NU Online News Service, April 4, 2003, 11:30 a.m. EST – Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, is reporting a $99.9 million net loss for the fourth quarter of 2002 on $113 million in revenue, compared with a net loss of $1.7 million on $108 million in revenue for the fourth quarter of 2001.
The income figures for the latest quarter do not include any reinsurance losses related to the Sept. 11, 2001, terrorist attacks.
The income figures do include at least $25 million in claims, reserve additions and contract valuation adjustments resulting from the effects of the stock market slump on annuity reinsurance contracts.
The figures also include $43 million in unexpected life insurance death claims, Annuity and Life says.