Close Close
Sign In
Newsletters
Popular Financial Topics 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
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Annuity And Life Could Break Even

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, March 8, 2004, 4:43 p.m. EST – Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, says it has a small chance of breaking even this year.[@@]

The troubled life reinsurer is reporting a $7.1 million net loss for the fourth quarter of 2003 on $20.3 million in revenue, compared with a $99.9 million net loss on $113 million in revenue for the fourth quarter of 2002.

The company suffered a $101 million investment loss during the quarter, and it still faces serious challenges from pending shareholder litigation, annuity benefit guaranty exposure and lingering problems with reinsurance arrangements.

But an increase in interest rates could improve the company’s investment results, and a unit of Citigroup Inc., New York, has renewed a letter of credit that helps support Annuity and Life’s operations, according to Jay Burke, Annuity and Life’s chief executive.

Annuity and Life is starting to assess the possibility of trying to resume selling new products, Burke says in a statement accompanying the company’s 2003 earnings release.

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.