ANNUITY AND LIFE RE (HOLDINGS), LTD.
CONSOLIDATED BALANCE SHEETS
(U.S. dollars)
June 30, 2003 December 31,
Assets
(unaudited) 2002
Cash and cash
equivalents
$139,793,317 $152,930,908
Fixed income
investments at fair value
(amortized cost
of
$82,117,597
and $146,487,903 at
June 30, 2003 and
December 31,
2002)
85,064,792 153,415,429
Funds withheld at
interest
845,456,798 1,427,093,380
Accrued
investment income
1,080,806 2,141,338
Receivable for
reinsurance ceded
90,396,049 93,669,173
Other reinsurance
receivables
6,947,154 25,025,453
Deferred policy
acquisition costs
108,570,393 187,913,648
Other assets 1,429,685 2,508,858
Total
Assets
$1,278,738,994 $2,044,698,187
Liabilities
Reserves for
future policy benefits
$235,720,387 $269,619,809
Interest
sensitive contracts liability
815,685,167 1,443,143,080
Other reinsurance
liabilities
71,046,391 51,139,164
Accounts payable
and accrued expenses
9,565,313 12,459,423
Total
Liabilities
$1,132,017,258 $1,776,361,476
Stockholders'
Equity
Preferred shares
(par value $1.00;
50,000,000
shares
authorized; no
shares outstanding) $- $-
Common shares
(par value $1.00;
100,000,000 shares
authorized;
26,579,228 and
26,106,328
shares outstanding
at June 30,
2003 and December 31,
2002)
26,579,228 26,106,328
Additional
paid-in capital 334,887,270 335,334,932
Notes receivable
from stock sales
- (1,626,493)
Unamortized stock
grant compensation
(2,318,844) (2,514,693)
Stock
warrants
1,250,000 -
Accumulated other
comprehensive income
2,641,227 6,162,525
(Deficit)
(216,317,145) (95,125,888)
Total
Stockholders' Equity
$146,721,736 $268,336,711
Total Liabilities and
Stockholders' Equity
$1,278,738,994 $2,044,698,187
ANNUITY AND LIFE RE (HOLDINGS), LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in U.S. dollars)
For the Three Months Ended
For the Six Months Ended
June 30, June 30,
2003 2002 2003 2002
Revenues
Net premiums $58,563,721 $92,065,743
$119,929,634 $170,072,634
Investment
income, net of
related
expenses 5,734,738 26,366,669 13,893,427
50,956,459
Net realized
investment
gains 4,896,176 1,837,672 6,560,044
1,515,964
Net change in
fair value of
embedded
derivatives (1,717,537) (6,566,805)
12,037,322 (4,976,707)
Surrender fees
and other
revenues 3,002,778 6,161,207 4,393,025
10,057,332
Total
Revenues $70,479,876 $119,864,486 $156,813,452
$227,625,682
Benefits and
Expenses
Claims and policy
benefits $84,425,206 $74,443,139 $159,514,646
$133,258,745
Interest credited
to interest
sensitive
products 4,217,542 20,948,167 9,089,301
38,870,513
Policy
acquisition
costs and other
insurance
expenses 44,631,210 40,571,869 97,132,274 56,207,987
Collateral
costs - 1,053,037 -
2,348,741
Operating
expenses 5,922,358 3,142,272 12,268,488
6,800,064
Total Benefits
and
Expenses $139,196,316 $140,158,484 $278,004,709
$237,486,050
Net (Loss) $(68,716,440) $(20,293,998)
$(121,191,257) $(9,860,368)
Net (loss) per
common share
Basic $(2.66) $(0.79) $(4.69)
$(0.38)
Diluted $(2.66) $(0.79) $(4.69)
$(0.38)
ANNUITY AND LIFE RE (HOLDINGS), LTD.
SEGMENT RESULTS
(Unaudited and in U.S. dollars)
Three Months
Ending June Life Annuity
30, 2003 Reinsurance Reinsurance
Corporate Consolidated
Revenues $57,507,429 $7,766,799
$5,205,648 $70,479,876
Benefits and
expenses 96,845,758 40,830,738 1,519,821 139,196,316
Segment
(Loss)
Income $(39,338,329) $(33,063,939)
$3,685,827 $(68,716,440)
Total
Assets $396,766,778 $849,885,167 $32,087,049
$1,278,738,994
Fully Diluted
Earnings per
Share $(1.59) $(1.31) $0.24
$(2.66)
Book Value
per share $5.52
Three Months
Ending June
30, 2002
Revenues $94,465,177 $21,395,350
$4,003,959 $119,864,486
Benefits and
expenses 88,013,741 51,185,729
959,014 140,158,484
Segment
Income
(Loss) $6,451,436 $(29,790,379)
$3,044,945 $(20,293,998)
Total Assets $605,018,193 $1,553,294,479
$137,994,918 $2,296,307,590
Fully Diluted
Earnings per
Share $0.26 $(1.16)
$0.11 $(0.79)
Book Value
per share $15.14
Six Months
Ending June
30, 2003
Revenues $117,677,416 $31,869,930
$7,266,106 $156,813,452
Benefits and
expenses 202,161,913 72,804,345
3,038,452 278,004,709
Segment
(Loss)
Income $(84,484,497) $(40,934,415)
$4,227,655 $(121,191,257)
Fully Diluted
Earnings per
Share $(3.34) $(1.62) $0.26
$(4.69)
Book Value
per share $5.52
Six Months
Ending June
30, 2002
Revenues $173,611,221 $48,311,104
$5,703,357 $227,625,682
Benefits and
expenses 159,970,569 75,183,152
2,332,329 237,486,050
Segment
Income
(Loss) $13,640,652 $(26,872,048)
$3,371,028 $(9,860,368)
Fully Diluted
Earnings per
Share $0.54 $(1.04)
$0.12 $(0.38)
Book Value
per share $15.14