<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>dex992.txt
<DESCRIPTION>PRESENTATION OF STATISTICAL SUPPLEMENT
<TEXT>
<PAGE>
Exhibit 99.2
THE MONY GROUP INC.
STATISTICAL SUPPLEMENT
AS OF AND FOR THE THREE AND SIX-MONTH
PERIODS ENDED
JUNE 30, 2001 AND 2000
<PAGE>
TABLE OF CONTENTS
The following information should be read in conjunction with the
financial information of the Company, which has been filed with
the Securities and Exchange Commission, and the explanation of
the "Basis of Financial Information Presented" on the following
page.
All amounts included herein are Unaudited. Certain total amounts
herein cannot be recalculated due to rounding.
Basis of Financial Information Presented 2
Wall Street Analyst Coverage Data 3
Corporate Offices, Principal Subsidiaries and Ratings 4
Summary Financial Information 5-6
Consolidated Results
Exhibit 1 Consolidated Income Statement Data 7
Exhibit 2 Operating Income and Earnings Per Share 8
Protection Products Segment
Exhibit 3 Protection Products Segment Description 9
Exhibit 4 Protection Income Statement Data 10
Exhibit 5A Group Pension Data 11
Exhibit 5B Closed Block Data 12
Exhibit 5C Fixed Maturities by Credit Quality-Closed Block 13
Exhibit 6 Premiums and Inforce 14
Exhibit 7 Statutory Direct Premiums 15
Accumulation Products Segment
Exhibit 8 Accumulation Products Segment Description 16
Exhibit 9 Accumulation Income Statement Data 17
Exhibit 10 Accumulation Assets Under Management 18
Retail Brokerage and Investment Banking
Exhibit 11 Retail Brokerage and Investment Banking Segment Description 19
Exhibit 12 Retail Brokerage and Investment Banking Income Statement Data 20
Exhibit 13 Income Statement Detail and Advest Data 21
Other Segment
Exhibit 14 Other/Reconciling Products Segment Description 22
Exhibit 15 Other/Reconciling Income Statements Data 23
Investments
Exhibit 16 Investments 24
Exhibit 17 Invested Assets 25
Exhibit 18 Investment Results 26
Exhibit 19A Fixed Maturities Credit Quality 27
Exhibit 19B Fixed Maturities by Industry 28
Exhibit 19C Venture Capital Partnership Investments 29
Exhibit 20 Mortgages at Carrying Value 30
Exhibit 21A Equity Real Estate 31
Exhibit 21B Mortgages and Real Estate 32
Historical
Exhibit 22 Quarterly Earnings 33
Expenses
Exhibit 23 Statutory Expense Ratios 34
<PAGE>
BASIS OF FINANCIAL INFORMATION PRESENTED
On November 16, 1998, pursuant to an order by the New York Superintendent of
Insurance approving its Plan of Reorganization (the "Plan"), The Mutual Life
Insurance Company of New York ("MONY") converted from a mutual life insurance
company to a stock life insurance company and became a wholly owned subsidiary
of The MONY Group, Inc., (the "MONY Group"), a Delaware corporation organized
for the purpose of becoming the parent holding company of MONY. In connection
with the Plan, MONY established, as required under the New York Insurance law, a
closed block to fund the guaranteed benefits and dividends, at the then current
dividend scales in effect, of certain participating insurance policies included
therein and eligible policyholders of MONY received cash, policy credits, or
shares of common stock in the MONY Group in exchange for their membership
interests in MONY. Also, on November 16, 1998, the MONY Group consummated an
initial public offering of approximately 12.9 million shares of its common stock
at an initial public offering price of $23.50 per share.
On December 26, 2000 the American Institute of Certified Public Accountants
issued Statement of Position 00-3 (SOP 00-3). SOP 00-3 provides guidance with
respect to accounting for demutualizations and requires, among other things,
that, (i) Closed Block assets, liabilities, revenues, and expenses should be
displayed in financial statements combined with all other assets, liabilities,
revenues, and expenses outside the Closed Block, and (ii) demutualization
expenses be classified as a single line item within income from continuing
operations. The guidance in SOP-03 requires restatement of financial statements
presented for years prior to its issuance and is effective for fiscal years
beginning after December 15, 2000, except as it pertains to demutualization
expenses which was effective immediately. Prior to the issuance of SOP 00-3, the
Company, in accordance with generally accepted accounting principles, presented
Closed Block assets and liabilities in separate line items on its consolidated
balance sheet and presented the results of the Closed Block in a separate line
item on its consolidated income statement entitled " Contribution from the
Clocked Block." In addition, the company presented demutualization expenses as
an extraordinary item. Accordingly, the consolidated statements of income and
comprehensive income and related per share amounts for periods prior to 2001
presented herein have been restated from that reported in the Company's prior
statistical supplements to reflect the new SOP.
2
<PAGE>
WALL STREET ANALYST COVERAGE DATA
<TABLE>
<CAPTION>
Brokerage Analyst Telephone
<S> <C> <C>
Conning & Company Paul S. Goulekas (860) 520-1256
Deutsche Bank Securities Vanessa Wilson (212) 469-5000
Credit Suisse First Boston Caitlin Long (212) 325-2165
Fox-Pitt, Kelton Ronald McIntosh (212) 687-1105
Goldman Sachs Joan Zief (212) 902-6778
Keefe, Bruyette & Woods, Inc. Jeff Schuman (212) 432-4510
Langen McAlenney Robert R. Glasspiegel (860) 724-1203
Morgan Stanley Dean Witter Nigel Dally (212) 761-6235
Philo Smith James Inglis (203) 348-7365
Putnam Lovell, de Guardiola & Thorton, Inc. Al Capra (212) 546-7640
Salomon Smith Barney Colin Devine (212) 816-1682
Dresdner Kleinwort Wasserstein Thomas G. Gallagher (212) 903-2191
Lehman Brothers Inc. E. Stewart Johnson (212) 526-8190
Sandler O'Neil Nick Pirsos (212) 466-7920
</TABLE>
Investor Information Line
Contact: Jay Davis
Tel (212) 708-2917
E-mail jdavis@mony.com
3
<PAGE>
CORPORATE OFFICES, PRINCIPAL SUBSIDIARIES AND RATINGS
<TABLE>
<CAPTION>
INDUSTRY (1) COMMERCIAL(1)
RATINGS PAPER RATINGS
<S> <C> <C>
MONY Life Insurance Company
1740 Broadway
New York, NY 10017 Standard Standard
& Poors & Poors
MONY Life Insurance Company of America AA- A-
1740 Broadway
New York, NY 10017 A.M. A.M.
Best Best
U.S. Financial Life Insurance Company A a-
10290 Alliance Road
Cincinnati, OH 45242 Moody's Moody's
A2 Baa1
Enterprise Capital Management, Inc.
3343 Peachtree Road, NE, Suite 450 Fitch Fitch
Atlanta, GA 30326 AA- A-
</TABLE>
MONY Securities Corporation
1740 Broadway
New York, NY 10017
Trusted Securites Advisors Corp.
9800 Bren Road East, Suite 300
Minnetonka, MN 55343
The Advest Group, Inc.
90 State House Square
Hartford, CT 06103
Matrix Capital Markets Group
11 South 12th Street
Suite 325
Richmond, VA 23219
(1) MONY Life Insurance Company
4
<PAGE>
(Unaudited)
SUMMARY FINANCIAL INFORMATION
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
Three-Months Ended Six-Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
($ millions) ($ millions)
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONSOLIDATED INCOME STATEMENT DATA:
Total Revenues $ 569.0 $ 523.2 $ 1,081.3 $ 1,178.2
Operating Income (1) $ 21.7 $ 51.0 $ 33.4 $ 175.2
Income before extraordinary item $ 22.3 $ 48.1 $ 35.6 $ 186.0
Net Income $ 22.3 $ 48.1 $ 35.6 $ 149.3
Operating Income Per Share (1)
Basic $ 0.44 $ 1.10 $ 0.68 $ 3.74
Diluted $ 0.43 $ 1.07 $ 0.66 $ 3.68
Operating Income, excluding venture capital income
Basic $ 0.36 $ 0.53 $ 0.66 $ 1.02
Diluted $ 0.35 $ 0.52 $ 0.64 $ 1.00
Income before extraordinary item
Basic $ 0.45 $ 1.03 $ 0.73 $ 3.97
Diluted $ 0.44 $ 1.01 $ 0.70 $ 3.91
Net Income Per Share
Basic $ 0.45 $ 1.03 $ 0.73 $ 3.19
Diluted $ 0.44 $ 1.01 $ 0.70 $ 3.14
</TABLE>
OTHER DATA:
<TABLE>
<S> <C> <C>
Employee count 3,845 * 2,433
Career agent count (Domestic and International) 2,311 2,245
US Financial Life Brokerage General Agencies 238 244
Trusted Advisors Registered Representatives 452 352
Active Enterprise Selling Agreements 428 435
Advest Financial Advisors 472 N/A
</TABLE>
* June 30, 2001 employee count includes Advest and Matrix
(1) See Exhibit 2A for a reconciliation of Net Income to Operating Income.
<PAGE>
(Unaudited)
SUMMARY FINANCIAL INFORMATION - CONTINUED
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
June 30, December 31,
2001 2000
---- ----
($ millions)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSOLIDATED BALANCE SHEET DATA
Invested assets (including cash and cash equivalents) $ 11,639.0 $ 11,222.5
Assets transferred in Group Pension Transaction 4,824.9 4,927.7
Separate account assets 5,448.0 5,868.1
Deferred policy acquisition costs 1,222.5 1,209.7
Other assets 2,950.4 1,347.3
------------- ------------
Total Assets 26,084.8 24,575.3
Policyholders' liabilities 10,339.6 10,281.7
Liabilities transferred in Group Pension Transaction 4,790.4 4,897.2
Separate account liabilities 5,445.3 5,865.3
Short term debt 399.7 52.3
Long term debt - surplus notes 1.9 2.0
Long term debt - other 583.4 569.1
Other liabilities 2,339.8 868.8
------------- ------------
Total Liabilities 23,900.1 22,536.4
Equity 2,175.8 2,025.9
Accumulated comprehensive income (ACI) 8.9 13.0
------------- ------------
Total Shareholders' Equity 2,184.7 2,038.9
------------- ------------
Total Liabilities and Shareholders' Equity $ 26,084.8 $ 24,575.3
============= ============
SHARE DATA:
Number of Shares Used in Basic Calculations 49,195,504 46,153,589
Number of Shares Used in Diluted Calculations 51,136,751 48,635,427
CAPITALIZATION:
Long-term debt $ 585.3 $ 571.1
Shareholders Equity (Excluding ACI) 2,175.8 2,025.9
------------- ------------
Total capitalization $ 2,761.1 $ 2,597.0
============= ============
Debt as Percent of Total Capitalization 21% 22%
============= ============
STATUTORY DATA:
Capital and Surplus $ 1,117.8 $ 1,154.8
Asset Valuation Reserve (AVR) 199.3 281.3
------------- ------------
Total Capital and Surplus plus AVR $ 1,317.1 $ 1,436.1
============= ============
</TABLE>
6
<PAGE>
Exhibit 1
(Unaudited)
CONSOLIDATED INCOME STATEMENT DATA (1)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Three-Months Ended Six-Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
($ millions) ($ millions)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUES:
Premiums $ 173.4 $ 176.5 $ 338.5 $ 341.5
Universal life and investment-type product policy fees 52.3 55.9 102.0 105.8
Net investment income 189.5 229.5 373.2 581.3
Net realized gains on investments 3.0 (8.9) 5.5 9.7
Group Pension Profits 9.3 8.1 19.2 18.2
Retail Brokerage and Investment Banking 99.8 16.0 170.9 34.4
Other income 41.7 46.1 72.0 87.3
------------ ------------ ----------- ------------
569.0 523.2 1,081.3 1,178.2
------------ ------------ ----------- ------------
BENEFITS AND EXPENSES:
Benefits to policyholders 194.5 202.4 392.2 383.1
Interest credited to policyholders account balances 27.0 25.8 55.3 54.2
Amortization of deferred policy acquisition costs 28.3 37.2 65.5 74.7
Dividends to policyholders 60.6 52.7 115.2 109.9
Other operating costs and expenses(2) 226.8 133.6 401.0 272.6
------------ ------------ ----------- ------------
537.2 451.7 1,029.2 894.5
------------ ------------ ----------- ------------
Income before income taxes and extraordinary item 31.8 71.5 52.1 283.7
Income tax expense 9.5 23.4 16.5 97.7
------------ ------------ ----------- ------------
Income before extraordinary item 22.3 48.1 35.6 186.0
Extraordinary item, net - - - (36.7)
------------ ------------ ----------- ------------
Net income $ 22.3 $ 48.1 $ 35.6 $ 149.3
============ ============ =========== ============
----------------------------------------------------------------------------------------------------
</TABLE>
(1) These income statements present the consolidated results of operations of
the Company for the periods indicated as will be reported on the Company's
filings with the Securities and Exchange Commission. The results reported for
the three and six-month periods ended June 30, 2001 and 2000 present the
individual components of the Closed Block activity combined with the activity
outside the Closed Block for the periods indicated (See "Basis of Financial
Information presented").
(2) Includes operating costs and expenses related to Advest and Matrix in 2001.
7
<PAGE>
Exhibit 2
(Unaudited)
OPERATING INCOME AND EARNINGS PER SHARE
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Three-Months Ended Six-Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
($ millions, except per share amounts)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATING INCOME:
Net Income $ 22.3 $ 48.1 $ 35.6 $ 149.3
Net realized (gains) losses on investments, after-tax (2.1) 5.8 (3.6) (6.3)
Policyholder dividends resulting from Closed Block
realized gains (losses), after tax. 1.5 (2.9) 1.4 (4.5)
Extraordinary Items - - - 36.7
Operating Income $ 21.7 $ 51.0 $ 33.4 $ 175.2
----------- ----------- ----------- -----------
Venture Capital (Income)/Loss $ (4.1) $ (26.3) $ (1.0) $ (127.5)
----------- ----------- ----------- -----------
Operating Income, excluding venture capital income $ 17.6 $ 24.7 $ 32.4 $ 47.7
=========== =========== =========== ===========
PER SHARE CALCULATIONS:
OPERATING INCOME PER SHARE :
BASIC $ 0.44 $ 1.10 $ 0.68 $ 3.74
DILUTED $ 0.43 $ 1.07 $ 0.66 $ 3.68
OPERATING INCOME, EXCLUDING VENTURE CAPITAL INCOME:
BASIC $ 0.36 $ 0.53 $ 0.66 $ 1.02
DILUTED $ 0.35 $ 0.52 $ 0.64 $ 1.00
INCOME BEFORE EXTRAORDINARY ITEM PER SHARE:
BASIC $ 0.45 $ 1.03 $ 0.73 $ 3.97
DILUTED $ 0.44 $ 1.01 $ 0.70 $ 3.91
NET INCOME PER SHARE:
BASIC $ 0.45 $ 1.03 $ 0.73 $ 3.19
DILUTED $ 0.44 $ 1.01 $ 0.70 $ 3.14
Share Data:
Weighted-average shares outstanding used in
basic per share calculations 49,363,512 46,528,902 49,044,496 46,812,447
Plus: Incremental shares from conversion of
dilutive securities assumed 1,549,587 1,020,958 1,580,133 783,395
----------- ----------- ----------- -----------
Weighted-average shares used in diluted per
per share calculations 50,913,099 47,549,860 50,624,629 47,595,842
=========== =========== =========== ===========
</TABLE>
8
<PAGE>
Exhibit 3
PROTECTION PRODUCTS SEGMENT
--------------------------------------------------------------------------------
The "Protection Products" segment represents a wide range of individual life
insurance products, including whole life, term life, universal life, variable
universal life, last survivor variable life and group universal life. Also
included in the Protection Products segment are the: (i) assets and liabilities
transferred pursuant to the Group Pension Transaction, as well as the Group
Pension Profits, (ii) the Closed Block assets and liabilities, as well as the
contribution from the Closed Block, and (iii) the Company's disability income
insurance business which was transferred in the DI Transaction.
--------------------------------------------------------------------------------
<PAGE>
Exhibit 4
(Unaudited)
PROTECTION PRODUCTS SEGMENT (1)
INCOME STATEMENTS DATA
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Three-Months Ended Six-Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
($ millions) ($ millions)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUES:
Premiums $ 169.8 $ 174.4 $ 331.4 $ 336.9
Universal life and investment-type product policy fees
Net investment income 37.1 38.2 71.6 68.5
Group pension profits 151.2 182.7 299.4 455.9
Other income 9.3 8.1 19.2 18.2
Total revenues 8.6 8.8 6.4 12.9
--------------- --------------- ------------- -------------
376.0 412.2 728.0 892.4
--------------- --------------- ------------- -------------
BENEFITS AND EXPENSES:
Benefits to policyholders
Interest credited to policyholder account balances 184.1 188.7 367.3 359.1
Amortization of deferred policy acquisition costs 14.6 12.3 30.1 25.7
Dividends to policyholders 24.3 30.1 55.2 60.1
Other operating costs and expenses 59.9 51.9 113.9 108.5
Total benefits and expenses 68.6 69.6 118.2 148.7
--------------- --------------- ------------- -------------
351.5 352.6 684.7 702.1
--------------- --------------- ------------- -------------
Pre-tax operating income
Net realized gains on investments 24.5 59.6 43.3 190.3
Pre-tax income 2.4 (6.6) 4.1 3.8
--------------- --------------- ------------- -------------
$ 26.9 $ 53.0 $ 47.4 $ 194.1
=============== =============== ============= =============
OPERATING INCOME RECONCILIATION:
Pre tax operating income (above)
Policyholder dividends resulting from closed block 24.5 59.6 43.3 190.3
realized gains (losses)
Operating Income 2.1 (4.4) 2.0 (6.9)
--------------- --------------- ------------- -------------
$ 26.6 $ 55.2 $ 45.3 $ 183.4
=============== =============== ============= =============
----------------------------------------------------------------------------------------------------
</TABLE>
(1) These income statements present the results of operations of the Company's
protection products segment for the periods indicated as will be reported in the
Company's filings with the Securities and Exchange Commission. The results
reported for the three and six-month periods ended June 30, 2001 and 2000
present the individual components of the Closed Block activity combined with the
protection segment activity outside the Closed Block for the periods indicated
(See "Basis of Financial Information Presented.")
10
<PAGE>
Exhibit 5A
(Unaudited)
<TABLE>
<CAPTION>
GROUP PENSION PROFIT
DETAILED INCOME STATEMENT
----------------------------------------------------------------------------------------------------------------------------------
Three-Months Ended Six-Months Ended
June 30, June 30,
INCOME STATEMENT DATA: 2001 2000 2001 2000
---- ---- ---- ----
($ millions) ($ millions)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUES:
Policy Product Fees $ 4.2 $ 5.9 $ 9.5 $ 12.0
Net investment income 25.8 28.3 53.0 58.4
Net realized gains on investments 2.0 - 3.6 0.6
------------------- ----------------- ----------------- ----------------
Total revenues 32.0 34.2 66.1 71.0
------------------- ----------------- ----------------- ----------------
BENEFITS AND EXPENSES:
Interest credited to policyholder
account balances 18.6 22.3 $ 37.1 $ 43.2
Other operating costs and expenses 4.1 3.8 9.8 9.6
------------------- ----------------- ----------------- ----------------
Total benefits and expenses 22.7 26.1 46.9 52.8
------------------- ----------------- ----------------- ----------------
Group Pension Profits $ 9.3 $ 8.1 $ 19.2 $ 18.2
=================== ================= ================= ================
<CAPTION>
ASSETS AND LIABILITIES TRANSFERRED IN GROUP PENSION TRANSACTION
----------------------------------------------------------------------------------------
June 30, December 31,
2001 2000
---- ----
($ millions)
----------------------------------------------------------------------------------------
<S> <C> <C>
BALANCE SHEET DATA:
Assets:
General Account
Fixed Maturities $ 1,388.5 $ 1,419.0
Mortgage loans on real estate 37.6 47.5
Cash and cash equivalents 33.5 18.5
Other assets 24.7 26.0
------------------- -----------------
Total general account assets 1,484.3 1,511.0
Separate account assets 3,340.6 3,416.7
------------------- -----------------
Total Assets $ 4,824.9 $ 4,927.7
=================== =================
Liabilities:
General account
Policyholder account balances $ 1,430.7 $ 1,468.1
Other liabilities 19.1 12.4
------------------- -----------------
Total general account liabilities 1,449.8 1,480.5
Separate account liabilities 3,340.6 3,416.7
------------------- -----------------
Total Liabilities $ 4,790.4 $ 4,897.2
=================== =================
</TABLE>
11
<PAGE>
Exhibit 5B
(Unaudited)
CLOSED BLOCK INCOME STATEMENT
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Three-Months Ended Six-Months Ended
June 30, June 30,
2001 2000 2001 2000
($ millions) ($ millions)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUES:
Premiums $ 138.2 $ 147.9 $ 267.5 $ 283.6
Net investment income 99.1 98.6 199.0 195.0
Net realized gains on investments 2.1 (4.4) 2.0 (6.9)
Other Income 0.5 0.3 1.0 1.1
---------------- ---------------- ---------------- ----------------
Total revenues $ 239.9 $ 242.4 $ 469.5 $ 472.8
---------------- ---------------- ---------------- ----------------
BENEFITS AND EXPENSES:
Benefits to Policyholders $ 152.0 $ 160.6 $ 293.4 $ 302.2
Interest Credited to Policyholders
Account Balances 2.1 2.1 4.2 4.3
Amort. Of Def. Policy Acquisition Costs 11.0 14.3 32.2 31.9
Dividends to Policyholders 59.9 52.1 113.4 108.7
Operating Costs & Expenses 2.4 2.5 4.1 4.3
---------------- ---------------- ---------------- ----------------
Total benefits and expenses 227.4 231.6 447.3 451.4
---------------- ---------------- ---------------- ----------------
Closed Block Profit $ 12.5 $ 10.8 $ 22.2 $ 21.4
================ ================ ================ ================
<CAPTION>
CLOSED BLOCK ASSETS AND LIABILITIES
-------------------------------------------------------------------------------------------
June 30, December 31,
2001 2000
($ millions)
-------------------------------------------------------------------------------------------
<S> <C> <C>
BALANCE SHEET DATA:
Assets:
General Account
Fixed Maturities $ 3,556.9 $ 3,543.1
Mortgage loans on real estate 592.2 566.0
Policy Loans 1,167.8 1,183.9
Cash and cash equivalents 277.0 167.8
Premiums receivable 9.5 13.6
Deferred policy acquisition costs 520.7 552.6
Other assets 229.3 224.2
---------------- ----------------
Total closed block assets $ 6,353.4 $ 6,251.2
================ ================
Liabilities:
General account
Future policy benefits $ 6,832.2 $ 6,826.8
Policyholders' account balances 292.5 293.3
Other policyholders' liabilities 181.6 173.5
Other liabilities 111.9 22.2
---------------- ----------------
Total closed block liabilities $ 7,418.2 $ 7,315.8
================ ================
</TABLE>
12
<PAGE>
Exhibit 5C
(Unaudited)
<TABLE>
<CAPTION>
FIXED MATURITIES BY CREDIT QUALITY - CLOSED BLOCK
PUBLIC FIXED MATURITIES BY CREDIT QUALITY
-------------------------------------------------------------------------------------------------------------------
Quarter Ended
June 30, 2001
NAIC Rating Agency Amortized % of Estimated
Rating Equivalent Designation Cost Total Fair Value
------ ---------------------- ---- ----- ----------
($ millions)
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Aaa/Aa/A $ 1,437.6 77.5% $ 1,448.7
2 Baa 351.6 18.8% 351.2
3 Ba 68.4 3.6% 64.7
4 B 0.6 0.0% 0.6
5 Caa and lower - 0.0% -
6 In or near default 3.6 0.2% 3.9
------------- --- -------------
Subtotal 1,861.8 100.0% 1,869.1
Redeemable preferred stock - 0.0% -
------------- --- -------------
Total Public Fixed
Maturities $ 1,861.8 100.0% $ 1,869.1
============= ===== =============
<CAPTION>
PRIVATE FIXED MATURITIES BY CREDIT QUALITY
-------------------------------------------------------------------------------------------------------------------
Quarter Ended
June 30, 2001
NAIC Rating Agency Amortized % of Estimated
Rating Equivalent Designation Cost Total Fair Value
------ ---------------------- ---- ----- ----------
($ millions)
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Aaa/Aa/A $ 799.5 48.0% $ 812.4
2 Baa 788.6 47.3% 797.9
3 Ba 70.4 4.1% 70.0
4 B 0.0%
5 Caa and lower 7.5 0.4% 7.5
6 In or near default - 0.0% -
------------- --- -------------
Subtotal 1,666.0 100.0% 1,687.8
Redeemable preferred stock - 0.0% -
------------- --- -------------
Total Private Fixed
Maturities $ 1,666.0 100.0% $ 1,687.8
============= ===== =============
<CAPTION>
TOTAL FIXED MATURITIES BY CREDIT QUALITY
-------------------------------------------------------------------------------------------------------------------
Quarter Ended
June 30, 2001
NAIC Rating Agency Amortized % of Estimated
Rating Equivalent Designation Cost Total Fair Value
------ ---------------------- ---- ----- ----------
($ millions)
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Aaa/Aa/A $ 2,237.1 63.5% $ 2,261.1
2 Baa 1,140.2 32.3% 1,149.1
3 Ba 138.8 3.8% 134.7
4 B 0.6 0.0% 0.6
5 Caa and lower 7.5 0.2% 7.5
6 In or near default 3.6 0.1% 3.9
------------- --- -------------
Subtotal 3,527.8 100.0% 3,556.9
Redeemable preferred stock - 0.0% -
------------- --- -------------
Total Fixed
Maturities $ 3,527.8 100.0% $ 3,556.9
============= ===== =============
<CAPTION>
PUBLIC FIXED MATURITIES BY CREDIT QUALITY
-------------------------------------------------------------------------------------------------------------------
Year Ended
December 31, 2000
NAIC Rating Agency Amortized % of Estimated
Rating Equivalent Designation Cost Total Fair Value
------ ---------------------- ---- ----- ----------
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Aaa/Aa/A $ 1,390.8 77.2% $ 1,395.4
2 Baa 366.1 19.7% 356.3
3 Ba 60.5 3.0% 53.2
4 B 0.6 0.0% 0.6
5 Caa and lower - 0.0% -
6 In or near default 1.4 0.1% 1.4
------------- --- -------------
Subtotal 1,819.4 100.0% 1,806.9
Redeemable preferred stock - 0.0% -
------------- --- -------------
Total Public Fixed
Maturities $ 1,819.4 100.0% $ 1,806.9
============= ===== =============
<CAPTION>
PRIVATE FIXED MATURITIES BY CREDIT QUALITY
-------------------------------------------------------------------------------------------------------------------
Year Ended
December 31, 2000
NAIC Rating Agency Amortized % of Estimated
Rating Equivalent Designation Cost Total Fair Value
------ ---------------------- ---- ----- ----------
($ millions)
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Aaa/Aa/A $ 810.1 47.3% $ 820.5
2 Baa 824.5 48.1% 835.7
3 Ba 72.1 4.0% 70.3
4 B - 0.0% -
5 Caa and lower 9.7 0.6% 9.7
6 In or near default - 0.0% -
------------- --- -------------
Subtotal 1,716.4 100.0% 1,736.2
Redeemable preferred stock - 0.0% -
------------- --- -------------
Total Private Fixed
Maturities $ 1,716.4 100.0% $ 1,736.2
============= ===== =============
<CAPTION>
TOTAL FIXED MATURITIES BY CREDIT QUALITY
-------------------------------------------------------------------------------------------------------------------
Year Ended
December 31, 2000
NAIC Rating Agency Amortized % of Estimated
Rating Equivalent Designation Cost Total Fair Value
------ ---------------------- ---- ----- ----------
($ millions)
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Aaa/Aa/A $ 2,200.9 62.6% $ 2,215.9
2 Baa 1,190.6 33.6% 1,192.0
3 Ba 132.6 3.5% 123.5
4 B 0.6 0.0% 0.6
5 Caa and lower 9.7 0.3% 9.7
6 In or near default 1.4 0.0% 1.4
------------- --- -------------
Subtotal 3,535.8 100.0% 3,543.1
Redeemable preferred stock - 0.0% -
------------- --- -------------
Total Fixed
Maturities $ 3,535.8 100.0% $ 3,543.1
============= ===== =============
--------------------------------------------------------------------------------------------------------------------
</TABLE>
The Exhibit above includes invested assets in the Closed Block.
13
<PAGE>
Exhibit 6
(Unaudited)
<TABLE>
<CAPTION>
PROTECTION PRODUCTS SEGMENT
NEW ANNUALIZED AND SINGLE PREMIUMS AND INFORCE
-----------------------------------------------------------------------------------------------------------------------------------
Three-Months Ended Six-Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
($ millions) ($ millions)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PROTECTION BUSINESS SALES:
Traditional life $ 0.8 $ 0.9 $ 0.9 $ 2.3
Term 10.0 9.0 18.4 18.3
Universal life 7.6 6.9 12.5 10.3
Variable universal life 15.9 17.6 28.7 32.6
Corporate owned life insurance 13.1 21.4 35.8 44.7
Group universal life 0.4 1.0 0.8 1.3
------------- ---------- ----------- ----------
Total $ 47.8 $ 56.8 $ 97.1 $ 109.5
============= ========== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
June 30, December 31,
2001 2000
---- ----
-------------------------------------------------------------------------------------------
Insurance In Force ($ in millions except number of policies)
-------------------------------------------------------------------------------------------
<S> <C> <C>
Traditional Life (1)
Number of policies (in thousands) 866.3 879.5
GAAP life reserves $ 7,318.1 $ 7,283.7
Face amounts $ 69,827.5 $ 67,015.7
Universal Life:
Number of policies (in thousands) 75.1 76.4
GAAP life reserves $ 691.5 $ 681.2
Face amounts $ 10,862.7 $ 10,951.6
Variable Universal Life:
Number of policies (in thousands) 59.8 55.0
GAAP life reserves $ 701.6 $ 657.3
Face amounts $ 16,069.2 $ 14,798.7
Group Universal Life:
Number of policies (in thousands) 45.3 47.3
GAAP life reserves $ 66.1 $ 64.1
Face amounts $ 1,619.0 $ 1,683.0
Total:
Number of policies (in thousands) 1,046.5 1,058.2
GAAP life reserves $ 8,777.3 $ 8,686.3
Face amounts $ 98,378.4 $ 94,449.0
-------------------------------------------------------------------------------------------
</TABLE>
(1) Consists of whole life and term policies
14
<PAGE>
Exhibit 7
(Unaudited)
PROTECTION PRODUCTS SEGMENT
STATUTORY DIRECT PREMIUMS BY PRODUCT
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
Three-Months Ended Six-Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
($ millions) ($ millions)
<S> <C> <C> <C> <C>
LIFE INSURANCE:
Traditional Life (1):
First year & single $ 46.8 $ 44.3 $ 87.3 $ 85.2
Renewal 129.5 133.1 238.0 247.7
------- ------- ------- -------
Total $ 176.3 $ 177.4 $ 325.3 $ 332.9
======= ======= ======= =======
Universal Life:
First year & single $ 7.3 $ 5.1 $ 11.5 $ 8.7
Renewal 23.3 23.6 48.8 48.3
------- ------- ------- -------
Total $ 30.6 $ 28.7 $ 60.3 $ 57.0
======= ======= ======= =======
Variable Universal Life:
First year & single $ 18.1 $ 21.4 $ 34.6 $ 40.0
Renewal 22.8 16.5 44.6 33.0
------- ------- ------- -------
Total $ 40.9 $ 37.9 $ 79.2 $ 73.0
======= ======= ======= =======
Corporate Sponsored Variable Universal Life:
First year & single $ 13.5 $ 40.6 $ 26.1 $ 48.9
Renewal 5.0 2.4 28.6 4.2
------- ------- ------- -------
Total $ 18.5 $ 43.0 $ 54.7 $ 53.1
======= ======= ======= =======
Group Universal Life:
First year & single $ 0.4 $ 0.5 $ 1.1 $ 1.0
Renewal 2.5 2.9 5.3 6.0
------- ------- ------- -------
Total $ 2.9 $ 3.4 $ 6.4 $ 07.0
======= ======= ======= =======
Total life insurance $ 269.2 $ 290.4 $ 525.9 $ 523.0
======= ======= ======= =======
</TABLE>
--------------------------------------------------------------------------------
(1) Consists of whole life and term policies
15
<PAGE>
Exhibit 8
ACCUMULATION PRODUCT SEGMENT
--------------------------------------------------------------------------------
The Accumulation Products segment represents fixed annuities, single premium
deferred annuities, immediate annuities, flexible payment variable annuities and
proprietary retail mutual funds.
--------------------------------------------------------------------------------
<PAGE>
Exhibit 9
(Unaudited)
ACCUMULATION PRODUCTS SEGMENT
INCOME STATEMENT
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
Three-Months Ended Six-Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
($ millions) ($ millions)
------------------------------------------------------------------------------------------------------
REVENUES:
<S> <c> <c> <c> <c>
Premiums $ 1.1 $ 0.3 $ 2.4 $ 0.4
Universal life and investment-type product policy fees 14.3 17.6 29.5 36.5
Net investment income 19.2 27.3 38.3 73.4
Other income 27.0 31.4 53.2 62.7
------ ------ ------ ------
Total revenues 61.6 76.6 123.4 173.0
------ ------ ------ ------
BENEFITS AND EXPENSES:
Benefits to policyholders 6.0 7.7 11.8 13.0
Interest credited to policyholder account balances 10.3 11.5 20.6 24.0
Amortization of deferred policy acquisition costs 4.0 7.1 10.3 14.6
Dividends to policyholders 0.3 0.4 0.7 0.8
Other operating costs and expenses 29.2 31.0 57.3 60.9
------ ------ ------ ------
Total benefits and expenses 49.8 57.7 100.7 113.3
------ ------ ------ ------
Pre-tax operating income 11.8 18.9 22.7 59.7
Net realized gains on investments 1.1 (1.7) 2.2 2.8
------ ------ ------ ------
Pre-tax income $ 12.9 $ 17.2 $ 24.9 $ 62.5
====== ====== ====== ======
</TABLE>
-------------------------------------------------------------------------------
17
<PAGE>
Exhibit 10
(Unaudited)
ACCUMULATION PRODUCTS SEGMENT
ASSETS UNDER MANAGEMENT(1)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
June 30, June 30, December 31,
2001 2000 2000
---- ---- ----
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ACCUMULATION SEGMENT:
Assets under management ($ billions)
Individual variable annuities $ 4.0 $ 4.7 $ 4.4
Individual fixed annuities 0.7 0.8 0.7
Proprietary retail mutual funds 4.5 5.1 4.8
----- ----- -----
$ 9.3 $10.6 $ 9.9
===== ===== =====
<CAPTION>
Three Months Ended Six Months Ended
30-Jun 30-Jun
2001 2000 2001 2000
<S> <C> <C> <C> <C>
RECONCILIATION IN ACCOUNT VALUE:
VARIABLE ANNUITY(1):
Beginning account value $ 3.9 $ 4.9 $ 4.4 $ 4.9
Sales 0.1 $ 0.1 0.2 0.2
Market appreciation 0.2 $ (0.1) (0.2) (0.0)
Surrenders and withdrawals (0.1) $ (0.2) (0.3) (0.5)
$ 4.0 $ 4.7 $ 4.0 $ 4.7
-------------------------- -----------------------------
ENTERPRISE GROUP OF FUNDS:
Beginning account value $ 4.3 $ 5.2 $ 4.8 $ 4.8
Sales 0.4 $ 0.5 0.7 1.2
Dividends reinvested 0.0 0.0 0.0 0.2
Market appreciation 0.2 $ (0.2) (0.4) (0.4)
Redemptions (0.3) $ (0.3) (0.6) (0.7)
Ending account value $ 4.5 $ 5.1 $ 4.5 $ 5.1
-------------------------- -----------------------------
</TABLE>
--------------------------------------------------------------------------------
In 2000 sales are net of exchanges to new product series of approximately $294
million in the first quarter, and $358 million in the second quarter, $230
million in the third quarter and $116 million in the fourth quarter. In the
first quarter of 2001 sales are net of exchanges to new product series of $71
million and $72 million in the second quarter.
18
<PAGE>
Exhibit 11
RETAIL BROKERAGE AND INVESTMENT BANKING
--------------------------------------------------------------------------------
The Retail Brokerage and Investment Banking segment is comprised of results of
the Company's subsidiaries, Advest Group Inc ("AGI"), Matrix Capital Markets
Group ("Matrix") and MONY Securities Corp. ("MSC"). Advest Group Inc, through
its subsidiaries, provides diversified financial services including securities
brokerage, trading, investment banking, trust and asset management. Matrix is a
middle market investment bank specializing in merger and acquisition services
for a middle market client base. MSC is a broker dealer which transacts customer
trades primarily in securities and mutual funds. In addition to selling the
Company's proprietary investment products, MSC provides customers of the
Company's protection and accumulation products access to other non-proprietary
investment products (including stocks, bonds, limited partnership interests,
tax-exempt unit investment trusts and other investment securities).
--------------------------------------------------------------------------------
19
<PAGE>
Exhibit 12
(Unaudited)
RETAIL BROKERAGE AND INVESTMENT BANKING
INCOME STATEMENT DATA
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Three-Months Ended Six-Months Ended
June 30, June 30,
2001(1) 2000 2001(1) 2000
---- ----
($ millions) ($ millions)
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUES:
Net investment income 2.1 0.1 3.1 0.1
Retail Brokerage and Investment Banking 99.8 16.0 170.9 34.4
-------- -------- -------- -------
Total revenues 101.9 16.1 174.0 34.5
-------- -------- -------- -------
BENEFITS AND EXPENSES:
Other operating costs and expenses 104.0 16.6 177.8 34.7
-------- -------- -------- -------
Total benefits and expenses 104.0 16.6 177.8 34.7
-------- -------- -------- -------
Pre-tax operating income (2.1) (0.5) (3.8) (0.2)
Net realized gains on investments - 0.2 (0.2) 0.3
-------- -------- -------- -------
Pre-tax income $ (2.1) $ (0.3) $ (4.0) $ 0.1
======== ======== ======== =======
</TABLE>
--------------------------------------------------------------------------------
(1) Includes Advest results for the 5 month period ended June 30, 2001 and
Matrix for the 6 month period ended June 30, 2001. Advest was acquired by the
MONY Group on January 31, 2001. Matrix was acquired on January 1, 2001.
20
<PAGE>
Exhibit 13
(Unaudited)
RETAIL BROKERAGE AND INVESTMENT BANKING
INCOME STATEMENT DETAIL
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2001 2000 2001 2000
------ ------ ------ ------
<S> <C> <C> <C> <C>
REVENUES:
Commissions $ 39.6 $ 16.0 $ 67.4 $ 34.3
Interest 16.8 - 29.6 0.1
Principal transactions 23.1 - 38.0 -
Asset management and administration 5.0 - 7.4 -
Investment banking 12.7 - 22.4 -
Other 4.7 0.3 9.0 0.4
------ ------ ------ ------
Total revenues 101.9 16.3 173.8 34.8
EXPENSES:
Compensation 52.1 1.3 87.6 2.2
Interest 0.4 - 0.7 -
Goodwill and other intangible amortization 3.4 0.2 5.8 0.3
Other 48.1 15.1 83.7 32.2
------ ------ ------ -----
Total expenses 104.0 16.6 177.8 34.7
------ ------ ------ -----
Pre-tax income $ (2.1) $ (0.3) $ (4.0) $ 0.1
====== ====== ====== =====
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ADVEST - NET INTEREST ADVEST - NET INTEREST
Three-Months Ended Five Months Ended
June 30 2001 June 30 2000 June 30 2001 June 30 2000
---------------- ------------------- ------------------ -------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Interest Income -
Interest Income:
Brokerage customers 7.9 42.0% $ 12.7 49.0% $ 14.1 43.4% $ 20.3 49.2%
Stock borrowed 7.3 38.8% 11.5 44.4% 13.5 41.5% 18.2 44.1%
Investments 0.2 1.1% 0.3 1.2% 0.4 1.2% 0.6 1.5%
Security inventory 1.9 10.1% 1.1 4.2% 2.8 8.6% 1.7 4.1%
Other 1.5 8.0% 0.3 1.2% 1.7 5.2% 0.5 1.2%
---------------- ------------------- ----------------- -------------------
$ 18.8 100.0% $ 25.9 100.0% $ 32.5 100.0% $ 41.3 100.0%
---------------- ------------------- ----------------- -------------------
Interest Expense:
Stock loaned 7.5 59.5% 11.9 64.0% $ 13.6 60.2% $ 18.1 61.6%
Brokerage customers 1.1 8.7% 2.7 14.5% 2.3 10.2% 4.5 15.3%
Borrowings 3.9 31.0% 3.9 21.0% 6.6 29.2% 6.6 22.4%
Other 0.1 0.8% 0.1 0.5% 0.1 0.4% 0.2 0.7%
---------------- ------------------- ----------------- -------------------
12.6 100.0% 18.6 100.0% 22.6 100.0% 29.4 100.0%
---------------- ------------------- ----------------- -------------------
Net interest income $ 6.2 33.0% $ 7.3 28.2% $ 9.9 30.5% $ 11.9 28.8%
================ =================== ================= ===================
</TABLE>
ADVEST STATISTICAL DATA
As of
June 30, 2001
---------------
Client Assets (in millions) $ 27,024.0
Number of Client Accounts (in thousands) 258
Assets managed under fee-based programs (AUM) (in millions) $ 6,657.0
21
<PAGE>
Exhibit 14
OTHER PRODUCT SEGMENT
--------------------------------------------------------------------------------
The Company's Other Products segment primarily consists of an insurance
brokerage operation and the Run-Off businesses. The insurance brokerage
operation provides the Company's career agency sales force with access to
non-variable life, annuity, small group health and specialty insurance products
written by other carriers to meet the insurance and investment needs of its
customers. The Run-Off Businesses primarily consist of group life and health
insurance as well as the group pension business that was not included in the
Group Pension Transaction.
--------------------------------------------------------------------------------
RECONCILING AMOUNTS
--------------------------------------------------------------------------------
The reconciling amounts include certain benefits for Company benefit plans, the
results of the holding company and certain non-recurring items.
--------------------------------------------------------------------------------
22
<PAGE>
Exhibit 15
(Unaudited)
OTHER/RECONCILING PRODUCTS SEGMENT
INCOME STATEMENT DATA
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Three-Months Ended Six-Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
($ millions) ($ millions)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUES:
Premiums $ 2.5 $ 1.8 $ 4.7 $ 4.2
Universal life and investment-type product policy fees 0.9 0.1 0.9 0.8
Net investment income 17.0 19.4 32.4 51.8
Other income 6.1 5.9 12.4 11.7
------- ------- ------- -------
Total revenues 26.5 27.2 50.4 68.5
------- ------- ------- -------
BENEFITS AND EXPENSES:
Benefits to policyholders 4.4 6.0 13.1 11.0
Interest credited to policyholder account balances 2.1 2.0 4.6 4.5
Dividends to policyholders 0.4 0.4 0.6 0.6
Other operating costs and expenses 25.0 16.4 47.7 28.3
------- ------- ------- -------
Total benefits and expenses 31.9 24.8 66.0 44.4
------- ------- ------- -------
Pre-tax operating income (5.4) 2.4 (15.6) 24.1
Net realized gains on investments (0.5) (0.8) (0.6) 2.9
------- ------- ------- -------
Pre-tax income $ (5.9) $ 1.6 $ (16.2) $ 27.0
======= ======= ======= =======
</TABLE>
23
<PAGE>
INVESTMENTS
ALL INVESTMENT DATA PRESENTED IN THE FOLLOWING SECTION
INCLUDES INVESTED ASSETS IN THE CLOSED BLOCK
24
<PAGE>
Exhibit 17
(Unaudited)
CONSOLIDATED GAAP INVESTED ASSETS
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
As of As of
June 30, 2001 December 31, 2000
Carrying % of Carrying % of
Value Total Value Total
----- ----- ----- -----
INVESTED ASSETS ($ Millions)
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Fixed Maturities, Available for Sale $ 6,524.7 59.3% $ 6,693.0 59.6%
Fixed Maturities, Held to Maturity 2.7 0.0% - 0.0%
Equity Securities, Available for Sale 327.3 3.0% 328.6 2.9%
Mortgage Loans on Real Estate 1,759.1 16.0% 1,754.7 15.6%
Policy Loans 1,252.6 11.4% 1,264.6 11.3%
Real Estate to be Disposed Of 170.4 1.5% 171.3 1.6%
Real Estate Held for Investment 47.3 0.4% 40.7 0.4%
Other Invested Assets 153.7 1.4% 100.0 0.9%
Cash and Equivalents 760.7 6.9% 869.6 7.7%
--------- ----- ---------- -----
Invested Assets, excluding Trading Securities $10,998.5 100.0% $ 11,222.5 100.0%
===== =====
Trading Securities 454.5 -
Trading Securities, Pledged as Collateral 186.0 -
--------- ----------
Total Trading Securities 640.5 -
--------- ----------
Total Invested Assets 11,639.0 11,222.5
========= ==========
</TABLE>
-------------------------------------------------------------------------------
The Exhibit above includes invested assets in the Closed Block.
25
<PAGE>
Exhibit 18
(Unaudited)
INVESTMENT RESULTS BY ASSET CATEGORY
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended Six Months Ended Six Months Ended
June 30, 2001 June 30, 2000 June 30, 2001 June 30, 2000
Yield(2) Amount Yield(2) Amount Yield(1) Amount Yield(1) Amount
-------- ------ -------- ------ -------- ------ -------- ------
($ millions) ($ millions) ($ millions) ($ millions)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIXED MATURITIES
Investment Income 7.4% $ 122.3 7.4% $ 123.5 7.5% $ 247.8 7.3% $ 246.0
Realized Gains (losses) 0.2% 2.8 -0.6% (9.8) 0.2% 7.5 -0.4% (12.8)
Total 7.6% $ 125.1 6.8% $ 113.7 7.7% $ 255.3 7.0% $ 233.2
-----------------------------------------------------------------------------------
Ending Assets $ 6,495.1 $ 6,641.4 $ 6,495.1 $ 6,641.4
-----------------------------------------------------------------------------------
EQUITY SECURITIES
Investment Income 7.9% $ 6.4 34.1% $ 44.7 1.1% $ 1.8 80.4% $ 211.4
Realized Gains (losses) -4.6% (3.7) -2.4% (3.1) -3.2% (5.3) 6.5% 17.1
Total 3.3% $ 2.7 31.7% $ 41.6 -2.2% $ (3.5) 86.8% $ 228.4
-----------------------------------------------------------------------------------
Ending Assets $ 327.3 $ 532.5 $ 327.3 $ 532.5
-----------------------------------------------------------------------------------
MORTGAGE LOANS
Investment Income 7.9% $ 34.0 8.1% $ 37.6 7.9% $ 69.4 8.1% $ 73.0
Realized Gains (losses) 0.8% 3.5 0.2% 0.7 0.6% 5.2 0.3% 2.8
Total 8.7% $ 37.5 8.3% $ 38.3 8.5% $ 74.6 8.5% $ 75.8
-----------------------------------------------------------------------------------
Ending Assets $ 1,759.1 $ 1,868.9 $ 1,759.1 $ 1,868.9
-----------------------------------------------------------------------------------
REAL ESTATE (3)
Investment Income 10.3% $ 5.5 7.9% $ 7.4 7.7% $ 8.3 7.6% $ 14.2
Realized Gains (losses) -1.8% (1.0) 3.3% 3.1 -2.4% (2.5) 1.4% 2.6
Total 8.4% $ 4.6 11.2% $ 10.5 5.3% $ 5.7 9.0% $ 16.8
-----------------------------------------------------------------------------------
Ending Assets $ 217.7 $ 376.3 $ 217.7 $ 376.3
-----------------------------------------------------------------------------------
POLICY LOANS
Investment Income 6.7% $ 21.0 6.8% $ 21.3 6.8% $ 43.0 6.7% $ 42.5
Realized Gains (losses) 0.0% - 0.0% - 0.0% - 0.0% -
Total 6.7% $ 21.0 6.8% $ 21.3 6.8% $ 43.0 6.7% $ 42.5
-----------------------------------------------------------------------------------
Ending Assets $ 1,252.6 $ 1,260.0 $ 1,252.6 $ 1,260.0
-----------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS
Investment Income 4.7% $ 7.8 6.7% $ 5.4 5.2% $ 19.5 6.4% $ 11.3
Realized Gains (losses) 0.0% 0.0 0.4% 0.3 0.0% 0.0 0.2% 0.3
Total 4.7% $ 7.8 7.2% $ 5.7 5.2% $ 19.5 6.6% $ 11.7
-----------------------------------------------------------------------------------
Ending Assets $ 760.7 $ 222.2 $ 760.7 $ 222.2
-----------------------------------------------------------------------------------
OTHER INVESTED ASSETS
Investment Income 4.5% $ 1.4 3.7% $ 0.7 4.3% $ 2.7 8.9% $ 2.5
Realized Gains (losses) 4.3% 1.3 -0.8% (0.2) 0.9% 0.6 -0.9% (0.3)
Total 8.8% $ 2.7 2.8% $ 0.5 5.2% $ 3.3 8.0% $ 2.3
-----------------------------------------------------------------------------------
Ending Assets $ 153.7 $ 76.7 $ 153.7 $ 76.7
-----------------------------------------------------------------------------------
TOTAL BEFORE INVESTMENT EXPENSES
Investment Income 7.2% $ 198.3 8.7% $ 240.5 7.1% $ 392.4 10.9% $ 600.9
Realized Gains (losses) 0.1% 3.0 -0.3% (8.9) 0.1% 5.5 0.2% 9.7
Total 7.4% $ 201.3 8.3% $ 231.7 7.2% $ 397.9 11.0% $ 610.7
-----------------------------------------------------------------------------------
Ending Assets $ 10,966.2 $10,977.9 $ 10,966.2 $ 10,977.9
-----------------------------------------------------------------------------------
Other Fee Income 0.0% $ 1.0 0.0% $ 0.9 0.0% $ 2.2 0.0% $ 2.2
Investment expense -0.4% $ (9.9) -0.4% $ (12.0) -0.4% $ (21.4) -0.4% $ (21.8)
TOTAL AFTER INVESTMENT EXPENSES
Investment Income 6.9% $ 189.4 8.3% $ 229.4 6.7% $ 373.2 10.5% $ 581.3
Realized Gains (losses) 0.1% 3.0 -0.3% (8.9) 0.1% 5.5 0.2% 9.7
Total 7.0% $ 192.4 7.9% $ 220.5 6.8% $ 378.7 10.7% $ 591.1
-----------------------------------------------------------------------------------
Ending Assets 10,966.2 10,977.9 10,966.2 10,977.9
-----------------------------------------------------------------------------------
Net unrealized gains (losses) on fixed maturities 32.4 (222.5) 32.2 (222.5)
-----------------------------------------------------------------------------------
Total invested assets (4) $ 10,998.5 $10,755.5 $ 10,998.5 $ 10,755.5
===================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended
December 31, 2000 December 31, 1999 December 31, 1998
Yield(1) Amount Yield(1) Amount Yield(1) Amount
-------- ------ -------- ------ -------- ------
($millions)
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIXED MATURITIES
Investment Income 7.4% $ 495.4 7.2% $ 477.7 7.4% $ 448.7
Realized Gains (losses) -0.4% (30.1) -0.1% (8.6) 0.1% 8.5
Total 6.9% $ 465.3 7.1% $ 469.1 7.5% $ 457.2
-------------------------------------------------------------
Ending Assets $ 6,702.7 $ 6,752.6 $ 6,453.5
-------------------------------------------------------------
EQUITY SECURITIES
Investment Income 56.4% $ 239.4 39.7% $ 194.2 13.5% $ 53.6
Realized Gains (losses) 5.1% 21.6 15.6% 76.0 1.7% 6.9
Total 61.5% $ 261.0 55.3% $ 270.2 15.2% $ 60.5
-------------------------------------------------------------
Ending Assets $ 328.6 $ 519.8 $ 457.2
-------------------------------------------------------------
MORTGAGE LOANS
Investment Income 8.3% $ 144.4 8.2% $ 127.7 8.7% $ 124.1
Realized Gains (losses) 1.1% 19.8 0.0% 0.8 0.5% 7.6
Total 9.5% $ 164.1 8.2% $ 128.5 9.2% $ 131.7
-------------------------------------------------------------
Ending Assets $ 1,754.7 $ 1,713.4 $ 1,420.0
-------------------------------------------------------------
REAL ESTATE (3)
Investment Income 7.0% $ 20.4 7.0% $ 35.0 5.0% $ 44.4
Realized Gains (losses) 9.2% 26.7 10.4% 52.0 14.6% 127.6
Total 16.2% $ 47.1 17.4% $ 87.0 19.6% $ 172.0
-------------------------------------------------------------
Ending Assets $ 212.0 $ 369.1 $ 634.2
-------------------------------------------------------------
POLICY LOANS
Investment Income 6.8% $ 86.6 6.5% $ 81.9 6.6% $ 82.4
Realized Gains (losses) 0.0% - 0.0% - 0.0% -
Total 6.8% $ 86.6 6.5% $ 81.9 6.6% $ 82.4
-------------------------------------------------------------
Ending Assets $ 1,264.6 $ 1,268.2 $ 1,269.6
-------------------------------------------------------------
CASH AND CASH EQUIVALENTS
Investment Income 6.6% $ 28.2 4.1% $ 17.3 4.8% $ 18.8
Realized Gains (losses) 0.0% (0.0) 0.0% - 0.0% -
Total 6.6% $ 28.2 4.1% $ 17.3 4.8% $ 18.8
-------------------------------------------------------------
Ending Assets $ 869.6 $ 377.1 $ 463.5
-------------------------------------------------------------
OTHER INVESTED ASSETS
Investment Income 5.9% $ 4.1 -0.5% $ (0.2) 1.8% $ 1.0
Realized Gains (losses) -0.7% (0.5) 12.4% 4.9 37.5% 20.5
Total 5.3% $ 3.6 11.9% $ 4.7 39.3% $ 21.5
-------------------------------------------------------------
Ending Assets $ 100.0 $ 38.0 $ 40.7
-------------------------------------------------------------
TOTAL BEFORE INVESTMENT EXPENSES
Investment Income 9.1% $ 1,018.4 8.6% $ 933.6 7.4% $ 773.0
Realized Gains (losses) 0.3% 37.5 1.1% 125.1 1.6% 171.1
Total 9.5% $ 1,055.9 9.7% $ 1,058.7 9.0% $ 944.1
-------------------------------------------------------------
Ending Assets $ 11,232.2 $11,038.2 $ 10,738.7
-------------------------------------------------------------
Other Fee Income 0.0% $ 4.0 0.0% $ 4.2 0.1% $ 4.8
Investment expense -0.4% $ (44.3) -0.3% $ (35.5) -0.4% $ (42.1)
TOTAL AFTER INVESTMENT EXPENSES
Investment Income 8.8% $ 978.1 8.3% $ 902.3 7.0% $ 735.7
Realized Gains (losses) 0.3% 37.5 1.1% 125.1 1.6% 171.1
Total 9.1% $ 1,015.6 9.4% $ 1,027.4 8.6% $ 906.8
-------------------------------------------------------------
Ending Assets 11,232.2 11,038.2 10,738.7
-------------------------------------------------------------
Net unrealized gains (losses) on fixed maturities (9.8) (206.4) 252.5
-------------------------------------------------------------
Total invested assets (4) $ 11,222.5 $10,831.8 $ 10,991.2
-------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
(1) Yields are based on annual average asset carrying values, excluding
unrealized gains (losses) in the fixed maturity asset category.
(2) Yields are based on quarterly average asset carrying values, excluding
unrealized gains (losses) in the fixed maturity asset category.
(3) Equity real estate income is shown net of operating expenses, depreciation
and minority interest.
(4) Trading portfolio balances of $640.5 million as of June 30, 2001and results
are excluded from the yield calculation.
26
<PAGE>
Exhibit 19A
(Unaudited)
FIXED MATURITIES BY CREDIT QUALITY
PUBLIC FIXED MATURITIES BY CREDIT QUALITY
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Quarter Ended Year Ended
June 30, 2001 December 31, 2000
NAIC Rating Agency Amortized % of Estimated Amortized % of Estimated
Rating Equivalent Designation Cost Total Fair Value Cost Total Fair Value
------ ---------------------- ---- ----- ---------- ---- ----- ----------
($ millions)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Aaa/Aa/A $ 2,555.8 73.6% $ 2,576.2 $ 2,664.8 74.2% $ 2,671.6
2 Baa 730.7 20.9% 731.1 775.2 21.3% 759.9
3 Ba 147.6 4.2% 145.6 133.2 3.5% 125.5
4 B 30.1 0.8% 27.6 30.2 0.7% 25.1
5 Caa and lower 6.0 0.2% 7.4 10.8 0.2% 7.6
6 In or near default 4.0 0.1% 4.3 1.8 0.0% 1.6
--------- ---- --------- --------- ----- ---------
Subtotal 3,474.2 99.8% 3,492.2 3,616.0 100.0% 3,591.3
Redeemable preferred stock 6.0 0.2% 5.8 1.0 0.0% 0.8
--------- ----- --------- --------- ----- ---------
Total Public Fixed
Maturities $ 3,480.2 100.0% $ 3,498.0 $ 3,617.0 100.0% $ 3,592.1
========= ===== ========= ========= ===== =========
PRIVATE FIXED MATURITIES BY CREDIT QUALITY
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Quarter Ended Year Ended
June 30, 2001 December 31, 2000
NAIC Rating Agency Amortized % of Estimated Amortized % of Estimated
Rating Equivalent Designation Cost Total Fair Value Cost Total Fair Value
------ ---------------------- ---- ----- ---------- ---- ----- ----------
($ millions) ($ millions)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Aaa/Aa/A $ 1,032.9 34.5% $ 1,046.1 $ 1,074.9 34.9% $ 1,086.3
2 Baa 1,606.5 53.2% 1,612.3 1,614.6 52.7% 1,628.8
3 Ba 304.5 10.0% 302.7 309.7 9.7% 302.2
4 B 42.0 1.3% 39.0 50.0 1.6% 48.5
5 Caa and lower 7.6 0.3% 7.6 9.9 0.4% 9.9
6 In or near default - 0.0% 0.7 0.2 0.0% 0.2
--------- ----- --------- --------- ----- ---------
Subtotal 2,993.5 99.3% 3,008.4 3,059.3 99.2% 3,075.9
Redeemable preferred stock 21.4 0.7% 21.0 26.4 0.8% 25.0
--------- ----- --------- --------- ----- ---------
Total Private Fixed
Maturities $ 3,014.9 100.0% $ 3,029.4 $ 3,085.7 100.0% $ 3,100.9
========= ===== ========= ========= ===== =========
TOTAL FIXED MATURITIES BY CREDIT QUALITY
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Quarter Ended Year Ended
June 30, 2001 December 31, 2000
NAIC Rating Agency Amortized % of Estimated Amortized % of Estimated
Rating Equivalent Designation Cost Total Fair Value Cost Total Fair Value
------ ---------------------- ---- ----- ---------- ---- ----- ----------
($ millions) ($ millions)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Aaa/Aa/A $ 3,588.7 55.5% $ 3,622.3 $ 3,739.7 56.1% $ 3,757.9
2 Baa 2,337.2 35.9% 2,343.4 2,389.8 35.7% 2,388.7
3 Ba 452.1 6.9% 448.3 442.9 6.4% 427.7
4 B 72.1 1.0% 66.6 80.2 1.1% 73.6
5 Caa and lower 13.6 0.2% 15.0 20.7 0.3% 17.5
6 In or near default 4.0 0.1% 5.0 2.0 0.0% 1.8
--------- ----- --------- --------- ----- ---------
Subtotal 6,467.7 99.6% 6,500.6 6,675.3 99.6% 6,667.2
Redeemable preferred stock 27.4 0.4% 26.8 27.4 0.4% 25.8
--------- ----- --------- --------- ----- ---------
Total Fixed
Maturities $ 6,495.1 100.0% $ 6,527.4 $ 6,702.7 100.0% $ 6,693.0
========= ===== ========= ========= ===== =========
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The Exhibit above includes invested assets in the Closed Block.
Excludes Trading Portfolio Assets.
27
<PAGE>
Exhibit 19B
(Unaudited)
<TABLE>
<CAPTION>
FIXED MATURITIES BY INDUSTRY
----------------------------------------------------------------------------------------------------------------------------------
June 30, 2001
-------------
($ millions)
----------------------------------------------------------------------------------------------------------------------------------
Industry Public % Private % Total %
-------- ------ - ------- - ----- -
<S> <C> <C> <C> <C> <C> <C>
Consumer Goods & Services $ 386.6 11.0% $ 689.0 22.7% $ 1,075.6 16.5%
Non-Government-Asset/Mortgage Backed 478.1 13.7% 268.2 8.9% 746.3 11.4%
Public Utilities 421.6 12.1% 302.4 10.0% 724.0 11.1%
Other Manufacturing 176.6 5.0% 483.5 16.0% 660.1 10.1%
Financial Services 207.4 5.9% 394.9 13.0% 602.3 9.2%
Transportation/Aerospace 294.7 8.4% 185.2 6.2% 479.9 7.4%
Banks 415.1 11.9% 37.3 1.2% 452.4 6.9%
Energy 201.7 5.8% 215.8 7.1% 417.5 6.4%
Government & Agency 331.8 9.5% 0.2 0.0% 332.0 5.1%
Nat/Res/Manuf(non-energy) 75.8 2.2% 274.0 9.0% 349.8 5.4%
Mortgage Backed-Government & Agency 315.8 9.0% 3.0 0.1% 318.8 4.9%
Telecommunications 80.9 2.3% 23.9 0.8% 104.8 1.6%
Other 89.6 2.6% 16.4 0.5% 106.0 1.6%
Media/Adver/Printing 21.3 0.6% 71.5 2.4% 92.8 1.4%
Cable Television 1.0 0.0% 34.0 1.1% 35.0 0.5%
Bank Holding Companies 0.0 0.0% 30.1 1.0% 30.1 0.5%
--------------------------------------------------------------------- ------------
Total 3,498.0 100.0% 3,029.4 100.0% 6,527.4 100.0%
===================================================================== ============
<CAPTION>
December 31, 2000
-----------------
($ millions)
----------------------------------------------------------------------------------------------------------------------------------
Industry Public % Private % Total %
-------- ------ - ------- - ----- -
<S> <C> <C> <C> <C> <C> <C>
Consumer Goods & Services $ 352.5 9.8% $ 690.4 22.2% $ 1,042.9 15.6%
Non-Government-Asset/Mortgage Backed 469.6 13.1% 295.4 9.5% 765.0 11.4%
Public Utilities 437.6 12.2% 322.9 10.4% 760.5 11.4%
Other Manufacturing 190.6 5.3% 483.9 15.6% 674.5 10.1%
Financial Services 219.4 6.1% 408.3 13.2% 627.7 9.4%
Transportation/Aerospace 291.9 8.1% 189.0 6.1% 480.9 7.2%
Energy 219.5 6.1% 235.1 7.6% 454.6 6.8%
Banks 410.7 11.5% 37.3 1.2% 448.0 6.7%
Government & Agency 366.1 10.2% 0.2 0.0% 366.3 5.5%
Nat/Res/Manuf(non-energy) 82.1 2.3% 268.6 8.7% 350.7 5.2%
Mortgage Backed-Government & Agency 335.8 9.3% 3.1 0.1% 338.9 5.1%
Telecommunications 114.7 3.2% 32.6 1.1% 147.3 2.2%
Other 79.8 2.2% 21.5 0.7% 101.3 1.5%
Media/Adver/Printing 20.7 0.6% 65.3 2.1% 86.0 1.3%
Bank Holding Companies 0.0 0.0% 32.5 1.0% 32.5 0.5%
Cable Television 1.0 0.0% 14.9 0.5% 15.9 0.2%
--------------------------------------------------------------------- ------------
Total 3,592.0 100.0% 3,101.0 100.0% 6,693.0 100.0%
===================================================================== ============
</TABLE>
The Exhibit above includes invested assets in the Closed Block.
Excludes Trading Portfolio Assets.
28
<PAGE>
Exhibit 19C
(Unaudited)
VENTURE CAPITAL PARTNERSHIP INVESTMENTS
VENTURE CAPITAL PARTNERSHIP INVESTMENTS:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
June 30, 2001 December 31, 2000
($ in millions) ($ in millions)
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Equity Method
Public common stock $ 20.7 $ 47.8
Private common stock 113.7 97.2
----------------- ---------------
Sub-total $ 134.4 $ 145.0
Cost Method
Public common stock $ 19.4 $ 26.8
Private common stock 113.6 106.2
----------------- ---------------
Sub-total $ 133.0 $ 133.0
----------------- ---------------
Total Venture Capital Partnership Investments $ 267.4 $ 278.0
================= ===============
<CAPTION>
VENTURE CAPITAL PARTNERSHIP INVESTMENTS BY SECTOR:
----------------------------------------------------------------------------------------------------------------------------
June 30, 2001 December 31, 2000
-------------------------- --------------------------
($ Millions) % ($ Millions) %
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Information Technology $ 138.2 51.7% $ 144.1 51.8%
Domestic LBO 48.7 18.1% 50.8 18.3%
Life Sciences 21.1 7.9% 21.0 7.6%
Telecommunications 10.7 4.0% 15.9 5.7%
International LBO 19.2 7.2% 18.2 6.6%
Merchant Banking 12.8 4.8% 13.7 4.9%
Other 16.7 6.2% 14.3 5.1%
----------------- --- --------------- ---
Total Venture Capital Partnership Investments by Sector $ 267.4 100.0% $ 278.0 100.0%
================= ===== =============== =====
</TABLE>
<PAGE>
Exhibit 20
(Unaudited)
PROBLEM, POTENTIAL PROBLEM AND RESTRUCTURED COMMERCIAL
MORTGAGES AT CARRYING VALUE
--------------------------------------------------------------------------------
June 30, Dec. 31,
2001 2000
---- ----
($ millions)
--------------------------------------------------------------------------------
Total Commercial Mortgages $ 1,444.4 $ 1,443.3
========== ==========
Problem commercial mortgages (1) 13.6 14.8
Potential problem commercial mortgages 75.3 64.7
Restructured commercial mortgages 69.3 75.6
---------- ----------
Total problem, potential problem & restructured
commercial mortgages $ 158.2 $ 155.1
========== ==========
Total problem, potential problem & restructured
commercial mortgages as % of
total commercial mortgages 11.0% 10.7%
==== ====
Valuation allowances/writedowns (2)
Problem loans $ -- $ 0.4
Potential problem loans 13.4 14.3
Restructured loans 6.4 7.7
---------- ----------
Total valuation allowances/writedowns $ 19.8 $ 22.4
========== ==========
Total valuation allowances as a percent of problem
problem, potential problem and restructured
commercial mortgages at carrying value before
valuation allowances and writedowns 11.1% 12.6%
==== ====
--------------------------------------------------------------------------------
(1) Problem commercial mortgages include delinquent loans and mortgage loans in
foreclosure.
(2) Includes impairment writedowns recorded prior to adoption of SFAS No. 114,
Accounting by Creditors for Impairment of a Loan.
The Exhibit above includes invested assets in the Closed Block.
30
<PAGE>
Exhibit 21A
(Unaudited)
<TABLE>
<CAPTION>
EQUITY REAL ESTATE
-------------------------------------------------------------------------------------
June 30 Dec 31,
2001 2000
---- ----
($ millions)
-------------------------------------------------------------------------------------
<S> <C> <C>
TYPE
Real estate $ 53.6 $ 54.2
Joint ventures 123.3 116.3
---------- -----------
Subtotal 176.9 170.5
Foreclosed 40.8 41.5
---------- -----------
Total $ 217.7 $ 212.0
========== ===========
<CAPTION>
--------------------------------------------------------------------------------------------------------- ------------
Three Months Ended Six Months Ended Year Ended
June 30 June 30, Dec 31,
2001 2000 2001 2000 2000
---- ---- ---- ---- ----
($ millions) ($ millions) ($ millions)
--------------------------------------------------------------------------------------------------------- ------------
<S> <C> <C> <C> <C> <C>
Sales Proceeds $ - $ 4.7 $ 7.7 $ 5.0 $ 214.0
Carrying value at date of sale - 2.8 8.0 3.0 182.9
========== =========== ============ =========== ============
Gain (loss) $ - $ 1.9 $ (0.3) $ 2.0 $ 31.1
========== =========== ============ =========== ============
</TABLE>
31
<PAGE>
Exhibit 21B
(Unaudited)
MORTGAGES AND REAL ESTATE
--------------------------------------------------------------------------------
June 30, 2001 Dec 31, 2000
------------- ------------
($ millions) ($ millions)
--------------------------------------------------------------------------------
Geographic Region
Southeast $ 428.1 21.6% $ 420.3 21.4%
West 340.0 17.2% 341.0 17.3%
Northeast 326.5 16.5% 337.9 17.2%
Mountain 435.2 22.1% 430.0 21.9%
Midwest 327.7 16.5% 322.8 16.4%
Southwest 119.3 6.0% 114.7 5.8%
--------- ----- ---------- ----
$ 1,976.8 100% $ 1,966.7 100%
========= ===== ========== ----
June 30, 2001 Dec 31, 2000
------------- ------------
($ millions) ($ millions)
--------------------------------------------------------------------------------
Property Type:
Office Buildings $ 837.8 42.3% $ 853.4 43.4%
Agricultural 314.6 15.9% 311.3 15.8%
Hotel 281.4 14.2% 287.6 14.6%
Retail 160.2 8.1% 147.4 7.5%
Industrial 156.1 7.9% 133.6 6.8%
Other 125.2 6.3% 133.0 6.8%
Apartment Buildings 101.5 5.1% 100.4 5.1%
--------- ----- ---------- ----
$ 1,976.8 100% $ 1,966.7 100%
========= ===== ========== ----
The Exhibit above includes invested assets in the Closed Block.
32
<PAGE>
Exhibit 22
(Unaudited)
<TABLE>
<CAPTION>
HISTORICAL QUARTERLY DATA
------------------------------------------------------------------------------------------------------------------------------------
Q2'01 Q1'01 2000 Q4'00 Q3'00 Q2'00
($ millions, except per share amounts)
------------------------------------------------------------------------------------------------------------------------------------
REVENUES:
<S> <C> <C> <C> <C> <C> <C>
Premiums $ 173.4 $ 165.1 $ 700.5 $ 196.5 $ 162.5 $ 176.5
Universal life and investment-type product policy fees 52.3 49.7 205.8 48.8 51.2 55.9
Net investment income 189.5 183.7 978.1 165.2 231.6 229.5
Net realized gains on investments 3 2.5 37.5 4.9 22.9 (8.9)
Group pension profits 9.3 9.9 37.1 8.1 10.8 8.1
Retail Brokerage and Investment Banking 99.8 71.1 59.8 13.1 12.3 16.0
Other income 41.7 30.3 163.5 36.2 40.0 46.1
-----------------------------------------------------------------------------
Total revenues 569.0 512.3 2,182.3 472.8 531.3 523.2
-----------------------------------------------------------------------------
BENEFITS AND EXPENSES:
Benefits to policyholders 194.5 197.7 787.8 210.7 194.0 202.4
Interest credited to policyholder account balances 27 28.3 110.6 27.5 28.9 25.8
Amortization of deferred policy acquisition costs 28.3 37.2 139.1 33.7 30.7 37.2
Dividends to policyholders 60.6 54.6 235.5 64.6 61.0 52.7
Demutualization Expense
Other operating costs and expenses 226.8 174.2 513.2 124.2 116.4 133.6
-----------------------------------------------------------------------------
Total benefits and expenses 537.2 492.0 1,786.2 460.7 431.0 451.7
-----------------------------------------------------------------------------
Income before income taxes and extraordinary item 31.8 20.3 396.1 12.1 100.3 71.5
Income tax expense 9.5 7.0 133.8 3.0 33.1 23.4
-----------------------------------------------------------------------------
Income before extraordinary item 22.3 13.3 262.3 9.1 67.2 48.1
Extraordinary item - - (37.7) - (1.0) -
-----------------------------------------------------------------------------
Net income $ 22.3 $ 13.3 $ 224.6 $ 9.1 $ 66.2 $ 48.1
=============================================================================
Operating income:
Net Income $ 22.3 $ 13.3 $ 224.6 $ 9.1 $ 66.2 $ 48.1
Less:
Net realized gains on investments (after-tax) (2.1) (1.5) (24.4) (3.2) (14.9) 5.8
Plus:
Policyholder dividends resulting from closed 1.5 (0.1) (4.5) (1.7) 1.7 (2.9)
block realized gains (after tax)
Surplus tax - - - - - -
Extraordinary Items/Demutualization expenses - - 37.7 - 1.0 -
-----------------------------------------------------------------------------
Operating income $ 21.7 $ 11.7 $ 233.4 $ 4.2 $ 54.0 $ 51.0
Early Retirement and Realignment Charge - - - - - $ -
-----------------------------------------------------------------------------
Operating Income Excluding Charge $ 21.7 $ 11.7 $ 233.4 $ 4.2 $ 54.0 $ 51.0
=============================================================================
Number of Shares Used in Per Share Calculations(1):
BASIC 49,363,512 48,720,335 46,466,675 46,149,301 46,147,359 46,528,902
DILUTED 50,913,099 50,314,782 47,787,893 48,187,864 47,665,052 47,549,860
Net Income Per Share:
BASIC $ 0.45 $ 0.27 $ 4.83 $ 0.20 $ 1.43 $ 1.03
DILUTED $ 0.44 $ 0.26 $ 4.70 $ 0.19 $ 1.39 $ 1.01
Income before extraordinary item(1)
BASIC $ 0.45 $ 0.27 $ 5.64 $ 0.20 $ 1.46 $ 1.03
DILUTED $ 0.44 $ 0.26 $ 5.49 $ 0.19 $ 1.41 $ 1.01
Operating Income Before Early Retirement
and Realignment Charge Per Share:
BASIC $ 0.44 $ 0.24 $ 5.02 $ 0.09 $ 1.17 $ 1.10
DILUTED $ 0.43 $ 0.23 $ 4.88 $ 0.09 $ 1.13 $ 1.07
Operating Income Per Share:
BASIC $ 0.44 $ 0.24 $ 5.02 $ 0.09 $ 1.17 $ 1.10
DILUTED $ 0.43 $ 0.23 $ 4.88 $ 0.09 $ 1.13 $ 1.07
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Q1'00 1999 Q4'99 Q3'99 Q2'99 Q1'99
($ millions, except per share amounts)
------------------------------------------------------------------------------------------------------------------------------------
REVENUES:
<S> <C> <C> <C> <C> <C> <C>
Premiums $ 165.0 $ 717.1 $ 203.5 $ 165.0 $ 178.9 $ 169.7
Universal life and investment-type product policy fees 49.9 196.3 50.6 47.8 52.5 45.4
Net investment income 351.8 902.3 298.8 219.3 196.1 188.1
Net realized gains on investments 18.6 125.1 24.4 24.4 43.1 33.2
Group pension profits 10.1 63.0 15.2 21.5 12.0 14.3
Retail Brokerage and Investment Banking 18.4 63.4 17.6 15.1 17.5 13.2
Other income 41.2 133.8 39.6 32.5 32.5 29.2
-----------------------------------------------------------------------------
Total revenues 655.0 2,201.0 649.7 525.6 532.6 493.1
-----------------------------------------------------------------------------
BENEFITS AND EXPENSES:
Benefits to policyholders 180.7 787.1 219.3 180.4 200.5 186.9
Interest credited to policyholder account balances 28.4 115.5 28.3 28.5 28.6 30.1
Amortization of deferred policy acquisition costs 37.5 137.8 29.2 41.3 32.6 34.7
Dividends to policyholders 57.2 230.7 49.5 64.1 53.5 63.6
Demutualization Expense 2.0 0.1 1.9
Other operating costs and expenses 139.0 547.3 148.8 166.3 125.2 107.0
-----------------------------------------------------------------------------
Total benefits and expenses 442.8 1,820.4 475.2 482.5 440.4 422.3
-----------------------------------------------------------------------------
Income before income taxes and extraordinary item 212.2 380.6 174.5 43.1 92.2 70.8
Income tax expense 74.3 132.0 60.9 15.5 30.8 24.8
-----------------------------------------------------------------------------
Income before extraordinary item 137.9 248.6 113.6 27.6 61.4 46.0
Extraordinary item (36.7) -
-----------------------------------------------------------------------------
Net income $ 101.2 $ 248.6 $ 113.6 $ 27.6 $ 61.4 $ 46.0
=============================================================================
Operating income:
Net Income $ 101.2 $ 248.6 $ 113.6 $ 27.6 $ 61.4 $ 46.0
Less:
Net realized gains on investments (after-tax) (12.1) (81.3) (15.8) (15.9) (28.0) (21.6)
Plus:
Policyholder dividends resulting from closed (1.6) 1.9 -3 1.2 0.9 2.8
block realized gains (after tax)
Surplus tax - - - - - -
Extraordinary Items/Demutualization expenses 36.7 2.0 0.1 1.9 - -
-----------------------------------------------------------------------------
Operating income $ 124.2 $ 171.2 $ 94.9 $ 14.8 $ 34.3 $ 27.2
Early Retirement and Realignment Charge $ - $ 38.8 $ 0.5 $ 38.3
-----------------------------------------------------------------------------
Operating Income Excluding Charge $ 124.2 $ 210.0 $ 95.4 $ 53.1 $ 34.3 $ 27.2
=============================================================================
Number of Shares Used in Per Share Calculations(1):
BASIC 47,104,995 47,238,328 47,238,328 47,238,166 47,237,950 47,238,156
DILUTED 47,703,881 47,812,953 47,877,402 47,988,904 47,711,875 47,434,694
Net Income Per Share:
BASIC $ 2.15 $ 5.26 $ 2.40 $ 0.58 $ 1.30 $ 0.97
DILUTED $ 2.12 $ 5.20 $ 2.37 $ 0.58 $ 1.29 $ 0.97
Income before extraordinary item(1)
BASIC $ 2.93 $ 5.26 $ 2.40 $ 0.58 $ 1.30 $ 0.97
DILUTED $ 2.89 $ 5.20 $ 2.37 $ 0.58 $ 1.29 $ 0.97
Operating Income Before Early Retirement
and Realignment Charge Per Share:
BASIC $ 2.64 $ 4.45 $ 2.02 $ 1.13 $ 0.73 $ 0.58
DILUTED $ 2.60 $ 4.39 $ 1.99 $ 1.11 $ 0.72 $ 0.57
Operating Income Per Share:
BASIC $ 2.64 $ 3.62 $ 2.01 $ 0.31 $ 0.73 $ 0.58
DILUTED $ 2.60 $ 3.58 $ 1.98 $ 0.31 $ 0.72 $ 0.57
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
1998 Q4'98 Q3'98 Q2'98
($ millions, except per share amounts)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUES:
Premiums $ 721.8 $ 200.5 $ 167.5 $ 177.4
Universal life and investment-type product policy fees 151.6 39.7 37.6 37.7
Net investment income 735.7 180.9 197.1 175.5
Net realized gains on investments 171.1 1.5 12.0 100.1
Group pension profits 56.8 22.7 11.4 13.1
Retail Brokerage and Investment Banking 43.5 11.3 8.0 15.0
Other income 119.7 36.4 29.1 28.3
----------------------------------------------------
Total revenues 2,000.2 493.0 462.7 547.1
----------------------------------------------------
BENEFITS AND EXPENSES:
Benefits to policyholders 789.8 227.4 182.7 193.2
Interest credited to policyholder account balances 113.7 25.7 29.3 28.4
Amortization of deferred policy acquisition costs 131.0 28.1 32.1 37.9
Dividends to policyholders 218.2 54.6 55.2 53.8
Demutualization Expense 27.2 11.7 5.8 4.6
Other operating costs and expenses 453.3 123.6 102.7 117.6
----------------------------------------------------
Total benefits and expenses 1,733.2 471.1 407.8 435.5
----------------------------------------------------
Income before income taxes and extraordinary item 267.0 21.9 54.9 111.6
Income tax expense 103.0 11.7 19.5 41.5
----------------------------------------------------
Income before extraordinary item 164.0 10.2 35.4 70.1
Extraordinary item
----------------------------------------------------
Net income $ 164.0 $ 10.2 $ 35.4 $ 70.1
====================================================
Operating income:
Net Income $ 164.0 $ 10.2 $ 35.4 $ 70.1
Less:
Net realized gains on investments (after-tax) (111.2) (0.9) (7.9) (65.0)
Plus:
Policyholder dividends resulting from closed
block realized gains (after tax)
Surplus tax - - (1.9) 0.9
Extraordinary Items/Demutualization expenses 27.2 11.7 5.8 4.6
----------------------------------------------------
Operating income $ 80.0 $ 21.0 $ 31.4 $ 10.6
Early Retirement and Realignment Charge
----------------------------------------------------
Operating Income Excluding Charge $ 80.0 $ 21.0 $ 31.4 $ 10.6
====================================================
Number of Shares Used in Per Share Calculations(1):
BASIC 47,241,084 47,241,084 47,238,166 47,237,950
DILUTED 47,884,815 47,884,815 47,988,904 47,711,875
Net Income Per Share:
BASIC $ 3.47 $ 0.22 $ 0.75 $ 1.48
DILUTED $ 3.42 $ 0.21 $ 0.74 $ 1.47
Income before extraordinary item(1)
BASIC $ 3.47 $ 0.22 $ 0.75 $ 1.48
DILUTED $ 3.42 $ 0.21 $ 0.74 $ 1.47
Operating Income Before Early Retirement
and Realignment Charge Per Share:
BASIC $ 1.69 $ 0.44 $ 0.66 $ 0.22
DILUTED $ 1.67 $ 0.44 $ 0.65 $ 0.22
Operating Income Per Share:
BASIC $ 1.69 $ 0.44 $ 0.66 $ 0.22
DILUTED $ 1.67 $ 0.44 $ 0.65 $ 0.22
-----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Income before extraordinary items has been restated to reflect the
reclassification of demutualization expenses from extraordinary items to a
separate caption, "Demutualization Expenses."
33
<PAGE>
Exhibit 23
STATUTORY EXPENSE RATIOS
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Three Months Ending Six Months Ending
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PREMIUMS AND DEPOSITS (1):
MONY Life Insurance Company $ 201.8 $ 307.6 $ 404.2 $ 553.6
MONY Life Insurance Company of America 237.3 466.4 450.1 932.6
------------ ------------ ------------ ------------
Total $ 439.1 $ 774.0 $ 854.3 $ 1,486.2
============ ============ ============ ============
GENERAL EXPENSES (2) (4) (5):
MONY Life Insurance Company $ 59.2 $ 66.0 $ 117.3 $ 134.1
MONY Life Insurance Company of America 33.0 28.7 64.5 58.1
------------ ------------ ------------ ------------
Total $ 92.2 $ 94.7 $ 181.8 $ 192.2
============ ============ ============ ============
LESS REAL ESTATE EXPENSES (3):
MONY Life Insurance Company $ 2.5 $ 5.6 $ 4.8 $ 11.4
MONY Life Insurance Company of America 0.7 0.7 1.3 1.4
------------ ------------ ------------ ------------
Total $ 3.2 $ 6.3 $ 6.1 $ 12.8
============ ============ ============ ============
Expenses (excluding real estate expenses) $ 89.0 $ 88.4 $ 175.7 $ 179.4
============ ============ ============ ============
Expenses (excluding real estate expenses) to Net Premiums 20.3% 11.4% 20.6% 12.1%
and Deposits
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
As of December 31,
2000 1999 1998 1997 1996
---- ---- ---- ---- ----
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PREMIUMS AND DEPOSITS (1):
MONY Life Insurance Company $ 1,126.8 $ 900.0 $ 919.8 $ 1,003.0 $ 1,046.6
MONY Life Insurance Company of America 1,549.7 1,361.0 774.3 770.6 713.2
------------ ------------ ------------ ------------ ------------
Total $ 2,676.5 $ 2,261.0 $ 1,694.1 $ 1,773.6 $ 1,759.8
============ ============ ============ ============ ============
GENERAL EXPENSES (2) (4) (5):
MONY Life Insurance Company $ 261.1 $ 247.8 $ 308.2 $ 355.9 $ 417.4
MONY Life Insurance Company of America 117.9 106.7 86.7 65.1 56.4
------------ ------------ ------------ ------------ ------------
Total $ 379.0 $ 354.5 $ 394.9 $ 421.0 $ 473.8
============ ============ ============ ============ ============
LESS REAL ESTATE EXPENSES (3):
MONY Life Insurance Company $ 22.5 $ 34.9 $ 56.3 $ 86.2 $ 130.4
MONY Life Insurance Company of America 2.7 2.8 3.2 5.4 6.4
------------ ------------ ------------ ------------ ------------
Total $ 25.2 $ 37.7 $ 59.5 $ 91.6 $ 136.8
============ ============ ============ ============ ============
Expenses (excluding real estate expenses) $ 353.8 $ 316.8 $ 335.4 $ 329.4 $ 337.0
============ ============ ============ ============ ============
Expenses (excluding real estate expenses) 13.2% 14.0% 19.8% 18.6% 19.1%
to Net Premiums and Deposits
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Full Year Results from Annual Statement Page 4, Lines 1 and 1A
(2) Full Year Results from Annual Statement Exhibit 5, Line 10
(3) Full Year Results from Annual Statement Exhibit 5, Line 9.1
(4) 1998 General Expenses Exclude Year to date Disbursements of $20 million and
quarter to date disbursements of $5.1 million for Y2K and other strategic
items
(5) 1999 Excludes $59.7 million of early retirement and realignment charge
(6) Includes transfers to new products series of $72 million and $358 for three
month ended June 30, 2001 and 2000 respectively, $143 million and $652
million for six month ended June 30, 2001 and 2000 respectively, and $1
billion and $727 million for years ended December 31, 2000 and 1999
respectively.
34
</TEXT>
</DOCUMENT>