EX-99.2 4 dex992.txt THE MONY GROUP STATISTICAL SUPPLEMENT Exhibit 99.2 THE MONY GROUP INC. STATISTICAL SUPPLEMENT AS OF AND FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2002 AND 2001 Exhibit 99.2
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. All amounts included herein are unaudited. Certain total amounts herein cannot be recalculated due to rounding. Wall Street Analyst Coverage Data 2 Corporate Offices, Principal Subsidiaries and Ratings 3 Summary Financial Information 4-5 Consolidated Results Exhibit 1 Consolidated Income Statement Data 6 Protection Products Segment Exhibit 2 Protection Products Segment Description 7 Exhibit 3 Protection Income Statement Data 8 Exhibit 4A Group Pension Data 9 Exhibit 4B Closed Block Data 10 Exhibit 4C Fixed Maturities by Credit Quality - Closed Block 11 Exhibit 5 Premiums and Inforce 12 Exhibit 6 Statutory Direct Premiums 13 Accumulation Products Segment Exhibit 7 Accumulation Products Segment Description 14 Exhibit 8 Accumulation Income Statement Data 15 Exhibit 9 Accumulation Assets Under Management 16 Retail Brokerage and Investment Banking Exhibit 10 Retail Brokerage and Investment Banking Segment Description 17 Exhibit 11 Retail Brokerage and Investment Banking Income Statement Data 18 Exhibit 12 Income Statement Detail and Advest Data 19 Other Segment Exhibit 13 Other/Reconciling Products Segment Description 20 Exhibit 14 Other/Reconciling Income Statement Data 21 Investments Exhibit 15 Investments 22 Exhibit 16 Invested Assets 23 Exhibit 17 Investment Results 24 Exhibit 18A Fixed Maturities by Credit Quality 25 Exhibit 18B Fixed Maturities by Industry 26 Exhibit 18C Venture Capital Partnership Investments 27 Exhibit 19 Mortgages at Carrying Value 28 Exhibit 20A Equity Real Estate 29 Exhibit 20B Mortgages and Real Estate 30 Historical Exhibit 21 Quarterly Earnings 31 Expenses Exhibit 22 Statutory Expense Ratios 32
WALL STREET ANALYST COVERAGE DATA Brokerage Analyst Telephone Credit Suisse First Boston .... Caitlin Long .... (212) 325-2165 Deutsche Banc Alex Brown .... Vanessa Wilson .... (212) 469-7351 Dowling & Partners Securities, LLC .... Paul Goulekas .... (860) 676-8600 Dresdner Kleinwort Wasserstein .... Thomas Gallagher .... (212) 903-2191 Fox-Pitt, Kelton .... Ronald McIntosh .... (212) 687-1105 Goldman Sachs .... Joan Zief .... (212) 902-6778 Keefe, Bruyette & Woods, Inc. .... Jeffrey Schuman .... (860) 297-0300 Langen McAlenney .... Robert Glasspiegel .... (860) 724-1203 Lehman Brothers Inc. .... E. Stewart Johnson .... (646) 351-4345 Morgan Stanley Dean Witter .... Nigel Dally .... (212) 761-6235 Philo Smith & Co., Inc. .... James Inglis .... (203) 348-7365 Putnam Lovell Securities, Inc. .... Al Capra .... (212) 546-7640 SalomonSmithBarney .... Colin Devine .... (212) 816-1682 Sandler O'Neil & Partners .... Nick Pirsos .... (212) 847-5043 Investor Information Line Contact: Jay Davis Tel (212) 708-2917 E-mail jdavis@mony.com Visit our internet site at www.mony.com 2 CORPORATE OFFICES, PRINCIPAL SUBSIDIARIES MONY Life Insurance Company Trusted Securites Advisors Corp. 1740 Broadway 7760 France Avenue South, Suite 420 New York, NY 10019 Minneapolis, MN 55435 MONY Life Insurance Company of America The Advest Group, Inc. 1740 Broadway 90 State House Square New York, NY 10019 Hartford, CT 06103 U.S. Financial Life Insurance Company Matrix Capital Markets Group Inc. 10290 Alliance Road 11 South 12th Street Cincinnati, OH 45242 Suite 325 Richmond, VA 23219 Enterprise Capital Management, Inc. 3343 Peachtree Road, NE, Suite 450 Lebenthal & Co., Inc. Atlanta, GA 30326 120 Broadway New York, NY 10271 MONY Securities Corporation 1740 Broadway New York, NY 10019 CORPORATE RATINGS CLAIMS PAYING ABILITY/ SENIOR DEBT FINANCIAL STRENGTH RATINGS (1) RATINGS (2) Standard Standard & Poors & Poors AA- A- A.M. (3) A.M. Best Best A a- Moody's Moody's A2 Baa2 Fitch Fitch AA- BBB+ (1) MONY Life Insurance Company and MONY Life Insurance Company of America (2) The MONY Group (3) MONY Life Insurance Company, MONY Life Insurance Company of America, and U.S. Financial Life Insurance Company 3 (Unaudited) SUMMARY FINANCIAL INFORMATION
----------------------------------------------------------------------------------------------------------------------------------- Three-Months Ended March 31, 2002 2001 ---- ---- ($ millions) ----------------------------------------------------------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT DATA: Net Income $ 14.3 $ 13.3 Net realized losses/(gains) on investments (after-tax) 0.9 (1.6) ----------- ----------- Operating income: 15.2 11.7 Venture capital (income)/loss (3.3) 3.1 ----------- ----------- Operating income, excluding venture capital $ 11.9 $ 14.8 =========== =========== PER SHARE CALCULATIONS: NET INCOME PER SHARE: Basic $ 0.30 $ 0.27 Diluted $ 0.29 $ 0.26 OPERATING INCOME PER SHARE: Basic $ 0.32 $ 0.24 Diluted $ 0.31 $ 0.23 OPERATING INCOME, EXCLUDING VENTURE CAPITAL INCOME: Basic $ 0.25 $ 0.30 Diluted $ 0.24 $ 0.29 Share Data Weighted-average shares outstanding used in basic per share calculations 48,012,310 48,720,335 Plus: Incremental shares from assumed conversion of dilutive securities 1,724,895 1,594,447 ----------- ----------- Weighted-average shares used in diluted per share calculations 49,737,205 50,314,782 =========== =========== OTHER DATA: Employee count 3,550 3,994 Career agent count (Domestic and International) 1,742 2,401 US Financial Life Brokerage General Agencies 229 233 Trusted Advisors Registered Representatives 492 433 Active Enterprise Selling Agreements 376 373 Advest Financial Advisors 480 468
4 (Unaudited) SUMMARY FINANCIAL INFORMATION - CONTINUED
----------------------------------------------------------------------------------------------------------------------- March 31, December 31, 2002 2001 ---- ---- ($ millions) ----------------------------------------------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET DATA Invested assets (including cash and cash equivalents) $ 11,825.0 $ 11,826.5 Assets transferred in Group Pension Transaction 4,573.9 4,650.4 Separate accounts assets 5,181.1 5,195.2 Other assets 2,910.3 3,980.2 ---------- ---------- Total Assets $ 24,490.3 $ 25,652.3 Policyholders' liabilities $ 10,543.2 $ 10,488.2 Liabilities transferred in Group Pension Transaction 4,521.0 4,586.5 Separate account liabilities 5,178.2 5,192.3 Short term debt 7.0 320.0 Long term debt 579.0 578.8 Other liabilities 1,611.1 2,434.3 ---------- ---------- Total Liabilities 22,439.5 23,600.1 Equity 2,029.0 2,014.1 Accumulated comprehensive income (ACI) 21.8 38.1 ---------- ---------- Total Shareholders' Equity 2,050.8 2,052.2 ---------- ---------- Total Liabilities and Shareholders' Equity $ 24,490.3 $ 25,652.3 ========== ========== SHARE DATA: Diluted book value per share 41.03 41.55 Diluted book value per share (excluding accumulated comprehensive income) 40.60 40.78 CAPITALIZATION: Long-term debt $ 579.0 $ 578.8 Shareholders' Equity (Excluding ACI) 2,029.0 2,014.1 ---------- ---------- Total capitalization $ 2,608.0 $ 2,592.9 ========== ========== Debt as Percent of Total Capitalization 22% 22% ========== ========== STATUTORY DATA: Capital and Surplus $ 905.2 $ 917.4 Asset Valuation Reserve (AVR) 200.1 201.0 ---------- ---------- Total Capital and Surplus plus AVR $ 1,105.3 $ 1,118.4 ========== ==========
Exhibit 1 (Unaudited) CONSOLIDATED INCOME STATEMENT DATA (1)
------------------------------------------------------------------------------------------ Three-Months Ended March 31, 2002 2001 ---- ---- ($ millions) ------------------------------------------------------------------------------------------ REVENUES: Premiums $164.4 $165.1 Universal life and investment-type product policy fees 49.0 49.7 Net investment income 189.7 183.7 Net realized (losses)/gains on investments (2.4) 2.5 Group Pension Profits 7.7 9.9 Retail Brokerage and Investment Banking 90.8 71.1 Other income 38.2 30.3 ------ ------ 537.4 512.3 ------ ------ BENEFITS AND EXPENSES: Benefits to policyholders 190.7 197.7 Interest credited to policyholders account balances 27.9 28.3 Amortization of deferred policy acquisition costs 32.8 37.2 Dividends to policyholders 61.5 54.6 Other operating costs and expenses 203.4 174.2 ------ ------ 516.3 492.0 ------ ------ Income before income tax 21.1 20.3 Income tax expense 6.8 7.0 ------ ------ Net Income $ 14.3 $ 13.3 ====== ====== ------------------------------------------------------------------------------------------
(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 month period ended March 31, 2002 and 2001 present the individual components of the Closed Block activity combined with the activity outside the Closed Block for the periods indicated. 6 Exhibit 2 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. -------------------------------------------------------------------------------- 7 Exhibit 3 (Unaudited) PROTECTION PRODUCTS SEGMENT (1) INCOME STATEMENTS DATA
------------------------------------------------------------------------------------------------------------------ Three-Months Ended March 31, 2002 2001 ---- ---- ($ millions) ------------------------------------------------------------------------------------------------------------------ REVENUES: Premiums $160.4 $161.6 Universal life and investment-type product policy fees 35.7 34.5 Net investment income 153.7 148.2 Group Pension Profits 7.7 9.9 Other income 5.8 (2.2) ------ ------ Total revenues 363.3 352.0 ------ ------ BENEFITS AND EXPENSES: Benefits to policyholders 176.0 183.2 Interest credited to policyholder account balances 15.4 15.5 Amortization of deferred policy acquisition costs 26.9 30.9 Dividends to policyholders 60.9 54.0 Other operating costs and expenses 56.6 49.6 ------ ------ Total benefits and expenses 335.8 333.2 ------ ------ Pre-tax operating income 27.5 18.8 Net realized (loss)/gains on investments (2.0) 1.7 ------ ------ Pre-tax income $ 25.5 $ 20.5 ====== ====== OPERATING INCOME RECONCILIATION: Pre tax operating income $ 27.5 $ 18.8 Policyholder dividends resulting from closed block realized loss (1.1) (0.1) ------ ------ Operating Income $ 26.4 $ 18.7 ====== ====== ------------------------------------------------------------------------------------------------------------------
(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 month period ended March 31, 2002 present the individual components of the Closed Block activity combined with the activity outside the Closed Block for the periods indicated.
Three-Months Ended March 31, ($ millions) 2002 2001 ------ ------ Operating Income $ 26.4 18.7 Venture Capital (gains)/losses (3.9) 4.0 ------ ------ Operating Income excluding venture capital $ 22.5 $ 22.7 ====== ======
8 Exhibit 4A (Unaudited)
GROUP PENSION PROFIT SUMMARY INCOME STATEMENT ------------------------------------------------------------------------------------------------------------------------------ Three-Months Ended March 31, INCOME STATEMENT DATA: 2002 2001 ---- ---- ($ millions) ------------------------------------------------------------------------------------------------------------------------------ REVENUES: Policy product fees $ 4.7 $ 5.3 Net investment income 23.2 27.2 Net realized (losses)/gains on investments (0.2) 1.6 ------------- ----------- Total revenues 27.7 34.1 ------------- ----------- BENEFITS AND EXPENSES: Interest credited to policyholder account balances 15.8 18.5 Other operating costs and expenses 4.2 5.7 ------------- ----------- Total benefits and expenses 20.0 24.2 ------------- ----------- Group Pension Profits $ 7.7 $ 9.9 ============= =========== ASSETS AND LIABILITIES TRANSFERRED IN GROUP PENSION TRANSACTION ------------------------------------------------------------------------------------------------------------------------------ March 31, December 31, 2002 2001 ---- ---- ($ millions) ------------------------------------------------------------------------------------------------------------------------------ BALANCE SHEET DATA : Assets: General Account Fixed maturities $ 1,345.9 $ 1,400.5 Mortgage loans on real estate 25.8 26.5 Cash and cash equivalents 21.9 19.4 Other assets 21.3 24.5 ------------- ----------- Total general account assets 1,414.9 1,470.9 Separate account assets 3,159.0 3,179.5 ------------- ----------- Total Assets $ 4,573.9 $ 4,650.4 ============= =========== Liabilities: General Account Policyholder account balances $ 1,378.9 $ 1,398.8 Other liabilities (16.9) 8.2 ------------- ----------- Total general account liabilities 1,362.0 1,407.0 Separate account liabilities 3,159.0 3,179.5 ------------- ----------- Total Liabilities $ 4,521.0 $ 4,586.5 ============= ===========
9 Exhibit 4B (Unaudited)
CLOSED BLOCK INCOME STATEMENT ------------------------------------------------------------------------------------------- Three-Months Ended March 31, 2002 2001 ---- ---- ($ millions) REVENUES: Premiums $ 120.4 $ 129.3 Net investment income 98.2 99.9 Net realized loss on investments (1.1) (0.1) Other income 0.4 0.5 ------- ------- Total revenues 217.9 229.6 ------- ------- BENEFITS AND EXPENSES: Benefits to policyholders 132.1 141.4 Interest credited to policyholders account balances 2.1 2.1 Amortization of deferred policy acquisition costs 11.7 21.2 Dividends to policyholders 60.2 53.5 Operating costs and expenses 1.1 1.7 ------- ------- Total benefits and expenses 207.2 219.9 ------- ------- Closed Block Profit $ 10.7 $ 9.7 ======= ======= CLOSED BLOCK ASSETS AND LIABILITIES -------------------------------------------------------------------------------------------------- March 31, December 31, 2002 2001 ---- ---- ($ millions) -------------------------------------------------------------------------------------------------- BALANCE SHEET DATA: Assets: General Account Fixed maturities $ 3,834.0 $ 3,868.9 Mortgage loans on real estate 578.9 622.1 Amounts due from broker 18.1 6.2 Policy loans 1,135.3 1,144.3 Cash and cash equivalents 101.9 56.2 Premiums receivable 7.3 12.5 Deferred policy acquisition costs 492.6 500.6 Other assets 245.0 219.3 --------- --------- Total closed block assets $ 6,413.1 $ 6,430.1 ========= ========= Liabilities: General Account Future policy benefits $ 6,870.3 $ 6,869.8 Policyholders' account balances 292.4 292.9 Other policyholders' liabilities 165.6 162.2 Other liabilities 132.2 163.9 --------- --------- Total closed block liabilities $ 7,460.5 $ 7,488.8 ========= =========
10 Exhibit 4C (Unaudited)
FIXED MATURITIES BY CREDIT QUALITY - CLOSED BLOCK PUBLIC FIXED MATURITIES BY CREDIT QUALITY ----------------------------------------------------------------------------------------------------------------------------------- As Of Year Ended March 31, 2002 December 31, 2001 NAIC Rating Agency Amortized % of Estimated Amortized % of Estimated Rating Equivalent Designation Cost Total Fair Value Cost Total Fair Value ------ ---------------------- ---- ----- ---------- ---- ----- ---------- ($ millions) ----------------------------------------------------------------------------------------------------------------------------------- 1 Aaa/Aa/A $ 1,678.3 77.4% $ 1,694.5 $ 1,589.1 76.7% $ 1,631.5 2 Baa 400.4 18.3% 401.1 391.3 18.8% 399.6 3 Ba 98.1 4.1% 88.9 93.1 4.1% 86.2 4 B 5.0 0.2% 5.0 5.0 0.2% 4.9 5 Caa and lower - 0.0% - 5.0 0.2% 5.1 6 In or near default 0.6 0.0% 0.7 0.6 0.0% 0.5 ---------- ----- --------- --------- ----- ----------- Subtotal 2,182.4 100.0% 2,190.2 2,084.1 100.0% 2,127.8 Redeemable preferred stock - 0.0% - - 0.0% - ---------- ----- --------- --------- ----- ----------- Total Public Fixed Maturities $ 2,182.4 100.0% $ 2,190.2 $ 2,084.1 100.0% $ 2,127.8 ---------- ----- --------- --------- ----- ----------- PRIVATE FIXED MATURITIES BY CREDIT QUALITY ----------------------------------------------------------------------------------------------------------------------------------- As Of Year Ended March 31, 2002 December 31, 2001 NAIC Rating Agency Amortized % of Estimated Amortized % of Estimated Rating Equivalent Designation Cost Total Fair Value Cost Total Fair Value ------ ---------------------- ---- ----- ---------- ---- ----- ---------- ($ millions) ($ millions) ----------------------------------------------------------------------------------------------------------------------------------- 1 Aaa/Aa/A $ 812.9 50.5% $ 831.2 $ 845.3 50.3% $ 875.1 2 Baa 714.6 44.0% 722.6 742.5 43.6% 759.5 3 Ba 76.8 4.5% 74.2 83.6 4.8% 83.3 4 B 16.8 1.0% 15.8 17.8 1.0% 17.1 5 Caa and lower - 0.0% - 7.5 0.3% 6.0 6 In or near default - 0.0% - - 0.0% - ---------- ----- --------- --------- ----- ----------- Subtotal 1,621.1 100.0% 1,643.8 1,696.7 100.0% 1,741.0 Redeemable preferred stock - 0.0% - - 0.0% - ---------- ----- --------- --------- ----- ----------- Total Private Fixed Maturities $ 1,621.1 100.0% $ 1,643.8 $ 1,696.7 100.0% $ 1,741.0 ---------- ----- --------- --------- ----- ----------- TOTAL FIXED MATURITIES BY CREDIT QUALITY ----------------------------------------------------------------------------------------------------------------------------------- As Of Year Ended March 31, 2002 December 31, 2001 NAIC Rating Agency Amortized % of Estimated Amortized % of Estimated Rating Equivalent Designation Cost Total Fair Value Cost Total Fair Value ------ ---------------------- ---- ----- ---------- ---- ----- ---------- ($ millions) ($ millions) ----------------------------------------------------------------------------------------------------------------------------------- 1 Aaa/Aa/A $ 2,491.2 65.9% $ 2,525.7 $ 2,434.4 64.8% $ 2,506.6 2 Baa 1,115.0 29.3% 1,123.7 1,133.8 30.0% 1,159.1 3 Ba 174.9 4.3% 163.1 176.7 4.4% 169.5 4 B 21.8 0.5% 20.8 22.8 0.6% 22.0 5 Caa and lower - 0.0% - 12.5 0.3% 11.1 6 In or near default 0.6 0.0% 0.7 0.6 0.0% 0.5 ---------- ----- --------- --------- ----- ----------- Subtotal 3,803.5 100.0% 3,834.0 3,780.8 100.0% 3,868.8 Redeemable preferred stock - 0.0% - - 0.0% - ---------- ----- --------- --------- ----- ----------- Total Fixed Maturities $ 3,803.5 100.0% $ 3,834.0 $ 3,780.8 100.0% $ 3,868.8 ---------- ----- --------- --------- ----- ----------- -----------------------------------------------------------------------------------------------------------------------------------
The Exhibit above includes invested assets in the Closed Block. 11 Exhibit 5 (Unaudited) PROTECTION PRODUCTS SEGMENT NEW ANNUALIZED AND SINGLE PREMIUMS AND INFORCE -------------------------------------------------------------------------------- Three-Months Ended March 31, 2002 2001 ---- ---- ($ millions) -------------------------------------------------------------------------------- PROTECTION BUSINESS SALES: Traditional life $ 0.7 $ 0.1 Term 11.2 8.5 Universal life 7.7 4.8 Variable universal life 10.5 12.8 Corporate owned life insurance 18.3 22.8 Group universal life 0.3 0.3 ----------- ---------- Total $ 48.7 $ 49.3 =========== ========== -------------------------------------------------------------------------------- As of March 31, December 31, 2002 2001 ---- ---- -------------------------------------------------------------------------------- Insurance In Force ($ in millions except number of policies) -------------------------------------------------------------------------------- Traditional Life (1): Number of policies (in thousands) 851.5 857.3 GAAP life reserves $ 7,393.7 $ 7,374.8 Face amounts $ 75,275.2 $ 73,678.2 Universal Life: Number of policies (in thousands) 74.2 74.7 GAAP life reserves $ 722.9 $ 711.2 Face amounts $ 10,808.5 $ 10,843.6 Variable Universal Life: Number of policies (in thousands) 66.5 65.9 GAAP life reserves $ 806.9 $ 772.0 Face amounts $ 18,462.3 $ 18,231.2 Group Universal Life: Number of policies (in thousands) 43.0 43.9 GAAP life reserves $ 67.1 $ 66.7 Face amounts $ 1,531.4 $ 1,571.4 Total: Number of policies (in thousands) 1,035.2 1,041.8 GAAP life reserves $ 8,990.6 $ 8,924.7 Face amounts $ 106,077.4 $ 104,324.4 -------------------------------------------------------------------------------- (1) Consists of whole life and term policies 12 Exhibit 6 (Unaudited) PROTECTION PRODUCTS SEGMENT STATUTORY DIRECT PREMIUMS BY PRODUCT -------------------------------------------------------------------------------- Three-Months Ended March 31, 2002 2001 ---- ---- ($ millions) -------------------------------------------------------------------------------- LIFE INSURANCE: Traditional Life (1): First year & single $ 39.7 $ 40.3 Renewal 110.7 108.5 ------- ------- Total $ 150.4 $ 148.8 ======= ======= Universal Life: First year & single $ 8.0 $ 4.2 Renewal 24.1 25.5 ------- ------- Total $ 32.1 $ 29.7 ======= ======= Variable Universal Life: First year & single $ 13.5 $ 16.5 Renewal 25.9 21.8 ------- ------- Total $ 39.4 $ 38.3 ======= ======= Corporate Sponsored Variable Universal Life: First year & single $ 14.7 $ 12.6 Renewal 9.1 23.6 ------- ------- Total $ 23.8 $ 36.2 ======= ======= Group Universal Life: First year & single $ 0.4 $ 0.7 Renewal 2.8 2.8 ------- ------- Total $ 3.2 $ 3.5 ======= ======= Total life insurance $ 248.9 $ 256.5 ======= ======= -------------------------------------------------------------------------------- (1) Consists of whole life and term policies 13 Exhibit 7 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. -------------------------------------------------------------------------------- Exhibit 8 (Unaudited) ACCUMULATION PRODUCTS SEGMENT INCOME STATEMENT
--------------------------------------------------------------------------------------------------- Three-Months Ended March 31, 2002 2001 ---- ---- ($ millions) --------------------------------------------------------------------------------------------------- REVENUES: Premiums $ 1.5 $ 1.3 Universal life and investment-type product policy fees 12.1 15.2 Net investment income 21.2 19.1 Other income 25.8 26.2 ----------------- ---------------- Total revenues 60.6 61.8 ----------------- ---------------- BENEFITS AND EXPENSES: Benefits to policyholders 6.2 5.8 Interest credited to policyholder account balances 10.4 10.3 Amortization of deferred policy acquisition costs 5.9 6.3 Dividends to policyholders 0.3 0.4 Other operating costs and expenses 29.1 28.1 ----------------- ---------------- Total benefits and expenses 51.9 50.9 ----------------- ---------------- Pre-tax operating income 8.7 10.9 Net realized (loss)/gains on investments (0.2) 1.1 ----------------- ---------------- Pre-tax income $ 8.5 $ 12.0 ================= ================
-------------------------------------------------------------------------------------------------------- Three-Months Ended March 31, ($ millions) 2002 2001 ----------------- ---------------- Operating Income $ 8.7 10.9 Venture Capital (gains)/losses (0.8) 1.3 ----------------- ---------------- Operating Income excluding venture capital $ 7.9 $ 12.2 ================= ================
15 Exhibit 9 (Unaudited) ACCUMULATION PRODUCTS SEGMENT ASSETS UNDER MANAGEMENT ---------------------------------------------------------------------------- March 31, March 31, December 31, 2002 2001 2001 ($ billions) ---------------------------------------------------------------------------- ACCUMULATION SEGMENT: Assets under management Individual variable annuities $ 3.9 $ 3.9 $ 3.9 Individual fixed annuities 0.7 0.7 0.7 Proprietary retail mutual funds 4.5 4.3 4.4 ------- ------- ------- $ 9.1 $ 8.9 $ 9.0 ======= ======= ======= Three-Months Ended March 31, 2002 2001 ---- ---- ($ billions) RECONCILIATION IN ACCOUNT VALUE: VARIABLE ANNUITY(1): Beginning account value $ 3.9 $ 4.4 Sales 0.1 0.1 Market appreciation 0.0 (0.4) Mortality and expense (0.0) (0.0) Surrenders and withdrawals (0.1) (0.1) ------- ------- $ 3.9 $ 3.9 ======= ======= ENTERPRISE GROUP OF FUNDS: Beginning account value $ 4.4 $ 4.8 Sales 0.3 0.4 Dividends reinvested 0.0 0.0 Market appreciation 0.0 (0.6) Redemptions (0.3) (0.3) ------- ------- Ending account value $ 4.5 $ 4.3 ======= ======= -------------------------------------------------------------------------------- 16 Exhibit 10 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). -------------------------------------------------------------------------------- 17 Exhibit 11 (Unaudited) RETAIL BROKERAGE AND INVESTMENT BANKING INCOME STATEMENT DATA --------------------------------------------------------------------------- Three-Months Ended March 31, 2002 2001 ---- ---- ($ millions) -------------------------------------------------------------------------- REVENUES: Net investment income $ 2.3 $ 1.0 Retail Brokerage and Investment Banking 90.8 71.1 ------ ------ Total revenues 93.1 72.1 ------ ------ BENEFITS AND EXPENSES: Other operating costs and expenses 93.9 73.8 ------ ------ Total benefits and expenses 93.9 73.8 ------ ------ Pre-tax operating loss (0.8) (1.7) Net realized losses on investments - (0.2) ------ ------ Pre-tax loss $ (0.8) $ (1.9) ====== ====== --------------------------------------------------------------------------- 18 Exhibit 12 (Unaudited) RETAIL BROKERAGE AND INVESTMENT BANKING INCOME STATEMENT DETAIL Three-Months Ended March 31, -------------------------------- 2002 2001 ---------- ----------- ($ millions) REVENUES: Commissions $ 42.4 $ 27.8 Interest 8.7 13.6 Principal transactions 22.7 14.9 Asset management and administration 4.9 2.5 Investment banking 13.3 9.8 Other 1.1 3.3 ------ ------ Total revenues 93.1 71.9 ------ ------ EXPENSES: Compensation 53.3 36.2 Interest 4.6 9.9 Goodwill and other intangible amortization 1.0 1.5 Other 35.0 26.2 ------ ------ Total expenses 93.9 73.8 ------ ------ Pre-tax loss $ (0.8) $ (1.9) ====== ====== ------------------------------------------------------------------------------- ADVEST - NET INTEREST Three-Months Ended March 31, 2002 March 31, 2001 ----------------- ------------------- ($ millions) ---------- Net Interest Income - Interest Income: Brokerage customers (1) $ 4.1 47.2% $ 6.2 45.6% Stock borrowed (1) 1.2 13.8% 6.2 45.6% Investments 0.1 0.9% 0.1 0.7% Security inventory 2.2 25.3% 0.9 6.6% Other 1.1 12.7% 0.2 1.5% ----------------- ------------------- $ 8.7 100.0% $ 13.6 100.0% ----------------- ------------------- Interest Expense: Stock loaned (1) 2.9 63.0% 6.0 60.6% Brokerage customers 1.3 28.3% 1.2 12.1% Borrowings 0.2 4.3% 2.6 26.3% Other 0.2 4.3% 0.1 1.0% ----------------- ------------------ 4.6 100.0% 9.9 100.0% ----------------- ------------------ Net interest income $ 4.1 47.0% $ 3.7 27.2% ================= ================== (1) The decrease in interest income from 2001 to 2002 reflected in the line items above entitled "Brokerage customers" and "Stock borrowed", as well as the decrease in interest expense from 2001 to 2002 reflected in the line item "Stock loaned" resulted from the outsourcing of Advest's clearing operation to Wexford which was completed in early 2002. In connection with the outsourcing, Advest entered into an interest-sharing agreement with Wexford which has resulted in lower net interest profits in the current year ------------------------------------------------------------------------------- ADVEST STATISTICAL DATA As of March 31, 2002 -------------- Client Assets (in millions)* $ 28,227.0 Number of Client Accounts (in thousands) 248 * Includes assets managed under fee-based programs of approximately $6.8 million. 19 Exhibit 13 OTHER PRODUCTS SEGMENT -------------------------------------------------------------------------------- The Company's Other Products segment primarily consists of an insurance brokerage operation and the Run-Off businesses. The insurance brokerage operation provides the Company's career agency sales force with access to non-variable life, annuity, small group health and specialty insurance products written by other carriers to meet the insurance and investment needs of its customers. The Run-Off Businesses primarily consist of group life and health insurance as well as the group pension business that was not included in the Group Pension Transaction. -------------------------------------------------------------------------------- RECONCILING AMOUNTS -------------------------------------------------------------------------------- The reconciling amounts include certain benefits for the Company's benefit plans, the results of the holding company and certain non-recurring items. -------------------------------------------------------------------------------- Exhibit 14 (Unaudited) OTHER/RECONCILING PRODUCTS SEGMENT INCOME STATEMENT DATA
------------------------------------------------------------------------------------- Three-Months Ended March 31, 2002 2001 ---- ---- ($ millions) REVENUES: Premiums $ 2.5 $ 2.2 Universal life and investment-type product policy fees 1.2 - Net investment income 12.5 15.4 Other income 6.6 6.3 -------- -------- Total revenues 22.8 23.9 -------- -------- BENEFITS AND EXPENSES: Benefits to policyholders 8.5 8.7 Interest credited to policyholder account balances 2.1 2.5 Dividends to policyholders 0.3 0.2 Other operating costs and expenses 23.8 22.7 -------- -------- Total benefits and expenses 34.7 34.1 -------- -------- Pre-tax operating loss (11.9) (10.2) Net realized gain/(loss) on investments 0.2 (0.1) -------- -------- Pre-tax loss $ (11.7) $ (10.3) ======== ======== ------------------------------------------------------------------------------------- Three-Months Ended March 31, ($ millions) 2002 2001 -------- -------- Operating Income $ (11.9) $ (10.2) Venture Capital gains/(loss) 0.3 (0.4) -------- -------- Operating Income excluding venture capital $ (11.6) $ (10.6) ======== ========
21 INVESTMENTS ALL INVESTMENT DATA PRESENTED IN THE FOLLOWING SECTION INCLUDES INVESTED ASSETS IN THE CLOSED BLOCK 22 Exhibit 16 (Unaudited)
CONSOLIDATED GAAP INVESTED ASSETS ------------------------------------------------------------------------------------------------------------------------ As of As of March 31, 2002 December 31, 2001 Carrying % of Carrying % of Value Total Value Total ----- ----- ----- ----- INVESTED ASSETS ($ Millions) ------------------------------------------------------------------------------------------------------------------------ Fixed Maturities, Available for Sale $ 6,920.1 62.3% $ 6,976.0 62.8% Fixed Maturities, Held to Maturity 0.1 0.0% 0.1 0.0% Equity Securities, Available for Sale 305.8 2.8% 299.2 2.7% Mortgage Loans on Real Estate 1,763.2 15.9% 1,809.7 16.3% Policy Loans 1,223.7 11.0% 1,229.0 11.1% Real Estate to be Disposed Of 193.5 1.7% 172.3 1.6% Real Estate Held for Investment 46.7 0.4% 58.5 0.5% Other Invested Assets 126.8 1.1% 116.7 1.0% Cash and Cash Equivalents 535.3 4.8% 441.0 4.0% ---------- --------- ---------- -------- Invested Assets, excluding Trading Securities $ 11,115.2 100.0% $ 11,102.5 100.0% ========== ========= ========== ======== ------------------------------------------------------------------------------------------------------------------------
The Exhibit above includes invested assets in the Closed Block and excludes Trading Securities in Advest. 23 Exhibit 17 (Unaudited) INVESTMENT RESULTS BY ASSET CATEGORY-COMBINED BASIS
------------------------------------------------------------------------------------------------------------------------------------ Three Months Ended Three Months Ended Year Ended March 31, 2002 March 31, 2001 December 31, 2001 Yield (2) Amount Yield (2) Amount Yield (1) Amount --------- ------ --------- ------ --------- ------ ($ millions) ($ millions) ($ millions) ------------------------------------------------------------------------------------------------------------------------------------ FIXED MATURITIES Investment Income 7.2% $ 123.9 7.5% $ 125.5 7.3% $ 492.5 Realized Gains (losses) 0.3% 4.8 0.3% 4.7 0.0% (2.6) Total 7.5% $ 128.7 7.8% $ 130.2 7.2% $ 489.9 ------------------------------------------------------------------------------- Ending Assets $ 6,862.0 $ 6,728.4 $ 6,833.0 ------------------------------------------------------------------------------- EQUITY SECURITIES Investment Income 7.9% $ 6.0 -5.7% $ (4.6) 10.8% $ (33.9) Realized Gains (losses) -1.5% (1.1) -2.0% (1.6) -2.5% (7.8) Total 6.4% $ 4.8 -7.7% $ (6.2) 13.3% $ (41.7) ------------------------------------------------------------------------------- Ending Assets $ 305.8 $ 317.5 $ 299.2 ------------------------------------------------------------------------------- MORTGAGE LOANS Investment Income 7.7% $ 34.4 8.2% $ 35.4 7.8% $ 139.8 Realized Gains (losses) -0.6% (2.6) 0.4% 1.7 0.5% 9.3 Total 7.1% $ 31.8 8.6% $ 37.1 8.4% $ 149.2 ------------------------------------------------------------------------------- Ending Assets $ 1,763.2 $ 1,701.0 $ 1,809.7 ------------------------------------------------------------------------------- REAL ESTATE (3) Investment Income 12.4% $ 7.3 5.1% $ 2.7 4.3% $ 9.5 Realized Gains (losses) -6.0% (3.5) -2.9% (1.5) -2.4% (5.2) Total 6.4% $ 3.8 2.2% $ 1.2 1.9% $ 4.2 ------------------------------------------------------------------------------- Ending Assets $ 240.2 $ 214.4 $ 230.8 ------------------------------------------------------------------------------- POLICY LOANS Investment Income 7.0% $ 21.5 7.0% $ 22.0 6.9% $ 86.5 Realized Gains (losses) 0.0% - 0.0% - 0.0% - Total 7.0% $ 21.5 7.0% $ 22.0 6.9% $ 86.5 ------------------------------------------------------------------------------- Ending Assets $ 1,223.7 $ 1,259.2 $ 1,229.0 ------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS Investment Income 1.9% $ 2.1 5.8% $ 11.7 4.4% $ 29.3 Realized Gains (losses) 0.0% (0.0) 0.0% (0.0) -0.1% (0.8) Total 1.9% $ 2.1 5.8% $ 11.7 4.3% $ 28.5 ------------------------------------------------------------------------------- Ending Assets $ 535.2 $ 625.1 $ 441.0 ------------------------------------------------------------------------------- OTHER INVESTED ASSETS Investment Income 10.4% $ 3.2 5.5% $ 1.3 8.4% $ 9.1 Realized Gains (losses) 0.1% 0.0 -3.0% (0.7) -4.7% (5.1) Total 10.5% $ 3.2 2.5% $ 0.6 3.7% $ 4.0 ------------------------------------------------------------------------------- Ending Assets $ 126.8 $ 91.2 $ 116.7 ------------------------------------------------------------------------------- TOTAL BEFORE INVESTMENT EXPENSES Investment Income 7.2% $ 198.3 7.0% $ 194.1 6.6% $ 732.8 Realized Gains (losses) -0.1% (2.4) 0.1% 2.5 -0.1% (12.3) Total 7.1% $ 195.9 7.1% $ 196.6 6.5% $ 720.6 ------------------------------------------------------------------------------- Ending Assets $11,057.0 $10,936.8 $10,959.4 ------------------------------------------------------------------------------- Other Fee Income 0.1% $ 1.4 0.0% $ 1.2 0.0% $ 5.3 Investment expense -0.1% $ (4.0) -0.4% $ (11.5) -0.4% $ (46.1) TOTAL AFTER INVESTMENT EXPENSES Investment Income 7.1% $ 195.8 6.6% $ 183.7 6.2% $ 692.1 Realized Gains (losses) -0.1% (2.4) 0.1% 2.5 -0.1% (12.3) Total 7.0% $ 193.4 6.7% $ 186.2 6.1% $ 679.8 ------------------------------------------------------------------------------- Ending Assets 11,057.0 10,936.8 10,959.4 ------------------------------------------------------------------------------- Net unrealized gains (losses) on fixed maturities 58.2 120.4 143.1 ------------------------------------------------------------------------------- Total invested assets (4) $11,115.2 $11,057.2 $11,102.5 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------ Year Ended Year Ended Year Ended December 31, 2000 December 31, 1999 December 31, 1998 Yield (1) Amount Yield (1) Amount Yield (1) Amount --------- ------ --------- ------ --------- ------ ($ millions) ($ millions) ($ millions) ------------------------------------------------------------------------------------------------------------------------------------ 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 ------------------------------------------------------------------------------------------------------------------------------------
(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 $712.5 million and results are excluded from the yield calculation. The Exhibit above include invested assets in the Closed Block. 24 Exhibit 18A (Unaudited) FIXED MATURITIES BY CREDIT QUALITY PUBLIC FIXED MATURITIES BY CREDIT QUALITY
--------------------------------------------------------------------------------------------------------------------------------- As of As of March 31, 2002 December 31, 2001 NAIC Rating Agency Amortized % of Estimated Amortized % of Estimated Rating Equivalent Designation Cost Total Fair Value Cost Total Fair Value ------ ---------------------- ---- ----- ---------- ---- ----- ---------- ($ millions) --------------------------------------------------------------------------------------------------------------------------------- 1 Aaa/Aa/A $ 2,856.0 74.6% $ 2,887.9 $ 2,730.4 73.8% $ 2,806.4 2 Baa 763.4 19.8% 765.1 769.5 20.6% 784.9 3 Ba 172.3 4.3% 166.5 161.9 4.1% 155.3 4 B 38.2 1.1% 42.0 37.9 1.1% 40.8 5 Caa and lower 4.9 0.2% 5.6 15.5 0.4% 15.0 6 In or near default 1.6 0.0% 1.9 1.8 0.0% 1.9 --------- ----- --------- --------- ----- --------- Subtotal 3,836.4 100.0% 3,869.0 3,717.0 100.0% 3,804.3 Redeemable preferred stock 1.0 0.0% 1.0 1.0 0.0% 0.9 --------- ----- --------- --------- ----- --------- Total Public Fixed Maturities $ 3,837.4 100.0% $ 3,870.0 $ 3,718.0 100.0% $ 3,805.2 ========= ===== ========= ========= ===== ========= PRIVATE FIXED MATURITIES BY CREDIT QUALITY ---------------------------------------------------------------------------------------------------------------------------------- As of As of March 31, 2002 December 31, 2001 NAIC Rating Agency Amortized % of Estimated Amortized % of Estimated Rating Equivalent Designation Cost Total Fair Value Cost Total Fair Value ------ ---------------------- ---- ----- ---------- ---- ----- ---------- ($ millions) ($ millions) ---------------------------------------------------------------------------------------------------------------------------------- 1 Aaa/Aa/A $ 1,060.2 35.5% $ 1,081.3 $ 1,077.5 35.1% $ 1,113.7 2 Baa 1,580.4 52.0% 1,587.6 1,620.7 51.9% 1,645.8 3 Ba 250.1 8.1% 246.4 270.6 8.5% 269.3 4 B 62.1 2.0% 60.4 63.2 1.9% 62.0 5 Caa and lower 12.7 0.4% 12.7 20.2 0.6% 18.6 6 In or near default 4.5 0.2% 5.7 4.5 0.2% 5.7 --------- ----- --------- --------- ----- --------- Subtotal 2,970.0 98.2% 2,994.1 3,056.7 98.2% 3,115.1 Redeemable preferred stock 54.6 1.8% 56.1 54.6 1.8% 55.8 --------- ----- --------- --------- ----- --------- Total Private Fixed Maturities $ 3,024.6 100.0% $ 3,050.2 $ 3,111.3 100.0% $ 3,170.9 ========= ===== ========= ========= ===== ========= TOTAL FIXED MATURITIES BY CREDIT QUALITY ---------------------------------------------------------------------------------------------------------------------------------- As of As of March 31, 2002 December 31, 2001 NAIC Rating Agency Amortized % of Estimated Amortized % of Estimated Rating Equivalent Designation Cost Total Fair Value Cost Total Fair Value ------ ---------------------- --------- ----- ---------- ---- ----- ---------- ($ millions) ($ millions) ---------------------------------------------------------------------------------------------------------------------------------- 1 Aaa/Aa/A $ 3,916.2 57.3% $ 3,969.2 $ 3,807.9 56.2% $ 3,920.1 2 Baa 2,343.8 34.0% 2,352.7 2,390.2 34.8% 2,430.7 3 Ba 422.4 6.0% 412.9 432.5 6.1% 424.6 4 B 100.3 1.5% 102.4 101.1 1.5% 102.8 5 Caa and lower 17.6 0.3% 18.3 35.7 0.5% 33.6 6 In or near default 6.1 0.1% 7.6 6.3 0.1% 7.6 --------- ----- --------- --------- ----- --------- Subtotal 6,806.4 99.2% 6,863.1 6,773.7 99.2% 6,919.4 Redeemable preferred stock 55.6 0.8% 57.1 55.6 0.8% 56.7 --------- ----- --------- --------- ----- --------- Total Fixed Maturities $ 6,862.0 100.0% $ 6,920.2 $ 6,829.3 100.0% $ 6,976.1 ========= ===== ========= ========= ===== =========
The Exhibit above includes invested assets in the Closed Block. Excludes Trading Portfolio Assets. 25 Exhibit 18B (Unaudited) FIXED MATURITIES BY INDUSTRY
----------------------------------------------------------------------------------------------------------------------- As of March 31, 2002 -------------------- ($ millions) ----------------------------------------------------------------------------------------------------------------------- Industry Public % Private % Total % -------- ------ - ------- - ----- - Consumer Goods & Services $ 474.0 12.2% $ 736.1 24.1% $ 1,210.1 17.5% Non-Government-Asset/Mortgage Backed 504.2 13.1% 255.4 8.4% 759.6 10.9% Public Utilities 423.9 10.9% 287.0 9.4% 710.9 10.3% Other Manufacturing 168.0 4.3% 513.0 16.8% 681.0 9.8% Financial Services 211.3 5.5% 346.7 11.4% 558.0 8.1% Banks 460.5 11.9% 41.8 1.4% 502.3 7.3% Transportation/Aerospace 290.0 7.5% 192.5 6.3% 482.5 7.0% Government & Agency 441.8 11.4% 0.1 0.0% 441.9 6.4% Energy 204.7 5.3% 204.1 6.7% 408.8 5.9% Mortgage Backed-Government & Agency 370.7 9.6% 0.9 0.0% 371.6 5.4% Nat/Res/Manuf(non-energy) 96.8 2.5% 271.4 8.9% 368.2 5.3% Media/Adver/Printing 32.3 0.8% 105.6 3.5% 137.9 2.0% Telecommunications 94.9 2.5% 18.6 0.6% 113.5 1.6% Other 95.9 2.5% 16.3 0.5% 112.2 1.6% Cable Television 1.0 0.0% 32.2 1.1% 33.2 0.5% Bank Holding Companies 0.0 0.0% 28.5 0.9% 28.5 0.4% --------------------------------------------------------------- ------- Total $ 3,870.0 100.0% $ 3,050.2 100.0% $ 6,920.2 100.0% =============================================================== ======= As of December 31, 2001 ----------------------- ($ millions) ----------------------------------------------------------------------------------------------------------------------- Industry Public % Private % Total % -------- ------ - ------- - ----- - Consumer Goods & Services $ 463.6 12.2% $ 761.5 24.0% $ 1,225.1 17.7% Non-Government-Asset/Mortgage Backed 523.4 13.8% 269.7 8.5% 793.1 11.4% Public Utilities 436.4 11.4% 303.4 9.6% 739.8 10.6% Other Manufacturing 168.0 4.4% 504.8 15.9% 672.8 9.6% Financial Services 222.5 5.8% 372.0 11.7% 594.5 8.5% Banks 467.8 12.3% 42.4 1.3% 510.2 7.3% Transportation/Aerospace 303.4 8.0% 198.5 6.3% 501.9 7.2% Government & Agency 199.9 5.3% 229.0 7.2% 428.9 6.1% Energy 406.5 10.7% 0.1 0.0% 406.6 5.8% Mortgage Backed-Government & Agency 95.1 2.5% 282.7 8.9% 377.8 5.4% Nat/Res/Manuf(non-energy) 293.9 7.7% 1.0 0.0% 294.9 4.2% Media/Adver/Printing 26.7 0.7% 106.2 3.3% 132.9 1.9% Telecommunications 100.4 2.6% 20.3 0.7% 120.7 1.7% Other 94.3 2.5% 16.6 0.6% 110.9 1.6% Cable Television 1.1 0.0% 33.3 1.1% 34.4 0.5% Bank Holding Companies 2.2 0.1% 29.4 0.9% 31.6 0.5% --------------------------------------------------------------- ------- Total $ 3,805.2 100.0% $ 3,170.9 100.0% $ 6,976.1 100.0% =============================================================== =======
The Exhibit above includes invested assets in the Closed Block. Excludes Trading Portfolio Assets. 26 Exhibit 18C (Unaudited) VENTURE CAPITAL PARTNERSHIP INVESTMENTS VENTURE CAPITAL PARTNERSHIP INVESTMENTS:
------------------------------------------------------------------------------------ As of As of March 31, 2002 December 31, 2001 -------------- ----------------- ($ in millions) ($ in millions) Equity Method Public common stock $ 20.2 $ 9.0 Private common stock 76.8 83.6 ------------- ------------- Sub-total 97.0 92.6 ------------- ------------- Cost Method Public common stock 28.0 22.0 Private common stock 111.3 115.1 ------------- ------------- Sub-total 139.3 137.1 ------------- ------------- Total Venture Capital Partnership Investments $ 236.3 $ 229.7 ============= =============
VENTURE CAPITAL PARTNERSHIP INVESTMENTS BY SECTOR: ---------------------------------------------------------------------------------------------------------------------- As of As of March 31, 2002 December 31, 2001 -------------- ----------------- ($ Millions) % ($ Millions) % ---------------------------------------------------------------------------------------------------------------------- Information Technology $ 114.6 48.5% $ 107.5 46.8% Domestic LBO 51.8 22.0% 50.4 22.0% Life Sciences 18.7 7.9% 20.0 8.7% Telecommunications 3.8 1.6% 8.6 3.7% International LBO 17.3 7.3% 14.0 6.1% Merchant Banking 21.5 9.1% 11.9 5.2% Other 8.6 3.6% 17.3 7.5% ------- ----- ------- ----- Total Venture Capital Partnership Investments by Sector $ 236.3 100.0% $ 229.7 100.0% ======= ===== ======= =====
27 Exhibit 19 (Unaudited) PROBLEM, POTENTIAL PROBLEM AND RESTRUCTURED COMMERCIAL MORTGAGES AT CARRYING VALUE
----------------------------------------------------------------------------------------------------------------------------- 31-Mar 31-Dec 2002 2001 ---- ---- ($ millions) ----------------------------------------------------------------------------------------------------------------------------- Total Commercial Mortgages $ 1,460.9 $ 1,507.7 ========= ========= Problem commercial mortgages (1) 5.4 16.3 Potential problem commercial mortgages 60.7 64.5 Restructured commercial mortgages 57.9 57.9 --------- --------- Total problem, potential problem and restructured commercial mortgages $ 124.0 $ 138.7 ========= ========= Total problem, potential problem and restructured commercial mortgages as % of total commercial mortgages 8.5% 9.2% === === Valuation allowances/writedowns (2) Problem loans $ 0.1 $ 4.6 Potential problem loans 6.5 8.4 Restructured loans 4.5 4.7 --------- --------- Total valuation allowances/writedowns $ 11.1 $ 17.7 ========= ========= Total valuation allowances as a percent of problem, potential problem and restructured commercial mortgages at carrying value before valuation allowances and writedowns 8.2% 11.3% === ==== -----------------------------------------------------------------------------------------------------------------------------
(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. 28 Exhibit 20A (Unaudited) EQUITY REAL ESTATE -------------------------------------------------------------------------------- As of As of ----- ----- March 31, December 31, 2002 2001 ---- ---- ($ millions) -------------------------------------------------------------------------------- TYPE Real estate $ 52.4 $ 53.2 Joint ventures 136.5 133.3 --------- --------- Subtotal 188.9 186.5 Foreclosed 51.3 44.3 --------- --------- Total $ 240.2 $ 230.8 ========= ========= 29 Exhibit 20B (Unaudited) MORTGAGES AND REAL ESTATE
-------------------------------------------------------------------------------------------------------------------- As of As of March 31, 2002 December 31, 2001 -------------- ----------------- ($ millions) ($ millions) -------------------------------------------------------------------------------------------------------------------- Geographic Region Southeast $ 441.3 22.0% $ 449.1 22.0% West 344.3 17.2% 361.6 17.7% Northeast 270.7 13.5% 274.1 13.4% Mountain 398.6 19.9% 414.2 20.3% Midwest 336.7 16.8% 336.2 16.5% Southwest 211.8 10.6% 205.3 10.1% --------- ---- --------- ---- $ 2,003.4 100% $ 2,040.5 100% ========= === ========= === As of As of March 31, 2002 December 31, 2001 -------------- ----------------- ($ millions) ($ millions) -------------------------------------------------------------------------------------------------------------------- Property Type: Office Buildings $ 849.7 42.4% $ 873.3 42.8% Agricultural 304.6 15.2% 304.9 14.9% Hotel 298.5 14.9% 297.8 14.6% Retail 133.8 6.7% 138.8 6.8% Industrial 158.5 7.9% 156.6 7.7% Other 133.6 6.7% 135.1 6.6% Apartment Buildings 124.7 6.2% 134.0 6.6% --------- --- --------- --- $ 2,003.4 100% $ 2,040.5 100% ========= === ========= ===
The Exhibit above includes invested assets in the Closed Block. 30 Exhibit 21 (Unaudited) HISTORICAL QUARTERLY DATA
------------------------------------------------------------------------------------------------------------------------------------ Q1'02 2001 Q4'01 Q3'01 Q2'01 Q1'01 ($ millions, except per share amounts) ------------------------------------------------------------------------------------------------------------------------------------ REVENUES: Premiums $ 164.4 $ 695.3 $ 194.8 $ 162.0 $ 173.4 $ 165.1 Universal life and investment-type product policy fees 49.0 207.2 55.1 50.1 52.3 49.7 Net investment income 189.7 692.1 146.0 172.9 189.5 183.7 Net realized gains on investments (2.4) (12.3) (18.3) 0.5 3.0 2.5 Group pension profits 7.7 30.7 3.5 8.0 9.3 9.9 Retail Brokerage and Investment Banking 90.8 343.5 90.5 82.1 99.8 71.1 Other income 38.2 147.1 53.3 21.8 41.7 30.3 ----------------------------------------------------------------------------- Total revenues 537.4 2,103.6 524.9 497.4 569.0 512.3 ----------------------------------------------------------------------------- BENEFITS AND EXPENSES: Benefits to policyholders 190.7 814.7 218.6 203.9 194.5 197.7 Interest credited to policyholder account balances 27.9 110.5 27.3 27.9 27.0 28.3 Amortization of deferred policy acquisition costs 32.8 158.8 60.4 32.9 28.3 37.2 Dividends to policyholders 61.5 236.6 66.9 54.5 60.6 54.6 Demutualization Expense - - - - - - Other operating costs and expenses 203.4 876.4 285.4 190.0 226.8 174.2 ----------------------------------------------------------------------------- Total benefits and expenses 516.3 2,197.0 658.6 509.2 537.2 492.0 ----------------------------------------------------------------------------- Income/(Loss) before income taxes and extraordinary item 21.1 (93.4) (133.7) (11.8) 31.8 20.3 Income tax expense 6.8 (32.6) (46.0) (3.1) 9.5 7.0 ----------------------------------------------------------------------------- Net income/(loss) $ 14.3 $ (60.8) $ (87.7) $ (8.7) $ 22.3 $ 13.3 ============================================================================= Net Income/(Loss) $ 14.3 $ (60.8) $ (87.7) $ (8.7) $ 22.3 $ 13.3 Realized losses included in the 4th quarter charge - 13.1 13.1 - - - Net realized gains/(losses) on investments (after-tax) 0.9 (1.2) (0.4) 1.4 (0.6) (1.6) ----------------------------------------------------------------------------- Operating income/(loss) 15.2 (48.9) (75.0) (7.3) 21.7 11.7 Operating loss included in the 4th quarter charge - 81.9 81.9 - - - Venture capital (income)/loss (3.3) 9.1 - 10.1 (4.1) 3.1 ----------------------------------------------------------------------------- Operating income as adjusted: $ 11.9 $ 42.1 $ 6.9 $ 2.8 $ 17.6 $ 14.8 ============================================================================= Number of Shares Used in Per Share Calculations: BASIC 48,012,310 48,608,378 47,786,913 48,642,274 49,363,512 48,720,335 DILUTED 49,737,205 48,608,378 47,786,913 48,642,274 50,913,099 50,314,782 Net Income/(Loss) Per Share: BASIC $ 0.30 $ (1.25) $ (1.84) $ (0.18) $ 0.45 $ 0.27 DILUTED $ 0.29 $ (1.25) $ (1.84) $ (0.18) $ 0.44 $ 0.26 Operating income/(loss) BASIC $ 0.32 $ (1.01) $ (1.57) $ (0.15) $ 0.44 $ 0.24 DILUTED $ 0.31 $ (1.01) $ (1.57) $ (0.15) $ 0.43 $ 0.23 Operating income as adjusted: BASIC $ 0.25 $ 0.87 $ 0.14 $ 0.06 $ 0.36 $ 0.30 DILUTED $ 0.24 $ 0.87 $ 0.14 $ 0.06 $ 0.35 $ 0.29
31 Exhibit 22 STATUTORY EXPENSE RATIOS
------------------------------------------------------------------------------------------------------------------------------------ Three Months Ending As of December 31, March 31, 2001 2000 1999 1998 1997 --------- ---- ---- ---- ---- ---- 2002 2001 ---- ---- ------------------------------------------------------------------------------------------------------------------------------------ PREMIUMS AND DEPOSITS (1) (6): MONY Life Insurance Company $ 161.2 $ 202.4 $ 786.3 $ 1,126.8 $ 900.0 $ 919.8 $ 1,003.0 MONY Life Insurance Company of America 194.5 212.8 910.5 1,549.7 1,361.0 774.3 770.6 ------- ------- --------- --------- --------- --------- --------- Total $ 355.7 $ 415.2 $ 1,696.8 $ 2,676.5 $ 2,261.0 $ 1,694.1 $ 1,773.6 ======= ======= ========= ========= ========= ========= ========= GENERAL EXPENSES (2) (4) (5) (7): MONY Life Insurance Company $ 62.6 $ 58.1 $ 240.4 $ 261.1 $ 247.8 $ 308.2 $ 355.9 MONY Life Insurance Company of America 26.3 31.5 129.7 117.9 106.7 86.7 65.1 ------- ------- --------- --------- --------- --------- --------- Total $ 88.9 $ 89.6 $ 370.1 $ 379.0 $ 354.5 $ 394.9 $ 421.0 ======= ======= ========= ========= ========= ========= ========= LESS REAL ESTATE EXPENSES (3): MONY Life Insurance Company $ 3.5 $ 2.3 $ 9.9 $ 22.5 $ 34.9 $ 56.3 $ 86.2 MONY Life Insurance Company of America 0.6 0.6 2.6 2.7 2.8 3.2 5.4 ------- ------- --------- --------- --------- --------- --------- Total $ 4.1 $ 2.9 $ 12.5 $ 25.2 $ 37.7 $ 59.5 $ 91.6 ======= ======= ========= ========= ========= ========= ========= Expenses (excluding real estate expenses) $ 84.8 $ 86.7 $ 357.6 $ 353.8 $ 316.8 $ 335.4 $ 329.4 ======= ======= ========= ========= ========= ========= ========= Expenses (excluding real estate expenses) to Net Premiums and Deposits 23.8% 20.9% 21.1% 13.2% 14.0% 19.8% 18.6% ------------------------------------------------------------------------------------------------------------------------------------
(1) Full Year Results from Annual Statement Page 4, Line 1 for 2001. And Lines 1 and 1a for the years of 1997 to 2000. (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 $17 million and $71 for three month ended March 31, 2002 and 2001 respectively, $208 million, $998 million, and $742 million for the years ended December 31, 2001, 2000 and 1999 respectively. (7) Adjusted to exclude Reorganization and Other Charges of $24.3 million for the year ended December 31, 2001. 32