-----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, P/PSRN+oqDpAC7NInJJZ0i2UXthnOxfV2k1YhSOT9THOfXqqVuO0G/mTPnpqTx1q Rj7F3CXb0IxB5l0yfObBgg== 0000912057-96-009514.txt : 19960515 0000912057-96-009514.hdr.sgml : 19960515 ACCESSION NUMBER: 0000912057-96-009514 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AETNA LIFE INSURANCE & ANNUITY CO /CT CENTRAL INDEX KEY: 0000837010 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 710294708 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-23376 FILM NUMBER: 96563595 BUSINESS ADDRESS: STREET 1: 151 FARMINGTON AVE CITY: HARTFORD STATE: CT ZIP: 06156 BUSINESS PHONE: 2032737834 MAIL ADDRESS: STREET 1: 151 FARMINGTON AVENUE CITY: HARTFORD STATE: CT ZIP: 06156 10-Q 1 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 1996 Commission file number 33-23376 -------------- Aetna Life Insurance and Annuity Company - ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) Connecticut 71-0294708 - ------------------------------------------------------------------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 151 Farmington Avenue, Hartford, Connecticut 06156 - ------------------------------------------------------------------------------ (Address of principal executive offices) (ZIP Code) Registrant's telephone number, including area code (860) 273-0978 -------------- None - ------------------------------------------------------------------------------ Former name, former address and former fiscal year if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Shares Outstanding Title of Class at April 30, 1996 - -------------- ------------------ Common Stock, par value $50 55,000 The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format. AETNA LIFE INSURANCE AND ANNUITY COMPANY AND SUBSIDIARIES (A wholly owned subsidiary of Aetna Retirement Services, Inc.) Quarterly Report For Period Ended March 31, 1996 on Form 10-Q TABLE OF CONTENTS PAGE ---- PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Income................................. 3 Consolidated Balance Sheets....................................... 4 Consolidated Statements of Changes in Shareholder's Equity........ 5 Consolidated Statements of Cash Flows............................. 6 Condensed Notes to Consolidated Financial Statements.............. 7 Independent Auditors' Review Report............................... 8 Item 2. Management's Analysis of the Results of Operations............ 9 PART II.OTHER INFORMATION Item 1. Legal Proceedings............................................. 15 Item 6. Exhibits and Reports on Form 8-K.............................. 15 Signatures............................................................... 16 (2) AETNA LIFE INSURANCE AND ANNUITY COMPANY AND SUBSIDIARIES (A wholly owned subsidiary of Aetna Retirement Services, Inc.) Consolidated Statements of Income (millions)
3 Months Ended March 31, -------------------------- 1996 1995 ---- ---- Revenue: Premiums $14.1 $32.2 Charges assessed against policyholders 92.0 74.9 Net investment income 257.6 235.8 Net realized capital gains 14.9 5.1 Other income 12.2 12.7 ------- ------- Total revenue 390.8 360.7 Benefits and expenses: Current and future benefits 217.0 215.1 Operating expenses 87.8 74.0 Amortization of deferred policy acquisition costs 17.5 12.5 ------- ------- Total benefits and expenses 322.3 301.6 Income before federal income taxes 68.5 59.1 Federal income taxes 20.0 18.8 ------- ------- Net income $48.5 $40.3 ------- ------- ------- -------
See Condensed Notes to Consolidated Financial Statements. (3) AETNA LIFE INSURANCE AND ANNUITY COMPANY AND SUBSIDIARIES (A wholly owned subsidiary of Aetna Retirement Services, Inc.) Consolidated Balance Sheets (millions, except share data)
March 31, December 31, ASSETS 1996 1995 ---- ---- Investments: Debt securities, available for sale: (amortized cost: $12,030.4 and $11,923.7) $12,332.2 $12,720.8 Equity securities, available for sale: Non-redeemable preferred stock (cost: $54.3 and $51.3) 59.1 57.6 Investment in affiliated mutual funds (cost: $160.3 and $173.4) 182.0 191.8 Common stock (cost: $6.9) - 8.2 Short-term investments 24.6 15.1 Mortgage loans 21.1 21.2 Policy loans 344.6 338.6 ---------- ---------- Total investments 12,963.6 13,353.3 Cash and cash equivalents 554.6 568.8 Accrued investment income 186.4 175.5 Premiums due and other receivables 27.7 37.3 Deferred policy acquisition costs 1,375.6 1,341.3 Reinsurance loan to affiliate 646.0 655.5 Other assets 21.4 26.2 Separate Accounts assets 12,072.9 10,987.0 ---------- ---------- Total assets $27,848.2 $27,144.9 ---------- ---------- ---------- ---------- LIABILITIES AND SHAREHOLDER'S EQUITY Liabilities: Future policy benefits $3,545.1 $3,594.6 Unpaid claims and claim expenses 25.9 27.2 Policyholders' funds left with the Company 10,298.9 10,500.1 ---------- ---------- Total insurance reserve liabilities 13,869.9 14,121.9 Other liabilities 188.6 259.2 Federal income taxes: Current 35.7 24.2 Deferred 125.5 169.6 Separate Accounts liabilities 12,072.9 10,987.0 ---------- ---------- Total liabilities 26,292.6 25,561.9 ---------- ---------- Shareholder's equity: Common stock, par value $50 (100,000 shares authorized; 55,000 shares issued and outstanding) 2.8 2.8 Paid-in capital 407.6 407.6 Net unrealized capital gains 56.6 132.5 Retained earnings 1,088.6 1,040.1 ---------- ---------- Total shareholder's equity 1,555.6 1,583.0 ---------- ---------- Total liabilities and shareholder's equity $27,848.2 $27,144.9 ---------- ---------- ---------- ----------
See Condensed Notes to Consolidated Financial Statements. (4) AETNA LIFE INSURANCE AND ANNUITY COMPANY AND SUBSIDIARIES (A wholly owned subsidiary of Aetna Retirement Services, Inc.) Consolidated Statements of Changes in Shareholder's Equity (millions)
3 Months Ended March 31, ------------------------ 1996 1995 ---- ---- Shareholder's equity, beginning of period $1,583.0 $1,088.5 Net change in unrealized capital gains and losses (75.9) 156.7 Net income 48.5 40.3 -------- -------- Shareholder's equity, end of period $1,555.6 $1,285.5 -------- -------- -------- --------
See Condensed Notes to Consolidated Financial Statements. (5) AETNA LIFE INSURANCE AND ANNUITY COMPANY AND SUBSIDIARIES (A wholly owned subsidiary of Aetna Retirement Services, Inc.) Consolidated Statements of Cash Flows (millions)
3 Months Ended March 31, ------------------------- 1996 1995 ---- ---- Cash Flows from Operating Activities: Net income $48.5 $40.3 Adjustments to reconcile net income to net cash (used for) provided by operating activities: Increase in accrued investment income (10.9) (6.3) Decrease in premiums due and other receivables 0.5 10.9 Increase in policy loans (6.0) (26.0) Increase in deferred policy acquisition costs (34.3) (31.7) Decrease in reinsurance loan to affiliate 9.5 14.6 Net increase in universal life account balances 53.0 44.5 (Decrease) increase in other insurance reserve liabilities (52.4) 20.5 Net (decrease) increase in other liabilities and other assets (81.8) 113.3 Increase in federal income taxes 8.3 16.3 Net accretion of discount on debt securities (16.9) (15.5) Net realized capital gains (14.9) (5.1) Other, net - 1.5 -------- -------- Net cash (used for) provided by operating activities (97.4) 177.3 -------- -------- Cash Flows from Investing Activities: Proceeds from sales of: Debt securities available for sale 1,634.8 965.3 Equity securities 48.7 66.7 Investment maturities and collections of: Debt securities available for sale 255.4 104.3 Short-term investments 10.0 30.0 Cost of investment purchases in: Debt securities available for sale (1,918.0) (1,427.6) Equity securities (26.1) (98.1) Short-term investments (19.5) (0.5) -------- -------- Net cash used for investing activities (14.7) (359.9) -------- -------- Cash Flows from Financing Activities: Deposits and interest credited for investment contracts 429.9 497.7 Withdrawals of investment contracts (332.0) (278.3) -------- -------- Net cash provided by financing activities 97.9 219.4 -------- -------- Net (decrease) increase in cash and cash equivalents (14.2) 36.8 Cash and cash equivalents, beginning of period 568.8 623.3 -------- -------- Cash and cash equivalents, end of period $554.6 $660.1 -------- -------- -------- -------- Supplemental cash flow information: Income taxes paid, net $11.7 $2.5 -------- -------- -------- --------
See Condensed Notes to Consolidated Financial Statements. (6) AETNA LIFE INSURANCE AND ANNUITY COMPANY AND SUBSIDIARIES (A wholly owned subsidiary of Aetna Retirement Services, Inc.) Condensed Notes to Consolidated Financial Statements 1. BASIS OF PRESENTATION The consolidated financial statements include Aetna Life Insurance and Annuity Company and its wholly owned subsidiaries, Aetna Insurance Company of America and Aetna Private Capital, Inc. (collectively, the "Company"). Aetna Life Insurance and Annuity Company is a wholly owned subsidiary of Aetna Retirement Services, Inc. ("ARSI"). ARSI is a wholly owned subsidiary of Aetna Life and Casualty Company ("Aetna"). These consolidated financial statements have been prepared in accordance with generally accepted accounting principles and are unaudited. Certain reclassifications have been made to 1995 financial information to conform to 1996 presentation. These interim statements necessarily rely heavily on estimates, including assumptions as to annualized tax rates. In the opinion of management, all adjustments necessary for a fair statement of results for the interim periods have been made. All such adjustments are of a normal, recurring nature. (7) INDEPENDENT AUDITORS' REVIEW REPORT The Board of Directors Aetna Life Insurance and Annuity Company: We have reviewed the accompanying condensed consolidated balance sheet of Aetna Life Insurance and Annuity Company and Subsidiaries as of March 31, 1996, and the related condensed consolidated statements of income for the three-month periods ended March 31, 1996 and 1995, and the related condensed consolidated statements of changes in shareholder's equity and cash flows for the three-month periods ended March 31, 1996 and 1995. These condensed consolidated financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the accompanying condensed consolidated financial statements for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Aetna Life Insurance and Annuity Company and Subsidiaries as of December 31, 1995, and the related consolidated statements of income, changes in shareholder's equity, and cash flows for the year then ended (not presented herein); and in our report dated February 6, 1996, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 1995, is fairly presented, in all material respects, in relation to the consolidated balance sheet from which it has been derived. /s/ KPMG Peat Marwick LLP Hartford, Connecticut April 25, 1996 (8) Item 2. Management's Analysis of the Results of Operations CONSOLIDATED RESULTS OF OPERATIONS: OPERATING SUMMARY
3 Months Ended March 31, Operating Summary (millions) 1996 1995 - -------------------------------------------------------------------------------------- Premiums $ 14.1 $ 32.2 Charges assessed against policyholders 92.0 74.9 Net investment income 257.6 235.8 Net realized capital gains 14.9 5.1 Other income 12.2 12.7 --------------------------------------------------------------------------------- Total revenue 390.8 360.7 --------------------------------------------------------------------------------- Current and future benefits 217.0 215.1 Operating expenses 87.8 74.0 Amortization of deferred policy acquisition costs 17.5 12.5 --------------------------------------------------------------------------------- Total benefits and expenses 322.3 301.6 --------------------------------------------------------------------------------- Income before federal income taxes 68.5 59.1 Federal income taxes 20.0 18.8 --------------------------------------------------------------------------------- Net income $ 48.5 $ 40.3 --------------------------------------------------------------------------------- --------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------- Deposits not included in premiums above: Fully guaranteed $ 105.5 $ 105.0 Experience-rated 286.3 315.1 Non-guaranteed 700.1 364.3 ------------------------------------------- Total $ 1,091.9 $ 784.4 - -------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------- Assets under management: (1) Fully guaranteed $ 3,186.1 $ 3,000.3 Experience-rated 10,469.7 9,674.8 Non-guaranteed 12,767.1 8,533.0 ------------------------------------------- Total $26,422.9 $21,208.1 - -------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------
(1) Excludes net unrealized capital gains (losses) of $301.8 million and $(69.8) million at March 31, 1996 and 1995, respectively. OVERVIEW The Company's operating earnings (after-tax) follow (in millions):
3 Months Ended March 31, 1996 1995 ------------------------ Net income $48.5 $40.3 Less: Net realized capital gains 9.7 3.3 ------------------------ Operating earnings $38.8 $37.0 ------------------------ ------------------------
The Company's operating earnings for the three months ended March 31, 1996 increased 5% when compared with the same period a year ago. Results in the first quarter of 1996 benefited from an increase in charges assessed against policyholders related to the growth in assets under management, partially offset by an increase in operating expenses. The increase in operating expenses primarily reflects continued business growth and investment in nontraditional distribution channels (e.g., banks and broker/dealers). Assets under management at March 31, 1996 were 25% higher than a year earlier primarily as a result of continued business growth and overall improvement in the stock market. (9) SEGMENT RESULTS FINANCIAL SERVICES SEGMENT
3 Months Ended March 31, Operating Summary (millions) 1996 1995 - -------------------------------------------------------------------------------------- Premiums $ 2.1 $ 19.7 Charges assessed against policyholders 45.6 34.0 Net investment income 210.5 193.7 Net realized capital gains 13.7 4.4 Other income 10.7 10.9 ----------------------------------------------------------------------------- Total revenue 282.6 262.7 ----------------------------------------------------------------------------- Current and future benefits 157.6 167.6 Operating expenses 71.4 60.1 Amortization of deferred policy acquisition costs 6.4 1.6 ----------------------------------------------------------------------------- Total benefits and expenses 235.4 229.3 ----------------------------------------------------------------------------- Income before federal income taxes 47.2 33.4 Federal income taxes 14.2 9.1 ----------------------------------------------------------------------------- Net income $ 33.0 $ 24.3 ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- - -------------------------------------------------------------------------------------- Deposits not included in premiums above: Fully guaranteed $ 105.5 $ 105.0 Experience-rated 203.9 236.0 Non-guaranteed 681.2 356.1 ------------------------------------------- Total $ 990.6 $ 697.1 - -------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------- Assets under management: (1) Fully guaranteed $ 2,587.7 $ 2,380.3 Experience-rated 8,568.6 8,124.7 Non-guaranteed 12,620.9 8,444.9 ------------------------------------------- Total $23,777.2 $18,949.9 - -------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------
(1) Excludes net unrealized capital gains (losses) of $275.7 million and $(62.0) million at March 31, 1996 and 1995, respectively. Operating earnings in the Financial Services segment (after-tax) follow (in millions):
3 Months Ended March 31, 1996 1995 ------------------------ Net income $33.0 $24.3 Less: Net realized capital gains 8.9 2.9 ------------------------ Operating earnings $24.1 $21.4 ------------------------ ------------------------
Operating earnings for the three months ended March 31, 1996 increased 13% when compared with the same period a year ago. The improvement in operating earnings reflected an increase in charges assessed against policyholders related to the growth in assets under management, partially offset by an increase in operating expenses. Premiums, related to annuity contracts containing life contingencies, decreased 89% in the first quarter of 1996 compared to the first quarter of 1995 primarily because the Company ceased writing structured settlements of certain liabilities in the fourth quarter of 1995. Such decrease did not and is not expected to have a material effect on results of the segment. Charges assessed against policyholders for annuity contracts increased 34% in the first quarter of 1996 compared to the first quarter of 1995 reflecting the increase in assets under management. (10) Net investment income increased 9% in the first quarter of 1996 compared to the same period a year ago reflecting the increase in assets under management. Current and future benefits decreased 6% in the first quarter of 1996 compared to the same period a year ago primarily reflecting the cessation of the structured settlement product discussed above, partially offset by continued business growth. Operating expenses increased 19% in the first quarter of 1996 compared to the same period a year ago. The increase primarily reflects continued business growth and investment in nontraditional distribution channels (e.g., banks and broker/dealers). Assets under management at March 31, 1996 were 25% higher than a year earlier primarily as a result of continued business growth and overall improvement in the stock market. LIFE INSURANCE SEGMENT
3 Months Ended March 31, Operating Summary (millions) 1996 1995 - -------------------------------------------------------------------------------------- Premiums $ 12.0 $ 12.5 Charges assessed against policyholders 46.4 40.9 Net investment income 47.1 42.1 Net realized capital gains 1.2 0.7 Other income 1.5 1.8 ----------------------------------------------------------------------------- Total revenue 108.2 98.0 ----------------------------------------------------------------------------- Current and future benefits 59.4 47.5 Operating expenses 16.4 13.9 Amortization of deferred policy acquisition costs 11.1 10.9 ----------------------------------------------------------------------------- Total benefits and expenses 86.9 72.3 ----------------------------------------------------------------------------- Income before federal income taxes 21.3 25.7 Federal income taxes 5.8 9.7 ----------------------------------------------------------------------------- Net income $ 15.5 $ 16.0 - -------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------- Deposits not included in premiums above: Experience-rated $ 82.4 $ 79.1 Non-guaranteed 18.9 8.2 -------------------------------------------- Total $ 101.3 $ 87.3 - -------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------- Assets under management: (1) Fully guaranteed $ 598.4 $ 620.0 Experience-rated 1,901.1 1,550.1 Non-guaranteed 146.2 88.1 -------------------------------------------- Total $2,645.7 $2,258.2 - -------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------
(1) Excludes net unrealized capital gains (losses) of $26.1 million and $(7.8) million at March 31, 1996 and 1995, respectively. Operating earnings in the Life Insurance segment (after-tax) follow (in millions):
3 Months Ended March 31, 1996 1995 ------------------------ Net income $15.5 $16.0 Less: Net realized capital gains 0.8 0.4 ------------------------ Operating earnings $14.7 $15.6 ------------------------ ------------------------
(11) Operating earnings for the three months ended March 31, 1996 decreased 6% when compared with the same period a year ago reflecting increased current and future benefits and increased operating expenses, primarily offset by increases in charges assessed against policyholders and net investment income. Charges assessed against policyholders for universal life and interest-sensitive whole life insurance increased 13% in the first quarter of 1996 compared to the first quarter of 1995 reflecting an increase in the volume of business in force. Net investment income increased 12% in the first quarter of 1996 compared to the same period a year ago reflecting an increase in universal life assets under management. Current and future benefits increased 25% in the first quarter of 1996 compared to the same period a year ago reflecting higher credited interest and higher benefit payments to policyholders due to the increase in universal life business. Operating expenses increased 18% in the first quarter of 1996 compared to the same period a year ago primarily reflecting continued business growth. Assets under management at March 31, 1996 were 17% higher than a year earlier primarily as a result of continued business growth. (12) GENERAL ACCOUNT INVESTMENTS The Company's investment strategies and portfolios are intended to match the duration of the related liabilities and provide sufficient cash flow to meet obligations while maintaining a competitive rate of return. The duration of these investments is monitored, and investment purchases and sales are executed with the objective of having adequate funds available to satisfy the Company's maturing liabilities. The risks associated with investments supporting experience-rated products are assumed by those customers subject to, among other things, certain minimum guarantees. The Company's invested assets were comprised of the following, net of impairment reserves:
March 31, December 31, (Millions) 1996 1995 - -------------------------------------------------------------------------------- Debt securities $12,332.2 $12,720.8 Equity securities: Non-redeemable preferred stock 59.1 57.6 Investment in affiliated mutual funds 182.0 191.8 Common stock -- 8.2 Short-term investments 24.6 15.1 Mortgage loans 21.1 21.2 Policy loans 344.6 338.6 ----------------------- Total Investments 12,963.6 13,353.3 Cash and cash equivalents 554.6 568.8 ----------------------- Total Investments and Cash and Cash Equivalents $13,518.2 $13,922.1 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
At March 31, 1996 and December 31, 1995, the Company's carrying value of investments in debt securities represented 95% of total general account invested assets for both periods. At March 31, 1996 and December 31, 1995, $9.7 billion and $10.0 billion, respectively, or 79% of total debt securities supported experience-rated products for both periods. It is management's objective that the portfolio of debt securities be of high quality and be well-diversified by market sector. The debt securities in the Company's portfolio are generally rated by external rating agencies, and, if not externally rated, are rated by the Company on a basis believed to be similar to that used by the rating agencies. The average quality rating of the Company's debt security portfolio was AA- at both March 31, 1996 and December 31, 1995. Debt Securities Quality Ratings at March 31, 1996 - ------------------------------- AAA 43.9% AA 11.4 A 25.4 BBB 12.9 BB 4.6 B and Below 1.8 ------ 100.0% ------ ------ Debt Securities Investments by Market Sector at March 31, 1996 - --------------------------------------------------- U.S. Corporate Securities 45.1% Residential Mortgage-Backed Securities 24.2 Foreign Securities - U.S. Dollar Denominated 12.0 Commercial/Multifamily Mortgage- Backed Securities 7.6 Asset-Backed Securities 7.2 U.S. Treasuries/Agencies 3.5 Other 0.4 ------ 100.0% ------ ------ (13) Debt Securities Quality Ratings at December 31, 1995 - ------------------------------- AAA 46.0% AA 11.7 A 25.4 BBB 11.7 BB 4.0 B and Below 1.2 ------ 100.0% ====== Debt Securities Investments by Market Sector at December 31, 1995 - --------------------------------------------------- U.S. Corporate Securities 44.7% Residential Mortgage-Backed Securities 25.2 Foreign Securities - U.S. Dollar Denominated 11.1 Asset-Backed Securities 7.9 Commercial/Multifamily Mortgage- Backed Securities 6.1 U.S. Treasuries/Agencies 4.6 Other 0.4 ------ 100.0% ------ ------ (14) PART II. OTHER INFORMATION Item 1. Legal Proceedings. The Company and its Board of Directors know of no material legal proceedings pending to which the Company is a party or which would materially affect the Company. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits (27) Financial Data Schedule. (b) Reports on Form 8-K None. (15) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. AETNA LIFE INSURANCE AND ANNUITY COMPANY (Registrant) May 10, 1996 By /s/ Eugene M. Trovato - ------------ -------------------------- (Date) Eugene M. Trovato Vice President, Treasurer, and Corporate Controller (16) EX-27 2 EXHIBIT 27 (FDS)
7 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS CONTAINED IN THE FORM 10Q FOR THE FISCAL QUARTER ENDED MARCH 31, 1996 FOR AETNA LIFE INSURANCE AND ANNUITY COMPANY AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000837010 AETNA LIFE INSURANCE AND ANNUITY COMPANY 1,000,000 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 12,332 0 0 241 21 0 12,964 555 9 1,376 27,848 3,545 2 24 10,299 0 0 0 3 1,553 27,848 14 258 15 12 217 0 0 69 20 49 0 0 0 49 0 0 0 0 0 0 0 0 0
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