NU Online News Service, May 11, 2004, 11:48 a.m. EDT – Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, says it probably broke even in terms of operating results during the first quarter.[@@]

The struggling life reinsurer says it probably will post a net loss for the latest quarter as a result of a charge related to the adoption of a new accounting rule that affects the valuation of guarantees embedded in annuity contracts.

Excluding the charge for the accounting change, net income probably will be close to zero, Annuity and Life says.

Annuity and Life, which recently changed auditors, has set its official earnings release date for May 17.