-----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, HnkcztiJrJcQ12bj6oHGEb2RPaOVqBlORrkFc/PUktKWW35MSlrovsjWQH1RJZ9/ rR6E7IbRx4X5s0czfDGS/Q== 0000910475-99-000026.txt : 19990517 0000910475-99-000026.hdr.sgml : 19990517 ACCESSION NUMBER: 0000910475-99-000026 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LINCOLN BENEFIT LIFE CO CENTRAL INDEX KEY: 0000910739 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 470766853 STATE OF INCORPORATION: NE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-59769 FILM NUMBER: 99622152 BUSINESS ADDRESS: STREET 1: P O BOX 80469 CITY: LINCOLN STATE: NE ZIP: 68501 BUSINESS PHONE: 4024794061 MAIL ADDRESS: STREET 1: PO BOX 80469 CITY: LINCOLN STATE: NE ZIP: 68501 10-Q 1 QUARTERLY FILING FOR LINCOLN BENEFIT LIFE COMPANY FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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. [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 333-59765 333-59769 LINCOLN BENEFIT LIFE COMPANY (Exact name of registrant as specified in its charter) Nebraska 470221457 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 206 South 13th Street Lincoln, Nebraska 68508 (Address of principal executive offices)(zip code) 1-800-525-9287 (Registrant's telephone number, including area code) Not Applicable (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 Section 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 of each of the issuer's classes of common stock as of March 31, 1999; there were 25,000 shares of common capital stock outstanding, par value $100 per share all of which shares are held by Allstate Life Insurance Company. PART I - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS Consolidated Statements of Financial Position March 31, 1999 (Unaudited) and December 31, 1998............. 3 Consolidated Statements of Operations Three Months Ended March 31, 1999 and March 31, 1998 (Unaudited).................................................. 4 Consolidated Statements of Cash Flows Three Months Ended March 31, 1999 and March 31, 1998 (Unaudited).................................................. 5 Notes to Financial Statements................................ 6 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................ 9 Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK*........................................... N/A PART II - OTHER INFORMATION Item 1. LEGAL PROCEEDINGS.......................................... 13 Item 2. CHANGES IN SECURITIES AND USE OF PROCEEDS*................. N/A Item 3. DEFAULTS UPON SENIOR SECURITIES*........................... N/A Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS*................................................... N/A Item 5. OTHER INFORMATION.......................................... 13 Item 6. EXHIBITS AND REPORTS ON FORM 8-K........................... 13 SIGNATURE PAGE......................................................... 14 *Omitted pursuant to General Instruction H(2) of Form 10-Q. 2
LINCOLN BENEFIT LIFE COMPANY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION MARCH 31, DECEMBER 31, 1999 1998 ----------- ----------- ($ in thousands) (UNAUDITED) ASSETS Investments Fixed income securities at fair value (amortized cost $151,857 and $149,898) $ 157,777 $ 158,984 Short-term 4,191 3,675 ---------- ---------- Total investments 161,968 162,659 Cash 1,112 1,735 Reinsurance recoverable from Allstate Life Insurance Company 7,044,779 6,933,084 Reinsurance recoverable non-affiliates 215,981 191,092 Receivable from affiliates, net 40,761 37,103 Other assets 29,634 30,919 Separate Accounts 861,531 763,416 ---------- ---------- TOTAL ASSETS $8,355,766 $8,120,008 ========== ========== LIABILITIES Reserve for life-contingent contract benefits $ 373,997 $ 338,069 Contractholder funds 6,878,531 6,785,070 Current income taxes payable 4,566 3,659 Deferred income taxes 4,453 5,546 Other liabilities and accrued expenses 73,275 64,470 Separate Accounts 861,531 763,416 ---------- ---------- TOTAL LIABILITIES 8,196,353 7,960,230 ---------- ---------- COMMITMENTS AND CONTINGENT LIABILITIES (NOTE 4) SHAREHOLDER'S EQUITY Common stock, $100 par value, 30,000 shares authorized, 25,000 issued and outstanding 2,500 2,500 Additional capital paid-in 116,750 116,750 Retained income 36,315 34,622 Accumulated other comprehensive income: Unrealized net capital gains 3,848 5,906 ---------- ---------- TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME 3,848 5,906 ---------- ---------- TOTAL SHAREHOLDER'S EQUITY 159,413 159,778 ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $8,355,766 $8,120,008 ========== ========== See notes to consolidated financial statements.
3
LINCOLN BENEFIT LIFE COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, ----------------------- ($ in thousands) 1999 1998 ---------- ---------- (UNAUDITED) REVENUES Net investment income $ 2,621 $ 2,579 Realized capital gains and losses 1 -- ---------- ---------- INCOME BEFORE INCOME TAX EXPENSE 2,622 2,579 Income tax expense 929 912 ---------- ---------- NET INCOME $ 1,693 $ 1,667 ========== ========== See notes to consolidated financial statements.
4
LINCOLN BENEFIT LIFE COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, ---------------------------- ($ in thousands) 1999 1998 ----------- ---------- (UNAUDITED) CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,693 $ 1,667 Adjustments to reconcile net income to net cash provided by operating activities Amortization and other non-cash items 20 11 Realized capital gains and losses (1) - Changes in: Life-contingent contract benefits and contractholder funds (1,561) 213 Income taxes payable 922 913 Other operating assets and liabilities 646 (781) ---------- ---------- Net cash provided by operating activities 1,719 2,023 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES Fixed income securities Investment collections 4,986 1,792 Investment purchases (6,812) (3,070) Change in short-term investments, net (516) (3,473) ---------- ---------- Net cash used in investing activities (2,342) (4,751) ---------- ---------- NET DECREASE IN CASH (623) (2,728) CASH AT BEGINNING OF PERIOD 1,735 4,220 ---------- ---------- CASH AT END OF PERIOD $ 1,112 $ 1,492 ========== ========== See notes to consolidated financial statements.
5 LINCOLN BENEFIT LIFE COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. BASIS OF PRESENTATION The accompanying consolidated financial statements include the accounts of Lincoln Benefit Life Company ("LBL") and its wholly owned subsidiary, Allstate Financial Distributors, Inc., (formerly Lincoln Benefit Life Financial Services) a registered broker-dealer (collectively, the "Company"). LBL is a wholly owned subsidiary of Allstate Life Insurance Company ("ALIC"), which is wholly owned by Allstate Insurance Company ("AIC"), a wholly owned subsidiary of The Allstate Corporation (the "Corporation"). These consolidated financial statements have been prepared in conformity with generally accepted accounting principles. The consolidated financial statements and notes as of March 31, 1999 and for the three month periods ended March 31, 1999 and 1998 are unaudited. The consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. The consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Lincoln Benefit Life Company Annual Report on Form 10K for 1998. The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. Effective January 1, 1999, the Company adopted Statement of Position ("SOP") 97-3, "Accounting by Insurance and Other Enterprises for Insurance-Related Assessments." The SOP provides guidance concerning when to recognize a liability for insurance-related assessments and how those liabilities should be measured. Specifically, insurance-related assessments should be recognized as liabilities when all of the following criteria have been met: 1) an assessment has been imposed or it is probable that an assessment will be imposed, 2) the event obligating an entity to pay an assessment has occurred and 3) the amount of the assessment can be reasonably estimated. The adoption of this statement was immaterial to the Company's results of operations and financial position. To conform with the 1999 presentation, certain amounts in the prior years' consolidated financial statements and notes have been reclassified. 2. REINSURANCE The Company has reinsurance agreements whereby premiums, contract charges, credited interest, policy benefits and certain expenses are ceded, primarily to ALIC and reflected net of such reinsurance in the consolidated statements of operations. The amounts shown in the Company's consolidated statements of operations relate to the investment of those assets of the Company that are not transferred under reinsurance agreements. Reinsurance recoverable and the related reserve for life-contingent contract benefits and contractholder funds are reported separately in the consolidated statements of financial position. The Company continues to have primary liability as the direct insurer for risks reinsured. 6 LINCOLN BENEFIT LIFE COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Investment income earned on the assets which support contractholder funds and the reserve for life-contingent contract benefits is not included in the Company's financial statements as those assets are owned and managed under the terms of reinsurance agreements. The following amounts were ceded to ALIC under reinsurance agreements. THREE MONTHS ENDED MARCH 31, ---------------------------- ($ in thousands) 1999 1998 -------- ------- Premiums $ 13,383 $ 9,148 Contract charges 31,897 24,569 Credited interest, policy benefits, and expenses 167,288 123,098 3. COMPREHENSIVE INCOME The components of other comprehensive income on a pretax and after-tax basis for the three months ended March 31, are as follows:
($ in thousands) 1999 1998 ---------------------------- --------------------------- AFTER- AFTER- PRETAX TAX TAX PRETAX TAX TAX ------ --- --- ------ --- --- Unrealized capital gains and losses: ------------------------------------ Unrealized holding (losses) gains arising during the period $(3,165) $ 1,108 $(2,057) $ 23 $ 8 $ 15 Less: reclassification adjustment for realized net capital gains included in net income 1 -- 1 -- -- -- ------- ------- ------- ------- ------- ------- Other comprehensive (loss) income $(3,166) $ 1,108 (2,058) $ 23 $ 8 15 ======= ======= ------- ======= ======= ------- Net income 1,693 1,667 ------- ------- Comprehensive (loss) income $ (365) $ 1,682 ======= =======
7 LINCOLN BENEFIT LIFE COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 4. REGULATION AND LEGAL PROCEEDINGS The Company is subject to the effects of a changing social, economic and regulatory environment. Public and regulatory initiatives have varied and have included efforts to adversely influence and restrict premium rates, restrict the Company's ability to cancel policies, impose underwriting standards and expand overall regulation. The ultimate changes and eventual effects, if any, of these initiatives are uncertain. Various other legal and regulatory actions are currently pending that involve the Company and specific aspects of its conduct of business. In the opinion of management, the ultimate liability, if any, in one or more of these actions in excess of amounts currently reserved is not expected to have a material effect on the results of operations, liquidity or financial position of the Company. 8 LINCOLN BENEFIT LIFE COMPANY MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion highlights significant factors influencing results of operations and changes in financial position of Lincoln Benefit Life Company ("LBL") and its wholly owned subsidiary, Allstate Financial Distributors, Inc. (formerly Lincoln Benefit Life Financial Services) (collectively the "Company"). It should be read in conjunction with the consolidated financial statements and related notes thereto found under items 7 and 8 of Part II of the Lincoln Benefit Life Company Annual Report on Form 10-K for the year ended December 31, 1998. LBL is a wholly owned subsidiary of Allstate Life Insurance Company ("ALIC"), which is wholly owned by Allstate Insurance Company ("AIC"), a wholly owned subsidiary of The Allstate Corporation. The Company markets life insurance and savings products through independent insurance agents and brokers. Life insurance includes traditional life, such as term and whole life insurance, as well as variable life and universal life products. Savings products consist of fixed annuity products, including indexed and market value adjusted annuities, as well as variable annuities. The Company has identified itself as a single segment entity. The assets and liabilities related to flexible premium deferred variable annuity contracts and variable life policies are legally segregated and reflected as Separate Account assets and liabilities and carried at fair value in the consolidated statements of financial position. Investment income and realized gains and losses of the Separate Accounts accrue directly to the contractholders (net of fees) and, therefore, are not included in the Company's consolidated statements of operations. CONSOLIDATED RESULTS OF OPERATIONS ($ in thousands) THREE MONTHS ENDED MARCH 31, 1999 1998 -------- --------- Net investment income $ 2,621 $ 2,579 ============= ============= Realized capital gains and losses, after-tax $ 1 $ - ============= ============= Net income $ 1,693 $ 1,667 ============= ============= Total investments $ 161,968 $ 153,780 ============= ============= The Company has reinsurance agreements under which contract and policy related transactions are transferred primarily to ALIC. The Company's consolidated results of operations include only net investment income and realized capital gains and losses earned on the assets of the Company that are not transferred under the reinsurance agreements, and income provided by the Company's broker-dealer subsidiary, Allstate Financial Distributors, Inc.. Net income in the first quarter of 1999 increased $26 thousand compared to the first quarter of 1998. The increase in net income was driven by higher net investment income as higher investment balances from positive cash flows generated from operations were partially offset by slightly lower portfolio yields. Lower investment yields are due, in part, to the investment of proceeds from calls and maturities and the investment of positive cash flows from operations in securities yielding less than the average portfolio rate. In relatively low interest rate environments, funds from maturing investments may be reinvested at interest rates lower than those which prevailed when the funds were previously invested resulting in lower investment yields. 9 FINANCIAL POSITION ($ in thousands) MARCH 31, DECEMBER 31, 1999 1998 --------- ------------ Fixed income securities (1) $ 157,777 $ 158,984 Short-term investments 4,191 3,675 -------------- -------------- Total investments $ 161,968 $ 162,659 ============== ============== Reinsurance recoverable from ALIC $ 7,044,779 $ 6,933,084 ============== ============== Separate Account assets and liabilities $ 861,531 $ 763,416 ============== ============== Contractholder funds $ 6,878,531 $ 6,785,070 ============== ============== (1)Fixed income securities are carried at fair value. Amortized cost for these securities was $151,857 and $149,898 at March 31, 1999 and December 31, 1998, respectively. Total investments were $162.0 million at March 31, 1999 compared to $162.7 million at December 31, 1998. Positive cash flows generated from operations were more than offset by a decrease in unrealized capital gains on fixed income securities. At March 31, 1999, unrealized net capital gains on fixed income securities were $5.9 million compared to $9.1 million at December 31, 1998. At March 31, 1999, all of the Company's fixed income securities portfolio is rated investment grade, with a National Association of Insurance Commissioners ("NAIC") rating of 1 or 2, a Moody's rating of Aaa, Aa, A or Baa, or a comparable Company internal rating. During the three months ended March 31, 1999, contractholder funds increased $93.5 million and reinsurance recoverable from ALIC under reinsurance agreements increased $111.7 million. Sales of fixed annuity contracts and interest credited to contractholders were partially offset by fixed annuity surrenders and withdrawals. Reinsurance recoverable from ALIC relates to contract benefit obligations ceded to ALIC. Separate Account assets and liabilities increased $98.1 million to $861.5 million at March 31, 1999. The increase was primarily attributable to sales of flexible premium deferred variable annuity contracts and the favorable investment performance of the Separate Account investment portfolios, partially offset by transfers to the fixed account contract option and surrenders and withdrawals. LIQUIDITY AND CAPITAL RESOURCES Under the terms of reinsurance agreements, all premiums and deposits, excluding those relating to Separate Accounts, are transferred primarily to ALIC, which maintains the investment portfolios supporting the Company's products. Payments of policyholder claims, benefits, contract maturities, contract surrenders and withdrawals and certain operating costs are also reimbursed primarily by ALIC, under the terms of the reinsurance agreements. The Company continues to have primary liability as a direct insurer for risks reinsured. The Company's ability to meet liquidity demands is dependent on ALIC's ability to meet those demands. ALIC's claim-paying ability was rated Aa2, AA+ and A+ by Moody's, Standard & Poor's and A.M. Best, respectively at March 31, 1999. The primary sources for the remainder of the Company's funds are collections of principal and interest from the investment portfolio and capital contributions from ALIC. The primary uses for the remainder of the Company's funds are to purchase investments and pay costs associated with the maintenance of the Company's investment portfolio. 10 YEAR 2000 The Company is dependent upon certain services provided for it by the Corporation including computer-related systems, and systems and equipment not typically thought of as computer-related (referred to as "non-IT"). For this reason, the Company is reliant upon the Corporation for the establishment and maintenance of its computer-related systems and non-IT. The Corporation is heavily dependent upon complex computer systems for all phases of its operations, including customer service, insurance processing, underwriting, loss reserving, investments and other enterprise systems. Since many of the Corporation's older computer software programs recognize only the last two digits of the year in any date, some software may fail to operate properly in or after the year 1999, if the software is not reprogrammed, remediated, or replaced, ("Year 2000"). Also, non-IT often contains embedded hardware or software that may have a Year 2000 sensitive component. The Corporation believes that many of its counterparties and suppliers also have Year 2000 issues and non-IT issues which could affect the Corporation. In 1995, the Corporation commenced a plan consisting of four phases which are intended to mitigate and/or prevent the adverse effects of Year 2000 issues on its systems: 1) inventory and assessment of affected systems and equipment, 2) remediation and compliance of systems and equipment through strategies that include the replacement or enhancement of existing systems, upgrades to operating systems already covered by maintenance agreements and modifications to existing systems to make them Year 2000 compliant, 3) testing of systems using clock-forward testing for both current and future dates and for dates which trigger specific processing, and 4) contingency planning which will address possible adverse scenarios and the potential financial impact to the Corporation's results of operations, liquidity or financial position. The Corporation believes that the first three steps of this plan, assessment, remediation and testing, including clock-forward testing which is being performed on the Corporation's systems and non-IT, are mostly complete for the Corporation's critical systems. The Corporation is relying on other remediation techniques for its midrange and personal computer environments, and certain mainframe applications. Certain other processing systems are planned to be remediated by the middle of 1999, and the implementation and rollout of the remediated personal computer environment will continue through the third quarter of 1999. Some systems and non-IT related to discontinued or non-critical functions of the Corporation are planned to be abandoned by the end of 1999. The Corporation is currently in the process of developing contingency plans in the event that the systems supporting key processes are not Year 2000 compliant in or after the year 1999. Management believes these contingency plans should be completed by mid-1999 with testing of these plans conducted throughout the second half of 1999. Management has also begun to identify and model the impacts of the most reasonably likely worst case scenarios. Until these plans are complete, management is unable to determine an estimate of the most reasonably likely worst case scenario due to issues relating to the Year 2000. In addition, the Corporation is actively working with its major external counterparties and suppliers to assess their compliance efforts and the Corporation's exposure to both their Year 2000 issues and non-IT issues. This assessment has included the solicitation of external counterparties and suppliers, evaluating responses received and testing third party interfaces and interactions to determine compliance. Currently, the Corporation has solicited and has received responses from the majority of its counterparties and suppliers. These responses generally state that they believe they will be Year 2000 compliant and that no transactions will be affected. However, certain vendors are also in ongoing assessment and testing of their products whereby they are currently unable to identify all potential problems in certain products which are used by the Corporation. The Corporation believes that these vendors will make no statements regarding their Year 2000 readiness other than to publish declarations addressing specific compliance issues identified with their products. The Corporation has begun to work with these key vendors and is developing procedures in order to stay aware of any compliance issues encountered by these vendors. The Corporation has also decided to test certain interfaces and interactions to gain additional assurance on third party compliance. If key vendors are determined to be unable to meet the Year 2000 requirement, the Corporation is preparing contingency plans that will allow the Corporation to continue to sell its products and to service its customers. Management believes these contingency plans should be completed by mid-1999. The Corporation currently does not have sufficient information to determine whether or not all of its external counterparties and suppliers will be Year 2000 ready. 11 The Corporation may be exposed to the risk that the issuers of investments in its portfolios will be adversely impacted by Year 2000 issues. The Corporation assesses the impact which Year 2000 issues have on the Corporation's investments as part of due diligence for proposed new investments and in its ongoing review of all current portfolio holdings. Any recommended actions with respect to individual investments are determined by taking into account the potential impact of Year 2000 on the issuer. The Corporation currently does not have sufficient information to determine the impacts of such exposures on their results of operations, liquidity or financial position. The Corporation presently believes that it will resolve the Year 2000 issue in a timely manner. Year 2000 costs are expensed as incurred, therefore the majority of the expenses related to this project have been incurred as of March 31, 1999. The Corporation estimates that approximately $125 million in costs will be incurred between the years of 1995 and 2000. These amounts include costs directly related to fixing Year 2000 issues, such as modifying software and hiring Year 2000 solution providers, as well as costs to replace certain non-compliant systems which would not have been otherwise replaced. A portion of these costs will be incurred by the Company on a pro rata basis of usage of the computer-related systems and non-IT, as compared to the usage of all entities which share these services with the Corporation. These amounts are not expected to be material to the results of operations of the Company. FORWARD-LOOKING STATEMENTS The statements contained in this Management's Discussion and Analysis that are not historical information are forward-looking statements that are based on management's estimates, assumptions and projections. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under The Securities Act of 1933 and The Securities Exchange Act of 1934 for forward-looking statements. 12 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. The Company is involved in pending and threatened litigation in the normal course of its business in which claims for monetary damages are asserted. Management, after consultation with legal counsel, does not anticipate the ultimate liability arising from such pending or threatened litigation to have a material effect on the financial condition of the Company. Item 5. OTHER INFORMATION Not applicable. Item 6. EXHIBITS AND REPORTS ON FORM 8-k (a) Exhibits required by Item 601 of Regulation S-K (2) None (3) (i) Articles of Incorporation* (ii) By-laws* (4) Lincoln Benefit Life Company Flexible Premium Deferred Annuity Contract and Application** (10) Reinsurance Agreement between Lincoln Benefit Life Company and Allstate Life Insurance Company* (11) None (15) None (18) None (19) None (22) None (23)(a) Consent of Independent Public Accountants*** (b) Consent of Attorneys*** (24) None (27) Financial Data Schedule (99) None (b) Reports on 8-K No reports on Form 8-K were filed during the second quarter of 1998. *Incorporated herein by reference to the Registration Statement on Form N-4 for Lincoln Benefit Life Variable Annuity Account (File No. 333-50545, 811-07924) filed April 21, 1998. **Incorporated herein by reference to the Registration Statement on Form N-4 for Lincoln Benefit Life Variable Annuity Account (File No. 333-50545, 811-07924) filed April 21, 1998. Incorporated herein by reference to the Registration Statement on Form N-4 for Lincoln Benefit Life Variable Annuity Account (File No. 333-50737, 811-07924) filed April 22, 1998. ***Incorporated herein by reference to the Post-effective Amendment #1 to Registration Statement on Form S-1 for Lincoln Benefit life Company (File No. 333-59765) filed April 1, 1999. Incorporated herein by reference to the Post-effective Amendment #1 to Registration Statement on Form S-1 for Lincoln Benefit Life Company (File No. 333-59769) filed April 1, 1999. 13 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registration has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, on the 14th day of May, 1999. LINCOLN BENEFIT LIFE COMPANY (Registrant) /s/ B. EUGENE WRAITH PRESIDENT, CHIEF OPERATING - --------------------- OFFICER AND DIRECTOR B. EUGENE WRAITH (Principal Executive Officer) /s/ MARVIN P. EHLY SENIOR VICE PRESIDENT - --------------------- TREASURER AND DIRECTOR MARVIN P. EHLY (Principal Financial Officer) 14 EX-27 2 FDS
7 This schedule contains summary financial information extracted from statements of financial position at March 31, 1999; Statements of Operations three months ended March 31, 1999 and March 31, 1998; and Statements of Cash Flows three months ended March 31, 1999 and March 31, 1998. 0000910739 Lincoln Benefit Life Company 1,000 U.S. Dollars 3-MOS Dec-31-1999 Jan-01-1999 Mar-31-1999 1 157,777 0 0 0 0 0 161,968 1,112 7,260,760 0 8,355,766 0 0 373,997 6,878,531 0 0 0 2,500 156,913 8,355,766 0 2,621 1 0 0 0 0 2,622 929 1,693 0 0 0 1,693 0 0 0 0 0 0 0 0 0
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