ANNUITY AND LIFE RE (HOLDINGS), LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars)
March 31, 2005 December 31, 2004
Assets
(Unaudited)
Cash and cash
equivalents
$36,497,436 $56,394,484
Fixed income
investments at fair
value (amortized
cost of $63,976,362
and $80,767,893
at March 31, 2005, and
December 31,
2004
63,855,193 82,034,410
Funds withheld at
interest
55,902,525 56,415,386
Accrued
investment income 840,696 1,155,762
Receivable for
reinsurance ceded
79,524,877 82,433,270
Other reinsurance
receivables
4,122,913 4,306,931
Deferred policy
acquisition costs
5,926,854 6,084,488
Other assets
363,674 580,625
Total
Assets
$247,034,168 $289,405,356
Liabilities
Reserves for
future policy benefits
$109,115,788 $109,860,843
Interest
sensitive
contracts
liability
56,574,414 57,754,009
Other reinsurance
liabilities
14,589,434 49,186,297
Accounts payable and accrued expenses 2,096,101 6,186,995
Total
Liabilities
182,375,737 222,988,143
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
26,338,528 shares
outstanding at
March 31, 2005,
and December 31,
2004) 26,338,528
26,338,528
Additional
paid-in capital
333,807,041 333,810,766
Stock
warrants
1,350,000 1,350,000
Unamortized
stock-based compensation
(346,600) (490,415)
Accumulated other
comprehensive
income
(113,947) 1,016,260
Accumulated
deficit
(296,376,591) (295,607,926)
Total
Stockholders' Equity
64,658,431 66,417,213
Total
Liabilities and
Stockholders'
Equity
$247,034,168 $289,405,356
ANNUITY AND LIFE RE (HOLDINGS), LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in U.S. dollars)
For the Three Months
Ended March 31,
2005 2004
Revenues
Net premiums $5,488,266 $14,310,641
Investment
income, net
of related
expenses
1,666,008 9,250,735
Net realized
investment gains
401,150 678,925
Net change in
fair value
of embedded
derivatives
487,145 607,388
Surrender fees
and other revenues
30,636 1,074,932
Total
Revenues
8,073,205 25,922,621
Benefits and
Expenses
Claims and policy
benefits
4,602,443 10,244,658
Interest credited
to interest
sensitive
products
369,178 3,529,250
Policy
acquisition costs and
other insurance
expenses
1,356,238 8,180,997
Operating
expenses
2,514,011 2,767,362
Total Benefits
and Expenses
8,841,870 24,722,267
(Loss) income before
cumulative
effect of a
change in
accounting
principle
$(768,665) $1,200,354
Cumulative effect
of a change
in accounting
principle
-- (365,960)
Net (Loss) Income $(768,665) $834,394
(Loss) income per
common share before
cumulative
effect of a change in
accounting
principle
Basic
$(0.03) $0.04
Diluted
$(0.03) $0.04
Cumulative effect
of a change in
accounting
principle per
common share
Basic
$-- $(0.01)
Diluted $-- $(0.01)
Net (loss) income
per common share
Basic
$(0.03) $0.03
Diluted
$(0.03) $0.03
ANNUITY AND LIFE RE (HOLDINGS), LTD.
CONDENSED
CONSOLIDATED STATEMENTS OF SEGMENT INCOME (LOSS)
(Unaudited and in U.S. dollars)
Three Months
Ended
March 31, 2005
Life Annuity
Reinsurance Reinsurance Corporate Consolidated
Revenues $5,967,919 $1,193,807 $911,478
$8,073,205
Benefits and
Expenses 5,788,237 756,650 2,296,983 8,841,870
Segment Income
(Loss) $179,682 $437,158 $(1,385,505)
$(768,665)
Total
Assets $128,305,222 $58,374,414 $60,354,532
$247,034,168
Fully Diluted
Earnings
per Share $0.00
$0.02 $(0.05) $(0.03)
Book Value
per share -- --
-- $2.45
Three Months
Ended
March 31, 2004
Revenues $14,615,501 $9,920,074 $1,387,046
$25,922,621
Benefits and
Expenses 14,440,920 8,586,461
1,694,885 24,722,266
Segment Income
(Loss) $174,580 $1,333,613 $(307,839)
$1,200,355
Cumulative
effect
of adopting
SOP 03-1 -- (365,960)
-- (365,960)
Net Segment
Income
(Loss) $174,580 $967,653 $(307,839)
$834,395
Total
Assets $216,526,756 $702,159,200 $84,886,362
$1,003,572,318
Fully Diluted
Earnings
per Share $0.00 $0.04
$(0.01) $0.03
Book Value
per share -- --
-- $5.18