8-K/A

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K/A

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported)—May 8, 2003

THE MONY GROUP INC.

(Exact name of Registrant as specified in its charter)

DELAWARE	1-14603	13-3976138
(State or other jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1740 Broadway New York, New York	10019
(Address of principal executive offices)	(Zip Code)

(212) 708-2000

(Registrant’s telephone number, including area code)

Item 5.    Other Events.

On May 8, 2003, The MONY Group Inc. issued a News Release reporting its financial results for the quarter ended March 31, 2003 and made available supplemental statistical information with respect to such financial results. This Form 8-K/A amends the Form 8-K of The MONY Group Inc. filed on May 8, 2003 by amending Item 7 to add a new Exhibit 99.2 (Presentation entitled “The MONY Group Inc. Statistical Supplement as of and for the Three Months Ended March 31, 2003 and 2002”), which new Exhibit 99.2 corrects certain typographical errors reflected in Exhibits 5 and 6 included in Exhibit 99.2 as originally filed.

Item 7.    Financial Statements and Exhibits.

(c)  Exhibits.

99.1	News Release of The MONY Group Inc., dated May 8, 2003.
99.2	Presentation entitled “The MONY Group Inc. Statistical Supplement as of and for the Three Months Ended March 31, 2003 and 2002.”

Item 9.    Regulation FD Disclosure.

The following information is furnished under Item 9, Regulation FD Disclosure, and Item 12, Disclosure of Results of Operations and Financial Condition.

On May 8, 2003, The MONY Group Inc. issued a News Release reporting its financial results for the quarter ended March 31, 2003 and made available supplemental statistical information with respect to such financial results. Copies of the News Release and the Statistical Supplement attached hereto as Exhibits 99.1 and 99.2, respectively, are incorporated in this Item 9 by reference thereto.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, The MONY Group Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE MONY GROUP INC.
By:	/s/    RICHARD DADDARIO
	Richard Daddario Executive Vice President and Chief Financial Officer

Date: May 20, 2003

Exhibit Index

99.1	News Release of The MONY Group Inc., dated May 8, 2003.
99.2	Presentation entitled “The MONY Group Inc. Statistical Supplement as of and for the Three Months Ended March 31, 2003 and 2002.”

EX-99.(1)

	The MONY Group Inc.	News Release
	1740 Broadway	MEDIA CONTACTS:
	New York, NY 10019	Doug Myers 212 708 2472
	212 708 2472	Christopher Breslin 212 708 2435
	212 708 2399 Fax	INVESTOR CONTACT:
		Jay Davis 212 708 2917

The MONY Group Inc. Reports First Quarter 2003 Results

NEW YORK (May 8, 2003) — The MONY Group Inc. (NYSE: MNY) today reported results for its first fiscal quarter ended March 31, 2003.

Adjusted operating income for the quarter ended March 31, 2003 was $3.4 million or $0.07 per share, which included a gain from an insurance settlement from the events of September 11^th of $2.6 million or $0.05 per share. Including a net after-tax venture capital loss of $5.2 million or $0.11 per share, the company reported a $1.8 million or $0.04 per share adjusted operating loss for the quarter. Net income for the quarter, which includes $9.4 million or $0.20 of after-tax net realized gains from investments, was $7.6 million or $0.16 per share.

Adjusted operating income for the first quarter of 2002 was $11.9 million or $0.24 per share. Adjusted operating income including net after-tax venture capital income of $3.3 million or $0.07 per share was $15.2 million or $0.31 per share. Net income for the first quarter of 2002 was $14.3 million or $0.29 per share after a $0.9 million or $0.02 per share after-tax net realized loss from investments.

The company reported that during the quarter, life insurance and annuity sales increased, as it made further progress toward its goal of growing and diversifying its sources of revenue by expanding distribution channels and enhancing product offerings. Sales of life insurance and annuity products increased through the brokerage channels. Career agency sales of MONY Life’s annuity products also increased, and the career agency system overall continued to improve its productivity during the quarter. Advest’s private client group revenues and Enterprise mutual fund sales were lower, reflecting the impact of market and economic uncertainty during the quarter.

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“While our results for the quarter continued to be affected by prevailing market conditions, we are seeing clear signs of success with regard to the strategic actions we have taken to grow revenues and improve profitability,” said Michael I. Roth, chairman and CEO, The MONY Group Inc. “We are seeing positive momentum across product areas and distribution channels, and are focused intensely on continuing this momentum over the rest of the year.”

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An earnings summary is as follows:

($ in million except share data and per share amounts)

	Three Months Ended 3/31/03			Three Months Ended 3/31/02
($ millions After Tax)
Adjusted Operating Income (1) :	$	3.4	(2)	$	11.9
Net Income (Loss) From Venture Capital Investments		(5.2	)		3.3
Adjusted Operating (Loss) Income Including Net Results From Venture Capital Investments	($	1.8	)	$	15.2
Net Realized Gains (Losses) From Investments		9.4			(0.9	)
Net Income	$	7.6		$	14.3
Diluted Per Share Amounts:
Adjusted Operating Income (1):	$	0.07	(2)	$	0.24
Net Income (Loss) From Venture Capital Investments		(0.11	)		0.07
Adjusted Operating [Loss] Income Including Net Results From Venture Capital Investments		(0.04	)		0.31
Net Realized Gains (Losses) From Investments		0.20			(0.02	)
Net Income	$	0.16		$	0.29
Share Data:
Weighted Average Shares Outstanding		46,961,194			48,012,310
Plus: Incremental shares from assumed Conversion of dilutive securities		23,816			1,724,895
Weighted-average shares used in Diluted per share calculations		46,985,010			49,737,205

(1) In addition to reporting and measuring the company’s results of operations based on net income/(loss) as determined in accordance with generally accepted accounting principles (GAAP), the company also reports what it refers to as “adjusted operating income/(loss)”, which, while derived from our results in accordance with GAAP, represents a non-GAAP financial measure. The company defines “adjusted operating income/(loss)” as net income/(loss) determined in accordance with GAAP excluding after –tax net realized gains/(losses) and the net after-tax results from the company’s venture capital investments. The company also reports “adjusted operating income” including the net after-tax results from the company’s venture capital investments which is also a non-GAAP financial measure. Both the company and many users of its financial information use these non-GAAP financial measures to evaluate the company’s operating performance.

(2) Includes a gain from an insurance settlement from the events of September 11, 2001 of $2.6 million or $0.05 per share.

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Highlights:

• Annuity assets raised during the quarter rose by 46 percent, to $146 million. New life sales, including $33 million of corporate-owned life insurance, increased by 38 percent, to $67.4 million.

• MONY Partners, the wholesaling operation for MONY Life Insurance Company, generated $6 million in new insurance sales (vs. $3 million in the first quarter of 2002) and $29 million in annuity sales (vs. $1 million in the first quarter of 2002) through the brokerage channel. This business began selling life insurance and annuity products in 2001.

• Total career sales of both proprietary and non-proprietary protection and accumulation products were level with the prior year despite a year-over-year reduction in the number of financial professionals as part of the company’s plan to retain and focus on high-performing financial professionals.

• The company, through Enterprise Fund Management, assumed management of approximately $170 million of money market funds previously managed by a third-party.

• Advest launched the Lebenthal brand in Florida by renaming two branch offices there; the move is designed to help increase revenues by leveraging the strong brand equity enjoyed by Lebenthal in that market.

• As of March 31, 2003, book value, excluding comprehensive income, was $41.44 per share.

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Business Segments

Protection Segment

Through its protection segment, The MONY Group sells a wide range of life insurance products (including whole, term, universal, variable universal, survivorship universal, last survivor variable universal, group universal life and interest sensitive whole life) to higher-income individuals, particularly small business owners, family builders and pre-retirees as well as corporations through its U.S. Financial Life Insurance Company (USFL) and MONY Life Insurance Company subsidiaries.

Total new annualized and single life insurance premiums for the first quarter of 2003 were $67 million compared with $49 million in the first quarter of 2002. The growth was driven by higher sales of USFL’s products, of corporate-owned and bank-owned life insurance (COLI/BOLI) and of MONY Life’s individual insurance offerings through the brokerage channel.

U.S. Financial Life Insurance Co. (USFL) sales for the first quarter of 2003 increased to $15 million from $12 million during the first quarter of 2002.

Sales of corporate-owned life insurance (COLI) were $33 million during the first quarter of 2003 compared with $18 million during the first quarter of 2002.

MONY Life’s individual life insurance sales were flat quarter over quarter. Through MONY Partners, the brokerage channel generated $6 million in new insurance sales vs. $3 million in the prior year quarter, while the career agency system generated $12 million during the first quarter of 2003 compared with $15 million in the first quarter of 2002.

Accumulation Segment

The MONY Group distributes proprietary annuities and retail mutual funds through its career agency system, member companies and third-party broker-dealers.

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New accumulation assets raised in the 2003 first quarter were $435 million compared with $444 million during the first quarter of 2002. Higher annuity sales by both the career agency system and brokerage channel were offset by lower mutual fund sales.

Accumulation assets under management were $7.9 billion compared with $7.7 billion as of December 31, 2002. The increase in assets was primarily due to net inflows during the period, including the transfer of $170 million in money market assets in MONY Securities Corp. brokerage accounts to Enterprise from an outside investment manager.

Annuity sales increased to $146 million during the first quarter of 2003 compared with $100 million for the first quarter of 2002. Sales of the company’s fixed annuity products were $54 million; the product was introduced in the second quarter of 2002. Variable annuity sales were $92 million vs. $100 million in the year-ago period. MONY Partners generated $22 million and $7 million of fixed and variable annuity sales, respectively, through the brokerage channel in the current quarter, while the career agency system generated $32 million and $85 million respectively.

The Enterprise Group of Funds had first-quarter sales of $289 million compared with $344 million in the first quarter of 2002. Enterprise mutual fund sales through third-party broker-dealers were $247 million compared with $270 million while sales through MONY Life’s career system were $42 million compared with $74 million during the first quarter of 2002.

Retail Brokerage & Investment Banking Segment

The Retail Brokerage and Investment Banking segment includes securities brokerage, trading, investment banking, trust and asset management services for high-net worth individuals and small to mid-size business owner clients primarily through MONY’s Advest and MONY Securities Corp. subsidiaries.

The Retail Brokerage and Investment Banking segment had revenues of $87 million for the first quarter of 2003 compared with $84 million during the first quarter of 2002.

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The increase was largely due to higher revenues at Advest, which were $77 million compared with $73 million in the first quarter of 2002. Contributing to the increase was growth in Advest’s fixed-income business, which offset declines in private client group revenues.

Revenues for MONY Securities Corporation were $9 million compared with $11 million during the 2002 first quarter.

Business Outlook

“The fundamental improvements we made last year to sharpen the focus of each of our business units on achieving their revenue growth, expense management and profitability targets are clearly taking hold,” said Mr. Roth. “We expect to see further progress over the course of the year. With these improvements, we are positioned to achieve our 2003 goals if the positive market trends in recent weeks continue.”

Forward Looking Statements

This release contains forward-looking statements concerning the Company’s operations, economic performance, prospects and financial condition. Forward-looking statements include statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions and include all statements concerning the Company’s operations, economic performance, prospects and financial condition for 2003 and following years. The Company claims the protection afforded by the safe harbor for forward-looking statements as set forth in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to many risks and uncertainties. Actual results could differ materially from those anticipated by forward-looking statements due to a number of important factors including the following: we could have further venture capital losses; we could be subjected to further downgrades by rating agencies of our senior debt ratings and the claims-paying and financial-strength ratings of our insurance subsidiaries; we could be required to take a goodwill impairment charge relating to our investment in Advest if the market deteriorates further; we could have to accelerate amortization of deferred policy acquisition costs if market conditions continue to deteriorate; we could have to write off investments in certain securities if the issuers’ financial condition deteriorates; actual

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death-claim experience could differ from our mortality assumptions; the Company could have liability from as-yet-unknown litigation and claims; larger settlements or judgments than we anticipate could result in pending cases due to unforeseen developments; and changes in laws, including tax laws, could affect the demand for the Company’s products. The Company does not undertake to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

About The MONY Group Inc.

The MONY Group Inc. (NYSE: MNY), with approximately $55 billion in assets under management and administration, is a financial services firm that manages a portfolio of member companies. These companies include MONY Life Insurance Company, The Advest Group, Inc., Enterprise Capital Management, Matrix Capital Markets Group, Inc., Lebenthal, a division of Advest, Inc., and U.S. Financial Life Insurance Company. These companies manufacture and distribute protection, asset accumulation and retail brokerage products and services to individuals, corporations and institutions through advisory and wholesale distribution channels. Additional company information is available at www.mony.com.

Note: The MONY Group Inc. will host a conference call to discuss 1Q 2003 financial results at 9:00 a.m. (EST) on Thursday, May 8, 2003. The call can be heard via the Investor Relations link at www.mony.com.

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SUPPLEMENTARY FINANCIAL INFORMATION

To assist interested parties in analyzing the Company’s consolidated financial results attached is the following supplemental information:

Exhibit I presents certain summary consolidated income statement data of The MONY Group prepared in accordance with generally accepted accounting principles for the three-month periods ended March 31, 2003 and 2002, along with a reconciliation of the company’s consolidated net income determined in accordance with generally accepted accounting principles to “adjusted operating income” and “adjusted operating income/(loss) including the net after-tax results from venture capital investments”. Both “adjusted operating income” and “adjusted operating income/(loss) including the net after-tax results from venture capital investments” represent non-GAAP financial measures. Both the company and many users of its financial information use these non-GAAP measures to evaluate the company’s operating performance.

Exhibit II presents certain summary consolidated balance sheet data of The MONY Group as of March 31, 2003, including book value per share excluding accumulated comprehensive income. Book value per share excluding accumulated comprehensive income is a statistic that many users of financial information consider when assessing the fair market value of a company.

Exhibit III presents information regarding new business generated by the company for the three-month periods ended March 31, 2003 and 2002. Management uses this information to measure its periodic sales production. The amounts presented with respect to life insurance sales represent annualized statutory-basis premiums. Annualized statutory-basis premiums in the Protection Products segment represent the total premium scheduled to be collected on a policy or contract over a twelve-month period. Pursuant to the terms of certain of the policies and contracts issued by the company, premiums and deposits may be paid or deposited on a monthly, quarterly, or semi-annual basis. Annualized statutory-basis premium does not apply to single premium paying business. All premiums received on COLI and BOLI business and single premium paying policies during the periods presented are included. Statutory basis premiums are used in lieu of GAAP basis premiums because, in accordance with statutory accounting

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practices, revenues from all classes of long-duration contracts are measured on the same basis, whereas GAAP provides different revenue recognition rules for different classes of long-duration contracts. The amounts presented with respect to annuity and mutual fund sales represent deposits made by customers during the periods presented

The information presented in Exhibit III should not be viewed as a substitute for revenues determined in accordance with GAAP. Revenues in accordance with GAAP related to product sales are generated from both current and prior period sales that are in-force during the reporting period. For protection products GAAP recognizes premium revenue when due from a policyholder. For accumulation products, GAAP revenues are a function of fee based charges applied to a contractholder’s account balance. Because of how revenues are recognized in accordance with GAAP, we do not believe GAAP revenues are meaningful in assessing the periodic sales production of a life insurance company and, accordingly, a reconciliation to GAAP revenues would not be meaningful

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Exhibit I

THE MONY GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

($ in millions, except share data and per share amounts)	Three Months Ended March 31,
	2003			2002
Revenues:
Premiums	$	166.8		$	164.4
Universal life and investment-type product policy fees		53.0			49.0
Net investment income		175.1			189.7
Net realized gains/(losses) on investments		16.6			(2.4	)
Group Pension Profits		—			7.7
Retail brokerage and investment banking revenues		94.6			90.8
Other income		37.0			38.2
		543.1			537.4
Benefits and Expenses:
Benefits to policyholders		196.3			190.7
Interest credited to policyholders’ account balances		33.9			27.9
Amortization of deferred policy acquisition costs		31.0			32.8
Dividends to policyholders		61.9			61.5
Other operating costs and expenses		213.2			203.4
		536.3			516.3
Income from continuing operations before income taxes		6.8			21.1
Income tax expense		1.5			6.8
Income from continuing operations		5.3			14.3
Discontinued operations:
Income from real estate to be disposed of, net of income tax benefit of $1.2 million		2.3			—
Net Income	$	7.6		$	14.3
Reconciliation of Net income to “Adjusted Operating Income/(Loss)” and to “Adjusted Operating Income/(Loss) including net after-tax results from venture capital investments”
Net Income	$	7.6		$	14.3
Adjustments:
Net realized (gains)/losses from investments (after tax)		(9.4	)		0.9
Adjusted Operating (Loss) Income Including Net After-Tax Results From Venture Capital Investments		(1.8	)		15.2
Net After-Tax Income (Loss) From Venture Capital Investments		5.2			(3.3	)
Adjusted Operating Income	$	3.4		$	11.9
Diluted Per Share Amounts:
Net Income	$	0.16		$	0.29
Adjusted Operating (Loss) Income Including Net After-Tax Results From Venture Capital Investments	$	(0.04	)	$	0.31
Adjusted Operating Income	$	0.07		$	0.24
Share Data:
Weighted-average Shares Outstanding		46,961,194			48,012,310
Plus: Incremental Shares from Assumed Conversion of Diluted Securities		23,816			1,724,895
Weighted-average Shares in Diluted Per Share Calculations		46,985,010			49,737,205

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Exhibit II

SUMMARY CONSOLIDATED BALANCE SHEET DATA

($ in millions, except per share amounts)

	As of March 31, 2003
Assets:
Invested assets (including cash and cash equivalents)	$	12,967.2
Separate account assets		4,025.1
Other assets		2,984.6
Total assets	$	19,976.9
Liabilities:
Policyholders’ liabilities	$	11,121.5
Separate account liabilities		4,022.1
Short-term debt		7.0
Long-term debt		876.3
Other liabilities		1,947.0
Total liabilities		17,973.9
Shareholders’ equity:
Equity		1,947.0
Accumulated comprehensive income		56.0
Total shareholders’ equity		2,003.0
Total liabilities and shareholders’ equity	$	19,976.9
Per share amounts:
Diluted book value per share	$	42.63
Diluted book value per share (Ex. Accumulated Comprehensive Income)	$	41.44

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Exhibit III

SEGMENT INFORMATION¹

The following chart presents MONY’s protection and accumulation sales for the quarter as well as revenue generated from the company’s retail brokerage and investment banking segment.

	Three-Month Period Ended 3/31/03		Three-Month Period Ended 3/31/02
New Business ($ millions)
Protection Products
Career Agency System	$	12.3	$	15.6
U.S. Financial Life Insurance Company		15.4		12.1
MONY Partners Brokerage and Other		6.3		2.8
COLI/BOLI		33.4		18.2
Total New Life Insurance Premiums	$	67.4	$	48.7
Accumulation Products
Variable Annuities1	$	92	$	100
Fixed Annuities2		54		—
Career Agency System – Mutual Funds		42		74
Third Party Distribution – Mutual Funds		247		270
Total Accumulation	$	435	$	444
Retail brokerage and investment banking revenues excluding interest ($ millions)
Retail Brokerage & Investment Banking
Advest3	$	77.1	$	73.3
MONY Securities Corp.		9.4		10.8
Other		0.9		0.3
Total Revenue	$	87.4	$	84.4

¹ $85 million and $99 million sold through the career agency system, and $7 million and $1 million sold through the brokerage channel in 2003 and 2002, respectively.

² $32 million sold through the career agency system and $22 million sold through the brokerage channel. MONY Life’s fixed annuity was introduced in June 2002.

³ Excludes interest income of $7.1 million and $6.4 million in 2003 and 2002, respectively.

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EX-99.(2)

Exhibit 99.2

TABLE OF CONTENTS

Preface:

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 financial information herein is calculated in accordance with generally accepted accounting principles unless otherwise noted.

The amounts presented with respect to life insurance sales represent annualized statutory-basis premiums. Annualized statutory-basis premiums in the Protection Products segment represent the total premium scheduled to be collected on a policy or contract over a twelve-month period. Pursuant to the terms of certain of the policies and contracts issued by the company, premiums and deposits may be paid or deposited on a monthly, quarterly, or semi-annual basis. Annualized statutory-basis premium does not apply to single premium paying business. All premiums received on COLI and BOLI business and single premium paying policies during the periods presented are included. Statutory basis premiums are used in lieu of GAAP basis premiums because, in accordance with statutory accounting practices, revenues from all classes of long-duration contracts are measured on the same basis, whereas GAAP provides different revenue recognition rules for different classes of long-duration contracts. The amounts presented with respect to annuity and mutual fund sales represent deposits made by customers during the periods presented.

The information presented should not be viewed as a substitute for revenues determined in accordance with GAAP. Revenues in accordance with GAAP related to product sales are generated from both current and prior period sales that are in-force during the reporting period. For protection products GAAP recognizes premium revenue when due from a policyholder. For accumulation products, GAAP revenues are a function of fee based charges applied to a contractholder’s account balance. Because of how revenues are recognized in accordance with GAAP, we do not believe GAAP revenues are meaningful in assessing the periodic sales production of a life insurance company and, accordingly, a reconciliation to GAAP revenues would not be meaningful.

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	GAAP Premiums and Deposits	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 Product /Reconciling 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

WALL STREET ANALYST COVERAGE DATA

Brokerage	Analyst	Telephone
Conning Research & Consulting, Inc.	David Montgomery	(917) 368-4753
Credit Suisse First Boston	Caitlin Long	(212) 325-2165
Deutsche Bank Securities Inc.	Vanessa Wilson	(212) 469-7351
Dowling & Partners Securities, LLC	Len Savage	(860) 676-8600
Fox-Pitt, Kelton Inc.	Jonathan Joseph	(212) 687-8600
Goldman Sachs	Joan Zief	(212) 902-6778
Keefe, Bruyette & Woods, Inc.	Jukka Lipponen	(860) 722-5902
Langen McAlenney	Robert Glasspiegel	(860) 724-1203
Legg Mason Wood Walker Inc.	Thomas Gallagher	(212) 972-0859
Lehman Brothers Inc.	E. Stewart Johnson	(212) 526-8190
Philo Smith & Co., Inc.	James Inglis	(203) 348-7365
Putnam Lovell NBF	Al Capra	(212) 546-7640

Investor Information Line

Contact: Jay Davis

Tel (212) 708-2917

E-mail jdavis@mony.com

Visit our internet site at www.mony.com

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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
A+	BBB+
A.M. (3)	A.M.
Best	Best
A	bbb+
Moody’s	Moody’s
A2	Baa2
Fitch	Fitch
A+	BBB+

(1) MONY Life Insurance Company and MONY Life Insurance Company of America

(2) The MONY Group Inc.

(3) MONY Life Insurance Company, MONY Life Insurance Company of America, and U.S. Financial Life Insurance Company

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(Unaudited)

SUMMARY FINANCIAL INFORMATION

	Three-Months Ended March 31,
	2003			2002
	($ millions, except per share amounts)
CONSOLIDATED INCOME STATEMENT DATA :
Net Income	$	7.6		$	14.3
Net realized (gains)/losses from investments		(9.4	)		0.9
Adjusted operating (loss)/income including net results from venture capital investments:		(1.8	)		15.2
Net (income)/loss from venture capital investments		5.2			(3.3	)
Adjusted operating income (1)(2):	$	3.4		$	11.9
PER SHARE CALCULATIONS:
NET INCOME PER SHARE:
Basic	$	0.16		$	0.30
Diluted	$	0.16		$	0.29
ADJUSTED OPERATING (LOSS)/INCOME INCLUDING NET RESULTS FROM VENTURE CAPITAL INVESTMENTS:
Basic	$	(0.04	)	$	0.32
Diluted	$	(0.04	)	$	0.31
ADJUSTED OPERATING INCOME(1)(2):
Basic	$	0.07		$	0.25
Diluted	$	0.07		$	0.24
Share Data
Weighted-average shares outstanding used in basic per share calculations		46,961,194			48,012,310
Plus: Incremental shares from assumed conversion of dilutive securities		23,816			1,724,895
Weighted-average shares used in diluted per share calculations		46,985,010			49,737,205
OTHER DATA:
Employee count		3,219			3,550
Career agent count (Domestic and International)		1,514			1,742
US Financial Life Brokerage General Agencies		230			229
Trusted Advisors Registered Representatives		488			492
Active Enterprise Selling Agreements		360			376
Advest Financial Advisors		509			480

(1) In addition to reporting and measuring the company’s results of operations based on net income/(loss) as determined in accordance with generally accepted accounting principles (GAAP), the company also reports what it refers to as “adjusted operating income/(loss)”, which, while derived from our results in accordance with GAAP, represents a non-GAAP financial measure. The company defines “adjusted operating income/(loss)” as net income/(loss) determined in accordance with GAAP excluding after–tax net realized gains/(losses) and the net after-tax results from venture capital investments”. The company also reports “adjusted operating income including the net after-tax results from venture capital investments” which is also a non-GAAP financial measure. Both the company and the many users of its financial information use these non-GAAP financial measures to evaluate the company’s operating performance.

(2) Includes a gain from an insurance settlement from the events of September 11, 2001 of $2.6 million or $0.05 per share.

4

(Unaudited)

SUMMARY FINANCIAL INFORMATION—CONTINUED

	March 31, 2003			December 31, 2002
	($ millions)
CONSOLIDATED BALANCE SHEET DATA
Invested assets (including cash and cash equivalents)	$	12,967.2		$	12,745.4
Separate accounts assets		4,025.1			4,140.6
Other assets		2,984.6			2,990.4
Total Assets	$	19,976.9		$	19,876.4
Policyholders' liabilities	$	11,121.5		$	11,018.8
Separate account liabilities		4,022.1			4,137.6
Short term debt		7.0			7.0
Long term debt		876.3			876.3
Other liabilities		1,947.0			1,838.2
Total Liabilities		17,973.9			17,877.9
Equity, excluding accumulated comprehensive income		1,947.0			1,938.6
Accumulated comprehensive income (ACI)		56.0			59.9
Total Shareholders' Equity		2,003.0			1,998.5
Total Liabilities and Shareholders' Equity	$	19,976.9		$	19,876.4
SHARE DATA:
Diluted book value per share	$	42.63		$	42.54
Diluted book value per share (excluding accumulated comprehensive income)	$	41.44		$	41.26
CAPITALIZATION:
Long term debt	$	876.3		$	876.3
Shareholders' Equity (Excluding ACI)		1,947.0			1,938.6
Total capitalization	$	2,823.3		$	2,814.9
Debt as Percent of Total Capitalization		31.0	%		31.1	%
STATUTORY DATA (1):
Capital and Surplus	$	873.0		$	906.4
Asset Valuation Reserve (AVR)		214.5			211.7
Total Capital and Surplus plus AVR	$	1,087.5		$	1,118.1

(1) The statutory basis surplus was computed on the basis of Statutory Accounting Practices, which are those accounting principles or practices prescribed or permitted by an insurer’s domiciliary state. Statutory Accounting Practices are set forth in the insurance laws, regulations and administrative rulings of each state, publications of the National Association of Insurance Commissioners and other documents. The objectives of Statutory Accounting Practices differ from Generally Accepted Accounting Principles. Statutory Accounting Practices are designed to address the concerns of regulators. Generally Accepted Accounting Principles are designed to meet the varying needs of different users of financial statements. Statutory Accounting Practices are generally considered to be more conservative than Generally Accepted Accounting Principles and attempt to determine at the financial statement date an insurer’s ability to pay claims in the future. Generally Accepted Accounting Principles, on the other hand, stress measurement of earnings of a business from period to period, by matching revenues and expenses.

5

Exhibit 1

(Unaudited)

CONSOLIDATED INCOME STATEMENT DATA (1)

	Three-Months Ended March 31,
	2003		2002
	($ millions)
REVENUES:
Premiums	$	166.8	$	164.4
Universal life and investment-type product policy fees		53.0		49.0
Net investment income		175.1		187.4
Net realized gains/(losses) on investments		16.6		(2.4	)
Group Pension Profits		—		7.7
Retail brokerage and investment banking revenues		94.6		93.1
Other income		37.0		38.2
		543.1		537.4
BENEFITS AND EXPENSES:
Benefits to policyholders		196.3		190.7
Interest credited to policyholders account balances		33.9		27.9
Amortization of deferred policy acquisition costs		31.0		32.8
Dividends to policyholders		61.9		61.5
Other operating costs and expenses		213.2		203.4
		536.3		516.3
Income from continuing operations before income tax		6.8		21.1
Income tax expense		1.5		6.8
Net income from continuing operations		5.3		14.3
Discontinued operations: Income from real estate to be disposed of, net of income tax benefit of $1.2 million		2.3		—
Net income	$	7.6	$	14.3

(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.

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 in 2001, (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

INCOME STATEMENT DATA

	Three-Months Ended March 31,
	2003		2002
	($ millions)
REVENUES:
Premiums	$	160.8	$	160.4
Universal life and investment-type product policy fees		42.4		35.7
Net investment income		142.9		153.7
Group Pension Profits		—		7.7
Other income		3.1		5.8
Total revenues		349.2		363.3
BENEFITS AND EXPENSES:
Benefits to policyholders		179.5		176.0
Interest credited to policyholder account balances		18.2		15.4
Amortization of deferred policy acquisition costs		27.6		26.9
Dividends to policyholders		61.5		60.9
Other operating costs and expenses		56.4		56.6
Total benefits and expenses		343.2		335.8
Pre-tax income from continuing operations excluding net realized gains/(losses) on investments		6.0		27.5
Net realized gains/(losses) on investments		7.5		(2.0	)
Pre-tax income from continuing operations		13.5		25.5
Discontinued operations—pre-tax		3.0		—
Pre-tax income	$	16.5	$	25.5
RECONCILIATION OF “PRE-TAX INCOME FROM CONTINUING OPERATIONS EXCLUDING NET REALIZED GAINS/(LOSSES) ON INVESTMENTS” TO “ADJUSTED OPERATING INCOME INCLUDING NET RESULTS FROM VENTURE CAPITAL INVESTMENTS”
Pre-tax income from continuing operations, excluding net realized gains/(losses) on investments	$	6.0	$	27.5
Change in Policyholder dividend liability resulting from closed block realized gains/(losses)		5.6		(1.1	)
Pre-tax adjusted operating income, including net results of venture capital investments	$	11.6	$	26.4

	Three-Months Ended March 31,
	2003		2002
	($ millions)
Pre-tax adjusted operating income including net results of venture capital investments	$	11.6	$	26.4
Net loss/(gains) from venture capital investments		4.9		(3.9	)
Pre-tax adjusted operating income	$	16.5	$	22.5

8

Exhibit 4A

(Unaudited)

GROUP PENSION PROFIT

SUMMARY INCOME STATEMENT

	Three-Months Ended March 31,
INCOME STATEMENT DATA (1):	2003		2002
	($ millions)
REVENUES:
Policy product fees	$	—	$	4.7
Net investment income		—		23.2
Net realized loss on investments		—		(0.2	)
Total revenues		—		27.7
BENEFITS AND EXPENSES:
Interest credited to policyholder account balances		—		15.8
Other operating costs and expenses		—		4.2
Total benefits and expenses		—		20.0
Group Pension Profits		—		7.7

(1) As explained in the notes to MONY Group's consolidated financial statements included in its 2002 Form 10K, in accordance with GAAP, the Group Pension Transaction did not constitute a sale because the Company retained substantially all the risks and rewards associated with the business transferred to Aegon. Accordingly, over the life of the transaction the Company was required to reflect the transferred assets and liabilities on its balance sheet under separate captions entitled “Assets transferred in Group Pension Transaction” and “Liabilities transferred in Group Pension Transaction”. As a result of the expiration of the transaction at December 31, 2002 and the recognition of earnings from the Final Value Payment from Aegon the Company has no further interest in the transferred assets and liabilities and, accordingly, such assets and liabilities are no longer reflected on its balance sheet. In addition, the Company has no interest in the revenues and expenses from such business subsequent to December 31, 2002.

Refer to the notes to MONY Group's consolidated financial statements filed with the SEC on Form 10-K for the year ended December 31, 2002 for further information.

9

Exhibit 4B

(Unaudited)

CLOSED BLOCK INCOME STATEMENT

	Three-Months Ended March 31,
	2003	2002
	($ millions)
REVENUES:
Premiums	113.2	120.4
Net investment income	98.9	98.2
Net realized gains/(losses) on investments	5.6	(1.1	)
Other income	0.4	0.4
Total revenues	218.1	217.9
BENEFITS AND EXPENSES:
Benefits to policyholders	131.6	132.1
Interest credited to policyholders account balances	2.4	2.1
Amortization of deferred policy acquisition costs	8.8	11.7
Dividends to policyholders	60.7	60.2
Operating costs and expenses	1.4	1.1
Total benefits and expenses	204.9	207.2
Contribution from the Closed Block	13.2	10.7

CLOSED BLOCK ASSETS AND LIABILITIES

	March 31, 2003		December 31, 2002
	($ millions)
BALANCE SHEET DATA :
Assets:
General Account
Fixed maturities	$	4,222.0	$	4,160.9
Mortgage loans on real estate		600.8		633.6
Real estate to be disposed of		9.3		8.3
Amounts due from broker		18.4		0.9
Policy loans		1,109.3		1,119.0
Cash and cash equivalents		121.3		59.2
Premiums receivable		6.3		11.1
Deferred policy acquisition costs		421.2		430.5
Other assets		217.1		210.5
Total closed block assets	$	6,725.7	$	6,634.0
Liabilities:
General Account
Future policy benefits	$	6,899.0	$	6,901.4
Policyholders’ account balances		290.4		291.6
Other policyholders’ liabilities		149.7		159.1
Other liabilities		422.6		328.0
Total closed block liabilities	$	7,761.7	$	7,680.1

10

Exhibit 4C

(Unaudited)

FIXED MATURITIES BY CREDIT QUALITY—CLOSED BLOCK

PUBLIC FIXED MATURITIES BY CREDIT QUALITY

NAIC Rating	Rating Agency Equivalent Designation	Amortized Cost		As of March 31, 2003 % of Total		Estimated Fair Value		Amortized Cost		As of December 31, 2002 % of Total		Estimated Fair Value
		($ millions)
1	Aaa/Aa/A	$	1,710.5	75.0	%	$	1,855.1	$	1,626.7	73.6	%	$	1,771.1
2	Baa		452.6	19.5	%		482.9		464.5	20.3	%		489.7
3	Ba		95.9	3.9	%		96.3		100.4	4.1	%		99.8
4	B		29.0	1.2	%		30.8		41.0	1.7	%		40.5
5	Caa and lower		6.1	0.4	%		9.4		6.0	0.3	%		6.0
6	In or near default		—	0.0	%		—		—	0.0	%		—
	Subtotal		2,294.1	100.0	%		2,474.5		2,238.6	100.0	%		2,407.1
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—
	Total Public Fixed
	Maturities	$	2,294.1	100.0	%	$	2,474.5	$	2,238.6	100.0	%	$	2,407.1

PRIVATE FIXED MATURITIES BY CREDIT QUALITY

NAIC Rating	Rating Agency Equivalent Designation	Amortized Cost		As of March 31, 2003 % of Total		Estimated Fair Value		Amortized Cost		As of December 31, 2002 % of Total		Estimated Fair Value
		($ millions)						($ millions)
1	Aaa/Aa/A	$	640.1	39.8	%	$	694.4	$	658.9	40.8	%	$	716.2
2	Baa		710.0	44.0	%		768.6		707.7	44.0	%		772.5
3	Ba		185.7	10.8	%		189.1		179.7	10.5	%		183.4
4	B		57.2	3.1	%		54.4		49.3	2.5	%		44.7
5	Caa and lower		15.3	0.8	%		14.7		16.3	0.9	%		15.0
6	In or near default		22.7	1.5	%		26.3		22.7	1.3	%		22.0
	Subtotal		1,631.0	100.0	%		1,747.5		1,634.6	100.0	%		1,753.8
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—
	Total Private Fixed
	Maturities	$	1,631.0	100.0	%	$	1,747.5	$	1,634.6	100.0	%	$	1,753.8

TOTAL FIXED MATURITIES BY CREDIT QUALITY

NAIC Rating	Rating Agency Equivalent Designation	Amortized Cost		As of March 31, 2003 % of Total		Estimated Fair Value		Amortized Cost		As of December 31, 2002 % of Total		Estimated Fair Value
		($ millions)						($ millions)
1	Aaa/Aa/A	$	2,350.6	60.4	%	$	2,549.5	$	2,285.6	59.8	%	$	2,487.3
2	Baa		1,162.6	29.6	%		1,251.5		1,172.2	30.3	%		1,262.2
3	Ba		281.6	6.8	%		285.4		280.1	6.8	%		283.2
4	B		86.2	2.0	%		85.2		90.3	2.1	%		85.2
5	Caa and lower		21.4	0.6	%		24.1		22.3	0.5	%		21.0
6	In or near default		22.7	0.6	%		26.3		22.7	0.5	%		22.0
	Subtotal		3,925.1	100.0	%		4,222.0		3,873.2	100.0	%		4,160.9
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—
	Total Fixed
	Maturities	$	3,925.1	100.0	%	$	4,222.0	$	3,873.2	100.0	%	$	4,160.9

11

Exhibit 5

(Unaudited)

PROTECTION PRODUCTS SEGMENT

NEW ANNUALIZED AND SINGLE PREMIUMS AND INFORCE

	Three-Months Ended March 31,
	2003		2002
	($ millions)
PROTECTION BUSINESS SALES(3):
Traditional life	$	1.3	$	0.7
Term		13.6		11.2
Universal life		12.3		7.7
Variable universal life		5.1		10.5
Corporate owned life insurance		33.7		18.3
Group universal life		1.4		0.3
Total	$	67.4	$	48.7

	As of
	March 31, 2003		December 31, 2002
Insurance In Force ($ in millions except number of policies)
Traditional Life (1):
Number of policies (in thousands)		835.5		839.1
GAAP life reserves	$	7,462.9	$	7,447.0
Face amounts	$	83,287.4	$	82,598.6
Universal Life:
Number of policies (in thousands)		74.1		74.0
GAAP life reserves	$	779.8	$	765.4
Face amounts	$	11,140.0	$	10,790.2
Variable Universal Life (2):
Number of policies (in thousands)		67.6		68.0
GAAP life reserves	$	929.2	$	880.3
Face amounts	$	18,685.7	$	18,790.2
Group Universal Life:
Number of policies (in thousands)		40.9		41.8
GAAP life reserves	$	71.8	$	70.3
Face amounts	$	1,488.9	$	1,497.3
Total:
Number of policies (in thousands)		1,018.1		1,022.9
GAAP life reserves	$	9,243.7	$	9,163.0
Face amounts	$	114,602.0	$	113,676.3

(1) Consists of whole life and term policies

(2) Includes corporate owned life insurance

(3) See Preface.

12

Exhibit 6

(Unaudited)

PROTECTION PRODUCTS SEGMENT

GAAP DIRECT PREMIUMS AND DEPOSITS BY PRODUCT

	Three-Months Ended March 31,
	2003			2002
	($ millions)
LIFE INSURANCE:
GAAP Premiums:
Traditional Life (1):
First year & single	$	43.5		$	41.0
Renewal		144.5			143.6
Total Direct Premiums		188.0			184.6
Less Ceded Premiums		(27.2	)		(24.2	)
Total GAAP Premiums	$	160.8		$	160.4
Deposits:
Universal Life:
First year & single	$	12.9		$	8.0
Renewal		24.1			24.1
Total	$	37.0		$	32.1
Variable Universal Life:
First year & single	$	6.4		$	13.5
Renewal		28.4			25.9
Total	$	34.8		$	39.4
Corporate Sponsored Variable Universal Life:
First year & single	$	24.8		$	14.7
Renewal		21.6			9.1
Total	$	46.4		$	23.8
Group Universal Life:
First year & single	$	1.2		$	0.4
Renewal		2.6			2.8
Total	$	3.8		$	3.2

(1) Consists of whole life and term policies includes disability income insurance premiums of $15.2 million and $15.9 million for the three month periods ended March 31, 2003 and 2002, respectively, which is 100% reinsured and no longer offered by the Company.

13

Exhibit 7

ACCUMULATION PRODUCTS SEGMENT

The Accumulation Products segment represents fixed annuities, single premium deferred annuities, immediate annuities, flexible payment variable annuities and proprietary retail mutual funds.

14

Exhibit 8

(Unaudited)

ACCUMULATION PRODUCTS SEGMENT

INCOME STATEMENT DATA

	Three-Months Ended March 31,
	2003		2002
	($ millions)
REVENUES:
Premiums	$	3.7	$	1.5
Universal life and investment-type product policy fees		9.9		12.1
Net investment income		21.3		21.2
Other income		22.1		25.8
Total revenues		57.0		60.6
BENEFITS AND EXPENSES:
Benefits to policyholders		11.8		6.2
Interest credited to policyholder account balances		13.3		10.4
Amortization of deferred policy acquisition costs		3.4		5.9
Dividends to policyholders		0.3		0.3
Other operating costs and expenses		28.0		29.1
Total benefits and expenses		56.8		51.9
Pre-tax income from continuing operations excluding net realized gains/(losses) on investments		0.2		8.7
Net realized gains/(losses) on investments		3.3		(0.2	)
Pre-tax income from continuing operations		3.5		8.5
Discontinued operations—pre-tax		0.4		—
Pre-tax income	$	3.9	$	8.5

	Three-Months Ended March 31,
	2003		2002
	($ millions)
Pre-tax adjusted operating income including net results of venture capital investments	$	0.2	$	8.7
Net loss/(gains) from venture capital investments		1.8		(0.8	)
Pre-tax adjusted operating income	$	2.0	$	7.9

15

Exhibit 9

(Unaudited)

ACCUMULATION PRODUCTS SEGMENT

ASSETS UNDER MANAGEMENT

	March 31, 2003		March 31, 2002		December 31, 2002
	($ billions)
ACCUMULATION SEGMENT:
Assets under management
Individual variable annuities	$	3.2	$	3.9	$	3.2
Individual fixed annuities		0.8		0.7		0.8
Proprietary retail mutual funds		3.9		4.5		3.7
	$	7.9	$	9.1	$	7.7

	Three-Months Ended March 31,
	2003			2002
	($ billions)
RECONCILIATION IN ACCOUNT VALUE:
VARIABLE ANNUITY:
Beginning account value	$	3.2		$	3.9
Sales (1)(2)		0.1			0.1
Market appreciation		(0.0	)		0.0
Mortality and expense		(0.0	)		(0.0	)
Surrenders and withdrawals		(0.1	)		(0.1	)
	$	3.2		$	3.9
ENTERPRISE GROUP OF FUNDS:
Beginning account value	$	3.7		$	4.4
Sales(2)		0.5			0.3
Dividends reinvested		0.0			0.0
Market appreciation		(0.1	)		0.0
Redemptions		(0.2	)		(0.3	)
Ending account value	$	3.9		$	4.5

(1) Includes in 2003, the assumed management of $0.2 billion of money market funds previously managed by a third party.

(2) See Preface.

16

Exhibit 10

RETAIL BROKERAGE AND INVESTMENT BANKING

The Retail Brokerage and Investment Banking segment is comprised of results of the Company's subsidiaries, The Advest Group, Inc. (“AGI”), Matrix Capital Markets Group (“Matrix”) and MONY Securities Corp. (“MSC”). AGI 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,
	2003			2002
	($ millions)
REVENUES:
Net investment income	$	—		$	—
Retail brokerage and investment banking		94.6			93.1
Other income		4.0			—
Total revenues		98.6			93.1
BENEFITS AND EXPENSES:
Other operating costs and expenses		99.7			93.9
Total benefits and expenses		99.7			93.9
Pre-tax income from continuing operations excluding net realized gains/(losses) on investments		(1.1	)		(0.8	)
Net realized gains/(losses) on investments		—			—
Pre-tax income from continuing operations	$	(1.1	)	$	(0.8	)

18

Exhibit 12

(Unaudited)

RETAIL BROKERAGE AND INVESTMENT BANKING

INCOME STATEMENT DETAIL

	Three-Months Ended March 31,
	2003			2002
	($ millions)
REVENUES:
Commissions	$	34.3		$	42.4
Interest		7.1			8.7
Principal transactions		32.0			22.7
Asset management and administration		12.9			13.0
Investment banking		7.1			5.2
Other		5.2			1.1
Total revenues		98.6			93.1
EXPENSES:
Compensation		58.3			53.3
Interest		3.4			4.6
Other		38.0			36.0
Total expenses		99.7			93.9
Pre-tax loss	$	(1.1	)	$	(0.8	)

	ADVEST—NET INTEREST
	Three-Months Ended
	March 31, 2003				March 31, 2002
	($ millions)
Net Interest Income—
Interest Income:
Brokerage customers	$	3.0	42.3	%	$	4.1	47.1	%
Stock borrowed		0.6	8.4	%		1.2	13.8	%
Investments		—	0.0	%		0.1	1.2	%
Security inventory		2.7	38.0	%		2.2	25.3	%
Other		0.8	11.3	%		1.1	12.6	%
	$	7.1	100.0	%	$	8.7	100.0	%
Interest Expense:
Stock loaned		2.2	64.7	%		2.9	63.0	%
Brokerage customers		1.1	32.4	%		1.3	28.4	%
Borrowings		0.1	2.8	%		0.2	4.3	%
Other		—	0.1	%		0.2	4.3	%
		3.4	100.0	%		4.6	100.0	%
Net interest income	$	3.7	52.1	%	$	4.1	47.0	%

ADVEST STATISTICAL DATA

	March 31, 2003
Client Assets ( in millions)*	$	32,650.0
Number of Client Accounts (in thousands)		276

* Includes assets managed under fee-based programs of approximately $5,826 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 companies and certain non-recurring items.

20

Exhibit 14

(Unaudited)

OTHER/RECONCILING PRODUCTS SEGMENT

INCOME STATEMENT DATA

	Three-Months Ended March 31,
	2003			2002
	($ millions)
REVENUES:
Premiums	$	2.3		$	2.5
Universal life and investment-type product policy fees		0.7			1.2
Net investment income		10.9			12.5
Other income		7.8			6.6
Total revenues		21.7			22.8
BENEFITS AND EXPENSES:
Benefits to policyholders		5.0			8.5
Interest credited to policyholder account balances		2.4			2.1
Amortization of deferred policy acquisition costs		—			—
Dividends to policyholders		0.1			0.3
Other operating costs and expenses		29.1			23.8
Total benefits and expenses		36.6			34.7
Pre-tax income from continuing operations excluding net realized gains/(losses) on investments		(14.9	)		(11.9	)
Net realized gains/(losses) on investments		5.8			(0.2	)
Pre-tax income from continuing operations		(9.1	)		(12.1	)
Discontinued operations—pre-tax		0.1			—
Pre-tax income	$	(9.0	)	$	(12.1	)

	Three-Months Ended March 31,
	2003			2002
	($ millions)
Pre-tax adjusted operating income, including net results of venture capital investments	$	(14.9	)	$	(11.9	)
Net loss/(gains) from venture capital investments		1.3			(0.3	)
Pre-tax adjusted operating income	$	(13.6	)	$	(12.2	)

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, 2003				December 31, 2002
	Carrying		% of		Carrying		% of
	Value		Total		Value		Total
INVESTED ASSETS	($ Millions)
Fixed Maturities, Available for Sale	$	8,082.0	66.3	%	$	7,971.1	66.3	%
Fixed Maturities, Held to Maturity		0.1	0.0	%		0.1	0.0	%
Equity Securities, Available for Sale		245.2	2.0	%		249.0	2.1	%
Mortgage Loans on Real Estate		1,829.0	15.0	%		1,877.4	15.6	%
Policy Loans		1,204.0	9.9	%		1,212.5	10.1	%
Real Estate to be Disposed Of		19.5	0.2	%		26.8	0.2	%
Real Estate Held for Investment		181.0	1.5	%		180.2	1.5	%
Other Invested Assets		131.2	1.1	%		110.8	0.9	%
Cash and Cash Equivalents		487.7	4.0	%		390.0	3.3	%
Invested Assets, excluding Trading Securities	$	12,179.7	100.0	%	$	12,017.9	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

	Three Months Ended					Three Months Ended					Year Ended					Year Ended					Year Ended
	March 31, 2003					March 31, 2002					December 31, 2002					December 31, 2001					December 31,2000
	Yield (2)		Amount			Yield (2)		Amount			Yield (1)		Amount			Yield (1)		Amount			Yield (1)		Amount
	($ millions)					($ millions)					($ millions)					($ millions)					($ millions)
FIXED MATURITIES (4)
Investment Income	6.8	%	$	127.1		7.2	%	$	123.9		6.9	%	$	491.0		7.3	%	$	492.5		7.4	%	$	495.4
Realized Gains (losses)	0.9	%		16.4		0.3	%		4.8		-1.1	%		(79.3	)	0.0	%		(2.6	)	-0.4	%		(30.1	)
Total	7.7	%	$	143.5		7.5	%	$	128.7		5.8	%	$	411.7		7.3	%	$	489.9		7.0	%	$	465.3
Ending Assets			$	7,560.0				$	6,862.0				$	7,453.4				$	6,829.2				$	6,702.8
EQUITY SECURITIES
Investment Income	-12.6	%	$	(7.8	)	7.9	%	$	6.0		2.9	%	$	7.9		-10.8	%	$	(33.9	)	56.4	%	$	239.4
Realized Gains (losses)	-5.7	%		(3.5	)	-1.5	%		(1.1	)	-14.1	%		(38.7	)	-2.5	%		(7.8	)	5.1	%		21.6
Total	-18.3	%	$	(11.3	)	6.4	%	$	4.9		-11.2	%	$	(30.8	)	-13.3	%	$	(41.7	)	61.5	%	$	261.0
Ending Assets			$	245.2				$	305.8				$	249.0				$	299.2				$	328.6
MORTGAGE LOANS
Investment Income	7.7	%	$	35.6		7.7	%	$	34.4		7.5	%	$	138.9		7.8	%	$	139.8		8.3	%	$	144.4
Realized Gains (losses)	0.3	%		1.4		-0.6	%		(2.6	)	-0.2	%		(3.0	)	0.5	%		9.3		1.1	%		19.8
Total	8.0	%	$	37.0		7.1	%	$	31.8		7.3	%	$	135.9		8.3	%	$	149.1		9.4	%	$	164.2
Ending Assets			$	1,829.0				$	1,763.2				$	1,877.4				$	1,809.7				$	1,754.7
REAL ESTATE (3)
Investment Income	8.7	%	$	4.4		12.4	%	$	7.3		7.4	%	$	16.2		4.3	%	$	9.5		7.0	%	$	20.4
Realized Gains (losses)	11.9	%		6.0		-6.0	%		(3.5	)	-16.9	%		(36.9	)	-2.4	%		(5.4	)	9.2	%		26.7
Total	20.6	%	$	10.4		6.4	%	$	3.8		-9.5	%	$	(20.7	)	1.9	%	$	4.1		16.2	%	$	47.1
Ending Assets			$	200.5				$	240.2				$	206.9				$	230.8				$	212.0
POLICY LOANS
Investment Income	6.6	%	$	20.0		7.0	%	$	21.5		6.9	%	$	84.8		6.9	%	$	86.5		6.8	%	$	86.6
Realized Gains (losses)	0.0	%		—		0.0	%		—		0.0	%		—		0.0	%		—		0.0	%		—
Total	6.6	%	$	20.0		7.0	%	$	21.5		6.9	%	$	84.8		6.9	%	$	86.5		6.8	%	$	86.6
Ending Assets			$	1,204.0				$	1,223.7				$	1,212.5				$	1,229.0				$	1,264.6
CASH AND CASH EQUIVALENTS
Investment Income	1.4	%	$	1.6		1.9	%	$	2.1		2.1	%	$	9.3		4.4	%	$	29.3		6.6	%	$	28.2
Realized Gains (losses)	0.0	%		0.0		0.0	%		(0.0	)	0.0	%		(0.0	)	-0.1	%		(0.8	)	0.0	%		(0.0	)
Total	1.4	%	$	1.6		1.9	%	$	2.1		2.1	%	$	9.3		4.3	%	$	28.5		6.6	%	$	28.2
Ending Assets			$	487.7				$	535.3				$	390.0				$	441.0				$	869.6
OTHER INVESTED ASSETS
Investment Income	6.6	%	$	2.0		10.4	%	$	3.2		16.1	%	$	18.3		8.4	%	$	9.1		5.9	%	$	4.1
Realized Gains (losses)	-0.9	%		(0.3	)	0.1	%		—		0.1	%		0.1		-4.7	%		(5.0	)	-0.7	%		(0.5	)
Total	5.7	%	$	1.7		10.5	%	$	3.2		16.2	%	$	18.4		3.7	%	$	4.1		5.2	%	$	3.6
Ending Assets			$	131.2				$	126.8				$	110.8				$	116.7				$	100.0
TOTAL BEFORE INVESTMENT EXPENSES AND DISCONTINUED OPERATIONS
Investment Income	6.3	%	$	182.9		7.2	%	$	198.3		6.9	%	$	766.6		6.6	%	$	732.8		9.2	%	$	1,018.4
Realized Gains (losses)	0.7	%		20.1		-0.1	%		(2.4	)	-1.4	%		(157.8	)	-0.1	%		(12.3	)	0.3	%		37.5
Total	7.0	%	$	203.0		7.1	%	$	195.9		5.5	%	$	608.8		6.5	%	$	720.5		9.5	%	$	1,055.9
Ending Assets			$	11,657.6				$	11,057.0				$	11,500.0				$	10,955.6				$	11,232.3
Other Fee Income	0.0	%	$	0.7		0.1	%	$	1.4		0.0	%	$	1.3		0.0	%	$	5.3		0.0	%	$	4.0
Investment expense	-0.3	%	$	(8.4	)	-0.4	%	$	(10.0	)	-0.3	%	$	(29.6	)	-0.4	%	$	(46.1	)	-0.4	%	$	(44.3	)
Discontinued Operations—Income	1.3	%	$	0.1		0.0	%	$	—		-2.5	%	$	(1.0	)	0.0	%	$	—		0.0	%	$	—
Discontinued Operations—Realized Gains (Losses)	59.8	%	$	3.5		0.0	%	$	—		12.8	%	$	4.8		0.0	%	$	—		0.0	%	$	—
TOTAL AFTER INVESTMENT EXPENSES AND DISCONTINUED OPERATIONS
Investment Income	6.0	%	$	175.1		6.9	%	$	189.7		6.6	%	$	737.3		6.2	%	$	692.1		8.8	%	$	978.1
Realized Gains (losses)	0.6	%		16.6		-0.1	%		(2.4	)	-1.4	%		(153.0	)	-0.1	%		(12.3	)	0.3	%		37.5
Total	6.6	%	$	191.7		6.8	%	$	187.3		5.2	%	$	584.3		6.1	%	$	679.8		9.1	%	$	1,015.6
Ending Assets				11,657.6					11,057.0					11,500.0					10,955.6					11,232.3
Net unrealized gains (losses) on fixed maturities				522.1					58.2					517.8					146.9					(9.8	)
Total invested assets			$	12,179.7				$	11,115.2				$	12,017.8				$	11,102.5				$	11,222.5

(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, and includes net income classified as discontinued operations.

(4) Trading portfolio balances of $787.5 million at 3/31/2003 and $726.7 million at 12/31/2002 and results from both are excluded from the yield calculation.

The Exhibit above includes invested assets in the Closed Block and excludes Trading Securities in Advest.

24

Exhibit 18A

(Unaudited)

FIXED MATURITIES BY CREDIT QUALITY

PUBLIC FIXED MATURITIES BY CREDIT QUALITY

		As of March 31, 2003					Year Ended December 31, 2002
NAIC Rating	Rating Agency Equivalent Designation	Amortized Cost		% of Total	Estimated Fair Value		Amortized Cost		% of Total	Estimated Fair Value
		($ millions)					($ millions)
1	Aaa/Aa/A	$	3,459.4	75.1%	$	3,700.3	$	3,277.5	73.6%	$	3,531.4
2	Baa		902.7	19.7%		970.6		920.1	20.4%		977.2
3	Ba		172.9	3.6%		178.4		201.9	4.2%		204.2
4	B		50.5	1.1%		53.6		65.1	1.4%		65.7
5	Caa and lower		15.9	0.5%		21.9		17.6	0.4%		17.7
6	In or near default		1.2	0.0%		1.3		0.9	0.0%		0.9
	Subtotal		4,602.6	100.0%		4,926.1		4,483.1	100.0%		4,797.1
	Redeemable preferred stock		1.0	0.0%		1.0		1.0	0.0%		1.0
	Total Public Fixed Maturities	$	4,603.6	100.0%	$	4,927.1	$	4,484.1	100.0%	$	4,798.1

PRIVATE FIXED MATURITIES BY CREDIT QUALITY

		As of March 31, 2003					Year Ended December 31, 2002
NAIC Rating	Rating Agency Equivalent Designation	Amortized Cost		% of Total	Estimated Fair Value		Amortized Cost		% of Total	Estimated Fair Value
		($ millions)					($ millions)
1	Aaa/Aa/A	$	895.6	30.9%	$	974.9	$	943.2	32.4%	$	1,027.3
2	Baa		1,405.7	48.0%		1,513.2		1,400.6	47.9%		1,519.0
3	Ba		443.1	14.2%		449.5		402.2	12.8%		406.3
4	B		105.2	3.2%		102.8		111.3	3.3%		106.3
5	Caa and lower		28.8	0.9%		28.0		31.2	0.9%		29.7
6	In or near default		32.0	1.2%		37.3		34.7	1.1%		35.0
	Subtotal		2,910.4	98.4%		3,105.7		2,923.2	98.4%		3,123.6
	Redeemable preferred stock		46.0	1.6%		49.3		46.0	1.6%		49.5
	Total Private Fixed Maturities	$	2,956.4	100.0%	$	3,155.0	$	2,969.2	100.0%	$	3,173.1

TOTAL FIXED MATURITIES BY CREDIT QUALITY

		As of March 31, 2003					Year Ended December 31, 2002
NAIC Rating	Rating Agency Equivalent Designation	Amortized Cost		% of Total	Estimated Fair Value		Amortized Cost		% of Total	Estimated Fair Value
		($ millions)					($ millions)
1	Aaa/Aa/A	$	4,355.0	57.9%	$	4,675.2	$	4,220.7	57.2%	$	4,558.7
2	Baa		2,308.4	30.7%		2,483.8		2,320.7	31.3%		2,496.2
3	Ba		616.0	7.8%		627.9		604.1	7.7%		610.5
4	B		155.7	1.9%		156.4		176.4	2.2%		172.0
5	Caa and lower		44.7	0.6%		49.9		48.8	0.6%		47.4
6	In or near default		33.2	0.5%		38.6		35.6	0.4%		35.9
	Subtotal		7,513.0	99.4%		8,031.8		7,406.3	99.4%		7,920.7
	Redeemable preferred stock		47.0	0.6%		50.3		47.0	0.6%		50.5
	Total Fixed Maturities	$	7,560.0	100.0%	$	8,082.1	$	7,453.3	100.0%	$	7,971.2

The Exhibit above includes invested assets in the Closed Block and excludes Trading Securities in Advest.

25

Exhibit 18B

(Unaudited)

FIXED MATURITIES BY INDUSTRY

	As of March 31, 2003
	($ millions)
Industry	Public		%	Private		%	Total		%
Consumer Goods & Services	$	650.1	13.2%	$	890.6	28.2%	$	1,540.7	19.1%
Government & Agency		951.2	19.3%		0.0	0.0%		951.2	11.8%
Other Manufacturing		147.2	3.0%		671.7	21.3%		818.9	10.1%
Public Utilities		470.2	9.5%		284.3	9.0%		754.5	9.3%
Non-Government—Asset/Mortgage Backed		446.5	9.1%		215.1	6.8%		661.6	8.2%
Financial Services		271.7	5.5%		298.8	9.5%		570.5	7.1%
Banks		505.8	10.3%		45.4	1.5%		551.2	6.8%
Mortgage Backed—Government & Agency		538.9	10.9%		0.9	0.0%		539.8	6.7%
Transportation/Aerospace		299.3	6.1%		173.7	5.5%		473.0	5.8%
Energy		220.8	4.5%		185.2	5.9%		406.0	5.0%
Nat/Res/Manuf(non-energy)		108.8	2.2%		186.9	5.9%		295.7	3.7%
Other		155.2	3.1%		24.2	0.8%		179.4	2.2%
Media/Adver/Printing		50.7	1.0%		111.1	3.5%		161.8	2.0%
Telecommunications		87.9	1.8%		13.2	0.4%		101.1	1.3%
Cable Television		17.7	0.4%		32.0	1.0%		49.7	0.6%
Bank Holding Companies		5.1	0.1%		21.9	0.7%		27.0	0.3%
Total	$	4,927.1	100.0%	$	3,155.0	100.0%	$	8,082.1	100.0%

	As of December 31, 2002
	($ millions)
Industry	Public		%	Private		%	Total		%
Consumer Goods & Services	$	592.5	12.3%	$	865.1	27.3%	$	1,457.6	18.3%
Government & Agency		1,025.0	21.4%		0.0	0.0%		1,025.0	12.9%
Other Manufacturing		185.4	3.9%		662.6	20.9%		848.0	10.6%
Public Utilities		470.2	9.8%		292.3	9.2%		762.5	9.6%
Non-Government—Asset/Mortgage Backed		493.4	10.3%		215.0	6.8%		708.4	8.9%
Financial Services		252.7	5.3%		299.0	9.5%		551.7	6.9%
Banks		491.0	10.2%		45.3	1.4%		536.3	6.7%
Mortgage Backed—Government & Agency		332.2	6.9%		186.5	5.9%		518.7	6.5%
Transportation/Aerospace		243.1	5.1%		196.5	6.2%		439.6	5.5%
Energy		106.6	2.2%		212.8	6.7%		319.4	4.0%
Nat/Res/Manuf(non-energy)		306.9	6.4%		1.0	0.0%		307.9	3.9%
Other		50.4	1.1%		112.6	3.5%		163.0	2.0%
Media/Adver/Printing		144.5	3.0%		16.7	0.5%		161.2	2.0%
Telecommunications		86.8	1.8%		13.7	0.4%		100.5	1.3%
Cable Television		17.4	0.3%		31.9	1.0%		49.3	0.6%
Bank Holding Companies		0.0	0.0%		22.1	0.7%		22.1	0.3%
Total	$	4,798.1	100.0%	$	3,173.1	100.0%	$	7,971.2	100.0%

The Exhibit above includes invested assets in the Closed Block and excludes Trading Securities in Advest.

26

Exhibit 18C

(Unaudited)

VENTURE CAPITAL PARTNERSHIP INVESTMENTS

VENTURE CAPITAL PARTNERSHIP INVESTMENTS (1):

	As of		As of
	March 31, 2003		December 31, 2002
	($ in millions)		($ in millions)
Equity Method
Public common stock	$	23.5	$	27.7
Private common stock		61.3		64.3
Sub-total		84.8		92.0
Cost Method
Public common stock		14.3		15.2
Private common stock		79.3		79.0
Sub-total		93.6		94.2
Total Venture Capital Partnership Investments	$	178.4	$	186.2

(1) Includes other net assets included on partnerships’ financial statements (e.g. cash, receivables, misc. payables, etc.)

VENTURE CAPITAL PARTNERSHIP INVESTMENTS BY SECTOR:

	As of				As of
	March 31, 2003				December 31, 2002
	($ Millions)		%		($ Millions)		%
Information Technology	$	88.8	49.8	%	$	97.8	52.5	%
Domestic LBO		36.5	20.4	%		36.8	19.8	%
Life Sciences		10.5	5.9	%		10.7	5.8	%
Telecommunications		5.3	3.0	%		4.5	2.4	%
International LBO		15.0	8.4	%		13.3	7.1	%
Merchant Banking		4.8	2.7	%		5.8	3.1	%
Other		17.5	9.8	%		17.3	9.3	%
Total Venture Capital Partnership Investments by Sector	$	178.4	100.0	%	$	186.2	100.0	%

27

Exhibit 19

(Unaudited)

PROBLEM, POTENTIAL PROBLEM AND RESTRUCTURED COMMERCIAL

MORTGAGES AT CARRYING VALUE

	As of March 31, 2003			As of December 31, 2002
	($ millions)
Total Commercial Mortgages	$	1,523.3		$	1,570.5
Problem commercial mortgages (1)		—			—
Potential problem commercial mortgages		87.5			104.7
Restructured commercial mortgages		9.2			20.4
Total problem, potential problem and restructured commercial mortgages	$	96.7		$	125.1
Total problem, potential problem and restructured commercial mortgages as % of total commercial mortgages		6.3	%		8.0	%
Valuation allowances/writedowns (2)
Potential problem loans	$	—		$	6.6
Restructured loans		2.1			8.0
Total valuation allowances/writedowns	$	2.1		$	14.6
Total valuation allowances as a percent of problem, potential problem and restructured commercial mortgages at carrying value before valuation allowances and writedowns		2.1	%		10.5	%

(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 March 31, 2003		As of December 31, 2002
	($ millions)
TYPE
Real estate	$	173.6	$	173.8
Subtotal		173.6		173.8
Foreclosed		26.9		33.1
Total	$	200.5	$	206.9

29

Exhibit 20B

(Unaudited)

MORTGAGES AND REAL ESTATE

	As of March 31, 2003				As of December 31, 2002
	($ millions)				($ millions)
Geographic Region
Southeast	$	413.4	20.4	%	$	457.2	21.9	%
West		382.4	18.8	%		367.1	17.6	%
Northeast		262.9	13.0	%		261.9	12.6	%
Mountain		385.3	19.0	%		392.4	18.8	%
Midwest		341.9	16.8	%		367.8	17.7	%
Southwest		243.6	12.0	%		238.0	11.4	%
	$	2,029.5	100	%	$	2,084.4	100	%

	As of March 31, 2003				As of December 31, 2002
	($ millions)				($ millions)
Property Type:
Office Buildings	$	874.3	43.1	%	$	924.2	44.3	%
Agricultural		306.7	15.1	%		308.3	14.8	%
Hotel		290.8	14.3	%		274.3	13.2	%
Retail		153.6	7.6	%		142.9	6.9	%
Industrial		186.8	9.2	%		188.2	9.0	%
Other		124.0	6.1	%		123.2	5.9	%
Apartment Buildings		93.3	4.6	%		123.3	5.9	%
	$	2,029.5	100	%	$	2,084.4	100	%

The Exhibit above includes invested assets in the Closed Block.

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