MONY Group Inc. Forn 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Oodib6TiroYdcgcU7BNgzcMPMBXQTJv4X+Ka2NTID+Zi5jA9tFWtggmtUGaodSO2 dL2bxeACfJDuIDHChHh0Dg== 0001193125-04-079858.txt : 20040506 0001193125-04-079858.hdr.sgml : 20040506 20040506063555 ACCESSION NUMBER: 0001193125-04-079858 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20040506 ITEM INFORMATION: ITEM INFORMATION: Other events FILED AS OF DATE: 20040506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONY GROUP INC CENTRAL INDEX KEY: 0001069822 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 133976138 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14603 FILM NUMBER: 04783208 BUSINESS ADDRESS: STREET 1: 1740 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2127082000 8-K 1 d8k.htm MONY GROUP INC. FORN 8-K MONY Group Inc. Forn 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) – May 6, 2004

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

10019

New York, New York

(Address of principal executive offices)

(Zip Code)

(212) 708-2000

(Registrant’s telephone number, including area code)

Item 5. Other Events.

Item 12. Results of Operations and Financial Condition.

On May 6, 2004, The MONY Group Inc. issued a News Release reporting its financial results for the quarter ended March 31, 2004 and made available supplemental statistical information with respect to such financial results. Copies of the News Release and the Statistical Supplement are attached hereto 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 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: May 6, 2004

Exhibit Index



99.1		News Release of The MONY Group Inc., dated May 6, 2004.

99.2		Presentation entitled “The MONY Group Inc. Statistical Supplement as of and for the Three Months Ended March 31, 2004 and 2003.”

EX-99.1 2 dex991.htm NEWS RELEASE OF THE MONY GROUP INC. News Release of the MONY Group Inc.

The MONY Group Inc.

1740 Broadway

New York, NY 10019

212 708 2250

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 First Quarter Results

NEW YORK – May 6, 2004—The MONY Group Inc. (NYSE: MNY) today reported results for its first fiscal quarter ended March 31, 2004.

The company experienced a net loss for the first quarter 2004 of $12.3 million or $0.25 per share, which included the following items:

n	Venture capital income of $0.6 million or $0.01 per share;

n	Realized gains from investments of $2.5 million or $0.05 per share;

n	Merger related expenses of $20 million or $0.40 per share;

n	$4 million or $0.08 per share gain relating to a cumulative effect of a change in accounting principle (SOP 03-1); and

n	Adjusted operating income for the quarter was $0.6 million or $0.01 per share.

Net income for the first quarter of 2003 was $7.6 million or $0.16 per share and included:

•	Venture capital losses of $5.2 million or $0.11 per share;

•	$9.4 million or $0.20 per share of net realized gains from investments; and

•	Adjusted operating income for the first quarter of 2003 was $3.4 million or $0.07 per share.

“We continue to stay focused on managing our business and completing our proposed merger with AXA Financial. Sales for each of our three business segments rose during the first quarter over the year-ago period, driven by more favorable economic and market conditions, and the improvements we have made over the past few years, in terms of expanding distribution and enhancing product offerings.” said Michael I. Roth Chairman and CEO, The MONY Group.

“However, increased competition, lack of scale and lower interest rates continue to impede our ability to generate appropriate levels of profitability. This is why we believe that the merger with AXA Financial represents the best opportunity for, and provides full and fair value to, our shareholders,” said Roth.

Highlights

–

On September 17, 2003, The MONY Group Inc. and AXA Financial, Inc. announced that their Boards of Directors had unanimously approved a definitive agreement for AXA Financial to acquire The MONY Group in a cash transaction valued at approximately $1.5 billion. The transaction is subject to MONY shareholder approval, certain required

regulatory approvals, and other customary conditions. A definitive proxy statement concerning the acquisition has been mailed to MONY shareholders. A special meeting of MONY shareholders will be held on May 18, 2004 at 10:30 AM to vote on the proposed acquisition. Stockholders of record as of April 8, 2004 are eligible to vote on the merger.

–

On February 23, 2004, The MONY Group Inc. and AXA Financial, Inc. announced that they had amended their merger agreement to permit MONY to declare a dividend of $0.10 per MONY share, in addition to the $0.23 to $0.25 dividend that MONY had announced on February 5. Both the additional $0.10 per share dividend and the dividend declared on February 5 are contingent upon consummation of the merger and will be paid to MONY stockholders who are holders of record immediately prior to the closing of the transaction. Therefore, upon consummation, MONY stockholders will receive dividends totaling approximately $0.33 to $0.35 per share in addition to the $31.00 per share that AXA Financial has agreed to pay in the transaction.

–

On April 1, the United States Court of Appeals for the Second Circuit unanimously ruled in favor of MONY and directed entry of a preliminary injunction preventing dissidents opposing the merger from violating the federal proxy rules by mailing proxy material that included reproductions of MONY’s proxy card to MONY stockholders in connection with the merger, without complying with the disclosure requirements of the federal proxy rules.

–

On April 12, the Delaware Chancery Court upheld the action taken by the MONY Board of Directors in setting a new record date of April 8, 2004 and a new meeting date of May 18, 2004 for the purpose of voting on the merger with AXA Financial. In determining that MONY’s Board acted reasonably in arriving at its decision, the Court noted that “[The Board’s] response, to change the record date, was not preclusive of a full and fair vote; if anything, it enfranchised those stockholders who were equity owners of the corporation but who could not vote. Finally, the Board’s response, changing the meeting and record date … is certainly proportionate and within a range of reasonableness.”

An earnings summary is as follows:


($ in millions except share data and per share amounts)
($ millions After Tax)	Three Months Ended 03/31/04			Three Months Ended 03/31/03

Net (Loss) Income		(12.3	)		7.6

Net Realized Gains From Investments		(2.5	)		(9.4	)

Net (Income) Loss from Venture Capital		(0.6	)		5.2

Merger Related Expenses		20.0			—

Cumulative Effect of a Change in Accounting Principle (3)		(4.0	)		—


Adjusted Operating Income (1)	$	0.6		$	3.4


Diluted Per Share Amounts (2):

Net (Loss) Income		(0.25	)		0.16

Net Realized Gains From Investments		(0.05	)		(0.20	)

Net (Income) Loss from Venture Capital		(0.01	)		0.11

Merger Related Expenses		0.40			—

Cumulative Effect of a Change in Accounting Principle (3)		(0.08	)		—


Adjusted Operating Income		0.01			0.07


Share Data(2):
Weighted Average Shares Outstanding		50,121,814			46,961,194
Plus: Incremental shares from assumed conversion of dilutive securities		—			23,816



Weighted-average shares used in dilutive per share calculations		50,121,814			46,985,010

(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 generally 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. In addition, for the three-months ended March 31, 2004 the company has excluded expenses incurred in connection with its pending acquisition by AXA Financial, Inc. and a gain from the cumulative effect of a change in accounting principle in calculating its “adjusted operating income” because such expenses and gains are not indicative of overall operating trends in the company’s core operations. Both the company and many users of its financial information use this non-GAAP financial measure to evaluate the company’s operating performance.

(2)	815,257 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 March 31, 2004 because their inclusion would be anti-dilutive.

(3)

On January 1, 2004, the company adopted the AICPA’s Statement of Position 03-1 Accounting and Reporting by Insurance Enterprises for Certain Non-Traditional Long-Duration Contracts and for Separate Accounts (“SOP 03-1”). The cumulative effect of the adoption of SOP 03-1, totaling $4.0 million or $0.08 per share, is shown as a one time credit to income in the company’s income statement for the three-month period ended March 31, 2004.

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 annualized and single life insurance premiums for the first quarter of 2004 were $77 million compared with $67 million in the first quarter of 2003.

MONY Life’s individual life insurance sales were $20 million in the first quarter of 2004 compared with $19 million in the prior year period. Through MONY Partners, the brokerage channel generated $9 million in new insurance sales vs. $6 million in the prior year quarter, while the career agency system generated $11 million during the first quarter of 2004 compared with $12 million in the first quarter of 2003.

U.S. Financial Life Insurance Company (USFL) sales for the first quarter of 2004 increased to $16 million from $15 million during the first quarter of 2003.

Sales of corporate-owned life insurance (COLI) and bank-owned life insurance were $41 million for the first quarter of 2004 compared with $33 million in the first quarter of 2003.

Accumulation Segment

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

Total new accumulation assets raised in the first quarter of 2004 were $493 million compared with $435 million in the first quarter of 2003.

Accumulation assets under management were $9.8 billion.

The Enterprise Group of Funds had first quarter sales of $365 million compared with $289 million in the first quarter of 2003. Enterprise mutual fund sales through third-party broker-dealers were $314 million during the first quarter of 2004 compared with $247 million for the first quarter of 2003. Sales through MONY Life’s career system were $51 million for the first quarter of 2004 vs. $42 million for the first quarter of 2003.

Annuity sales were $128 million for the first quarter of 2004 compared with $146 million during the first quarter of 2003. Sales of the company’s variable annuities were $98 million compared with $92 million in the year-ago period. Fixed annuity sales declined reflecting the lower interest rate environment and the company’s unwillingness to compromise margins. Fixed annuity sales for the first quarter of 2004 were $30 million compared with $54 million in the first quarter of 2003. The brokerage channel, including MONY Partners generated $19 million and $9 million of fixed and variable annuity sales, respectively, in the current quarter compared with $22 million and $7 million in the prior year period. The career agency system generated $11 million and $89 million of fixed and variable annuity sales, respectively, in the current quarter compared with $32 million and $85 million in the prior year period.

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 $107 million for the first quarter of 2004 compared with $87 million for the first quarter of 2003.

Advest revenues were $90 million for the first quarter of 2004 compared with $77 million during the first quarter of 2003.

Revenues for MONY Securities Corporation were $17 million during the first quarter of 2004 compared with $9 million for the first quarter of 2003.

Other Segment

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 were $5.4 million compared with 5.7 million for the first quarter of 2003.

Additional Information about Merger with AXA Financial

The MONY Group has filed a definitive proxy statement concerning the planned acquisition of MONY by AXA Financial with the Securities and Exchange Commission (“SEC”). The proxy statement has also been mailed to MONY shareholders. We urge investors to read the proxy statement and any other relevant documents filed with the SEC, because they contain important information.

Investors can obtain the proxy statement and other relevant documents, free of charge, at the SEC’s website (www.sec.gov). You may also obtain these documents, free of charge, from The MONY Group’s website (www.mony.com).

Forward Looking Statements

This release contains forward-looking statements concerning The MONY Group 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 MONY Group’s operations, economic performance, prospects and financial condition for 2004 and following years. The MONY Group 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: satisfaction of the closing conditions set forth in the merger agreement among The MONY Group, AXA Financial, Inc. and AIMA Acquisition Co., including approval of The MONY Group’s shareholders and regulatory approvals; a significant delay in the expected completion of the contemplated merger; The MONY Group could experience losses, including venture capital losses; The MONY Group 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 MONY Group could be required to take a goodwill impairment charge relating to its investment in Advest if the market deteriorates; The MONY Group could have to accelerate amortization of deferred policy acquisition costs if market conditions deteriorate; The MONY Group could be required to recognize in its earnings “other than temporary impairment” charges on its invested assets if market conditions and/or 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 The MONY Group’s mortality assumptions; The MONY Group 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 MONY Group’s products. The MONY Group 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 Thursday, May 6, 2004 commencing at 9:00 AM (Eastern Time) to discuss its first quarter 2004 results. To participate in the call, U.S. participants, should dial (877) 715 5317 and Canadian and other international participants should dial (973) 582 2751. 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’s website at www.mony.com/investorrelations.

Replay #—U.S. participants dial (877) 519-4471, pin#4664325 – Canadian and other international participants should dial (973) 341-3080, pin#4664325. Replay available from 12:00 Noon Eastern Time on May 6, 2004 through 12:00 Midnight Eastern Time on May 13, 2004.

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 $60 billion in assets under management and administration, provides life insurance, annuities, mutual funds, brokerage, asset management, business & estate planning, trust and investment banking products and services to individual and institutional clients through several member companies. The MONY Group focuses primarily on offering customized financial solutions through multiple distribution channels, including a career network, brokerage general agencies, financial advisors, brokers, and other complementary channels. The MONY Group’s (www.mony.com) member companies include The Advest Group, Inc., MONY Life Insurance Company, MONY Life Insurance Company of America, Matrix Capital Markets Group Inc., Enterprise Capital Management, Inc., U.S. Financial Life Insurance Company, MONY Securities Corporation.

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, 2004 and 2003, along with a reconciliation of the company’s consolidated net income determined in accordance with generally accepted accounting principles to “adjusted operating income/(loss)”. “Adjusted operating income/(loss)” represents a non-GAAP financial measure. Both the company and many users of its financial information use this non-GAAP measure to evaluate the company’s operating performance.

Exhibit II presents certain summary consolidated balance sheet data of The MONY Group as of March 31, 2004, 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, 2004 and 2003. 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 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 contract holder’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

CONTACT: Media Contacts: Mary Taylor, 212-708-2250 OR Investor Contact: Jay Davis, 212-708-2917 SOURCE: The MONY Group Inc.

Please Read Disclaimer

Exhibit I –

THE MONY GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENT


($ in millions, except share data and per share amounts)	Three Months Ended March 31,
	2004			2003
Revenues:
Premiums	$	168.7		$	166.8
Universal life and investment-type product policy fees		55.2			53.0
Net investment income		169.6			175.1
Net realized gains on investments		7.0			16.6
Retail brokerage and investment banking		113.9			94.6
Other income		52.2			37.0

		566.6			543.1
Benefits and Expenses:
Benefits to policyholders		200.4			196.3
Interest credited to policyholders’ account balances		35.4			33.9
Amortization of deferred policy acquisition costs		32.5			31.0
Dividends to policyholders		52.2			61.9
Other operating costs and expenses		263.0			213.2

		583.5			536.3
(Loss) income from continuing operations before income taxes and cumulative effect of a change in accounting principle		(16.9	)		6.8
Income tax (benefit) expense		(0.6	)		1.5

(Loss) income from continuing operations before cumulative effect of a change in accounting principle		(16.3	)		5.3
Discontinued operations:
Income from real estate to be disposed of, net of income tax expense of $0.0 million and $1.2 million for the three-month periods ended March 31, 2004 and 2003, respectively.		—			2.3

Net (loss) income before cumulative effect of a change in accounting principle		(16.3	)		7.6
Cumulative effect on prior periods of the adoption of SOP 03-1		4.0			—

Net (Loss) Income	$	(12.3	)	$	7.6
Reconciliation of Net (loss) income to “Adjusted Operating (Loss) Income”
Net (Loss) Income	$	(12.3	)	$	7.6
Adjustments:
Net realized gains from investments (after-tax)		(2.5	)		(9.4	)
Net After-Tax (Income) Loss From Venture Capital Investments		(0.6	)		5.2
Merger Related Expenses (After-Tax)		20.0			—
Cumulative Effect of a Change in Accounting Principle (After-Tax)		(4.0	)		—

Adjusted Operating Income	$	0.6		$	3.4

Diluted Per Share Amounts:
Net (Loss) Income	$	(0.25	)	$	0.16
Adjusted Operating Income	$	0.01		$	0.07
Share Data (see Note 1):
Weighted-average Shares Outstanding		50,121,814			46,961,194
Plus: Incremental Shares from Assumed Conversion of Diluted Securities		—			23,816

Weighted-average Shares used in Diluted Per Share Calculations		50,121,814			46,985,010

Note 1: 815,257 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 March 31, 2004 because their inclusion would be anti-dilutive.

Exhibit II

SUMMARY CONSOLIDATED BALANCE SHEET DATA

($ in millions, except per share amounts)


	As of March 31, 2004
Assets:
Invested assets (including cash and cash equivalents)	$	13,683.7
Separate account assets		4,952.0
Other assets		2,969.5

Total assets	$	21,605.2

Liabilities:
Policyholders’ liabilities	$	11,655.0
Separate account liabilities		4,949.0
Long-term debt		876.4
Other liabilities		2,024.5

Total liabilities		19,504.9

Shareholders’ equity:
Equity		2,032.7
Accumulated comprehensive income		67.6

Total shareholders’ equity		2,100.3

Total liabilities and shareholders’ equity	$	21,605.2

Per share amounts:
Diluted book value per share	$	41.22

Diluted book value per share (Ex. Accumulated Comprehensive Income)	$	39.90

Exhibit III

SEGMENT INFORMATION

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


	Three-Month Period Ended 3/31/04		Three-Month Period Ended 3/31/03
New Business ($ millions)
Protection Products
Career Agency System	$	10.7	$	12.3
U.S. Financial Life Insurance Company		16.4		15.4
MONY Partners Brokerage and Other		8.8		6.3
COLI/BOLI ⁵		41.0		33.4

Total New Life Insurance Premiums	$	76.9	$	67.4


Accumulation Products
Variable Annuities ¹	$	98	$	92
Fixed Annuities ²		30		54
Career Agency System—Mutual Funds		51		42
Third Party Distribution—Mutual Funds		314		247

Total Accumulation	$	493	$	435


Revenues ($ millions)
Retail Brokerage & Investment Banking
Advest ³		89.5		77.2
MONY Securities Corp.		16.6		9.4
Other		1.0		0.9

Total Revenue	$	107.1	$	87.5


Other Products
MONY Brokerage Inc. ⁴	$	5.4	$	5.7

¹	$89 million and $85 million sold through the career agency system, and $9 million and $7 million sold through the brokerage channel in the three month periods ended March 31, 2004 and 2003, respectively.

²	$11 million and $32 million sold through the career agency system, and $19 million and $22 million sold through the brokerage channel in the three-month periods ended March 31, 2004 and 2003, respectively.

³	Excludes interest income of $6.8 million and $7.1 million for the quarters ended March 31, 2004 and 2003, respectively.

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

⁵	Includes $8 million from a single COLI case which has multiple underwriters with a career agent being the lead underwriter.

###

EX-99.2 3 dex992.htm THE MONY GROUP STATISTICAL SUPPLEMENT The MONY Group Statistical Supplement

Exhibit 99.2

THE MONY GROUP INC.

STATISTICAL SUPPLEMENT

AS OF AND FOR THE

THREE-MONTHS ENDED

MARCH 31, 2004 AND 2003

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	Closed Block Data	9
Exhibit 4B	Fixed Maturities by Credit Quality—Closed Block	10
Exhibit 5	Premiums and Inforce	11
Exhibit 6	GAAP Premiums and Deposits	12

	Accumulation Products Segment
Exhibit 7	Accumulation Products Segment Description	13
Exhibit 8	Accumulation Income Statement Data	14
Exhibit 9	Accumulation Assets Under Management	15

	Retail Brokerage and Investment Banking
Exhibit 10	Retail Brokerage and Investment Banking Segment Description	16
Exhibit 11	Retail Brokerage and Investment Banking Income Statement Data	17
Exhibit 12	Income Statement Detail and Advest Data	18

	Other Products /Reconciling Segment
Exhibit 13	Other/Reconciling Products Segment Description	19
Exhibit 14	Other/Reconciling Income Statement Data	20

	Investments
Exhibit 15	Investments	21
Exhibit 16	Invested Assets	22
Exhibit 17	Investment Results	23
Exhibit 18A	Fixed Maturities by Credit Quality	24
Exhibit 18B	Fixed Maturities by Industry	25
Exhibit 18C	Venture Capital Partnership Investments	26
Exhibit 19	Mortgages at Carrying Value	27
Exhibit 20A	Equity Real Estate	28
Exhibit 20B	Mortgages and Real Estate	29

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
Goldman Sachs	Joan Zief	(212) 902-6778
Keefe, Bruyette & Woods, Inc.	Jukka Lipponen	(860) 722-5905
Langen McAlenney	Robert Glasspiegel	(860) 724-1203

Investor Information Line

Contact: Jay Davis

Tel (212) 708-2917

E-mail jdavis@mony.com

Visit our internet site at www.mony.com

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/ 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

(Unaudited)

SUMMARY FINANCIAL INFORMATION


	Three-months Ended March 31,
	2004			2003
	($ millions, except per share amounts)
CONSOLIDATED INCOME STATEMENT DATA :
Net (loss)/income	$	(12.3	)	$	7.6
Net realized gains from investments		(2.5	)		(9.4	)
Net (income)/loss from venture capital investments		(0.6	)		5.2
Merger related expenses		20.0			—
Cumulative effect of a change in accounting principle(2)		(4.0	)		—

Adjusted operating income (1):	$	0.6		$	3.4

PER SHARE CALCULATIONS:
NET (LOSS)/INCOME PER SHARE:
Basic	$	(0.25	)	$	0.16
Diluted	$	(0.25	)	$	0.16
ADJUSTED OPERATING INCOME (1):
Basic	$	0.01		$	0.07
Diluted	$	0.01		$	0.07
Share Data(3):
Weighted-average shares outstanding used in basic per share calculations		50,121,814			46,961,194
Plus: Incremental shares from assumed conversion of dilutive securities		—			23,816

Weighted-average shares used in diluted per share calculations		50,121,814			46,985,010

OTHER DATA:
Employee count		3,208			3,219
Career agent count (Domestic and International)		1,369			1,514
US Financial Life Brokerage General Agencies		214			230
Trusted Advisors Registered Representatives		319			488
Active Enterprise Selling Agreements		391			360
Advest Financial Advisors		490			509

(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 generally 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. In addition, for the three-month period ended March 31, 2004 the company has excluded expenses incurred in connection with its pending acquisition by AXA Financial Inc. and a gain from the cumulative effect of the adoption of SOP 03-1 in calculating its “adjusted operating income” because such expenses and gains are not indicative of overall operating trends in the Company’s core operations. Both the Company and many users of its financial information use this non-GAAP financial measure to evaluate the company's operating performance.

(2) On January 1, 2004, the Company adopted the AICPA's Statement of Position 03-1 Accounting and Reporting by Insurance Enterprises for Certain Non-Traditional Long-Duration Contracts and for Separate Accounts ("SOP 03-1"). The cumulative effect of the adoption of SOP 03-1, totaling $4.0 million or $0.08 per share, is shown as a one time credit to income in the Company's income statement for the three-month period ended March 31, 2004.

(3) 815,257 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 March 31, 2004 because their inclusion would be anti-dilutive.

(Unaudited)

SUMMARY FINANCIAL INFORMATION—CONTINUED


	March 31, 2004			December 31, 2003
	($ millions)
CONSOLIDATED BALANCE SHEET DATA
Invested assets (including cash and cash equivalents)	$	13,683.7		$	13,416.6
Separate accounts assets		4,952.0			4,854.9
Other assets		2,969.5			3,050.3

Total Assets	$	21,605.2		$	21,321.8

Policyholders' liabilities	$	11,655.0		$	11,575.2
Separate account liabilities		4,949.0			4,851.9
Long term debt		876.4			876.4
Other liabilities		2,024.5			1,924.1

Total Liabilities		19,504.9			19,227.6
Equity, excluding accumulated comprehensive income		2,032.7			2,042.4
Accumulated comprehensive income (ACI)		67.6			51.8

Total Shareholders' Equity		2,100.3			2,094.2

Total Liabilities and Shareholders' Equity	$	21,605.2		$	21,321.8


SHARE DATA:
Diluted book value per share	$	41.22		$	41.60
Diluted book value per share (excluding accumulated comprehensive income)	$	39.90		$	40.57

CAPITALIZATION:
Long term debt	$	876.4		$	876.4
Shareholders' Equity (Excluding ACI)		2,032.7			2,042.4

Total capitalization	$	2,909.1		$	2,918.8

Debt as Percent of Total Capitalization		30.1	%		30.0	%


STATUTORY DATA (1):
Capital and Surplus	$	915.4		$	927.1
Asset Valuation Reserve (AVR)		158.8			178.5

Total Capital and Surplus plus AVR	$	1,074.2		$	1,105.6

(1) The statutory data presented above represents that of MONY Life, the principal insurance company subsidiary of the 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.

Exhibit 1

(Unaudited)

CONSOLIDATED INCOME STATEMENT DATA (1)


	Three-months Ended March 31,
	2004			2003
	($ millions)
REVENUES:
Premiums	$	168.7		$	166.8
Universal life and investment-type product policy fees		55.2			53.0
Net investment income		169.6			175.1
Net realized gains on investments		7.0			16.6
Retail brokerage and investment banking revenues		113.9			94.6
Other income		52.2			37.0

		566.6			543.1

BENEFITS AND EXPENSES:
Benefits to policyholders		200.4			196.3
Interest credited to policyholders account balances		35.4			33.9
Amortization of deferred policy acquisition costs		32.5			31.0
Dividends to policyholders		52.2			61.9
Other operating costs and expenses		263.0			213.2

		583.5			536.3

(Loss)/income from continuing operations before income taxes and cumulative effect of a change in accounting principle		(16.9	)		6.8
Income tax (benefit)/expense		(0.6	)		1.5

(Loss)/income from continuing operations before cumulative effect of a change in accounting principle		(16.3	)		5.3

Discontinued operations: Income from real estate to be disposed of, net of income tax expense of $0.0 million and $1.2 million for the three-month periods ended March 31, 2004 and 2003, respectively.		—			2.3
Cumulative effect on prior periods of the adoption of SOP 03-1, net of income tax expense of $2.2 million		4.0			—

Net (loss)/income	$	(12.3	)	$	7.6

(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.

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: (i) the Closed Block assets and liabilities, as well as the contribution from the Closed Block, and (ii) the Company's disability income insurance business which was transferred in the DI Transaction.

Exhibit 3

(Unaudited)

PROTECTION PRODUCTS SEGMENT

INCOME STATEMENT DATA


	Three-months Ended March 31,
	2004			2003
	($ millions)
REVENUES:
Premiums	$	163.3		$	160.8
Universal life and investment-type product policy fees		43.6			42.4
Net investment income		138.0			142.9
Other income		12.1			3.1

Total revenues		357.0			349.2

BENEFITS AND EXPENSES:
Benefits to policyholders		185.4			179.5
Interest credited to policyholder account balances		19.6			18.2
Amortization of deferred policy acquisition costs		28.0			27.6
Dividends to policyholders		51.7			61.5
Other operating costs and expenses		68.9			56.4

Total benefits and expenses		353.6			343.2

Pre-tax income from continuing operations excluding cumulative effect on prior periods of a change in accounting principle and net realized gains on investments		3.4			6.0
Net realized gains on investments		5.3			7.5

Pre-tax income from continuing operations before cumulative effect on prior periods of a change in accounting principle		8.7			13.5
Discontinued operations—pre-tax		—			3.0
Cumulative effect on prior periods of a change in accounting principle—pre-tax		2.7			—

Pre-tax income	$	11.4		$	16.5

RECONCILIATION OF "PRE-TAX INCOME FROM CONTINUING OPERATIONS EXCLUDING THE CUMULATIVE EFFECT ON PRIOR PERIODS OF A CHANGE IN ACCOUNTING PRINCIPLE AND NET REALIZED GAINS ON INVESTMENTS" TO "PRE-TAX ADJUSTED OPERATING INCOME"
Pre-tax income from continuing operations excluding the cumulative effect on prior periods of a change in accounting principle and net realized gains on investments	$	3.4		$	6.0
Change in policyholder dividend liability resulting from closed block realized gains		3.1			5.6
Net gains from venture capital investments		(0.8	)		4.9

Pre-tax adjusted operating income	$	5.7		$	16.5

Exhibit 4A

(Unaudited)

CLOSED BLOCK INCOME STATEMENT


	Three-months Ended March 31,
	2004		2003
	($ millions)
REVENUES:
Premiums	$	107.4	$	113.2
Net investment income		89.3		98.9
Net realized gains on investments		3.1		5.6
Other income		0.5		0.4

Total revenues		200.3		218.1

BENEFITS AND EXPENSES:
Benefits to policyholders		124.9		131.6
Interest credited to policyholders account balances		2.1		2.4
Amortization of deferred policy acquisition costs		10.9		8.8
Dividends to policyholders		50.6		60.7
Operating costs and expenses		1.2		1.4

Total benefits and expenses		189.7		204.9

Contribution from the Closed Block	$	10.6	$	13.2

CLOSED BLOCK ASSETS AND LIABILITIES


	March 31, 2004		December 31, 2003
	($ millions)
BALANCE SHEET DATA :
Assets:
General Account
Fixed maturities	$	4,476.9	$	4,348.9
Mortgage loans on real estate		601.4		593.6
Real estate held for investment		10.6		10.7
Other invested assets		17.3		9.8
Policy loans		1,072.2		1,078.0
Cash and cash equivalents		29.6		33.6
Premiums receivable		5.6		9.7
Deferred policy acquisition costs		348.1		368.8
Other assets		205.9		206.9

Total closed block assets	$	6,767.6	$	6,660.0

Liabilities:
General Account
Future policy benefits	$	6,919.3	$	6,930.9
Policyholders' account balances		288.8		290.2
Other policyholders' liabilities		149.4		140.9
Other liabilities		438.4		326.9

Total closed block liabilities	$	7,795.9	$	7,688.9

Exhibit 4B

(Unaudited)

FIXED MATURITIES BY CREDIT QUALITY—CLOSED BLOCK

PUBLIC FIXED MATURITIES BY CREDIT QUALITY


		As of March 31, 2004						As of December 31, 2003
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	$	2,095.7	78.8	%	$	2,252.2	$	2,012.5	77.8	%	$	2,118.2
2	Baa		440.2	16.7	%		477.1		438.8	17.2	%		467.1
3	Ba		70.6	2.7	%		77.9		75.6	3.0	%		82.4
4	B		29.6	1.2	%		33.3		32.4	1.3	%		36.0
5	Caa and lower		12.6	0.6	%		18.6		12.6	0.7	%		18.8
6	In or near default		—	0.0	%		—		—	0.0	%		—

	Subtotal		2,648.7	100.0	%		2,859.1		2,571.9	100.0	%		2,722.5
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—

	Total Public Fixed Maturities	$	2,648.7	100.0	%	$	2,859.1	$	2,571.9	100.0	%	$	2,722.5

PRIVATE FIXED MATURITIES BY CREDIT QUALITY


		As of March 31, 2004						As of December 31, 2003
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	$	466.1	31.8	%	$	514.5	$	480.4	32.0	%	$	521.6
2	Baa		829.8	55.2	%		892.5		824.3	53.8	%		874.9
3	Ba		147.1	9.9	%		160.0		165.4	10.9	%		177.1
4	B		21.8	1.4	%		23.2		22.5	1.5	%		23.8
5	Caa and lower		20.1	1.4	%		23.1		21.4	1.5	%		24.5
6	In or near default		1.5	0.3	%		4.5		1.5	0.3	%		4.5

	Subtotal		1,486.4	100.0	%		1,617.8		1,515.5	100.0	%		1,626.4
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—

	Total Private Fixed Maturities	$	1,486.4	100.0	%	$	1,617.8	$	1,515.5	100.0	%	$	1,626.4

TOTAL FIXED MATURITIES BY CREDIT QUALITY


		As of March 31, 2004						As of December 31, 2003
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	$	2,561.8	61.8	%	$	2,766.7	$	2,492.9	60.6	%	$	2,639.8
2	Baa		1,270.0	30.6	%		1,369.6		1,263.1	30.9	%		1,342.0
3	Ba		217.7	5.3	%		237.9		241.0	6.0	%		259.5
4	B		51.4	1.3	%		56.5		54.9	1.4	%		59.8
5	Caa and lower		32.7	0.9	%		41.7		34.0	1.0	%		43.3
6	In or near default		1.5	0.1	%		4.5		1.5	0.1	%		4.5

	Subtotal		4,135.1	100.0	%		4,476.9		4,087.4	100.0	%		4,348.9
	Redeemable preferred stock		—	0.0	%		—		—	0.0	%		—

	Total Fixed Maturities	$	4,135.1	100.0	%	$	4,476.9	$	4,087.4	100.0	%	$	4,348.9

Exhibit 5

(Unaudited)

PROTECTION PRODUCTS SEGMENT

NEW ANNUALIZED AND SINGLE PREMIUMS AND INFORCE


	Three-months Ended March 31,
	2004		2003
	($ millions)
PROTECTION BUSINESS SALES (3):
Traditional life	$	0.7	$	1.3
Term		14.5		13.6
Universal life		14.6		12.3
Variable universal life		4.2		5.1
Corporate owned life insurance		41.4		33.7
Group universal life		1.5		1.4

Total	$	76.9	$	67.4


	As of
	March 31, 2004		December 31, 2003
Insurance In Force ($ in millions except number of policies)
Traditional Life (1):
Number of policies (in thousands)		827.1		829.7
GAAP life reserves	$	7,546.6	$	7,544.4
Face amounts	$	96,894.8	$	94,073.3

Universal Life:
Number of policies (in thousands)		76.1		75.2
GAAP life reserves	$	864.4	$	840.0
Face amounts	$	12,047.2	$	11,927.1

Variable Universal Life (2):
Number of policies (in thousands)		67.9		68.0
GAAP life reserves	$	1,328.2	$	1,247.1
Face amounts	$	19,334.8	$	19,326.4

Group Universal Life:
Number of policies (in thousands)		39.0		39.7
GAAP life reserves	$	77.2	$	74.5
Face amounts	$	1,541.6	$	1,543.2

Total:
Number of policies (in thousands)		1,010.1		1,012.6
GAAP life reserves	$	9,816.4	$	9,706.0
Face amounts	$	129,818.4	$	126,870.0

(1)	Consists of whole life and term policies

(2)	Includes corporate owned life insurance

(3)

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 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. 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.

Exhibit 6

(Unaudited)

PROTECTION PRODUCTS SEGMENT

GAAP DIRECT PREMIUMS AND DEPOSITS BY PRODUCT


	Three-months Ended March 31,
	2004			2003
	($ millions)
LIFE INSURANCE:
GAAP Premiums:
Traditional Life (1):
First year & single	$	44.7		$	43.5
Renewal		148.0			144.5

Total Direct Premiums		192.7			188.0
Less Ceded Premiums		(29.4	)		(27.2	)

Total GAAP Premiums	$	163.3		$	160.8

Deposits:
Universal Life:
First year & single	$	12.9		$	12.9
Renewal		26.2			24.1

Total	$	39.1		$	37.0

Variable Universal Life:
First year & single	$	4.7		$	6.4
Renewal		28.6			28.4

Total	$	33.3		$	34.8

Corporate Sponsored Variable Universal Life:
First year & single	$	55.0		$	24.8
Renewal		12.3			21.6

Total	$	67.3		$	46.4

Group Universal Life:
First year & single	$	0.8		$	1.2
Renewal		4.0			2.6

Total	$	4.8		$	3.8

(1)	Consists of whole life and term policies; includes disability income insurance premiums of $14.7 million and $15.2 million for the three-month periods ended March 31, 2004 and 2003, respectively.

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.

Exhibit 8

(Unaudited)

ACCUMULATION PRODUCTS SEGMENT

INCOME STATEMENT DATA


	Three-months Ended March 31,
	2004			2003
	($ millions)
REVENUES:
Premiums	$	3.3		$	3.7
Universal life and investment-type product policy fees		11.4			9.9
Net investment income		21.3			21.3
Other income		30.0			22.1

Total revenues		66.0			57.0

BENEFITS AND EXPENSES:
Benefits to policyholders		8.2			11.8
Interest credited to policyholder account balances		14.0			13.3
Amortization of deferred policy acquisition costs		4.5			3.4
Dividends to policyholders		0.3			0.3
Other operating costs and expenses		31.6			28.0

Total benefits and expenses		58.6			56.8

Pre-tax income from continuing operations excluding the cumulative effect on prior periods of a change in accounting principle and net realized gains on investments		7.4			0.2
Net realized gains on investments		1.8			3.3

Pre-tax income from continuing operations before cumulative effect on prior periods of a change in accounting principle		9.2			3.5
Discontinued operations—pre-tax		—			0.4
Cumulative effect on prior periods of a change in accounting principle—pre-tax		3.5			—

Pre-tax income	$	12.7		$	3.9


	Three-months Ended March 31,
	2004			2003
	($ millions)
Pre-tax income from continuing operations excluding the cumulative effect on prior periods of a change in accounting principle and net realized gains on investments	$	7.4		$	0.2
Net (loss)/gains from venture capital investments		(0.1	)		1.8

Pre-tax adjusted operating income	$	7.3		$	2.0

Exhibit 9

(Unaudited)

ACCUMULATION PRODUCTS SEGMENT

ASSETS UNDER MANAGEMENT


	As of
	March 31, 2004			March 31, 2003			December 31, 2003
	($ billions)
ACCUMULATION SEGMENT:
Assets under management
Individual variable annuities	$	3.8		$	3.2		$	3.8
Individual fixed annuities		1.0			0.8			1.0
Proprietary retail mutual funds		5.0			3.9			4.8

	$	9.8		$	7.9		$	9.6


	Three-months Ended March 31,
	2004			2003
	($ millions)
RECONCILIATION IN ACCOUNT VALUE:
VARIABLE ANNUITY:
Beginning account value	$	3,790.1		$	3,244.9
Sales (1)(2)		97.4			91.9
Market appreciation		84.3			(29.5	)
Mortality and expense		(10.9	)		(8.7	)
Surrenders and withdrawals		(125.2	)		(105.8	)

	$	3,835.7		$	3,192.8

ENTERPRISE GROUP OF FUNDS:
Beginning account value	$	4,847.3		$	3,695.3
Sales(2)		365.1			459.2
Dividends reinvested		5.4			6.0
Market appreciation		84.7			(52.3	)
Redemptions		(323.1	)		(246.3	)

Ending account value	$	4,979.4		$	3,861.9

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

(2) 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 accumulation products, GAAP revenues are a function of fee based charges applied to a contract holder'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.

Exhibit 10

RETAIL BROKERAGE AND INVESTMENT BANKING

The Retail Brokerage and Investment Banking segment is comprised of the 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).

Exhibit 11

(Unaudited)

RETAIL BROKERAGE AND INVESTMENT BANKING

INCOME STATEMENT DATA


	Three-months Ended March 31,
	2004		2003
	($ millions)
REVENUES:
Net investment income	$	0.1	$	—
Retail brokerage and investment banking		113.9		94.6
Other income		2.7		4.0

Total revenues		116.7		98.6

BENEFITS AND EXPENSES:
Other operating costs and expenses		112.6		99.7

Total benefits and expenses		112.6		99.7

Pre-tax income/(loss) from continuing operations excluding the cumulative effect on prior periods of a change in accounting principle and net realized gains/(losses) on investments		4.1		(1.1	)
Net realized gains/(losses) on investments		—		—

Pre-tax income/(loss) from continuing operations before cumulative effect on prior periods of a change in accounting principle	$	4.1	$	(1.1	)

Exhibit 12

(Unaudited)

RETAIL BROKERAGE AND INVESTMENT BANKING

INCOME STATEMENT DETAIL


	Three-months Ended March 31,
	2004		2003
	($ millions)
REVENUES:
Commissions	$	52.1	$	34.3
Interest		6.8		7.1
Principal transactions		24.9		32.0
Asset management and administration		18.0		12.9
Investment banking		9.9		6.2
Other		5.0		6.1

Total revenues		116.7		98.6

EXPENSES:
Compensation		66.5		58.3
Interest		2.9		3.4
Other		43.2		38.0

Total expenses		112.6		99.7

Pre-tax income/(loss)	$	4.1	$	(1.1	)


	ADVEST—NET INTEREST Three-months Ended
	March 31, 2004				March 31, 2003
	($ millions)
Net Interest Income—
Interest Income:
Brokerage customers	$	3.0	44.1	%	$	3.0	42.3	%
Stock borrowed		0.5	7.4	%		0.6	8.4	%
Investments		0.1	1.5	%		—	0.0	%
Security inventory		2.8	41.2	%		2.7	38.0	%
Other		0.4	5.8	%		0.8	11.3	%

	$	6.8	100.0	%	$	7.1	100.0	%

Interest Expense:
Stock loaned		1.9	65.5	%		2.2	64.7	%
Brokerage customers		1.0	34.5	%		1.1	32.4	%
Borrowings		—	0.0	%		0.1	2.8	%
Other		—	0.0	%		—	0.1	%

		2.9	100.0	%		3.4	100.0	%

Net interest income	$	3.9	57.4	%	$	3.7	52.1	%

ADVEST STATISTICAL DATA


	March 31, 2004
Client Assets ( in millions) *	$	38,348.2

Number of Client Accounts (in thousands)		255

*	Includes assets managed under fee-based programs of approximately $9,364 million.

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.

Exhibit 14

(Unaudited)

OTHER PRODUCTS SEGMENT AND RECONCILING ITEMS

INCOME STATEMENT DATA


	Three-months Ended March 31,
	2004			2003
	($ millions)
REVENUES:
Premiums	$	2.1		$	2.3
Universal life and investment-type product policy fees		0.2			0.7
Net investment income		10.2			10.9
Other income		7.4			7.8

Total revenues		19.9			21.7

BENEFITS AND EXPENSES:
Benefits to policyholders		6.8			5.0
Interest credited to policyholder account balances		1.8			2.4
Amortization of deferred policy acquisition costs		—			—
Dividends to policyholders		0.2			0.1
Other operating costs and expenses		49.9			29.1

Total benefits and expenses		58.7			36.6

Pre-tax loss from continuing operations excluding the cumulative effect on prior periods of a change in accounting principle and net realized gains/(losses) on investments		(38.8	)		(14.9	)
Net realized gains/(losses) on investments		(0.1	)		5.8

Pre-tax loss from continuing operations before cumulative effect on prior periods of a change in accounting principle		(38.9	)		(9.1	)
Discontinued operations—pre-tax		—			0.1

Pre-tax loss	$	(38.9	)	$	(9.0	)


	Three-months Ended March 31,
	2004			2003
	($ millions)
Pre-tax loss from continuing operations excluding the cumulative effect on prior periods of a change in accounting principle and net realized gains/(losses) on investments	$	(38.8	)	$	(14.9	)
Net loss from venture capital investments		—			1.3
Merger related expenses		21.2			—

Pre-tax adjusted operating loss	$	(17.6	)	$	(13.6	)

INVESTMENTS

ALL INVESTMENT DATA PRESENTED IN THE FOLLOWING SECTION

INCLUDES INVESTED ASSETS IN THE CLOSED BLOCK

Exhibit 16

(Unaudited)

CONSOLIDATED GAAP INVESTED ASSETS


	As of March 31, 2004				As of December 31, 2003
	Carrying Value		% of Total		Carrying Value		% of Total
	($ millions)
INVESTED ASSETS
Fixed Maturities, Available for Sale	$	8,766.7	68.1	%	$	8,525.2	67.4	%
Fixed Maturities, Held to Maturity		0.1	0.0	%		0.1	0.0	%
Fixed Maturities, Trading		80.0	0.6	%		78.3	0.6	%
Equity Securities, Available for Sale		257.2	2.0	%		257.3	2.0	%
Mortgage Loans on Real Estate		1,896.4	14.7	%		1,782.4	14.1	%
Policy Loans		1,175.5	9.1	%		1,180.0	9.3	%
Real Estate Held for Investment		172.4	1.3	%		174.1	1.4	%
Other Invested Assets		136.1	1.1	%		102.5	0.8	%
Cash and Cash Equivalents		396.2	3.1	%		556.8	4.4	%

Invested Assets, excluding Trading Securities in Advest	$	12,880.6	100.0	%	$	12,656.7	100.0	%

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

Exhibit 17

(Unaudited)

INVESTMENT RESULTS BY ASSET CATEGORY


	Three-months Ended March 31, 2004					Three-months Ended March 31, 2003					Year Ended December 31, 2003					Year Ended December 31,2002
	Yield (2)		Amount			Yield (2)		Amount			Yield (1)		Amount			Yield (1)		Amount
	($ millions)					($ millions)					($ millions)					($ millions)
FIXED MATURITIES (3)
Investment Income	5.6	%	$	113.7		6.8	%	$	127.1		6.5	%	$	504.9		6.9	%	$	491.0
Realized Gains (losses)	0.5	%		10.3		0.9	%		16.4		0.6	%		47.7		-1.1	%		(79.3	)
Total	6.1	%	$	124.0		7.7	%	$	143.5		7.1	%	$	552.6		5.8	%	$	411.7

Ending Assets			$	8,225.5				$	7,560.0				$	8,128.3				$	7,453.4

EQUITY SECURITIES
Investment Income	1.5	%	$	0.9		-12.6	%	$	(7.8	)	5.0	%	$	12.7		2.9	%	$	7.9
Realized Gains (losses)	-1.0	%		(0.6	)	-5.7	%		(3.5	)	-3.6	%		(9.1	)	-14.1	%		(38.7	)
Total	0.5	%	$	0.3		-18.3	%	$	(11.3	)	1.4	%	$	3.6		-11.2	%	$	(30.8	)

Ending Assets			$	257.2				$	245.2				$	257.3				$	249.0

MORTGAGE LOANS
Investment Income	7.5	%	$	34.5		7.7	%	$	35.6		7.8	%	$	143.4		7.5	%	$	138.9
Realized Gains (losses)	-0.1	%		(0.4	)	0.3	%		1.4		1.0	%		18.6		-0.2	%		(3.0	)
Total	7.4	%	$	34.1		8.0	%	$	37.0		8.8	%	$	162.0		7.3	%	$	135.9

Ending Assets			$	1,896.4				$	1,829.0				$	1,782.4				$	1,877.4

REAL ESTATE (4)
Investment Income	11.3	%	$	4.9		8.7	%	$	4.4		2.8	%	$	5.4		7.4	%	$	16.2
Realized Gains (losses)	-1.2	%		(0.5	)	11.9	%		6.1		5.4	%		10.4		-16.9	%		(36.9	)
Total	10.1	%	$	4.4		20.7	%	$	10.5		8.2	%	$	15.8		-9.5	%	$	(20.7	)

Ending Assets			$	172.4				$	200.5				$	174.1				$	206.9

POLICY LOANS
Investment Income	6.2	%	$	18.3		6.6	%	$	20.0		6.6	%	$	78.7		6.9	%	$	84.8
Realized Gains (losses)	0.0	%		—		0.0	%		—		0.0	%		—		0.0	%		—
Total	6.2	%	$	18.3		6.6	%	$	20.0		6.6	%	$	78.7		6.9	%	$	84.8

Ending Assets			$	1,175.5				$	1,204.0				$	1,180.0				$	1,212.5

CASH AND CASH EQUIVALENTS
Investment Income	0.9	%	$	1.1		1.4	%	$	1.6		1.3	%	$	5.9		2.1	%	$	9.3
Realized Gains (losses)	0.0	%		0.0		0.0	%		0.0		-0.4	%		(2.1	)	0.0	%		(0.0	)
Total	0.9	%	$	1.1		1.4	%	$	1.6		0.9	%	$	3.8		2.1	%	$	9.3

Ending Assets			$	396.2				$	487.7				$	556.8				$	390.0

OTHER INVESTED ASSETS
Investment Income	9.6	%	$	2.9		6.6	%	$	2.0		16.1	%	$	17.2		16.1	%	$	18.3
Realized Gains (losses)	-6.2	%		(1.8	)	-0.9	%		(0.3	)	-4.9	%		(5.2	)	0.1	%		0.1
Total	3.4	%	$	1.1		5.7	%	$	1.7		11.2	%	$	12.0		16.2	%	$	18.4

Ending Assets			$	136.1				$	131.2				$	102.5				$	110.8

TOTAL BEFORE INVESTMENT EXPENSES AND DISCONTINUED OPERATIONS
Investment Income	5.8	%	$	176.4		6.3	%	$	182.9		6.5	%	$	768.2		6.9	%	$	766.6
Realized Gains (losses)	0.2	%		7.0		0.7	%		20.1		0.5	%		60.3		-1.4	%		(157.8	)
Total	6.0	%	$	183.4		7.0	%	$	203.0		7.0	%	$	828.5		5.5	%	$	608.8

Ending Assets			$	12,259.3				$	11,657.6				$	12,181.4				$	11,500.0

Other Fee Income	0.0	%	$	0.1		0.0	%	$	0.7		0.0	%	$	0.7		0.0	%	$	1.3
Investment expense	-0.2	%	$	(6.9	)	-0.3	%	$	(8.4	)	-0.2	%	$	(29.4	)	-0.3	%	$	(29.6	)
Discontinued Operations—Income (5)	0.0	%	$	—		0.0	%	$	(0.1	)	0.0	%	$	0.1		0.0	%	$	(1.0	)

Discontinued Operations—Realized Gains (Losses) (6)	0.0	%	$	—		-0.1	%	$	(3.5	)	-0.1	%	$	(9.1	)	0.0	%	$	4.8

TOTAL AFTER INVESTMENT EXPENSES AND DISCONTINUED OPERATIONS
Investment Income	5.6	%	$	169.6		6.0	%	$	175.1		6.3	%	$	739.5		6.6	%	$	737.3
Realized Gains (losses)	0.2	%		7.0		0.6	%		16.6		0.4	%		51.2		-1.4	%		(153.0	)
Total	5.8	%	$	176.6		6.6	%	$	191.7		6.7	%	$	790.7		5.2	%	$	584.3

Ending Assets				12,259.3					11,657.6					12,181.4					11,500.0

Net unrealized gains (losses) on fixed maturities				621.3					522.1					475.3					517.9

Total invested assets			$	12,880.6				$	12,179.7				$	12,656.7				$	12,017.9

(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)	Trading portfolio balances of Advest of $803.1 million at March 31, 2004, $760.0 million at December 31, 2003, $787.5 million at March 31, 2004, and $726.7 million at December 31, 2003 and results are excluded from the yield calculation.

(4)	Equity real estate income is shown net of operating expenses, depreciation and minority interest and includes net income classified as discontinued operations.

(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.

Exhibit 18A

(Unaudited)

FIXED MATURITIES BY CREDIT QUALITY

PUBLIC FIXED MATURITIES BY CREDIT QUALITY


		As of March 31, 2004						Year Ended December 31, 2003
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	$	4,171.0	76.6	%	$	4,437.1	$	4,060.1	76.5	%	$	4,237.6
2	Baa		1,015.9	19.0	%		1,098.3		968.9	18.7	%		1,033.5
3	Ba		147.9	2.8	%		160.6		151.1	2.9	%		163.3
4	B		61.0	1.2	%		72.3		69.2	1.5	%		84.6
5	Caa and lower		14.2	0.4	%		20.3		14.9	0.4	%		21.3
6	In or near default		0.7	0.0	%		0.9		0.9	0.0	%		1.1

	Subtotal		5,410.7	100.0	%		5,789.5		5,265.1	100.0	%		5,541.4
	Redeemable preferred stock		1.0	0.0	%		1.1		1.0	0.0	%		1.0

	Total Public Fixed
	Maturities	$	5,411.7	100.0	%	$	5,790.6	$	5,266.1	100.0	%	$	5,542.4

PRIVATE FIXED MATURITIES BY CREDIT QUALITY


		As of March 31, 2004						Year Ended December 31, 2003
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	$	769.8	27.6	%	$	844.2	$	774.8	27.3	%	$	836.3
2	Baa		1,557.3	55.0	%		1,681.1		1,554.3	54.0	%		1,654.0
3	Ba		360.0	12.6	%		385.7		391.9	13.5	%		414.2
4	B		59.7	2.2	%		66.7		64.7	2.3	%		68.9
5	Caa and lower		25.5	1.0	%		28.8		35.1	1.3	%		38.5
6	In or near default		5.4	0.3	%		8.9		5.4	0.3	%		9.2

	Subtotal		2,777.7	98.7	%		3,015.4		2,826.2	98.7	%		3,021.1
	Redeemable preferred stock		36.0	1.3	%		40.8		36.0	1.3	%		40.1

	Total Private Fixed
	Maturities	$	2,813.7	100.0	%	$	3,056.2	$	2,862.2	100.0	%	$	3,061.2

TOTAL FIXED MATURITIES BY CREDIT QUALITY


		As of March 31, 2004						Year Ended December 31, 2003
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	$	4,940.8	59.7	%	$	5,281.3	$	4,834.9	59.0	%	$	5,073.9
2	Baa		2,573.2	31.4	%		2,779.4		2,523.2	31.2	%		2,687.5
3	Ba		507.9	6.2	%		546.3		543.0	6.7	%		577.5
4	B		120.7	1.6	%		139.0		133.9	1.8	%		153.5
5	Caa and lower		39.7	0.5	%		49.1		50.0	0.7	%		59.8
6	In or near default		6.1	0.1	%		9.8		6.3	0.1	%		10.3

	Subtotal		8,188.4	99.5	%		8,804.9		8,091.3	99.5	%		8,562.5
	Redeemable preferred stock		37.0	0.5	%		41.9		37.0	0.5	%		41.1

	Total Fixed
	Maturities	$	8,225.4	100.0	%	$	8,846.8	$	8,128.3	100.0	%	$	8,603.6

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

Exhibit 18B

(Unaudited)

FIXED MATURITIES BY INDUSTRY


	As of March 31, 2004
	($ millions)
Industry	Public		%		Private		%		Total		%
Consumer Goods & Services	$	804.4	13.9	%	$	996.9	32.6	%	$	1,801.3	20.4	%
Government & Agency		1,407.6	24.3	%		—	0.0	%		1,407.6	15.9	%
Other Manufacturing		165.2	2.8	%		582.0	19.1	%		747.2	8.5	%
Public Utilities		536.3	9.3	%		279.8	9.2	%		816.1	9.2	%
Non-Government—Asset/Mortgage Backed		459.5	7.9	%		190.5	6.2	%		650.0	7.3	%
Banks		576.2	10.0	%		80.4	2.6	%		656.6	7.4	%
Transportation/Aerospace		322.8	5.6	%		173.9	5.7	%		496.7	5.6	%
Financial Services		371.1	6.4	%		154.8	5.1	%		525.9	6.0	%
Mortgage Backed-Government & Agency		425.6	7.3	%		0.8	0.0	%		426.4	4.8	%
Energy		246.6	4.3	%		167.1	5.5	%		413.7	4.7	%
Nat/Res/Manuf(non-energy)		144.8	2.5	%		208.6	6.8	%		353.4	4.0	%
Other		164.8	2.8	%		22.6	0.7	%		187.4	2.1	%
Media/Adver/Printing		63.4	1.1	%		125.9	4.1	%		189.3	2.1	%
Telecommunications		81.7	1.4	%		11.5	0.4	%		93.2	1.1	%
Cable Television		20.6	0.4	%		49.9	1.6	%		70.5	0.8	%
Bank Holding Companies		—	0.0	%		11.5	0.4	%		11.5	0.1	%

Total	$	5,790.6	100.0	%	$	3,056.2	100.0	%	$	8,846.8	100.0	%


	As of December 31, 2003
	($ millions)
Industry	Public		%		Private		%		Total		%
Consumer Goods & Services	$	725.0	13.1	%	$	985.8	32.2	%	$	1,710.8	19.9	%
Government & Agency		1,424.7	25.7	%		—	0.0	%		1,424.7	16.5	%
Other Manufacturing		154.1	2.8	%		595.9	19.5	%		750.0	8.7	%
Public Utilities		493.7	8.9	%		279.1	9.1	%		772.8	9.0	%
Non-Government—Asset/Mortgage Backed		398.6	7.2	%		194.8	6.4	%		593.4	6.9	%
Banks		550.4	9.9	%		78.2	2.5	%		628.6	7.3	%
Transportation/Aerospace		329.3	6.0	%		186.4	6.1	%		515.7	6.0	%
Financial Services		338.5	6.1	%		154.0	5.0	%		492.5	5.7	%
Mortgage Backed-Government & Agency		436.0	7.9	%		0.8	0.0	%		436.8	5.1	%
Energy		227.7	4.1	%		165.9	5.4	%		393.6	4.6	%
Nat/Res/Manuf(non-energy)		140.5	2.5	%		200.2	6.5	%		340.7	4.0	%
Other		159.9	2.9	%		23.3	0.8	%		183.2	2.1	%
Media/Adver/Printing		61.2	1.1	%		124.3	4.1	%		185.5	2.1	%
Telecommunications		80.0	1.4	%		12.1	0.4	%		92.1	1.1	%
Cable Television		18.0	0.3	%		48.9	1.6	%		66.9	0.8	%
Bank Holding Companies		4.8	0.1	%		11.5	0.4	%		16.3	0.2	%

Total	$	5,542.4	100.0	%	$	3,061.2	100.0	%	$	8,603.6	100.0	%

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

Exhibit 18C

(Unaudited)

VENTURE CAPITAL PARTNERSHIP INVESTMENTS

VENTURE CAPITAL PARTNERSHIP INVESTMENTS (1):


	As of March 31, 2004		As of December 31, 2003
	($ in millions)		($ in millions)
Equity Method
Public common stock	$	12.2	$	14.1
Private common stock		68.9		66.5

Sub-total		81.1		80.6

Fair Value Method
Public common stock		15.3		17.1
Private common stock		83.0		79.9

Sub-total		98.3		97.0

Total Venture Capital Partnership Investments	$	179.4	$	177.6

(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 March 31, 2004				As of December 31, 2003
	($ millions)		%		($ millions)		%
Information Technology	$	88.1	49.1	%	$	88.3	49.7	%
Domestic LBO		38.6	21.5	%		39.0	22.0	%
Life Sciences		11.5	6.4	%		11.2	6.3	%
Telecommunications		6.1	3.4	%		4.5	2.5	%
International LBO		17.6	9.8	%		15.8	8.9	%
Merchant Banking		4.1	2.3	%		4.1	2.3	%
Other		13.4	7.5	%		14.7	8.3	%

Total Venture Capital Partnership Investments by Sector	$	179.4	100.0	%	$	177.6	100.0	%

Exhibit 19

(Unaudited)

PROBLEM, POTENTIAL PROBLEM AND RESTRUCTURED COMMERCIAL

MORTGAGES AT CARRYING VALUE


	As of March 31, 2004			As of December 31, 2003
	($ millions)
Total Commercial Mortgages	$	1,553.2		$	1,434.7

Problem commercial mortgages (1)		—			—
Potential problem commercial mortgages		40.3			18.1
Restructured commercial mortgages		5.6			5.8

Total problem, potential problem and restructured commercial mortgages	$	45.9		$	23.9

Total problem, potential problem and restructured commercial mortgages as a % of total commercial mortgages		3.0	%		1.7	%

Valuation allowances/writedowns (2)
Potential problem loans	$	0.2		$	0.7
Restructured loans		2.1			2.1

Total valuation allowances/writedowns	$	2.3		$	2.8

Total valuation allowances as a percent of problem, potential problem and restructured commercial mortgages at carrying value before valuation allowances and writedowns		4.8	%		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.

Exhibit 20A

(Unaudited)

EQUITY REAL ESTATE


	As of March 31,		As of December 31,
	2004		2003
	($ millions)
TYPE
Real estate	$	144.3	$	145.9

Subtotal		144.3		145.9
Foreclosed		28.1		28.2

Total	$	172.4	$	174.1

Exhibit 20B

(Unaudited)

MORTGAGES AND REAL ESTATE


	As of March 31, 2004				As of December 31, 2003
	($ millions)				($ millions)
Geographic Region
Southeast	$	480.1	23.1	%	$	456.6	23.3	%
West		411.3	19.9	%		344.8	17.6	%
Northeast		187.9	9.1	%		158.1	8.1	%
Mountain		365.8	17.7	%		376.9	19.3	%
Midwest		386.6	18.7	%		382.5	19.6	%
Southwest		237.1	11.5	%		237.6	12.1	%

	$	2,068.8	100.0	%	$	1,956.5	100.0	%


	As of March 31, 2004				As of December 31, 2003
	($ millions)				($ millions)
Property Type:
Office Buildings	$	890.7	43.0	%	$	845.6	43.2	%
Agricultural		343.4	16.6	%		347.9	17.8	%
Hotel		268.5	13.0	%		267.3	13.7	%
Retail		142.9	6.9	%		143.7	7.3	%
Industrial		183.5	8.9	%		163.5	8.4	%
Other		116.3	5.6	%		104.4	5.3	%
Apartment Buildings		123.5	6.0	%		84.1	4.3	%

	$	2,068.8	100.0	%	$	1,956.5	100.0	%

The Exhibit above includes invested assets in the Closed Block.

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