EX-23.(II) 4 dex23ii.htm FINANCIAL STATEMENT SCHEDULES Financial Statement Schedules


Exhibit 23 (ii)

C.M. Life Insurance Company

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

As of December 31, 2001
(In Millions)

Type of Investment
Cost or   
other basis
Fair 
value
Statutory  
Statement of
Financial   
Position   

amounts   
       
Bonds:
     U.S. Treasury securities and obligations of
          U.S. government corporations and agencies
$   119.7
$   119.7
$   119.7
     Debt securities issued by foreign governments
2.1
2.1
2.1
     Mortgage-backed securities
109.1
109.5
109.1
     State and local governments
1.1
1.1
1.1
     Asset-backed securities
49.5
49.5
49.5
     Corporate debt securities
812.3
814.6
812.3
     Utilities
63.9
65.0
63.9
     Affiliates
8.0
7.8
8.0
 


          Total bonds
1,165.7
1,169.3
1,165.7
 


Mortgage loans
329.0
337.9
329.0
Policy loans
132.4
132.4
132.4
Other investments
     Preferred stock: affiliates
0.5
0.5
0.5
     Other investments
23.7
23.7
23.7
 


          Total other investments
24.2
24.2
24.2
 


Cash and short-term investments
209.6
209.6
209.6
 


          Total investments
$ 1,860.9
$1,873.4
$ 1,860.9
 



Exhibit 23 (ii)

C.M. Life Insurance Company

Schedule III: Supplementary Insurance Information (1)

December 31, 2001
(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
                           
                           
2001 $1,753.4   $7.0   $1,618.8   $115.3   $1,557.5   $121.9   $183.3
                           
2000 $1,362.9   $4.3   $2,288.6   $100.9   $2,171.9   $140.2   $185.2
                           
1999 $1,175.9   $4.6   $   935.5   $  85.0   $   872.6   $  82.6   $131.9

 

(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.

Exhibit 23(ii)

C.M. Life Insurance Company

Schedule IV: Reinsurance

For the Years Ended December 31, 2001, 2000 and 1999
(In Millions)

Gross
amount
Ceded
to other

companies
Net
amount
             
     December 31, 2001
 
 
 
             
 
 
 
Life insurance in force
$66,877.2
 
$44,365.1
 
$22,512.1
 
 
 
 
 
Premium and other considerations:
 
 
 
     Individual life and annuities
$  1,730.6
 
$     116.4
 
$  1,614.2
 
     Group life
4.7
 
0.1
 
4.6
 
 
 
 
 
Total premium income
$  1,735.3
 
$     116.5
 
$  1,618.8
 
 
 
 
 
 
 
 
 
     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
 
 
 
 
 


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, 2001
 
Bonds, preferred stocks
$10.5
 
$ 7.4
$ (6.0
)
$ (1.1
)
$  0.3
$10.8
Mortgage loans
7.6
 
(2.3
)
-
-
(2.3
)
5.3
Other investments
2.7
 
0.5
0.2
(3.4
)
(2.7
)
-
 
 
 
 
 
 
     Asset valuation and other investment
     reserves (6)
$20.8
 
$ 5.6
$ (5.8
)
$ (4.5
)
$ (4.7
)
$16.1
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 

 

(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.