Discover relevant content from across the suite of ALM legal publications
From the Industry
More content from ThinkAdvisor and select sponsors
Investment Advisor Issue Gallery
Read digital editions of Investment Advisor Magazine
Tax Facts
Get clear, current, and reliable answers to pressing tax questions
Copyright © 2024 ALM Global, LLC. All Rights Reserved.
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
August 15, 2002 at 08:00 PM
NU Online News Service, Aug. 15, 7:30 p.m. – Annuity & Life (Re) Holdings Ltd., Hamilton, Bermuda, is reporting a $20 million net loss for the second quarter on $120 million in revenue, compared with $15 million in net income on $88 million in revenue for the second quarter of 2001.
Annuity & Life Re sells reinsurance for life insurance policies and annuity contracts.
The life reinsurance operation generated $7.1 million in income on $95 million in revenue.
The annuity reinsurance operation lost $30 million on $21 million in revenue because of problems with convertible bonds in a portfolio backing one large annuity reinsurance arrangement, Annuity & Life Re says.
Annuity & Life Re also reports that its auditors have been unable to audit its latest financial statements because of the difficulty of reviewing and revamping its accounting for certain fixed annuity contracts. The company has agreed to a request by a U.S. Securities and Exchange Commission to treat some provisions in the contracts as embedded derivatives.
Company management will certify the second-quarter quarterly report, or Form 10-Q filing, after the audit is completed, the company says.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Copyright © 2024 ALM Global, LLC. All Rights Reserved.
Podcast Center
Video Center
Webcasts
Resource Center
Events
