-----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, H56a1yIMWy6UOF38fDdYD5vHOroDK/xyD13/YprKsgJEOTCUpwWSHSVBMOLvQPRj 2XZST/S+f1d2IiQ86qLG/Q== 0000881453-96-000153.txt : 19961120 0000881453-96-000153.hdr.sgml : 19961120 ACCESSION NUMBER: 0000881453-96-000153 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961115 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN SKANDIA LIFE ASSURANCE CORP/CT CENTRAL INDEX KEY: 0000881453 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE CARRIERS, NEC [6399] IRS NUMBER: 061241288 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-44202 FILM NUMBER: 96667600 BUSINESS ADDRESS: STREET 1: ONE CORPORATE DRIVE CITY: SHELTON STATE: CT ZIP: 06484 BUSINESS PHONE: 2039261888 MAIL ADDRESS: STREET 1: ONE CORPORATE DRIVE CITY: SHELTON STATE: CT ZIP: 06484 10-Q 1 ASLAC 10-Q SEPTEMBER 30, 1996 UNITED STATES 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 September 30, 1996 Commission file numbers: 33-62791, 33-88360, 33-89566, 33-89676, 33-89678, 33-91400, 333-00941, 333-00995, 333-01021, 333-02867 and 333-08743 American Skandia Life Assurance Corporation Incorporated in the State of Connecticut 06-1241288 (IRS Employer Identification No.) One Corporate Drive Shelton, Connecticut 06484 Telephone Number (203) 926-1888 Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes x No __ As of October 31, 1996, there were 25,000 shares of outstanding common stock, par value $80 per share, of the registrant, consisting of 100 shares of voting and 24,900 shares of non-voting common stock, all of which were owned by American Skandia Investment Holding Corporation, a wholly-owned subsidiary of Skandia Insurance Company Ltd., a Swedish corporation. American Skandia Life Assurance Corporation Table of Contents Page PART I. FINANCIAL INFORMATION: Item 1. Financial Statements: Consolidated Statements of Financial Condition - September 30, 1996 (unaudited) and December 31, 1995 4 Consolidated Statements of Operations (unaudited) - Nine months ended September 30, 1996 and September 30, 1995 5 Consolidated Statements of Operations (unaudited) - Three months ended September 30, 1996 and September 30, 1995 6 Consolidated Statements of Cash Flows (unaudited) - Nine months ended September 30, 1996 and September 30, 1995 7 Notes to Unaudited Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Nine months ended September 30, 1996 11 PART II. OTHER INFORMATION: Item 4. Action Taken by Shareholder 15 Item 6. Exhibits and Reports on Form 8-K 15 Signature 16 Exhibit Index 17 (2) PART I. FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS (3)
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION (a wholly-owned subsidiary of Skandia Insurance Company Ltd.) CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION SEPTEMBER 30, DECEMBER 31, 1996 1995 ---------------- --------------- (unaudited) ASSETS Investments: Fixed maturities - at amortized cost $ 10,100,653 $ 10,112,705 Investment in mutual funds - at market value 2,476,388 1,728,875 Short-term investments - at amortized cost 5,000,000 15,700,000 ---------------- --------------- Total investments 17,577,041 27,541,580 Cash and cash equivalents 6,660,911 13,146,384 Accrued investment income 339,977 194,074 Fixed assets (net of accumulated depreciation of $9,711 and $3,749) 236,547 82,434 Deferred acquisition costs 389,999,796 270,222,383 Reinsurance receivable 2,410,968 1,988,042 Receivable from affiliates 325,513 860,991 Income tax receivable 0 563,850 State insurance licenses 4,750,000 4,862,500 Other assets 1,822,331 1,589,006 Separate account assets 6,785,682,348 4,699,961,646 ---------------- ---------------- Total Assets $ 7,209,805,432 $ 5,021,012,890 ================ ================ LIABILITIES AND SHAREHOLDER'S EQUITY LIABILITIES: Reserve for future contractowner benefits $ 31,616,661 $ 30,493,018 Annuity policy reserves 19,930,723 19,386,490 Income tax payable 675,787 0 Accounts payable and accrued expenses 48,195,291 32,816,517 Payable to affiliates 20,240,025 314,699 Payable to reinsurer 76,363,882 64,995,470 Short-term borrowing-affiliate 10,000,000 10,000,000 Surplus notes 143,000,000 103,000,000 Deferred contract charges 275,486 332,050 Separate account liabilities 6,785,682,348 4,699,961,646 ---------------- ---------------- Total Liabilities 7,135,980,203 4,961,299,890 ---------------- ---------------- SHAREHOLDER'S EQUITY: Common stock, $80 par, 25,000 shares authorized, issued and outstanding 2,000,000 2,000,000 Additional paid-in capital 83,067,222 81,874,666 Unrealized investment gains and losses 129,267 111,359 Foreign currency translation (319,431) (328,252) Accumulated deficit (11,051,829) (23,944,773) ---------------- ---------------- Total Shareholder's Equity 73,825,229 59,713,000 ---------------- ---------------- Total Liabilities and Shareholder's Equity $ 7,209,805,432 $ 5,021,012,890 ================ ================
See notes to unaudited consolidated financial statements (4)
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION (a wholly-owned subsidiary of Skandia Insurance Company Ltd.) CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) NINE MONTHS NINE MONTHS ENDED ENDED SEPTEMBER 30, 1996 SEPTEMBER 30, 1995 -------------------- -------------------- REVENUES: Annuity charges & fees $ 47,915,563 $ 27,438,534 Fee income 11,382,138 3,411,409 Net investment income 1,008,040 1,279,298 Net realized/unrealized capital gains 110,784 28,192 Annuity premium income 100,000 27,480 Other 26,963 41,488 ------------------- ------------------ Total Revenues 60,543,488 32,226,401 ------------------- ------------------ BENEFITS AND EXPENSES: Benefits: Annuity benefits 490,771 347,115 Increase/(decrease) in annuity policy reserves 389,033 (5,705,857) Cost of minimum death benefit reinsurance 2,060,736 0 Return credited to contractowners (2,175,208) 9,167,943 ------------------- ------------------ 765,332 3,809,201 ------------------ ------------------ Expenses: Underwriting, acquisition and other insurance expenses 30,684,238 24,257,570 Amortization of state insurance licenses 112,500 112,500 Interest expense 7,600,213 4,828,709 ------------------- ------------------ 38,396,951 29,198,779 ------------------- ------------------ Total Benefits and Expenses 39,162,283 33,007,980 ------------------- ------------------ Income (loss) from operations before income taxes 21,381,205 (781,579) Income taxes 8,488,261 35,311 ------------------- ------------------ Net income (loss) $ 12,892,944 $ (816,890) =================== ==================
See notes to unaudited consolidated financial statements. (5) AMERICAN SKANDIA LIFE ASSURANCE CORPORATION (a wholly-owned subsidiary of Skandia Insurance Company Ltd.) CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
THREE MONTHS THREE MONTHS ENDED ENDED SEPTEMBER 30, 1996 SEPTEMBER 30, 1995 -------------------- -------------------- REVENUES: Annuity charges & fees $ 18,019,812 10,564,222 Fee income 4,340,025 1,379,998 Net investment income 270,092 293,335 Net realized/unrealized capital gains 5,606 44,644 Other 6,329 16,310 ------------------ ------------------ Total Revenues 22,641,864 12,298,509 ------------------ ------------------ BENEFITS AND EXPENSES: Benefits: Annuity benefits 274,779 94,534 Decrease in annuity policy reserves (145,897) (2,104,559) Cost of minimum death benefit reinsurance 727,974 0 Return credited to contractowners (929,214) 4,745,061 ------------------ ------------------ (72,358) 2,735,036 ------------------ ------------------ Expenses: Underwriting, acquisition and other insurance expenses 13,921,268 7,208,417 Amortization of state insurance licenses 37,500 37,500 Interest expense 3,120,727 1,619,634 ------------------ ------------------ 17,079,495 8,865,551 ------------------ ------------------ Total Benefits and Expenses 17,007,137 11,600,587 ------------------ ------------------ Income from operations before income taxes 5,634,727 697,922 Income taxes 3,096,214 19,610 ------------------ ------------------ Net income $ 2,538,513 $ 678,312 ================== ==================
See notes to unaudited consolidated financial statements. (6) AMERICAN SKANDIA LIFE ASSURANCE CORPORATION (wholly-owned subsidiary of Skandia Insurance Company Ltd.) CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
NINE MONTHS NINE MONTHS ENDED ENDED SEPT 30, 1996 SEPT 30, 1995 ------------------- ----------------- CASH FLOW FROM OPERATING ACTIVITIES: Net income (loss) $ 12,892,944 $ (816,890) Adjustments to reconcile net income (loss) to net cash used in operating activities: Increase/(decrease) in annuity policy reserves 544,233 (7,541,437) Change in policy and contract claims 0 0 Amortization of bond discount 16,486 17,895 Amortization of insurance licenses 112,500 112,500 Increase in due to/due from affiliates 20,460,804 4,675,008 Change in income tax payable/receivable 1,239,637 0 Increase in other assets (387,438) (1,097,829) Increase in accrued investment income (145,903) (47,399) Increase in reinsurance receivable (422,926) 0 Increase/(decrease) in accounts payable and accrued expenses 15,378,774 (3,536,056) Increase in deferred acquisition cost (119,777,413) (62,924,764) Decrease in deferred contract charges (56,564) (93,648) Decrease in foreign currency translation 8,821 0 Realized gain on sale of investments (110,784) (28,192) Unrealized gain on mutual funds 0 0 ------------------ ----------------- Net cash used in operating activities (70,246,829) (71,280,812) ------------------ ----------------- CASH FLOW FROM INVESTING ACTIVITIES: Purchase of fixed maturity investments (219,434) (614,289) Proceeds from maturity of fixed maturity investments 215,000 100,000 Purchase of shares in mutual funds (1,706,624) (1,368,059) Proceeds from sale of mutual funds 1,087,803 798,073 Purchase of short-term investments (104,000,000) (168,500,000) Proceeds from sale of short-term investments 114,700,000 192,500,000 Change in investments of separate account assets (1,957,479,048) (1,082,573,172) ------------------ ----------------- Net cash used in investing activities (1,947,402,303) (1,059,657,447) ------------------ ----------------- CASH FLOW FROM FINANCING ACTIVITIES: Capital contributions from parent 1,192,556 1,172,942 Short term borrowing 0 0 Surplus notes 40,000,000 0 Increase in payable to reinsurer 11,368,412 13,425,705 Proceeds from annuity sales 1,958,602,691 1,098,691,637 ------------------ ----------------- Net cash provided by financing activities 2,011,163,659 1,113,290,284 ------------------ ----------------- Net decrease in cash & cash equivalents (6,485,473) (17,647,975) ------------------ ----------------- Cash and cash equivalents at beginning of period 13,146,384 23,909,463 ------------------ ----------------- Cash and cash equivalents at end of period $ 6,660,911 $ 6,261,488 ================== ================= SUPPLEMENTAL CASH FLOW DISCLOSURE: Income taxes paid $ 7,235,276 $ 72,310 ================== ================= Interest paid $ 2,528,697 $ 540,319 ================== =================
See notes to unaudited consolidated financial statements. (7) AMERICAN SKANDIA LIFE ASSURANCE CORPORATION (a wholly owned subsidiary of Skandia Insurance Company Ltd.) Notes to Unaudited Consolidated Financial Statements September 30, 1996 1. BASIS OF PRESENTATION The accompanying unaudited financial statements of American Skandia Life Assurance Corporation (the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine month period ended September 30, 1996 are not necessarily indicative of the results that may be expected for the year ending December 31, 1996. For further information, refer to the financial statements and footnotes thereto in the Company's audited financial statements for the year ended December 31, 1995. 2. FOREIGN ENTITY As of July 1995, Skandia Vida, S.A. de C.V. was formed by the ultimate parent Skandia Insurance Company, Ltd., a Swedish corporation. The Company has a 99.9% ownership in Skandia Vida, S.A. de C.V. which is a life insurance company domiciled in Mexico. This Mexican life insurer is a start up company with expectations of selling long term savings products within Mexico. Total shareholder's equity of Skandia Vida, S.A. de C.V. is $1,603,977 as of September 30, 1996. 3. SURPLUS NOTES On June 28, 1996, the Company received $40 million from its parent in exchange for one surplus note at an interest rate of 8.41%. (8) AMERICAN SKANDIA LIFE ASSURANCE CORPORATION (a wholly owned subsidiary of Skandia Insurance Company Ltd.) Notes to Unaudited Consolidated Financial Statements September 30, 1996 During 1995, the Company received $34 million from its parent in exchange for three surplus notes. The amounts were $10 million, $15 million and $9 million, at interest rates of 7.52%, 7.49% and 7.47%, respectively. During 1994, the Company received $49 million from its parent in exchange for four surplus notes, two in the amount of $10 million, one in the amount of $15 million and one in the amount of $14 million, at interest rates of 7.28%, 7.90%, 9.13% and 9.78%, respectively. During 1993, the Company received $20 million from its parent in exchange for a surplus note in the amount of $20 million at a 6.84% interest rate. Interest payable on these notes is $5,235,106 at September 30, 1996. Payment of interest and repayment of principal for these notes require approval of the Commissioner of Insurance of the State of Connecticut. Effective June 30, 1996 and September 30, 1996, the Commissioner approved interest payments of $1,872,797 and $4,566,070 respectively, in accordance with the terms of the surplus notes. 4. REINSURANCE The Company cedes reinsurance under modified co-insurance arrangements. The reinsurance arrangements provide additional capacity for growth in supporting the cash flow strain from the Company's variable annuity business. The reinsurance is effected under quota share contracts. As of September 1995, the Company reinsured certain mortality risks. These risks result from the Guaranteed Minimum Death Benefit feature in the variable annuity products. (9) AMERICAN SKANDIA LIFE ASSURANCE CORPORATION (a wholly owned subsidiary of Skandia Insurance Company Ltd.) Notes to Unaudited Consolidated Financial Statements September 30, 1996 The effect of the reinsurance agreements on the Company's operations was to reduce annuity charges and fee income, death benefit expense, and reserve exposure. The effect of reinsurance is summarized as follows: For the period ended September 30, 1996
Annuity Change in Annuity Return Credited Charges & Fees Policy Reserves to Contractowners Gross $60,649,937 $811,959 ($2,077,777) Ceded 12,734,374 422,926 97,431 ------------ --------- ---------- Net $47,915,563 $389,033 ($2,175,208) =========== ======== ===========
For the period ended September 30, 1995 Annuity Charges & Fees Gross $35,351,011 Ceded 4,754,725 ------------- Net $27,438,534 =========== Such ceded reinsurance does not relieve the Company from its obligations to policyholders. The Company remains liable to its policyholders for the portion reinsured to the extent that any reinsurer does not meet the obligations assumed under the reinsurance agreement. (10) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Nine months ended September 30, 1996 American Skandia Life Assurance Corporation (the Company) is a stock insurance company domiciled in Connecticut with licenses in all 50 states. It is a wholly-owned subsidiary of American Skandia Investment Holding Corporation, whose ultimate parent is Skandia Insurance Company Ltd., a Swedish company. The Company is in the business of issuing annuity policies, and has been so since its business inception in 1988. The Company currently offers the following annuity products: a) certain deferred annuities that are registered with the Securities and Exchange Commission, including variable annuities and fixed interest rate annuities that include a market value adjustment feature; b) certain other fixed deferred annuities that are not registered with the Securities and Exchange Commission; and c) fixed and adjustable immediate annuities. The Company markets its products to broker-dealers and financial planners through an internal field marketing staff. In addition, the Company markets through and in conjunction with financial institutions such as banks that are permitted directly, or through affiliates, to sell annuities. During 1995, Skandia Vida, S.A. de C.V. was formed by the ultimate parent Skandia Insurance Company Ltd. The Company has a 99.9% ownership in Skandia Vida, S.A. de C.V. which is a life insurance company domiciled in Mexico. This Mexican life insurer is a start up company with expectations of selling long term savings products within Mexico. Total shareholder's equity of Skandia Vida, S.A. de C.V. is $1,603,977 and $881,648 as of September 30, 1996 and December 31, 1995, respectively. Results of Operations The Company's long term business plan was developed reflecting the current sales and marketing approach. The sales volume for the nine month period ended September 30, 1996 and 1995 was $1.959 billion and $1.099 billion, respectively. This represents an increase of 78% compared to the same period last year. This increase is a direct result of the sales efforts by the Company coupled with an overall increase in the variable annuity marketplace. Assets grew $2.189 billion or 44% since December 31, 1995. This increase is a direct result of the sales volume increasing separate account assets and deferred acquisition costs. Liabilities grew $2.175 billion or 44% since December 31, 1995 as a result of the reserves required for the increased sales activity as well as increased reinsurance and surplus notes to support the acquisition costs of the Company's variable annuity business. (11) The Company experienced a net gain of $12.9 million after tax for the current period which was in excess of plan. This gain is a result of the strong sales activity for the nine months ended September 30, 1996, combined with an increased asset base which generates additional fee revenue. In the same period last year, the Company experienced a net loss of $.8 million after tax. This loss was a result of the asset performance relative to the liability structure for the market value adjusted annuity product along with a strengthening of the reserves for this same business due to historically lower spreads in the corporate bond market. In addition, the loss was attributable to a higher level of general expense relative to sales volume. Revenues: Increasing volume of annuity sales results in higher assets under management. The fees realized on assets under management has resulted in annuity charges & fees to increase 75% for the nine month period ended September 30, 1996. This is compared to an increase of 55% for the nine month period ended September 30, 1995. Net investment income decreased 21% for the nine month period ended September 30, 1996. This is compared to an increase of 50% for the nine month period ended September 30, 1995. The current period decrease is a result of the need to liquidate short term investments to support cash needs. The prior period increase is a result of an increase in the Company's bonds and short term investments throughout the period. Fee income is a result of income earned for transfer agency type activities. This income increased 234% for the nine month period ended September 30, 1996 compared to an increase of 130% for the nine month period ended September 30, 1995. Benefits: Annuity benefits represent payments on annuity contracts with mortality risks, these being the immediate annuities with life contingencies and supplementary contracts with life contingencies. Increase/(decrease) in annuity policy reserves represents the change in reserves for the immediate annuity with life contingencies, supplementary contracts with life contingencies and guaranteed minimum death benefit. In September 1995, the Company entered into an agreement to reinsure the guaranteed minimum death benefit exposure on most of the variable annuity contracts. The costs associated with reinsuring the minimum death benefit reserve exceeded the change in the minimum death benefit reserve by approximately $1.6 million. (12) Return credited to contractowners represents revenues on the variable and market value adjusted annuities offset by the benefit payments and change in reserves required on this business. Also included are the benefit payments and change in reserves on immediate annuity contracts without significant mortality risks. The result for the current period reflects a higher than expected separate account investment return on the market value adjusted contracts in support of the benefits and required reserves. Expenses: Underwriting, acquisition and other insurance expenses is made up of $96 million of commissions and $43.1 million of general expenses offset by the net capitalization of deferred acquisition costs totaling $108.5 million. This compares to the same period last year of $42.4 million of commissions and $28.1 million of general expenses offset by the net capitalization of deferred acquisition costs totaling $46.2 million. Interest expense increased 57% over the same period last year as a result of the increase in surplus notes. Liquidity and Capital Resources The liquidity requirement of the Company was met by cash from insurance operations, investment activities and borrowings from the parent. The Company had significant growth during the nine month period in 1996. The sales volume of $1.959 billion was made up of approximately 95% variable annuities which carry a contingent deferred sales charge. This type of product causes a temporary cash strain in that 100% of the proceeds are invested in separate accounts supporting the product leaving a cash (but not capital) strain caused by the acquisition costs for the new business. This cash strain required the Company to look beyond the insurance operations and investments of the Company. To this end, the Company borrowed an additional $40 million from its parent in the form of a surplus note and extended its reinsurance agreements (initiated in 1993, 1994 and 1995). The reinsurance agreements are modified coinsurance arrangements where the reinsurer shares in the experience of a specific book of business. The income and expense items presented above are net of reinsurance. The Company is currently reviewing various options to fund the cash strain anticipated from the acquisition costs on expected future sales volume. The tremendous growth of this young organization has depended on capital support from its parent. (13) As of September 30, 1996 and December 31, 1995, shareholder's equity was $73,825,229 and $59,713,000 respectively, which includes the carrying value of the state insurance licenses in the amount of $4,750,000 and $4,862,500, respectively. The Company has long term surplus notes and short term borrowing with its parent. No dividends have been paid to its parent company. (14) PART II. OTHER INFORMATION ITEM 4. ACTION TAKEN BY SHAREHOLDER Not applicable for this quarter. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) See Exhibit Index (b) American Skandia Life Assurance Corporation did not file any Report on Form 8-K during the quarter covered by this report. (15) SIGNATURE 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. American Skandia Life Assurance Corporation (Registrant) by /s/Thomas M. Mazzaferro Thomas M. Mazzaferro Executive Vice President and Chief Financial Officer November 14, 1996 (16) EXHIBIT INDEX Exhibit Number Description Location (2) Plan of acquisition, reorganization, arrangement, liquidation or succession None (4) Instruments defining the rights of security holders, including indentures None (10) Material Contracts None (11) Statement re computation of per share earnings None (15) Letter re unaudited interim financial information None (18) Letter re change in accounting principles None (19) Report furnished to security holders None (22) Published report regarding matters submitted to vote of security holders None (23) Consents of experts and counsel None (24) Power of attorney None (99) Additional exhibits None (17) EX-27 2 FDS - ASLAC FINANCIALS 9/96
7 881453 ASLAC996 1 U.S. Dollars 9-MOS Sep-30-1996 Sep-30-1996 1 0 10,100,653 10,012,368 2,476,388 0 0 17,577,041 6,660,911 0 389,999,796 7,209,805,432 51,547,384 0 0 0 153,000,000 0 0 2,000,000 71,825,229 7,209,805,432 100,000 1,008,040 110,784 59,324,664 765,332 11,347,689 19,449,049 21,381,205 8,488,261 12,892,944 0 0 0 12,892,944 0 0 0 0 0 0 0 0 0 Included in Total Assets are Assets Held in Separate Accounts of $6,785,682,348. Included in Total Liabilities and Equity are Liabilities Related to Separate Accounts of $6,785,682,348. Other income includes annuity charges and fees of $47,915,563 and fee income of $11,382,138.
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