8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported)—August 5, 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 August 5, 2003, The MONY Group Inc. issued a News Release reporting its financial results for the quarter ended June 30, 2003 and made available supplemental statistical information with respect to such financial results.

Item 7.    Financial Statements and Exhibits.

(c)  Exhibits.

99.1	News Release of The MONY Group Inc., dated August 5, 2003.
99.2	Presentation entitled “The MONY Group Inc. Statistical Supplement as of and for the Three and Six-Month Periods Ended June 30, 2003 and 2002.”

Item 12. Results of Operations and Financial Condition

On August 5, 2003, The MONY Group Inc. issued a News Release reporting its financial results for the quarter ended June 30, 2003 and made available supplemental statistical information with respect to such financial results. Copies of the News Release and the supplemental statistical information are attached as Exhibits 99.1 and 99.2 to this Report. The information set forth under this “Item 12. Results of Operations and Financial Condition,” including Exhibits 99.1 and 99.2, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934. The information contained in Exhibits 99.1 and 99.2 to this Report is also intended to be furnished under “Item 9. Regulation FD Disclosure.”

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: August 5, 2003

Exhibit Index

99.1	News Release of The MONY Group Inc., dated August 5, 2003.
99.2	Presentation entitled “The MONY Group Inc. Statistical Supplement as of and for the Three and Six-Month Periods Ended June 30, 2003 and 2002.”

EX-99.1

[LOGO OF THE MONY GROUP] The MONY Group Inc. 1740 Broadway New York, NY 10019 212 708 2472 212 708 2399 Fax News Release MEDIA CONTACTS: Mary Taylor 212 708 2250 INVESTOR CONTACT: Jay Davis 212 708 2917

The MONY Group Inc. Reports Second Quarter 2003 Results

NEW YORK – August 5, 2003—The MONY Group Inc. (NYSE:MNY) today reported results for the second quarter and first six months of 2003.

Net income for the quarter ended June 30, 2003 was $20.7 million or $0.43 per share and included:

- $3.3 million or $0.07 per share of adjusted operating income;

- $6.8 million or $0.14 per share of after-tax venture capital income;

- $10.6 million or $0.22 per share of after-tax net realized gains from investments.

For the first six months of 2003, net income was $28.3 million or $0.60 per share and included:

- $6.7 million or $0.14 per share of adjusted operating income;

- $1.6 million or $0.03 per share of after-tax venture capital income;

- $20.0 million or $0.43 per share of after-tax net realized gains from investments.

Reflecting the company’s strategic focus on expanding distribution channels, enhancing product offerings and increasing productivity, sales increased across each of MONY’s business segments. The primary driver behind higher life and annuity sales during the quarter was MONY Partners, the company’s wholesaling business. Against a backdrop of more favorable market conditions and increased retail investment activity, Advest’s revenues increased, and MONY’s accumulation assets under management rose to $8.7 billion.

“The strategic actions we have taken to sharpen the focus of our business units, coupled with a more positive market environment, drove increased sales across product areas and distribution channels,” said Michael I. Roth, chairman and CEO, The MONY Group. “At the mid-point of

the year, our plan to grow and diversify revenues and improve profitability is on track. We remain committed to executing our strategy and building on this success over the remainder of 2003.”

Second Quarter and First Half 2002

For the second quarter of 2002, the company reported a net loss of $11 million or $0.23 per share, which was comprised of:

- Adjusted operating income of $7.5 million or $0.15 per share, including interest and litigation fees of $4.5 million or $0.10 per share related to a dispute on the sale of real estate in 1999;

- A net after-tax venture capital loss of $3 million or $0.06 per share;

- Net after-tax realized losses on investments of $15.5 million or $0.32 per share.

The company’s net income for the first half of 2002 was $3.3 million or $0.07 per share, which includes:

- Adjusted operating income of $19.4 million or $0.39 per share;

- Net after-tax venture capital income of $200,000 or $0.01 per share.

- Net after-tax realized losses on investments of $16.3 million or $0.33 per share.

2

An earnings summary is as follows:

($ millions except share data and per share amount)

	Three Months Ended June 30, 2003			Three Months Ended June 30, 2002			Six Months Ended June 30, 2003			Six Months Ended June 30, 2002
Net Income (Loss)	$	20.7		$	(11.0	)	$	28.3		$	3.3
Net Realized (Gains) Losses From Investments		(10.6	)		15.5			(20.0	)		16.3
Adjusted Operating Income Including Net Results From Venture Capital Investments		10.1			4.5			8.3			19.6
Net (Income) Loss From Venture Capital Investments		(6.8	)		3.0			(1.6	)		(0.2	)
Adjusted Operating Income (1):	$	3.3		$	7.5	(4)	$	6.7	(3)	$	19.4	(4)
Per Share Amounts
Net Income (Loss)	$	0.43		$	(0.23	)	$	0.60		$	0.07
Net Realized (Gains) Losses From Investments		(0.22	)		0.32			(0.43	)		0.33
Adjusted Operating Income Including Net Results From Venture Capital Investments		0.21			0.09			0.17			0.40
Net (Income) Loss From Venture Capital Investments		(0.14	)		0.06			(0.03	)		(0.01	)
Adjusted Operating Income (1):	$	0.07		$	0.15	(4)	$	0.14	(3)	$	0.39	(4)
Share Data (2):
Weighted-average Shares Outstanding		46,961,194			47,994,628			46,961,194			48,003,420
Plus: Incremental Shares from Assumed Conversion of Dilutive Securities		405,988			—			76,787			1,667,333
Weighted-average Shares Used in Per-Share Calculations		47,367,182			47,994,628			47,037,981			49,670,753

(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”, which, while derived from our results in accordance with GAAP, represents a non-GAAP financial measure. The company defines “adjusted operating income” 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. These items will fluctuate from period to period depending on the prevailing interest rate and economic environment, and are not necessarily indicative of the overall operating trends in our core operations. 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) 1,597,371 incremental shares from the assumed conversion of dilutive securities were not included in the computation of per share amounts for the three-month period ended June 30, 2002 because their inclusion would be anti-dilutive.

(3) 2003 year-to-date includes a gain from an insurance settlement from the events of September 11, 2001 of $2.6 million or $0.05 per share.

(4) 2002 includes interest and litigation fees of $4.5 million or $0.10 per share and $0.09 per share for the three and six-month periods, respectively, related to a dispute regarding the sale of real estate in 1999.

Highlights:

• Total new life sales for the 2003 second quarter increased 11% over the comparable year-ago period to $67.8 million. New life sales during the 2003 first half increased by 23% over the first half last year to $135.2 million.

• MONY Life’s individual life insurance sales were $24.2 million in the 2003 second quarter vs. $18.6 million in the 2002 second quarter. On a comparable six-month basis, MONY Life’s individual insurance sales were $42.8 million vs. $37 million. The increases reflect growth in new life sales through the brokerage channel, which totaled $10.3 million in the 2003 second quarter (vs. $0.2 million in the second quarter last year) and $16.6 million in 2003 first half (vs. $3 million last year).

• Career agency sales of proprietary and nonproprietary protection and annuity products increased for the 2003 second quarter compared to the year-ago period. As part of its plan to improve the productivity and profitability of its career system, the company has enhanced its focus on high-performing financial professionals, and on capturing its career agents’ nonproprietary sales through its MONY Securities Corp. and MONY Brokerage Inc. subsidiaries. The increase in non-proprietary sales, as reflected in the higher revenues reported by these subsidiaries, offset a decline in proprietary sales.

• Accumulation assets under management rose to $8.7 billion at quarter-end, compared to $7.7 billion at the end of 2002. The increase reflects an improved market environment, slightly more than $0.9 billion in sales during the first six months of 2003, and net inflows during the second quarter and first half.

• Advest’s revenues increased by 11% in the 2003 second quarter over the year-ago quarter, with both its Private Client Group and institutional fixed-income business experiencing growth during the period.

• As of June 30, 2003, book value, excluding accumulated comprehensive income, was $41.21 per share.

4

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, 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 life sales for the second quarter of 2003 were $67.8 million compared with $61.3 million in the second quarter of 2002. The growth was driven primarily by higher proprietary life sales through the brokerage channel, with USFL sales also increasing during the quarter.

For the first half of 2003, total new life sales were $135.2 million compared with $110 million in the first half of 2002, with brokerage channel, USFL and corporate-owned life insurance sales rising during the period.

MONY Life’s individual life insurance sales were $24.2 million in the second quarter of 2003 compared with $18.6 million in the prior-year quarter. The brokerage channel, including MONY Partners, generated $10.3 million in new proprietary life sales vs. $0.2 million in the prior year quarter. The career agency system generated $13.9 million in new proprietary life sales during the second quarter of 2003 compared with $18.4 million in the second quarter of 2002. Including non-proprietary sales (which are written through MONY Securities Corp. and MONY Brokerage Inc.), total career agency protection sales rose slightly on a quarter-over-quarter basis.

For the first six months of 2003, MONY Life’s individual life insurance sales were $42.8 million compared with $37 million in the prior year period. Brokerage channel sales of MONY Life individual insurance products rose to $16.6 million from $3 million in the 2002 first half. Career agency sales of MONY Life individual insurance products were $26.2 million during the first half of 2003 compared with $34 million in the 2002 first half. Including non-proprietary sales, total career agency protection sales increased slightly in the 2003 first half vs. the year-ago period.

5

U.S. Financial Life Insurance Co. (USFL) sales for the second quarter of 2003 increased to $15.7 million from $14.8 million during the second quarter of 2002. For the first six months of 2003, USFL sales were $31.1 million vs. $26.9 million in last year’s first half.

Sales of corporate-owned life insurance (COLI) were $27.9 million during the second quarter of 2003, level with 2002 second quarter sales. For the first six months of 2003 and 2002, they were $61.3 million and $46.1 million, respectively.

Accumulation Segment

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

New accumulation assets raised in the 2003 second quarter were $471 million compared with $467 million during the second quarter of 2002. For the first six months of 2003, accumulation assets raised were $906 million, compared with $911 million in the prior-year period.

Accumulation assets under management were $8.7 billion at June 30, 2003, compared with $7.7 billion as of December 31, 2002 and $7.9 billion as of March 31, 2003. The increase in assets resulted primarily from market appreciation, with net inflows during the quarter also contributing.

Sales of the company’s annuity products were $141 million during the second quarter of 2003 compared with $132 million for the second quarter of 2002. Fixed annuity sales were $44 million; the product was introduced in the second quarter of 2002. Variable annuity sales were $97 million vs. $132 million in the year-ago period.

MONY Partners generated $14 million and $4 million of proprietary fixed and variable annuity product sales, respectively, through the brokerage channel in the current quarter. Career agency sales of proprietary annuities were $118 million, which included fixed and variable annuity sales of $27 million and $91 million, respectively. In the 2002 second quarter, proprietary variable annuity sales by the career system were $130 million. Including nonproprietary sales, total career agency sales of annuity products during the quarter were roughly even with the second quarter of last year.

6

For the first six months of 2003, total sales of the company’s annuity products were $287 million compared with $232 million. Fixed annuity sales were $98 million, and variable annuity sales were $189 million, compared with $232 million in the 2002 first half.

Proprietary fixed and variable annuity sales through MONY Partners were $32 million and $10 million, respectively, in the 2003 first half, for a total of $42 million. Career agency sales of the company’s annuity products totaled $236 million, and included fixed and variable annuity sales of $59 million and $177 million, respectively. In the 2002 first half, career agency sales of the company’s annuity products were $230 million. Including nonproprietary sales, total career agency sales of annuity products increased by about 20% in the 2003 first half compared to the 2002 first half.

The Enterprise Group of Funds had 2003 second quarter sales of $330 million compared with $335 million in the second quarter of 2002. Enterprise mutual fund sales through third-party broker-dealers were $257 million compared with $254 million while sales through MONY Life’s career system were $57 million compared with $65 million during the second quarter of 2002.

For the 2003 first half, Enterprise mutual fund sales were $619 million compared with $679 million in the first six months of 2002. Of these amounts, third-party broker-dealers generated $493 million in sales, compared with $512 million last year, while sales through MONY Life’s career system were $99 million compared with $139 million during the second 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 $101.4 million for the second quarter of 2003 compared with $91.2 million during the second quarter of 2002.

Revenues at Advest rose to $87.9 million for the 2003 second quarter from $78.9 million in the year-ago period, with its Private Client Group benefiting from the market upturn and improved retail investing environment. Advest’s institutional fixed-income business also generated a

7

higher level of revenues. Revenues for MONY Securities Corporation were $12.8 million compared with $11.8 million during the 2002 second quarter.

For the first six months of 2003, the Retail Brokerage and Investment Banking segment’s revenues were $188.8 million vs. $175.6 million in the year-ago period. The increase was attributable to higher revenues at Advest, which were $165 million vs. $152.2 million in the year-ago period.

Revenues for MONY Brokerage Inc., which include sales by the company’s career agents of certain nonproprietary protection and other products, and which are reported in the company’s “Other Products “ segment, rose to $5.5 million in the 2003 second quarter from $2.8 million in the year-ago period. For the first six months of 2003, MONY Brokerage Inc. revenues were $11.2 million, more than double the $4.8 million reported in the 2002 first half.

Business Outlook

“We are encouraged by our success in increasing sales through new and existing distribution channels, as well as by the market upturn and improving investor environment, which benefit our accumulation and retail brokerage businesses,” said Mr. Roth. “If the economy continues to strengthen as expected during the second half of 2003 and the positive market trends continue, we will be on target to meet our business objectives for the year.”

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: the Company could have further venture capital losses; the Company 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; the Company could be required to take a goodwill

8

impairment charge relating to our investment in Advest if the market deteriorates further; the Company could have to accelerate amortization of deferred policy acquisition costs if market conditions continue to deteriorate; the Company could have to write off investments in certain securities if the issuers’ financial condition deteriorates; recent improvements in the equities markets may not be sustained into the future; actual 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.

Conference Call

The MONY Group Inc. will host a conference call on Tuesday, August 5, 2003 commencing at 9:00 AM (Eastern Standard Time) to discuss its second quarter 2003 financial results. To participate in the call, U.S. participants should dial 1-888-889-5602 and Canadian and other international participants should dial 1-973-339-3086. Participants should dial into the call 10 minutes early to facilitate a timely connection. A simultaneous webcast of the call will also be available on The MONY Group Inc.’s website at www.mony.com/investorrelations.

A replay of the conference call will be available from 12:00 p.m. (Eastern Standard Time) on Tuesday, August 5, 2003 through midnight (Eastern Standard Time) on Tuesday, August 12, 2003. Callers from the United States should dial 1-877-519-4471 and callers from outside the United States should dial 1-973-341-3080. The playback access code for replay calls will be 4000477.

This press release, the Company’s quarterly financial supplement and other financial documents may be accessed at www.mony.com/investorrelations.

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.

9

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 and six month periods ended June 30, 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 June 30, 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 and six month periods ended June 30, 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 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

10

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.

11

Exhibit I –

THE MONY GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENT

($ in millions, except share data and per share amounts)	Three Months Ended June 30,						Six Months Ended June 30,
	2003			2002			2003			2002
Revenues:
Premiums		173.8			169.9			340.6			334.3
Universal life and investment-type product policy fees		54.5			52.5			107.5			101.5
Net investment income		201.1			178.8			376.2			366.2
Net realized gains/(losses) on investments		15.0			(25.5	)		31.6			(27.9	)
Group Pension Profits		—			7.5			—			15.2
Retail brokerage and investment banking		108.9			100.7			203.5			193.8
Other income		51.2			29.3			88.2			67.5
		604.5			513.2			1,147.6			1,050.6
Benefits and Expenses:
Benefits to policyholders		211.2			199.5			407.5			390.2
Interest credited to policyholders’ account balances		34.0			27.9			67.9			55.8
Amortization of deferred policy acquisition costs		28.8			38.0			59.8			70.8
Dividends to policyholders		60.4			56.8			122.3			118.3
Other operating costs and expenses		243.0			207.1			456.2			410.5
		577.4			529.3			1,113.7			1,045.6
Income from continuing operations before income taxes		27.1			(16.1	)		33.9			5.0
Income tax expense (benefit)		8.1			(5.1	)		9.6			1.7
Income (loss) from continuing operations		19.0			(11.0	)		24.3			3.3
Discontinued operations:
Income from real estate to be disposed of, net of income tax expense of $0.9 million and $2.1 million for the three and six-month periods ended June 30, 2003.		1.7			—			4.0			—
Net Income		20.7			(11.0	)		28.3			3.3
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 (Loss)	$	20.7		$	(11.0	)	$	28.3		$	3.3
Adjustments:
Net realized (gains)/losses from investments (after tax)		(10.6	)		15.5			(20.0	)		16.3
Adjusted Operating Income Including Net After-Tax Results From Venture Capital Investments		10.1			4.5			8.3			19.6
Net After-Tax Income (Income) Loss From Venture Capital Investments		(6.8	)		3.0			(1.6	)		(0.2	)
Adjusted Operating Income	$	3.3		$	12.0		$	6.7		$	23.9
Diluted Per Share Amounts:
Net Income (Loss)	$	0.43		$	(0.23	)	$	0.60		$	0.07
Adjusted Operating Income (Loss) Including Net After-Tax Results From Venture Capital Investments	$	0.21		$	0.09		$	0.17		$	0.40
Adjusted Operating Income	$	0.07		$	0.25		$	0.14		$	0.48
Share Data (see Note 1):
Weighted-average Shares Outstanding		46,961,194			47,994,628			46,961,194			48,003,420
Plus: Incremental Shares from Assumed Conversion of Diluted Securities		405,988			—			76,787			1,667,333
Weighted-average Shares in Diluted Per Share Calculations		47,367,182			47,994,628			47,037,981			49,670,753

Note 1: 1,597,371 incremental shares from the assumed conversion of dilutive securities were not included in the computation of per share amounts for the three-month period ended June 30, 2002 because their inclusion would be anti-dilutive.

12

Exhibit II

SUMMARY CONSOLIDATED BALANCE SHEET DATA

($ in millions, except per share amounts)

	As of June 30, 2003
Assets:
Invested assets (including cash and cash equivalents)	$	13,264.6
Separate account assets		4,414.8
Other assets		2,923.1
Total assets	$	20,602.5
Liabilities:
Policyholders’ liabilities	$	11,246.1
Separate account liabilities		4,411.8
Short-term debt		7.0
Long-term debt		876.3
Other liabilities		2,026.3
Total liabilities		18,567.5
Shareholders’ equity:
Equity		1,968.6
Accumulated comprehensive income		66.4
Total shareholders’ equity		2,035.0
Total liabilities and shareholders’ equity	$	20,602.5
Per share amounts:
Diluted book value per share	$	42.61
Diluted book value per share (Ex. Accumulated Comprehensive Income)	$	41.21

13

Exhibit III

SEGMENT INFORMATION

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-Months Ended 6/30/03		Three-Months Ended 6/30/02		Six-Months Ended 6/30/03		Six-Months Ended 6/30/02
New Business ($ millions)
Protection Products
Career Agency System	$	13.9	$	18.4	$	26.2	$	34.0
U.S. Financial Life Insurance Company		15.7		14.8		31.1		26.9
MONY Partners Brokerage and Other		10.3		0.2		16.6		3.0
COLI/BOLI		27.9		27.9		61.3		46.1
Total New Life Insurance Premiums	$	67.8	$	61.3	$	135.2	$	110.0
Accumulation Products
Variable Annuities 1	$	97	$	132	$	189	$	232
Fixed Annuities 2		44				98
Career Agency System – Mutual Funds		57		65		99		139
Third Party Distribution – Mutual Funds		273		270		520		540
Total Accumulation	$	471	$	467	$	906	$	911
Revenues ($ millions)
Retail Brokerage & Investment Banking
Advest 3	$	87.9	$	78.9	$	165.0	$	152.2
MONY Securities Corp.		12.8		11.8		22.2		22.6
Other		0.7		0.5		1.6		0.8
Total Revenue	$	101.4	$	91.2	$	188.8	$	175.6
Other Products
MONY Brokerage Inc. 4	$	5.5	$	2.8	$	11.2	$	4.8

¹ $91 million and $130 million sold through the career agency system, and $6 million and $2 million sold through the brokerage channel in the three month periods ended June 30, 2003 and 2002, respectively. $176 million and $229 million sold through the career agency system, and $13 million and $3 million sold through the brokerage channel in the six month periods ended June 30, 2003 and 2002, respectively.

² $27 million and $59 million sold through the career agency system and $17 million and $39 million sold through the brokerage channel in the three and six-month periods ended June 30, 2003 and 2002, respectively. MONY Life’s fixed annuity was introduced in June 2002.

³ Excludes interest income of $7.5 million, $6.4 million, $14.6 million and $12.8 million for the three and six-month periods ended June 30, 2003 and 2002, respectively.

⁴ MONY Brokerage Inc. includes sales by the company’s career agents of certain nonproprietary protection and other products.

14

EX-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.

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
Credit Suisse First Boston	Thomas Gallagher	(212) 538-2010
Deutsche Bank Securities Inc.	Vanessa Wilson	(212) 469-7351
Dowling & Partners Securities, LLC	Len Savage	(203) 359-8860
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
Lehman Brothers Inc.	E. Stewart Johnson	(212) 526-8190
Putnam Lovell NBF Securities Inc.	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

2

CORPORATE OFFICES, PRINCIPAL SUBSIDIARIES

MONY Life Insurance Company 1740 Broadway New York, NY 10019	MONY Securities Corporation 1740 Broadway New York, NY 10019
MONY Life Insurance Company of America 1740 Broadway New York, NY 10019	Trusted Securites Advisors Corp. 7760 France Avenue South, Suite 420 Minneapolis, MN 55435
U.S. Financial Life Insurance Company 10290 Alliance Road Cincinnati, OH 45242	The Advest Group, Inc. 90 State House Square Hartford, CT 06103
Enterprise Capital Management, Inc. 3343 Peachtree Road, NE, Suite 450 Atlanta, GA 30326	Matrix Capital Markets Group Inc. 11 South 12th Street Suite 325 Richmond, VA 23219

CORPORATE RATINGS

CLAIMS PAYING ABILITY/ FINANCIAL STRENGTH RATINGS (1)	SENIOR DEBT RATINGS (2)
Standard	Standard
& Poors	& Poors
A+	BBB+
A.M.	A.M.
Best (3)	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

3

(Unaudited)

SUMMARY FINANCIAL INFORMATION

	Three-Months Ended June 30,						Six-Months Ended June 30,
	2003			2002			2003			2002
	($ millions, except per share amounts)
CONSOLIDATED INCOME STATEMENT DATA:
Net Income/(Loss)	$	20.7		$	(11.0	)	$	28.3		$	3.3
Net realized (gains)/losses from investments		(10.6	)		15.5			(20.0	)		16.3
Adjusted operating income including net results from venture capital investments:		10.1			4.5			8.3			19.6
Net (income)/loss from venture capital investments		(6.8	)		3.0			(1.6	)		(0.2	)
Adjusted operating income (1)(2)(3):	$	3.3		$	7.5		$	6.7		$	19.4
PER SHARE CALCULATIONS:
NET INCOME/(LOSS) PER SHARE:
Basic	$	0.43		$	(0.23	)	$	0.60		$	0.07
Diluted	$	0.43		$	(0.23	)	$	0.60		$	0.07
ADJUSTED OPERATING INCOME INCLUDING NET RESULTS FROM VENTURE CAPITAL INVESTMENTS:
Basic	$	0.22		$	0.09		$	0.17		$	0.41
Diluted	$	0.21		$	0.09		$	0.17		$	0.40
ADJUSTED OPERATING INCOME(1)(2)(3):
Basic	$	0.07		$	0.15		$	0.14		$	0.40
Diluted	$	0.07		$	0.15		$	0.14		$	0.39
Share Data
Weighted-average shares outstanding used in basic per share calculations		46,961,194			47,994,628			46,961,194			48,003,420
Plus: Incremental shares from assumed conversion of dilutive securities (4)		405,988			—			76,787			1,667,333
Weighted-average shares used in diluted per share calculations		47,367,182			47,994,628			47,037,981			49,670,753
OTHER DATA:
Employee count		3,197			3,527
Career agent count (Domestic and International)		1,597			1,659
US Financial Life Brokerage General Agencies		221			222
Trusted Advisors Registered Representatives		482			494
Active Enterprise Selling Agreements		400			424
Advest Financial Advisors		595			522

(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. These items will fluctuate from period to period depending on the prevailing interest rate and economic environment, and are not necessarily indicative of the overall operating trends in our core operations. 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) The adjusted operating income for the six-months ended June 30, 2003 includes a gain from an insurance settlement from the events of September 11, 2001 of $2.6 million or $0.05 per share.

(3) The adjusted operating income for the three and six-months ended June 30, 2002 includes interest and litigation fees of $4.5 million or $0.10 per and $0.09 per share, respectively.

(4) 1,597,371 incremental shares from assumed conversion of dilutive securities were not included in the computation of per share amounts for the three-months ended June 30, 2002, because to do so would be antidilutive.

4

(Unaudited)

SUMMARY FINANCIAL INFORMATION—CONTINUED

	June 30, 2003			December 31, 2002
	($ millions)
CONSOLIDATED BALANCE SHEET DATA
Invested assets (including cash and cash equivalents)	$	13,264.6		$	12,745.4
Separate accounts assets		4,414.8			4,140.6
Other assets		2,923.1			2,990.4
Total Assets	$	20,602.5		$	19,876.4
Policyholders’ liabilities	$	11,246.1		$	11,018.8
Separate account liabilities		4,411.8			4,137.6
Short term debt		7.0			7.0
Long term debt		876.3			876.3
Other liabilities		2,026.3			1,838.2
Total Liabilities		18,567.5			17,877.9
Equity, excluding accumulated comprehensive income		1,968.6			1,938.6
Accumulated comprehensive income (ACI)		66.4			59.9
Total Shareholders’ Equity		2,035.0			1,998.5
Total Liabilities and Shareholders’ Equity	$	20,602.5		$	19,876.4
SHARE DATA:
Diluted book value per share	$	42.61		$	42.54
Diluted book value per share (excluding accumulated comprehensive income)	$	41.21		$	41.26
CAPITALIZATION:
Long term debt	$	876.3		$	876.3
Shareholders’ Equity (Excluding ACI)		1,968.6			1,938.6
Total capitalization	$	2,844.9		$	2,814.9
Debt as Percent of Total Capitalization		30.8	%		31.1	%
STATUTORY DATA (1):
Capital and Surplus	$	871.7		$	906.4
Asset Valuation Reserve (AVR)		231.4			211.7
Total Capital and Surplus plus AVR	$	1,103.1		$	1,118.1

(1) The statutory data presented above represents that of MONY Life, the principal insurance company subsidiary of MONY Group and direct or indirect parent of all of MONY Group’s insurance subsidiaries. The sufficiency of MONY Life’s statutory capital and surplus is a significant factor in determining its and its subsidiaries claims paying ability ratings. Refer to page 3 herein for MONY Life’s claims paying ability ratings, as well as those of its insurance subsidiaries. Statutory basis surplus is 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 June 30,					Six-Months Ended June 30,
	2003		2002			2003		2002
	($ millions)					($ millions)
REVENUES:
Premiums	$	173.8	$	169.9		$	340.6	$	334.3
Universal life and investment-type product policy fees		54.5		52.5			107.5		101.5
Net investment income		201.1		178.8			376.2		366.2
Net realized gains/(losses) on investments		15.0		(25.5	)		31.6		(27.9	)
Group Pension Profits		—		7.5			—		15.2
Retail brokerage and investment banking revenues		108.9		100.7			203.5		193.8
Other income		51.2		29.3			88.2		67.5
		604.5		513.2			1,147.6		1,050.6
BENEFITS AND EXPENSES:
Benefits to policyholders		211.2		199.5			407.5		390.2
Interest credited to policyholders account balances		34.0		27.9			67.9		55.8
Amortization of deferred policy acquisition costs		28.8		38.0			59.8		70.8
Dividends to policyholders		60.4		56.8			122.3		118.3
Other operating costs and expenses		243.0		207.1			456.2		410.5
		577.4		529.3			1,113.7		1,045.6
Income/(loss) from continuing operations before income tax		27.1		(16.1	)		33.9		5.0
Income tax expense/(benefit)		8.1		(5.1	)		9.6		1.7
Net income/(loss) from continuing operations		19.0		(11.0	)		24.3		3.3
Discontinued operations: Income from real estate to be disposed of, net of income tax expense of $0.9 million and 2.1 million, respectively		1.7		—			4.0		—
Net income/(loss)	$	20.7	$	(11.0	)	$	28.3	$	3.3

(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 June 30,						Six-Months Ended June 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
REVENUES:
Premiums	$	164.7		$	164.5		$	325.5		$	324.9
Universal life and investment-type product policy fees		44.0			39.8			86.4			75.5
Net investment income		162.3			145.4			305.2			299.1
Group Pension Profits		—			7.5			—			15.2
Other income		17.3			(2.6	)		19.4			3.2
Total revenues		388.3			354.6			736.5			717.9
BENEFITS AND EXPENSES:
Benefits to policyholders		195.2			183.5			374.7			359.5
Interest credited to policyholder account balances		17.9			15.0			36.1			30.4
Amortization of deferred policy acquisition costs		28.0			30.2			55.6			57.1
Dividends to policyholders		59.7			56.2			121.2			117.1
Other operating costs and expenses		76.7			53.3			133.1			109.9
Total benefits and expenses		377.5			338.2			720.7			674.0
Pre-tax income from continuing operations excluding net realized gains/(losses) on investments		10.8			16.4			15.8			43.9
Net realized gains/(losses) on investments		10.7			(16.6	)		18.2			(18.6	)
Pre-tax income/(loss) from continuing operations		21.5			(0.2	)		34.0			25.3
Discontinued operations—pre-tax		2.2			—			5.2			—
Pre-tax income/loss	$	23.7		$	(0.2	)	$	39.2		$	25.3
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	$	10.8		$	16.4		$	15.8		$	43.9
Change in policyholder dividend liability resulting from closed block realized gains/(losses)		1.0			(1.8	)		6.6			(2.9	)
Pre-tax adjusted operating income including net results of venture capital investments	$	11.8		$	14.6		$	22.4		$	41.0
	Three-Months Ended June 30,						Six-Months Ended June 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
Pre-tax adjusted operating income including net results of venture capital investments	$	11.8		$	14.6		$	22.4		$	41.0
Net (gains)/loss from venture capital investments		(6.4	)		3.6			(1.5	)		(0.3	)
Pre-tax adjusted operating income (1)	$	5.4		$	18.2		$	20.9		$	40.7

(1) The pre-tax adjusted operating income for the three and six-months ended June 30, 2002 includes interest and litigation fees of $5.5 million.

8

Exhibit 4A

(Unaudited)

GROUP PENSION PROFIT

SUMMARY INCOME STATEMENT

	Three-Months Ended June 30,				Six-Months Ended June 30,
INCOME STATEMENT DATA (1):	2003		2002		2003		2002
	($ millions)				($ millions)
REVENUES:
Policy product fees	$	—	$	4.6	$	—	$	9.3
Net investment income		—		22.6		—		45.8
Net realized gains on investments		—		0.3		—		0.1
Total revenues		—		27.5		—		55.2
BENEFITS AND EXPENSES:
Interest credited to policyholder account balances		—		16.6		—		32.4
Other operating costs and expenses		—		3.4		—		7.6
Total benefits and expenses		—		20.0		—		40.0
Group Pension Profits	$	—	$	7.5	$	—	$	15.2

(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 June 30,					Six-Months Ended June 30,
	2003		2002			2003		2002
	($ millions)					($ millions)
REVENUES:
Premiums	$	119.4	$	127.6		$	232.6	$	248.0
Net investment income		104.1		98.5			203.0		196.7
Net realized gains/(losses) on investments		1.0		(1.8	)		6.6		(2.9	)
Other income		0.3		0.5			0.7		0.9
Total revenues		224.8		224.8			442.9		442.7
BENEFITS AND EXPENSES:
Benefits to policyholders		140.0		142.7			271.6		274.8
Interest credited to policyholders account balances		2.1		2.1			4.5		4.2
Amortization of deferred policy acquisition costs		12.0		12.5			20.8		24.2
Dividends to policyholders		59.3		56.0			120.0		116.2
Operating costs and expenses		1.3		2.0			2.7		3.1
Total benefits and expenses		214.7		215.3			419.6		422.5
Contribution from the Closed Block	$	10.1	$	9.5		$	23.3	$	20.2

CLOSED BLOCK ASSETS AND LIABILITIES

	June 30, 2003		December 31, 2002
	($ millions)
BALANCE SHEET DATA:
Assets:
General Account
Fixed maturities	$	4,370.7	$	4,160.9
Mortgage loans on real estate		601.7		633.6
Real estate to be disposed of		10.4		8.3
Amounts due from broker		10.0		0.9
Policy loans		1,100.1		1,119.0
Cash and cash equivalents		38.4		59.2
Premiums receivable		7.8		11.1
Deferred policy acquisition costs		382.9		430.5
Other assets		209.3		210.5
Total closed block assets	$	6,731.3	$	6,634.0
Liabilities:
General Account
Future policy benefits	$	6,905.7	$	6,901.4
Policyholders’ account balances		290.1		291.6
Other policyholders’ liabilities		142.0		159.1
Other liabilities		444.9		328.0
Total closed block liabilities	$	7,782.7	$	7,680.1

10

Exhibit 4C

(Unaudited)

FIXED MATURITIES BY CREDIT QUALITY—CLOSED BLOCK

PUBLIC FIXED MATURITIES BY CREDIT QUALITY

		As of June 30, 2003						As of 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	$	1,925.1	77.1	%	$	2,113.2	$	1,626.7	73.6	%	$	1,771.1
2	Baa		453.4	18.1	%		496.9		464.5	20.3	%		489.7
3	Ba		83.6	3.2	%		87.0		100.4	4.1	%		99.8
4	B		27.5	1.2	%		31.7		41.0	1.7	%		40.5
5	Caa and lower		7.1	0.4	%		10.1		6.0	0.3	%		6.0
6	In or near default		—	0.0	%		—		—	0.0	%		—
	Subtotal		2,496.7	100.0	%		2,738.9		2,238.6	100.0	%		2,407.1
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—
	Total Public Fixed
	Maturities	$	2,496.7	100.0	%	$	2,738.9	$	2,238.6	100.0	%	$	2,407.1

PRIVATE FIXED MATURITIES BY CREDIT QUALITY

		As of June 30, 2003						As of 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	$	461.1	31.8	%	$	518.9	$	658.9	40.8	%	$	716.2
2	Baa		774.9	51.6	%		842.6		707.7	44.0	%		772.5
3	Ba		168.6	10.8	%		176.5		179.7	10.5	%		183.4
4	B		33.0	2.2	%		35.5		49.3	2.5	%		44.7
5	Caa and lower		31.2	2.0	%		32.1		16.3	0.9	%		15.0
6	In or near default		22.7	1.6	%		26.2		22.7	1.3	%		22.0
	Subtotal		1,491.5	100.0	%		1,631.8		1,634.6	100.0	%		1,753.8
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—
	Total Private Fixed
	Maturities	$	1,491.5	100.0	%	$	1,631.8	$	1,634.6	100.0	%	$	1,753.8

TOTAL FIXED MATURITIES BY CREDIT QUALITY

		As of June 30, 2003						As of 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	$	2,386.3	60.2	%	$	2,632.1	$	2,285.6	59.8	%	$	2,487.3
2	Baa		1,228.2	30.7	%		1,339.5		1,172.2	30.3	%		1,262.2
3	Ba		252.2	6.0	%		263.5		280.1	6.8	%		283.2
4	B		60.5	1.5	%		67.2		90.3	2.1	%		85.2
5	Caa and lower		38.3	1.0	%		42.2		22.3	0.5	%		21.0
6	In or near default		22.7	0.6	%		26.2		22.7	0.5	%		22.0
	Subtotal		3,988.2	100.0	%		4,370.7		3,873.2	100.0	%		4,160.9
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—
	Total Fixed
	Maturities	$	3,988.2	100.0	%	$	4,370.7	$	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 June 30,				Six-Months Ended June 30,
	2003		2002		2003		2002
	($ millions)				($ millions)
PROTECTION BUSINESS SALES(3)(4):
Traditional life	$	1.3	$	0.9	$	2.6	$	1.6
Term		14.5		10.2		28.1		21.4
Universal life		14.6		11.3		26.9		19.0
Variable universal life		6.5		10.2		11.6		20.7
Corporate owned life insurance		29.4		28.2		63.1		46.5
Group universal life		1.5		0.5		2.9		0.8
Total	$	67.8	$	61.3	$	135.2	$	110.0

	As of
	June 30, 2003		December 31, 2002
Insurance In Force ($ in millions except number of policies)
Traditional Life (1):
Number of policies (in thousands)		833.0		839.1
GAAP life reserves	$	7,482.4	$	7,447.0
Face amounts	$	87,968.8	$	82,598.6
Universal Life:
Number of policies (in thousands)		74.4		74.0
GAAP life reserves	$	804.1	$	765.4
Face amounts	$	11,338.7	$	10,790.2
Variable Universal Life (2):
Number of policies (in thousands)		67.4		68.0
GAAP life reserves	$	1,029.3	$	880.3
Face amounts	$	18,677.0	$	18,790.2
Group Universal Life:
Number of policies (in thousands)		40.7		41.8
GAAP life reserves	$	72.5	$	70.3
Face amounts	$	1,555.6	$	1,497.3
Total:
Number of policies (in thousands)		1,015.5		1,022.9
GAAP life reserves	$	9,388.3	$	9,163.0
Face amounts	$	119,540.1	$	113,676.3

(1) Consists of whole life and term policies

(2) Includes corporate owned life insurance

(3) See Preface.

(4) 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 corporate-owned and bank-owned life insurance (COLI and BOLI) 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.

12

Exhibit 6

(Unaudited)

PROTECTION PRODUCTS SEGMENT

GAAP DIRECT PREMIUMS AND DEPOSITS BY PRODUCT

	Three-Months Ended June 30,						Six-Months Ended June 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
LIFE INSURANCE:
GAAP Premiums:
Traditional Life (1):
First year & single	$	46.3		$	44.6		$	89.8		$	85.6
Renewal		148.4			148.8			292.9			292.4
Total Direct Premiums		194.7			193.4			382.7			378.0
Less Ceded Premiums		(29.9	)		(29.0	)		(57.1	)		(53.2	)
Total GAAP Premiums	$	164.7		$	164.5		$	325.5		$	324.9
Deposits:
Universal Life:
First year & single	$	22.6		$	9.7		$	35.5		$	17.7
Renewal		23.8			23.5			47.9			47.6
Total	$	46.4		$	33.2		$	83.4		$	65.3
Variable Universal Life:
First year & single	$	6.9		$	13.2		$	13.3		$	26.7
Renewal		28.6			27.6			57.0			53.5
Total	$	35.5		$	40.8		$	70.3		$	80.2
Corporate Sponsored Variable Universal Life:
First year & single	$	18.9		$	16.6		$	43.7		$	31.3
Renewal		5.0			13.4			26.6			22.5
Total	$	23.9		$	30.0		$	70.3		$	53.8
Group Universal Life:
First year & single	$	1.6		$	0.4		$	2.8		$	0.8
Renewal		2.4			2.5			5.0			5.3
Total	$	4.0		$	2.9		$	7.8		$	6.1

(1) Consists of whole life and term policies; includes disability income insurance premiums of $15.2 million and $16.0 million for the three-month periods ended June 30, 2003 and 2002, respectively, and $30.4 million and $ 32.1 million for the six-month periods ended June 30, 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 June 30,					Six-Months Ended June 30,
	2003		2002			2003		2002
	($ millions)					($ millions)
REVENUES:
Premiums	$	7.2	$	3.3		$	10.9	$	4.8
Universal life and investment-type product policy fees		10.6		12.6			20.5		24.7
Net investment income		26.2		20.5			47.5		41.7
Other income		26.6		25.8			48.7		51.6
Total revenues		70.6		62.2			127.6		122.8
BENEFITS AND EXPENSES:
Benefits to policyholders		12.4		12.4			24.2		18.6
Interest credited to policyholder account balances		14.0		10.8			27.3		21.2
Amortization of deferred policy acquisition costs		0.8		7.8			4.2		13.7
Dividends to policyholders		0.3		0.3			0.6		0.6
Other operating costs and expenses		31.5		30.3			59.5		59.4
Total benefits and expenses		59.0		61.6			115.8		113.5
Pre-tax income from continuing operations excluding net realized gains/(losses) on investments		11.6		0.6			11.8		9.3
Net realized gains/(losses) on investments		3.3		(7.0	)		6.6		(7.2	)
Pre-tax income/(loss) from continuing operations		14.9		(6.4	)		18.4		2.1
Discontinued operations—pre-tax		0.2		—			0.6		—
Pre-tax income/(loss)	$	15.1	$	(6.4	)	$	19.0	$	2.1

	Three-Months Ended June 30,					Six-Months Ended June 30,
	2003			2002		2003			2002
	($ millions)					($ millions)
Pre-tax adjusted operating income including net results of venture capital investments	$	11.6		$	0.6	$	11.8		$	9.3
Net (gains)/loss from venture capital investments		(2.3	)		0.8		(0.5	)		—
Pre-tax adjusted operating income (1)	$	9.3		$	1.4	$	11.3		$	9.3

(1) The pre-tax adjusted operating income for the three and six-months ended June 30, 2002 includes interest and litigation fees of $1.0 million.

15

Exhibit 9

(Unaudited)

ACCUMULATION PRODUCTS SEGMENT

ASSETS UNDER MANAGEMENT

	As of
	June 30, 2003		June 30, 2002		December 31, 2003
	($ billions)
ACCUMULATION SEGMENT:
Assets under management
Individual variable annuities	$	3.5	$	3.5	$	3.2
Individual fixed annuities		0.9		0.7		0.8
Proprietary retail mutual funds		4.3		4.0		3.7
	$	8.7	$	8.2	$	7.7

	Three-Months Ended June 30,						Six-Months Ended June 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
RECONCILIATION IN ACCOUNT VALUE:
VARIABLE ANNUITY:
Beginning account value	$	3,192.7		$	3,870.7		$	3,244.9		$	3,867.6
Sales (1)(2)		97.1			129.5			189.0			231.4
Market appreciation		281.6			(351.7	)		251.8			(339.0	)
Mortality and expense		(9.4	)		(10.7	)		(18.1	)		(21.3	)
Surrenders and withdrawals		(102.1	)		(111.0	)		(207.7	)		(211.9	)
	$	3,459.9		$	3,526.8		$	3,459.9		$	3,526.8
ENTERPRISE GROUP OF FUNDS:
Beginning account value	$	3,861.9		$	4,482.1		$	3,695.3		$	4,396.6
Sales(2)		330.4			335.0			789.6			679.1
Dividends reinvested		6.3			5.6			12.2			10.7
Market appreciation		365.6			(483.3	)		313.3			(478.6	)
Redemptions		(260.4	)		(318.8	)		(506.6	)		(587.2	)
Ending account value	$	4,303.8		$	4,020.5		$	4,303.8		$	4,020.5

(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 June 30,				Six-Months Ended June 30,
	2003		2002		2003		2002
	($ millions)				($ millions)
REVENUES:
Net investment income	$	0.1	$	—	$	0.1	$	—
Retail brokerage and investment banking		108.9		100.7		203.5		193.8
Other income		—		1.0		4.0		1.0
Total revenues		109.0		101.7		207.6		194.8
BENEFITS AND EXPENSES:
Other operating costs and expenses		106.1		101.0		205.8		194.9
Total benefits and expenses		106.1		101.0		205.8		194.9
Pre-tax income/(loss) from continuing operations excluding net realized gains/(losses) on investments		2.9		0.7		1.8		(0.1	)
Net realized gains/(losses) on investments		—		—		—		—
Pre-tax income/(loss) from continuing operations	$	2.9	$	0.7	$	1.8	$	(0.1	)

18

Exhibit 12

(Unaudited)

RETAIL BROKERAGE AND INVESTMENT BANKING

INCOME STATEMENT DETAIL

	Three-Months Ended June 30,				Six-Months Ended June 30,
	2003		2002		2003		2002
	($ millions)				($ millions)
REVENUES:
Commissions	$	43.5	$	43.0	$	77.8	$	85.4
Interest		7.5		9.4		14.6		18.1
Principal transactions		33.1		24.6		65.1		47.3
Asset management and administration		12.7		13.1		25.6		26.1
Investment banking		11.4		8.8		18.5		14.0
Other		0.8		2.8		6.0		3.9
Total revenues		109.0		101.7		207.6		194.8
EXPENSES:
Compensation		64.1		57.5		122.4		110.7
Interest		2.6		5.9		6.0		10.5
Other		39.4		37.6		77.4		73.7
Total expenses		106.1		101.0		205.8		194.9
Pre-tax income/(loss)	$	2.9	$	0.7	$	1.8	$	(0.1	)

	ADVEST—NET INTEREST Three-Months Ended								ADVEST—NET INTEREST Six-Months Ended
	June 30, 2003				June 30, 2002				June 30, 2003				June 30, 2002
	($ millions)								($ millions)
Net Interest Income—
Interest Income:
Brokerage customers	$	2.9	38.7	%	$	4.0	42.6	%	$	5.9	40.4	%	$	8.1	44.8	%
Stock borrowed		0.7	9.2	%		1.2	12.7	%		1.3	8.8	%		2.4	13.3	%
Investments		—	0.0	%		—	0.0	%		—	0.0	%		0.1	0.6	%
Security inventory		3.1	41.3	%		3.0	31.9	%		5.8	39.7	%		5.2	28.6	%
Other		0.8	10.8	%		1.2	12.8	%		1.6	11.1	%		2.3	12.7	%
	$	7.5	100.0	%	$	9.4	100.0	%	$	14.6	100.0	%	$	18.1	100.0	%
Interest Expense:
Stock loaned		1.3	50.0	%		3.2	54.2	%		3.5	58.3	%		6.1	58.1	%
Brokerage customers		1.0	38.5	%		1.8	30.5	%		2.1	35.0	%		3.1	29.5	%
Borrowings		0.2	7.6	%		0.8	13.6	%		0.3	4.9	%		1.0	9.5	%
Other		0.1	3.9	%		0.1	1.7	%		0.1	1.8	%		0.3	2.9	%
		2.6	100.0	%		5.9	100.0	%		6.0	100.0	%		10.5	100.0	%
Net interest income	$	4.9	65.3	%	$	3.5	37.2	%	$	8.6	58.9	%	$	7.6	42.0	%

ADVEST STATISTICAL DATA

	June 30, 2003
Client Assets ( in millions) *	$	34,503.0
Number of Client Accounts (in thousands)		268

* Includes assets managed under fee-based programs of approximately $6,376 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 PRODUCTS SEGMENT AND RECONCILING ITEMS

INCOME STATEMENT DATA

	Three-Months Ended June 30,						Six-Months Ended June 30,
	2003			2002			2003			2002
	($ millions)						($ millions)
REVENUES:
Premiums	$	1.9		$	2.1		$	4.2		$	4.6
Universal life and investment-type product policy fees		(0.1	)		0.1			0.6			1.3
Net investment income		12.5			12.9			23.4			25.4
Other income		7.3			5.1			16.1			11.7
Total revenues		21.6			20.2			44.3			43.0
BENEFITS AND EXPENSES:
Benefits to policyholders		3.6			3.6			8.6			12.1
Interest credited to policyholder account balances		2.1			2.1			4.5			4.2
Amortization of deferred policy acquisition costs		—			—			—			—
Dividends to policyholders		0.4			0.3			0.5			0.6
Other operating costs and expenses		28.7			22.5			57.8			46.3
Total benefits and expenses		34.8			28.5			71.4			63.2
Pre-tax loss from continuing operations excluding net realized gains/(losses) on investments		(13.2	)		(8.3	)		(27.1	)		(20.2	)
Net realized gains/(losses) on investments		1.0			(1.9	)		6.8			(2.1	)
Pre-tax loss from continuing operations		(12.2	)		(10.2	)		(20.3	)		(22.3	)
Discontinued operations—pre-tax		0.2			—			0.3			—
Pre-tax loss	$	(12.0	)	$	(10.2	)	$	(20.0	)	$	(22.3	)

	Three-Months Ended June 30,				Six-Months Ended June 30,
	2003			2002	2003			2002
	($ millions)				($ millions)
Pre-tax adjusted operating loss including net results of venture capital investments	$	(13.2	)	$(8.3)	$	(27.1	)	$	(20.2	)
Net (gains)/loss from venture capital investments		(1.6	)	0.3		(0.3	)		—
Pre-tax adjusted operating loss	$	(14.8	)	$(8.0)	$	(27.4	)	$	(20.2	)

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 June 30, 2003				As of December 31, 2002
	Carrying Value		% of Total		Carrying Value		% of Total
	($ millions)
INVESTED ASSETS
Fixed Maturities, Available for Sale	$	8,447.5	67.9	%	$	7,971.1	66.3	%
Fixed Maturities, Held to Maturity		0.1	0.0	%		0.1	0.0	%
Equity Securities, Available for Sale		271.3	2.2	%		249.0	2.1	%
Mortgage Loans on Real Estate		1,824.6	14.7	%		1,877.4	15.6	%
Policy Loans		1,197.1	9.6	%		1,212.5	10.1	%
Real Estate to be Disposed Of		0.5	0.0	%		26.8	0.2	%
Real Estate Held for Investment		180.5	1.4	%		180.2	1.5	%
Other Invested Assets		120.7	1.0	%		110.8	0.9	%
Cash and Cash Equivalents		397.6	3.2	%		390.0	3.3	%
Invested Assets, excluding Trading Securities	$	12,439.9	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 June 30, 2003					Three Months Ended June 30, 2002					Six Months Ended June 30, 2003					Six Months Ended June 30, 2002					Year Ended December 31,2002					Year Ended December 31,2001
	Yield (2)		Amount			Yield (2)		Amount			Yield (1)		Amount			Yield (1)		Amount			Yield (1)		Amount			Yield (1)		Amount
	($ millions)					($ millions)					($ millions)					($ millions)					($ millions)					($ millions)
FIXED MATURITIES (4)
Investment Income	7.0	%	$	133.8		7.1	%	$	125.2		6.9	%	$	260.9		7.1	%	$	249.1		6.9	%	$	491.0		7.3	%	$	492.5
Realized Gains (losses)	0.5	%		9.8		-0.9	%		(16.5	)	0.7	%		26.2		-0.3	%		(11.7	)	-1.1	%	$	(79.3	)	0.0	%		(2.6	)
Total	7.5	%	$	143.6		6.2	%	$	108.7		7.6	%	$	287.1		6.8	%	$	237.4		5.8	%	$	411.7		7.3	%	$	489.9
Ending Assets			$	7,770.8				$	7,168.8				$	7,770.8				$	7,168.8				$	7,453.4				$	6,829.2
EQUITY SECURITIES
Investment Income	16.4	%	$	10.6		-6.2	%	$	(4.6	)	2.1	%	$	2.8		0.9	%	$	1.4		2.9	%	$	7.9		-10.8	%	$	(33.9	)
Realized Gains (losses)	0.9	%		0.6		-5.9	%		(4.4	)	-2.2	%		(2.9	)	-3.8	%		(5.5	)	-14.1	%	$	(38.7	)	-2.5	%		(7.8	)
Total	17.3	%	$	11.2		-12.1	%	$	(9.0	)	-0.1	%	$	(0.1	)	-2.9	%	$	(4.1	)	-11.2	%	$	(30.8	)	-13.3	%	$	(41.7	)
Ending Assets			$	271.3				$	288.1				$	271.3				$	288.1				$	249.0				$	299.2
MORTGAGE LOANS
Investment Income	8.1	%	$	37.0		8.0	%	$	35.3		7.8	%	$	72.5		7.8	%	$	69.7		7.5	%	$	138.9		7.8	%	$	139.8
Realized Gains (losses)	2.1	%		9.6		0.2	%		0.9		1.2	%		11.0		-0.2	%		(1.6	)	-0.2	%	$	(3.0	)	0.5	%		9.3
Total	10.2	%	$	46.6		8.2	%	$	36.2		9.0	%	$	83.5		7.6	%	$	68.1		7.3	%	$	135.9		8.3	%	$	149.1
Ending Assets			$	1,824.6				$	1,757.8				$	1,824.6				$	1,757.8				$	1,877.4				$	1,809.7
REAL ESTATE (3)
Investment Income	4.6	%	$	2.1		6.2	%	$	3.7		6.8	%	$	6.7		9.3	%	$	11.0		7.4	%	$	16.2		4.3	%	$	9.5
Realized Gains (losses)	4.0	%		1.9		-11.4	%		(6.8	)	8.2	%		8.0		-8.8	%		(10.4	)	-16.9	%	$	(36.9	)	-2.4	%		(5.4	)
Total	8.6	%	$	4.0		-5.2	%	$	(3.1	)	15.0	%	$	14.7		0.5	%	$	0.6		-9.5	%	$	(20.7	)	1.9	%	$	4.1
Ending Assets			$	181.0				$	241.2				$	181.0				$	241.2				$	206.9				$	230.8
POLICY LOANS
Investment Income	6.6	%	$	19.7		7.0	%	$	21.4		6.6	%	$	39.6		7.0	%	$	42.9		6.9	%	$	84.8		6.9	%	$	86.5
Realized Gains (losses)	0.0	%		—		0.0	%		—		0.0	%		—		0.0	%		—		0.0	%	$	—		0.0	%		—
Total	6.6	%	$	19.7		7.0	%	$	21.4		6.6	%	$	39.6		7.0	%	$	42.9		6.9	%	$	84.8		6.9	%	$	86.5
Ending Assets			$	1,197.1				$	1,212.0				$	1,197.1				$	1,212.0				$	1,212.5				$	1,229.0
CASH AND CASH EQUIVALENTS
Investment Income	1.2	%	$	1.4		2.0	%	$	2.6		1.4	%	$	2.9		2.0	%	$	4.8		2.1	%	$	9.3		4.4	%	$	29.3
Realized Gains (losses)	0.0	%		(0.0	)	0.0	%		(0.0	)	0.0	%		(0.0	)	0.0	%		(0.0	)	0.0	%	$	(0.0	)	-0.1	%		(0.8	)
Total	1.2	%	$	1.4		2.0	%	$	2.6		1.4	%	$	2.9		2.0	%	$	4.8		2.1	%	$	9.3		4.3	%	$	28.5
Ending Assets			$	397.6				$	494.3				$	397.6				$	494.3				$	390.0				$	441.0
OTHER INVESTED ASSETS
Investment Income	13.2	%	$	4.2		18.4	%	$	5.7		10.6	%	$	6.1		14.9	%	$	8.9		16.1	%	$	18.3		8.4	%	$	9.1
Realized Gains (losses)	-14.6	%		(4.6	)	4.1	%		1.3		-8.4	%		(4.9	)	2.2	%		1.3		0.1	%	$	0.1		-4.7	%		(5.0	)
Total	-1.4	%	$	(0.4	)	22.5	%	$	7.0		2.2	%	$	1.2		17.1	%	$	10.2		16.2	%	$	18.4		3.7	%	$	4.1
Ending Assets			$	120.7				$	122.2				$	120.7				$	122.2				$	110.8				$	116.7
TOTAL BEFORE INVESTMENT EXPENSES AND DISCONTINUED OPERATIONS
Investment Income	7.1	%	$	208.8		6.8	%	$	189.3		6.7	%	$	391.5		7.0	%	$	387.8		6.9	%	$	766.6		6.6	%	$	732.8
Realized Gains (losses)	0.6	%		17.3		-0.9	%		(25.5	)	0.6	%		37.4		-0.5	%		(27.9	)	-1.4	%		(157.8	)	-0.1	%		(12.3	)
Total	7.7	%	$	226.1		5.9	%	$	163.8		7.3	%	$	428.9		6.5	%	$	359.9		5.5	%	$	608.8		6.5	%	$	720.5
Ending Assets			$	11,763.1				$	11,284.4				$	11,763.1				$	11,284.4				$	11,500.0				$	10,955.6
Other Fee Income	0.0	%	$	(0.3	)	0.0	%	$	0.8		0.0	%	$	0.5		0.0	%	$	2.2		0.0	%	$	1.3		0.0	%	$	5.3
Investment expense	-0.2	%	$	(7.1	)	-0.4	%	$	(11.3	)	-0.3	%	$	(15.5	)	-0.4	%	$	(23.8	)	-0.3	%	$	(29.6	)	-0.4	%	$	(46.1	)
Discontinued Operations—Income (5)	11.2	%	$	0.3		0.0	%	$	—		5.2	%	$	0.3		0.0	%	$	—		-2.5	%	$	(1.0	)	0.0	%	$	—
Discontinued Operations—Realized Gains (Losses) (6)	91.1	%	$	2.3		0.0	%	$	—		84.4	%	$	5.8		0.0	%	$	—		12.8	%	$	4.8		0.0	%	$	—
TOTAL AFTER INVESTMENT EXPENSES AND DISCONTINUED OPERATIONS
Investment Income	6.9	%	$	201.1		6.4	%	$	178.8		6.5	%	$	376.2		6.6	%	$	366.2		6.6	%	$	737.3		6.2	%	$	692.1
Realized Gains (losses)	0.5	%		15.0		-0.9	%		(25.5	)	0.5	%		31.6		-0.5	%		(27.9	)	-1.4	%		(153.0	)	-0.1	%		(12.3	)
Total	7.4	%	$	216.1		5.5	%	$	153.3		7.0	%	$	407.8		6.1	%	$	338.3		5.2	%	$	584.3		6.1	%	$	679.8
Ending Assets				11,763.1					11,284.4					11,763.1					11,284.4					11,500.0					10,955.6
Net unrealized gains (losses) on fixed maturities				676.8					237.6					676.8					237.6					517.9					146.9
Total invested assets			$	12,439.9				$	11,522.0				$	12,439.9				$	11,522.0				$	12,017.9				$	11,102.5

(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 $824.7 million at 6/30/2003, $726.7 million at 12/31/2002, $793.1 million at 6/30/2002 and $724.0 million at 12/31/2001 and results from both are excluded from the yield calculation.

(5) Income from real estate available for sale is reclassified as discontinued operations (FAS 144).

(6) Realized gains (losses) from real estate available for sale is reclassified as discontinued operations (FAS 144).

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 June 30, 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	$	3,735.9	75.8	%	$	4,049.5	$	3,277.5	73.6	%	$	3,531.4
2	Baa		935.1	19.3	%		1,029.9		920.1	20.4	%		977.2
3	Ba		166.7	3.4	%		180.5		201.9	4.2	%		204.2
4	B		44.0	0.9	%		50.4		65.1	1.4	%		65.7
5	Caa and lower		21.8	0.6	%		30.2		17.6	0.4	%		17.7
6	In or near default		0.9	0.0	%		1.0		0.9	0.0	%		0.9
	Subtotal		4,904.4	100.0	%		5,341.5		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	$	4,905.4	100.0	%	$	5,342.5	$	4,484.1	100.0	%	$	4,798.1

PRIVATE FIXED MATURITIES BY CREDIT QUALITY

		As of June 30, 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	$	735.7	26.4	%	$	821.1	$	943.2	32.4	%	$	1,027.3
2	Baa		1,486.4	51.9	%		1,612.6		1,400.6	47.9	%		1,519.0
3	Ba		450.5	15.0	%		464.4		402.2	12.8	%		406.3
4	B		75.0	2.6	%		79.3		111.3	3.3	%		106.3
5	Caa and lower		42.3	1.4	%		42.7		31.2	0.9	%		29.7
6	In or near default		29.6	1.1	%		34.0		34.7	1.1	%		35.0
	Subtotal		2,819.5	98.4	%		3,054.1		2,923.2	98.4	%		3,123.6
	Redeemable preferred stock		46.0	1.6	%		51.0		46.0	1.6	%		49.5
	Total Private Fixed
	Maturities	$	2,865.5	100.0	%	$	3,105.1	$	2,969.2	100.0	%	$	3,173.1

TOTAL FIXED MATURITIES BY CREDIT QUALITY

		As of June 30, 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	$	4,471.6	57.7	%	$	4,870.6	$	4,220.7	57.2	%	$	4,558.7
2	Baa		2,421.5	31.3	%		2,642.5		2,320.7	31.3	%		2,496.2
3	Ba		617.2	7.6	%		644.9		604.1	7.7	%		610.5
4	B		119.0	1.5	%		129.7		176.4	2.2	%		172.0
5	Caa and lower		64.1	0.9	%		72.9		48.8	0.6	%		47.4
6	In or near default		30.5	0.4	%		35.0		35.6	0.4	%		35.9
	Subtotal		7,723.9	99.4	%		8,395.6		7,406.3	99.4	%		7,920.7
	Redeemable preferred stock		47.0	0.6	%		52.0		47.0	0.6	%		50.5
	Total Fixed
	Maturities	$	7,770.9	100.0	%	$	8,447.6	$	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 June 30, 2003
	($ millions)
Industry	Public		%		Private		%		Total		%
Consumer Goods & Services	$	693.3	13.0	%	$	975.1	31.4	%	$	1,668.4	19.8	%
Government & Agency		1,185.6	22.2	%		0.0	0.0	%		1,185.6	14.0	%
Other Manufacturing		153.1	2.8	%		695.3	22.4	%		848.4	10.0	%
Public Utilities		490.1	9.2	%		285.6	9.2	%		775.7	9.2	%
Non-Government—Asset/Mortgage Backed		433.2	8.1	%		211.2	6.8	%		644.4	7.6	%
Mortgage Backed—Government & Agency		575.2	10.8	%		0.8	0.0	%		576.0	6.8	%
Banks		491.8	9.2	%		46.7	1.5	%		538.5	6.4	%
Transportation/Aerospace		318.2	6.0	%		185.6	6.0	%		503.8	6.0	%
Financial Services		288.8	5.4	%		164.7	5.3	%		453.5	5.4	%
Energy		235.5	4.4	%		162.3	5.2	%		397.8	4.7	%
Nat/Res/Manuf(non-energy)		124.4	2.3	%		184.6	6.0	%		309.0	3.7	%
Other		163.5	3.1	%		24.0	0.8	%		187.5	2.2	%
Media/Adver/Printing		63.7	1.2	%		112.9	3.6	%		176.6	2.1	%
Telecommunications		91.7	1.7	%		12.8	0.4	%		104.5	1.2	%
Cable Television		18.6	0.3	%		31.6	1.0	%		50.2	0.6	%
Bank Holding Companies		15.8	0.3	%		11.9	0.4	%		27.7	0.3	%
Total	$	5,342.5	100.0	%	$	3,105.1	100.0	%	$	8,447.6	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	%
Mortgage Backed—Government & Agency		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	%
Transportation/Aerospace		332.2	6.9	%		186.5	5.9	%		518.7	6.5	%
Financial Services		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 June 30, 2003		As of December 31, 2002
	($ in millions)		($ in millions)
Equity Method
Public common stock	$	28.6	$	27.7
Private common stock		64.0		64.3
Sub-total		92.6		92.0
Fair Value Method
Public common stock		22.1		15.2
Private common stock		76.2		79.0
Sub-total		98.3		94.2
Total Venture Capital Partnership Investments	$	190.9	$	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 June 30, 2003				As of December 31, 2002
	($ millions)		%		($ millions)		%
Information Technology	$	97.5	51.1	%	$	97.8	52.5	%
Domestic LBO		39.5	20.7	%		36.8	19.8	%
Life Sciences		11.9	6.2	%		10.7	5.8	%
Telecommunications		4.2	2.2	%		4.5	2.4	%
International LBO		17.2	9.0	%		13.3	7.1	%
Merchant Banking		5.0	2.6	%		5.8	3.1	%
Other		15.6	8.2	%		17.3	9.3	%
Total Venture Capital Partnership Investments by Sector	$	190.9	100.0	%	$	186.2	100.0	%

27

Exhibit 19

(Unaudited)

PROBLEM, POTENTIAL PROBLEM AND RESTRUCTURED COMMERCIAL

MORTGAGES AT CARRYING VALUE

	As of			As of
	June 30,			December 31,
	2003			2002
	($ millions)
Total Commercial Mortgages	$	1,492.9		$	1,570.5
Problem commercial mortgages (1)		—			—
Potential problem commercial mortgages		42.9			104.7
Restructured commercial mortgages		9.1			20.4
Total problem, potential problem and restructured commercial mortgages	$	52.0		$	125.1
Total problem, potential problem and restructured commercial mortgages as % of total commercial mortgages		3.5	%		8.0	%
Valuation allowances/writedowns (2)
Potential problem loans	$	0.0		$	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		3.9	%		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		As of
	June 30,		December 31,
	2003		2002
	($ millions)
TYPE
Real estate	$	152.7	$	173.8
Subtotal		152.7		173.8
Foreclosed		28.3		33.1
Total	$	181.0	$	206.9

29

Exhibit 20B

(Unaudited)

MORTGAGES AND REAL ESTATE

	As of				As of
	June 30, 2003				December 31, 2002
	($ millions)				($ millions)
Geographic Region
Southeast	$	404.5	20.2	%	$	457.2	21.9	%
West		371.9	18.5	%		367.1	17.6	%
Northeast		248.8	12.4	%		261.9	12.6	%
Mountain		377.0	18.8	%		392.4	18.8	%
Midwest		343.2	17.1	%		367.8	17.7	%
Southwest		260.2	13.0	%		238.0	11.4	%
	$	2,005.6	100	%	$	2,084.4	100	%

	As of				As of
	June 30, 2003				December 31, 2002
	($ millions)				($ millions)
Property Type:
Office Buildings	$	900.4	44.9	%	$	924.2	44.3	%
Agricultural		332.5	16.6	%		308.3	14.8	%
Hotel		272.9	13.6	%		274.3	13.2	%
Retail		135.7	6.8	%		142.9	6.9	%
Industrial		161.1	8.0	%		188.2	9.0	%
Other		106.6	5.3	%		123.2	5.9	%
Apartment Buildings		96.4	4.8	%		123.3	5.9	%
	$	2,005.6	100	%	$	2,084.4	100	%

The Exhibit above includes invested assets in the Closed Block.

30