NU Online News Service, Aug. 6, 2004, 4:09 p.m. EDT
Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, came closer to breaking even during the second quarter.[@@]
The life reinsurer is reporting a $6.4 million net loss for the latest quarter on $10 million in revenue, compared with a $69 million net loss on $59 million in revenue for the second quarter of 2003.
The net loss was due mainly to the cost of efforts to tackle old problems, such as the settlement of a shareholder lawsuit resulting from a series of earnings restatements.
The annuity reinsurance unit lost $1.2 million on $7.8 million in revenue, but the life reinsurance unit earned $734,366 on $11 million in revenue.