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Annuity & Life Reports Lower 1st Quarter Net

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NU Online News Service, April 23, 6:02 p.m. – Annuity & Life Re (Holdings) Ltd., Hamilton, Bermuda, is reporting $8.2 million in net income for the first quarter on $106 million in revenue, compared with $12 million in net income on $80 million in revenue for the first quarter of 2001.

Annuity & Life originally hoped to reinsure both life insurance policies and annuities, but it has pulled back from the annuity market because of serious problems with one large annuity contract.

Life reinsurance revenue increased to $75 million, from $48 million.

Annuity reinsurance revenue increased much more slowly, to $29 million, from $28 million.