EX-23.II 3 dex23ii.htm FINANCIAL STATEMENT OF SCHEDULES I, II, IV AND V FINANCIAL STATEMENT OF SCHEDULES I, II, IV AND V

Exhibit 23 (ii)

C.M. Life Insurance Company

Schedule I : Summary of Investments Other Than Investments in Related Parties

As of December 31, 2000
(In Millions)

                 
Statutory
  
                 
Statement of
  
                 
Financial
  
     
Cost or
  
Fair
  
Position
  
                     Type of Investment    
other basis
  
value
  
amounts
  
                     
                       
Bonds:                      
   U.S. Treasury securities and obligations of                      
            U.S. government corporations and agencies    
$
70.2
   $
70.2
   $
70.2
  
       
   
   
 
   Debt securities issued by foreign governments      
4.1
    
3.8
    
4.1
  
       
   
   
 
   Mortgage-backed securities      
86.4
    
86.4
    
86.4
  
       
   
   
 
   State and local governments      
1.1
    
1.1
    
1.1
  
             
       
    Corporate debt securities      
682.6
    
682.3
    
682.6
  
                   
 
   Utilities      
46.5
    
46.9
    
46.5
  
       
   
   
 
   Affiliates      
7.9
    
8.2
    
7.9
  
       
 
 
 
                       
               Total bonds      
898.8
898.9
898.8
  
       
 
 
 
                       
                       
Other Investments                      
                       
         Common stocks of affiliates      
13.7
17.9
17.9
  
       
 
          Other investments      
10.6
10.0
10.0
  
       
 
 
 
               Total other investments      
24.3
27.9
27.9
  
       
 
Mortgage loans      
274.8
    
270.1
270.1
  
       
 
Policy loans      
124.0
    
124.0
124.0
  
                       
Cash and short-term investments      
115.4
115.4
115.4
  
       
 
 
 
                       
                  Total investments    
$
1,432.6
   $
1,441.0
   $
1,436.2
  
       
 
 
 
                       
                       
                       

C.M. Life Insurance Company

Schedule III: Supplementary Insurance Information (1)

December 31, 2000
(In Millions)

For the year ended
December 31,
Policyholders’
reserves and
funds
Policyholders’
claims and
other benefits
Premium
income (2)
Net
investment
income
Policyholders’
benefits and
payments and
addition to
policyholders’
reserves and
funds(2)
Commissions
Operating
expenses, state
taxes, licenses
and fees
                             
2000
$1,362.9
$4.3
$2,288.4
$100.9
$2,143.6
$140.2
$185.2
 
 
     
 
1999
$1,175.9
$4.6
$938.8
$85.0
$850.9
$82.6
$131.9
 
 
 
 
1998
$996.3
$3.8
$406.4
$82.4
$354.0
$49.6
$80.2
   
(1)
  		 Deferred policy acquisition cost column has been omitted from this schedule because it does not apply to stock subsidiaries of mutual life insurance companies which use statutory financial statements.
(2)
  		 Payments received for universal life and variable annuities are reported as premium income and changes in reserves.

C.M. Life Insurance Company

Schedule IV: Reinsurance

For the Years Ended December 31, 2000, 1999 and 1998
(In Millions)

     
Ceded
    
 
Gross
To Other
Net
 
Amount
Companies
Amount
               
   December 31, 2000              
               
Life insurance in force
$
64,962.1
$
42,742.7
$
22,219.4
 
 
 
       
     
Premium and other considerations:      
     
   Individual life and annuities
$
2,404.9
$
120.4
$
2,284.5
   Group life  
4.1
  
0.2
  
3.9
 
 
 
Total premium income
$
2,409.0
$
120.6
$
2,288.4
 
 
 
       
     
   December 31, 1999      
     
       
     
Life insurance in force
$
56,708.0
$
35,004.3
$
21,703.7
 
 
 
       
     
Premium and other considerations:      
     
   Individual life and annuities
$
998.6
$
64.5
$
934.1
   Group life
4.7
-
4.7
 
 
 
Total premium income
$
1,003.3
$
64.5
$
938.8
 
 
 
               
   December 31, 1998              
               
Life insurance in force
$
47,088.8
$
27,664.8
$
19,424.0
 
 
 
       
     
Premium and other considerations:      
     
   Individual life and annuities
$
458.8
$
58.8
$
400.0
   Group life
6.8
0.4
6.4
 
 
 
Total premium income
$
465.6
$
59.2
$
406.4
 
 
 
               
               

Exhibit 23 (ii)

C.M. Life Insurance Company

Schedule V – Valuation and Qualifying Accounts

(In Millions)

Description
Balance at
beginning of
period
Additions
reserve
contributions
(1)
Realized
capital
gains
(losses)  (2)
Unrealized
capital
gains
(losses)  (3)
Net
change to
 shareholder’s
equity  (4)
Balance
at end
of
period  (5)
 
   
   
   
   
   
 
As of and for the year ended
   
   
   
   
   
   
      December 31, 2000
   
   
   
   
   
   
Bonds, preferred stocks
$
10.0
  
$
2.3
  
$
(0.5
 )
$
(1.3
 )
$
0.5
  
$
10.5
  
Mortgage loans
8.4
  
0.3
  
(1.1
 )
     -
  
(0.8
 )
7.6
  
Other investments
4.3
  
0.4
  
-
  
  (2.0
 )
(1.6
 )
2.7
  
 
 
 
 
 
 
 
   Asset valuation and other investment reserves (6)
$
22.7
  
$
3.0
  
$
(1.6
 )
$
(3.3
 )
$
(1.9
 )
$
20.8
  
 
 
 
 
 
 
 
 
   
   
   
 
   
   
As of and for the year ended
   
   
   
 
   
   
      December 31, 1999
   
   
   
 
   
   
Bonds, preferred stocks
$
6.9
  
$
1.5
  
$
(1.9
 )
$
3.5
  
$
3.1
  
$
10.0
  
Mortgage loans
6.0
  
2.4
  
-
  
    -
  
2.4
  
8.4
  
Other investments
11.0
  
(3.3
 )
(3.6
 )
  0.2
  
(6.7
 )
4.3
  
 
 
 
 
 
 
 
   Asset valuation and other investment reserves (6)
$
23.9
  
$
0.6
  
$
(5.5
 )
$
3.7
  
$
(1.2
 )
$22.7
  
 
 
 
 
 
 
 
 
   
   
   
 
   
   
As of and for the year ended
   
   
   
 
   
   
      December 31, 1998
   
   
   
 
   
   
Bonds, preferred stocks
$
5.2
  
$
1.8
  
$
(0.1
 )
$
   -
  
$
1.7
  
$
6.9
  
Mortgage loans
6.1
  
0.5
  
(0.6
 )
    -
  
(0.1
 )
6.0
  
Other investments
15.3
  
1.5
  
-
  
 (5.8
 )
(4.3
 )
11.0
  
 
 
 
 
 
 
 
   Asset valuation and other investment reserves (6)
$
26.6
  
$
3.8
  
$
(0.7
 )
$
(5.8
 )
$
(2.7
 )
$
23.9
  
 
 
 
 
 
 
 
                                     
(1)
  		 Amounts represent contributions calculated on a statutory formula and other amounts we deem necessary. The statutory formula provides for maximums that when exceeded cause, a negative contribution. Additionally, these amounts represent the net impact on shareholder’s equity for investment gains and losses not related to changes in interest rates.
(2)
  		 These amounts offset realized capital gains (losses), net of tax, that have been recorded as a component of net income. Amounts include realized capital gains and losses, net of tax, on sales not related to interest fluctuations, such as repayments of mortgage loans at a discount and mortgage loan foreclosures.
(3)
  		 These amounts offset unrealized capital gains (losses), recorded as a change in shareholder’s equity. Amounts include unrealized losses due to market value reductions of securities with a National Association of Insurance Commissioners’ quality rating of 6 and net changes in the unrealized capital gains and losses from affiliated mutual funds.
(4)
  		 Amounts represent the reserve contribution (note 1) less amounts already recorded (notes 2 and 3). This net change in reserves is recorded as a change to shareholder’s equity.
(5)
  		 The balance is comprised of the asset valuation reserve and other investment reserves, which is recorded as a liability in the statutory financial statements.
(6)
  		 The Asset Valuation Reserve is a component of Total Adjusted Capital, while other investment reserves are excluded from Total Adjusted Capital, according to the National Association of Insurance Commissioners’ definition.

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