45.9% 0.1% ============= =========== =========== =========== Seg inc/Ave. Policyholder Liab - Annualized -2.6% -14.6% -1.8% 0.0% ============= =========== =========== ===========
DECEMBER 31, 2004 -------------------------------------------------------------- LIFE REINSURANCE FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER - ------------------------------------------- ------------- -------------- ------------- -------------- Life premiums 13,665,652 9,691,437 9,906,337 13,731,847 Net investment income 949,848 823,604 714,030 670,269 ----------- ----------- ----------- ----------- Total Revenues 14,615,501 10,515,041 10,620,367 14,402,116 ----------- ----------- ----------- ----------- Policyholder Benefits 10,126,936 8,598,049 3,321,096 (10,581,972) Expenses 4,313,985 1,182,626 4,695,812 28,614,588 Financing costs - - - - ----------- ----------- ----------- ----------- Total Expenses 14,440,920 9,780,675 8,016,909 18,032,616 ----------- ----------- ----------- ----------- Life Segment Income (Loss) 174,580 734,366 2,603,459 (3,630,500) =========== =========== =========== =========== Invested assets ........................... 93,133,674 101,043,377 82,596,960 74,273,340 ----------- ----------- ----------- ----------- Total Assets .............................. 216,526,757 220,280,815 197,754,315 163,747,140 =========== =========== =========== =========== Policyholder benefit liabilities .......... 161,055,848 163,175,277 151,673,217 109,860,843 ----------- ----------- ----------- ----------- Total Liabilities ......................... 184,226,757 187,980,815 167,054,315 159,047,140 =========== =========== =========== =========== Shareholders equity ....................... 32,300,000 32,300,000 30,700,000 4,700,000 =========== =========== =========== =========== Segment Return on Equity - Annualized 2.1% 9.1% 33.1% -82.0% =========== =========== =========== =========== ROR 1.2% 7.0% 24.5% -25.2% =========== =========== =========== =========== ANNUITY REINSURANCE Annuity premiums and fees 1,719,921 2,168,012 1,024,405 865,786 Net investment income 8,200,153 2,834,257 4,002,171 3,032,491 ----------- ----------- ----------- ----------- Total Revenues 9,920,074 5,002,269 5,026,576 3,898,277 ----------- ----------- ----------- ----------- Annuity Benefits 3,646,972 1,993,643 7,861,951 (5,466,085) Expenses 4,939,490 4,222,238 1,919,844 64,387,875 ----------- ----------- ----------- ----------- Total Expenses 8,586,461 6,215,881 9,781,795 58,921,790 ----------- ----------- ----------- ----------- Annuity Segment Income (Loss), before 1,333,613 (1,213,611) (4,755,219) (55,023,513) cumulative effect of FAS 133/SOP 03-1 Cumulative effect of FAS 133/SOP 03-1 (365,960) - - - ----------- ----------- ----------- ----------- Annuity Segment Income (Loss) 967,653 (1,213,611) (4,755,219) (55,023,513) =========== =========== =========== =========== Invested assets ........................... 631,385,390 598,468,291 576,064,672 56,203,120 ----------- ----------- ----------- ----------- Total Assets .............................. 702,159,200 666,102,422 642,979,101 59,554,009 =========== =========== =========== =========== Interest sensitive contract liabilities ... 677,459,200 643,402,422 621,979,101 57,754,009 ----------- ----------- ----------- ----------- Total Liabilities ......................... 677,459,200 643,402,422 621,979,101 57,754,009 =========== =========== =========== =========== Shareholders equity ....................... 24,700,000 22,700,000 21,000,000 1,800,000 =========== =========== =========== =========== Segment Return on Equity - Annualized 21.6% -20.5% -87.1% -1930.6% =========== =========== =========== =========== Seg inc/Ave. Policyholder Liab - Annualized 0.8% -0.7% -3.0% -64.8% =========== =========== =========== ===========
ANNUITY & LIFE RE SEGMENT PERFORMANCE INFORMATION
DECEMBER 31, 2000 -------------------------------------------------------------------- FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ------------- -------------- ------------- -------------- CORPORATE Net investment income, including realized 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 7,702,876 7,628,231 10,706,839 13,063,789 effect of FAS 133/SOP 03-1 Cumulative effect of FAS 133/SOP 03-1 - - - - ------------- ------------- ------------- ------------- 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 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 2,006,770 5,469,204 (42,680,474) (1,711,195) effect of FAS 133/SOP 03-1 Cumulative effect of FAS 133/SOP 03-1 (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 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 10,433,630 (20,293,999) (19,147,016) (99,879,901) effect of FAS 133/SOP 03-1 Cumulative effect of FAS 133/SOP 03-1 - - - - ------------- ------------- ------------- ------------- 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 realized capital gains and (losses) 2,060,459 5,205,648 211,124 478,670 Expenses 1,518,631 1,519,821 1,135,278 1,130,542 ------------- ------------- ------------- ------------- Net income 541,828 3,685,827 (924,154) (651,872) ============= ============= ============= ============= Invested assets 76,740,945 29,576,558 75,167,532 81,659,092 ------------- ------------- ------------- ------------- Total Assets 82,205,050 32,087,049 77,216,650 83,832,312 ============= ============= ============= ============= Total Liabilities 11,587,846 9,565,313 8,637,124 7,059,733 ============= ============= ============= ============= Shareholders equity 70,617,204 22,521,736 68,579,526 76,772,579 ============= ============= ============= ============= Segment Return on Equity - Annualized 3.7% 31.7% -8.1% -3.6% ============= ============= ============= ============= CONSOLIDATED Net premiums and fees 62,756,161 61,566,499 30,325,261 19,621,935 Net investment income, including realized capital gains and (losses) 23,577,416 8,913,377 19,006,627 644,078 ------------- ------------- ------------- ------------- Total Revenues 86,333,577 70,479,876 49,331,887 20,266,013 ------------- ------------- ------------- ------------- Policyholder Benefits 79,961,199 88,642,748 26,717,155 16,662,526 Expenses 58,847,194 50,553,568 26,401,637 10,780,910 Financing costs - - - - ------------- ------------- ------------- ------------- Total benefits and expenses 138,808,393 139,196,316 53,118,792 27,443,436 ------------- ------------- ------------- ------------- Net income (loss), before cumulative (52,474,816) (68,716,440) (3,786,905) (7,177,423) effect of FAS 133/SOP 03-1 Cumulative effect of FAS 133/SOP 03-1 - - - - ------------- ------------- ------------- ------------- Net Income (Loss) (52,474,816) (68,716,440) (3,786,905) (7,177,423) ============= ============= ============= ============= Invested assets, including funds withheld 1,318,393,177 1,070,314,907 908,243,636 865,705,574 ------------- ------------- ------------- ------------- Total Assets 1,572,626,895 1,278,738,994 1,081,419,285 1,029,882,339 ============= ============= ============= ============= Policyholder benefit and interest sensitive contract liabilities 1,255,517,408 1,051,405,554 892,189,598 831,823,087 ------------- ------------- ------------- ------------- Total Liabilities 1,356,409,691 1,132,017,258 938,839,759 894,709,760 ============= ============= ============= ============= Shareholders equity 216,217,204 146,721,736 142,579,526 135,172,579 ============= ============= ============= ============= Segment Return on Equity - Annualized -86.6% -151.5% -10.5% -20.7% ============= ============= ============= ============= DECEMBER 31, 2004 ---------------------------------------------------------------------- FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER ------------- -------------- ------------- -------------- CORPORATE Net investment income, including realized realized capital gains and (losses) 1,387,046 567,106 545,081 592,112 Expenses 1,694,885 6,518,238 1,489,025 1,572,865 ------------- ----------- ----------- ----------- Net income (307,839) (5,951,132) (943,944) (980,753) ============= =========== =========== =========== Invested assets 82,300,712 83,911,530 78,104,079 64,367,820 ------------- ----------- ----------- ----------- Total Assets 84,886,361 86,128,401 79,890,539 66,104,207 ============= =========== =========== =========== Total Liabilities 4,951,505 14,063,895 5,519,109 6,186,995 ============= =========== =========== =========== Shareholders equity 79,934,856 72,064,506 74,371,430 59,917,212 ============= =========== =========== =========== Segment Return on Equity - Annualized -1.6% -31.3% -5.2% -5.8% ============= =========== =========== =========== CONSOLIDATED Net premiums and fees 15,385,573 11,859,449 10,930,742 14,597,633 Net investment income, including realized capital gains and (losses) 10,537,048 4,224,967 5,261,282 4,294,871 ------------- ----------- ----------- ----------- Total Revenues 25,922,621 16,084,416 16,192,024 18,892,505 ------------- ----------- ----------- ----------- Policyholder Benefits 13,773,908 10,591,692 11,183,047 (16,048,057) Expenses 10,948,359 11,923,102 8,104,682 94,575,328 Financing costs - - - - ------------- ----------- ----------- ----------- Total benefits and expenses 24,722,267 22,514,794 19,287,729 78,527,271 ------------- ----------- ----------- ----------- Net income (loss), before cumulative 1,200,354 (6,430,378) (3,095,705) (59,634,766) effect of FAS 133/SOP 03-1 Cumulative effect of FAS 133/SOP 03-1 (365,960) - - - ------------- ----------- ----------- ----------- Net Income (Loss) 834,394 (6,430,378) (3,095,705) (59,634,766) ============= =========== =========== =========== Invested assets, including funds withheld 806,819,776 783,423,198 783,423,198 194,844,280 ------------- ----------- ----------- ----------- Total Assets 1,003,572,318 972,511,638 920,623,955 289,405,356 ============= =========== =========== =========== Policyholder benefit and interest sensitive contract liabilities 838,515,048 806,577,699 773,652,318 167,614,852 ------------- ----------- ----------- ----------- Total Liabilities 866,637,462 845,447,132 794,552,525 222,988,144 ============= =========== =========== =========== Shareholders equity 136,934,856 127,064,506 126,071,430 66,417,212 ============= =========== =========== =========== Segment Return on Equity - Annualized 3.5% -19.5% -9.8% -247.8% ============= =========== =========== ===========
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