Exhibit 99.1
MAX RE CAPITAL LTD. REPORTS FIRST QUARTER NET INCOME OF
$0.38 PER DILUTED SHARE:
Hamilton, Bermuda, May 5, 2003 – Max Re Capital Ltd. (NASDAQ: MXRE) today reported net income for the three months ended March 31, 2003 of $14.6 million, or income of $0.38 per diluted share, compared to net income of $2.6 million, or income of $0.06 per diluted share, for the same period in 2002. Net operating income before minority interest, which represents net income before minority interest reduced by net realized gains on sale of fixed maturities, for the three months ended March 31, 2003 was $14.6 million, or net operating income of $0.32 per diluted share, compared with net operating income before minority interest of $2.9 million, or net operating income of $0.06 per diluted share, for the three months ended March 31, 2002.
Robert J. Cooney, Chairman, President and Chief Executive Officer, commented, “Our first quarter produced record premiums written largely attributable to strong growth in traditional risk transfer reinsurance which represented over 28% of the net premium revenue. The commencement of insurance underwriting operations midway through the quarter has been well received in the marketplace and contributed $9.0 million in premiums written in the quarter. Our favorable net operating income result this quarter is jointly attributable to increasing profits from property and casualty alternative risk and traditional reinsurance underwriting and a return of 3.10% on the alternative investment portfolio.”
Gross premiums written for the three months ended March 31, 2003 was $430.5 million, coming entirely from property and casualty underwriting, compared to $343.9 million, comprised of $329.2 million from property and casualty underwriting and $14.7 million from life and annuity underwriting, for the three months ended March 31, 2002. Net premiums earned for the three months ended March 31, 2003 were $143.7 million compared to $85.5 million for the same period of 2002.
Net investment income, excluding realized and unrealized gains and losses, for the three months ended March 31, 2003 increased to $14.5 million compared to $12.4 million for the same period in 2002. Net gains on alternative investments for the three months ended March 31, 2003 were $21.8 million, or a 3.10% return for the quarter, compared to net gains on alternative investments of $2.7 million, or a 0.41% return, for the same period of 2002. Invested assets were $2.2 billion as of March 31, 2003, with an allocation of approximately 66% to cash and fixed maturities and 34% to alternative investments.
Total revenue for the three months ended March 31, 2003 increased 80% to $184.5 million, compared to $102.6 million of total revenue for the same period in 2002. Growth in revenue is principally attributable to a 68% increase in earned premium and to improved performance on the alternative investments for the three months ended March 31, 2003 compared to the same period in 2002.
Losses, benefits and experience refunds were $114.5 million for the three months ended March 31, 2003 compared to $67.5 million for the same period in 2002. The increase in losses, benefits and experience refunds is principally attributable to the increase in premiums written and earned. Loss experience on contracts in force developed as expected with no significant adjustments to reserves during the three months ended March 31, 2003. Although losses, benefits and experience refunds increased in the three months ended March 31, 2003, the reserves for losses and experience refunds has declined at March 31, 2003 compared to December 31, 2002 due to an amendment, effective January 1, 2003, to the terms of a property and casualty reinsurance contract. The amendment was a material change in the contract terms, causing the Company to record the amended contract as a deposit arrangement, thereby
reducing the reserve for property and casualty losses and experience refunds and increasing the reserve for deposit liabilities.
General and administrative expenses for the three months ended March 31, 2003 were $8.2 million compared to $5.9 million for the three months ended March 31, 2002. The growth in general and administrative expenses came principally from expenses associated with establishing the Company’s insurance operations. General and administrative expenses for the three months ended March 31, 2003 were 5.70% of net premiums earned compared to 6.87% of net premiums earned for the three months ended March 31, 2002.
Minority interest and shareholders’ equity was $725.1 million at March 31, 2003. Combined book value per share at March 31, 2003, including conversion of the non-voting Max Re Ltd. common shares, was $16.02 per share compared to $15.75 at December 31, 2002.
Max Re Capital Ltd., through its principal operating subsidiary, Max Re Ltd., offers customized insurance and reinsurance solutions to property and casualty insurers, life and health insurers and large corporations.
The above remarks about future expectations, plans and prospects for the Company are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those suggested by such statements. For further information regarding cautionary statements and factors affecting future operating results, please refer to the Company’s most recent Annual Report on Form 10-K and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
Contact Information:
Keith S. Hynes | N. James Tees | |
Executive Vice President & CFO | Senior Vice President & Treasurer | |
441-296-8800 | 441-296-8800 | |
keithh@maxre.bm | jimt@maxre.bm |
MAX RE CAPITAL LTD.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States Dollars, except per share and share amounts)
March 31, 2003 | December 31, 2002 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 109,848 |
| $ | 92,103 |
| ||
Fixed maturities, available for sale at fair value |
| 1,315,126 |
|
| 1,279,564 |
| ||
Alternative investments, at fair value |
| 735,732 |
|
| 653,165 |
| ||
Accrued interest income |
| 13,707 |
|
| 12,304 |
| ||
Premiums receivable |
| 376,029 |
|
| 190,214 |
| ||
Losses recoverable from reinsurers |
| 199,439 |
|
| 212,241 |
| ||
Funds withheld |
| 70,967 |
|
| 55,276 |
| ||
Deferred acquisition costs |
| 149,802 |
|
| 79,447 |
| ||
Deferred charges |
| 11,489 |
|
| 32,086 |
| ||
Prepaid reinsurance premiums |
| 38,881 |
|
| 25,408 |
| ||
Other assets |
| 13,958 |
|
| 11,633 |
| ||
Total assets | $ | 3,034,978 |
| $ | 2,643,441 |
| ||
LIABILITIES | ||||||||
Property and casualty losses and experience refunds | $ | 716,332 |
| $ | 778,069 |
| ||
Life and annuity benefits and experience refunds |
| 395,971 |
|
| 405,008 |
| ||
Reinsurance balances payable |
| 211,553 |
|
| 194,436 |
| ||
Deposit liabilities |
| 253,933 |
|
| 115,513 |
| ||
Unearned property and casualty premiums |
| 569,210 |
|
| 323,672 |
| ||
Accounts payable and accrued expenses |
| 12,894 |
|
| 16,019 |
| ||
Bank loan |
| 150,000 |
|
| 100,000 |
| ||
Total liabilities |
| 2,309,893 |
|
| 1,932,717 |
| ||
Minority interest |
| 118,845 |
|
| 116,565 |
| ||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred shares (par value $1.00) 20,000,000 shares authorized; no shares issued or outstanding |
| — |
|
| — |
| ||
Common shares (par value $1.00) 200,000,000 shares authorized; 38,131,779 (2002—37,998,779) shares issued and outstanding |
| 38,132 |
|
| 37,999 |
| ||
Additional paid-in capital |
| 528,075 |
|
| 526,582 |
| ||
Loans receivable from common share sales |
| (11,965 | ) |
| (12,575 | ) | ||
Unearned stock grant compensation |
| (5,879 | ) |
| (2,656 | ) | ||
Accumulated other comprehensive income |
| 48,380 |
|
| 49,108 |
| ||
Retained earnings (deficit) |
| 9,497 |
|
| (4,299 | ) | ||
Total shareholders’ equity |
| 606,240 |
|
| 594,159 |
| ||
Total liabilities, minority interest and shareholders’ equity | $ | 3,034,978 |
| $ | 2,643,441 |
| ||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)
(Expressed in thousands of United States Dollars, except per share and share amounts)
Three Months Ended March 31 | ||||||||
2003 | 2002 | |||||||
REVENUES | ||||||||
Gross premiums written | $ | 430,545 |
| $ | 343,894 |
| ||
Reinsurance premiums ceded |
| (31,852 | ) |
| (35,899 | ) | ||
Net premiums written | $ | 398,693 |
| $ | 307,995 |
| ||
Earned premiums | $ | 158,065 |
| $ | 95,774 |
| ||
Earned premiums ceded |
| (14,337 | ) |
| (10,301 | ) | ||
Net premiums earned |
| 143,728 |
|
| 85,473 |
| ||
Net investment income |
| 14,507 |
|
| 12,415 |
| ||
Net gains on alternative investments |
| 21,802 |
|
| 2,666 |
| ||
Net realized gains on sale of fixed maturities |
| 2,490 |
|
| 149 |
| ||
Other income |
| 2,002 |
|
| 1,895 |
| ||
Total revenues |
| 184,529 |
|
| 102,598 |
| ||
LOSSES AND EXPENSES | ||||||||
Losses, benefits and experience refunds |
| 114,463 |
|
| 67,513 |
| ||
Acquisition costs |
| 38,737 |
|
| 24,191 |
| ||
Interest expense |
| 5,981 |
|
| 1,971 |
| ||
General and administrative expenses |
| 8,196 |
|
| 5,875 |
| ||
Total losses and expenses |
| 167,377 |
|
| 99,550 |
| ||
INCOME BEFORE MINORITY INTEREST |
| 17,152 |
|
| 3,048 |
| ||
Minority interest |
| (2,590 | ) |
| (444 | ) | ||
NET INCOME |
| 14,562 |
|
| 2,604 |
| ||
Change in net unrealized appreciation of fixed maturities |
| (728 | ) |
| (12,474 | ) | ||
COMPREHENSIVE INCOME (LOSS) | $ | 13,834 |
| $ | (9,870 | ) | ||
Basic earnings per share | $ | 0.38 |
| $ | 0.07 |
| ||
Diluted earnings per share | $ | 0.38 |
| $ | 0.06 |
| ||
Diluted net operating earnings per share | $ | 0.32 |
| $ | 0.06 |
| ||
Weighted average shares outstanding - basic |
| 38,172,645 |
|
| 39,653,712 |
| ||
Weighted average shares outstanding - diluted |
| 45,293,477 |
|
| 47,283,178 |
| ||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)
(Expressed in thousands of United States Dollars)
Three months ended March 31 | ||||||||
2003 | 2002 | |||||||
Preferred shares | ||||||||
Balance, beginning of period | $ | — |
| $ | — |
| ||
Balance, end of period |
| — |
|
| — |
| ||
Common shares | ||||||||
Balance, beginning of period |
| 37,999 |
|
| 39,582 |
| ||
Issue of shares |
| 335 |
|
| 262 |
| ||
Repurchase of shares |
| (202 | ) |
| (20 | ) | ||
Balance, end of period |
| 38,132 |
|
| 39,824 |
| ||
Additional paid-in capital | ||||||||
Balance, beginning of period |
| 526,582 |
|
| 543,438 |
| ||
Issue of common shares |
| 3,633 |
|
| 3,736 |
| ||
Repurchase of shares |
| (2,140 | ) |
| (274 | ) | ||
Balance, end of period |
| 528,075 |
|
| 546,900 |
| ||
Loans receivable from common share sales | ||||||||
Balance, beginning of period |
| (12,575 | ) |
| (12,575 | ) | ||
Loans granted |
| — |
|
| — |
| ||
Loans repaid |
| 610 |
|
| — |
| ||
Balance, end of period |
| (11,965 | ) |
| (12,575 | ) | ||
Unearned stock grant compensation | ||||||||
Balance, beginning of period |
| (2,656 | ) |
| (2,894 | ) | ||
Stock grants awarded |
| (3,741 | ) |
| (971 | ) | ||
Amortization |
| 518 |
|
| 276 |
| ||
Balance, end of period |
| (5,879 | ) |
| (3,589 | ) | ||
Accumulated other comprehensive income | ||||||||
Balance, beginning of period |
| 49,108 |
|
| 13,475 |
| ||
Holding gains on fixed maturities arising in period |
| 1,594 |
|
| (15,372 | ) | ||
Net realized gains included in net income |
| (2,490 | ) |
| (149 | ) | ||
Allocation to minority interest |
| 168 |
|
| 3,047 |
| ||
Balance, end of period |
| 48,380 |
|
| 1,001 |
| ||
Retained earnings (deficit) | ||||||||
Balance, beginning of period |
| (4,299 | ) |
| 3,044 |
| ||
Net income |
| 14,562 |
|
| 2,604 |
| ||
Dividends paid |
| (766 | ) |
| (793 | ) | ||
Balance, end of period |
| 9,497 |
|
| 4,855 |
| ||
Total shareholders' equity | $ | 606,240 |
| $ | 576,416 |
| ||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in thousands of United States Dollars)
Three Months ended | ||||||||
2003 | 2002 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | 14,562 |
| $ | 2,604 |
| ||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Minority interest share of net income |
| 2,590 |
|
| 444 |
| ||
Amortization of unearned stock grant compensation |
| 518 |
|
| 276 |
| ||
Amortization of discount on fixed maturities |
| 1,111 |
|
| (69 | ) | ||
Net gains on alternative investments |
| (21,802 | ) |
| (2,666 | ) | ||
Net realized gains on sale of fixed maturities |
| (2,490 | ) |
| (149 | ) | ||
Accrued interest income |
| (1,403 | ) |
| 1,448 |
| ||
Premiums receivable |
| (185,815 | ) |
| (199,831 | ) | ||
Losses recoverable from reinsurers |
| (11,298 | ) |
| (9,388 | ) | ||
Funds withheld |
| (15,691 | ) |
| 3,467 |
| ||
Deferred acquisition costs |
| (71,088 | ) |
| (64,670 | ) | ||
Deferred charges |
| 1,168 |
|
| 2,427 |
| ||
Prepaid reinsurance premiums |
| (17,517 | ) |
| (24,414 | ) | ||
Other assets |
| (2,325 | ) |
| (1,267 | ) | ||
Property and casualty losses and experience refunds |
| 98,928 |
|
| (13,891 | ) | ||
Life and annuity benefits and experience refunds |
| (9,037 | ) |
| 2,050 |
| ||
Reinsurance balances payable |
| 17,117 |
|
| 24,971 |
| ||
Unearned property and casualty premiums |
| 272,501 |
|
| 248,120 |
| ||
Accounts payable and accrued expenses |
| (3,125 | ) |
| 2,831 |
| ||
Cash from (used in) operating activities |
| 66,904 |
|
| (27,707 | ) | ||
INVESTING ACTIVITIES | ||||||||
Purchase of fixed maturities |
| (164,953 | ) |
| (87,226 | ) | ||
Sales (purchases) of alternative investments, net |
| (60,713 | ) |
| 148 |
| ||
Sales of fixed maturities |
| 103,323 |
|
| 55,668 |
| ||
Redemptions of fixed maturities |
| 26,500 |
|
| 26,500 |
| ||
Cash used in investing activities |
| (95,843 | ) |
| (4,910 | ) | ||
FINANCING ACTIVITIES | ||||||||
Net proceeds from subscriptions to share capital |
| 227 |
|
| 3,027 |
| ||
Repurchases of common shares |
| (2,343 | ) |
| (294 | ) | ||
Proceeds from bank loan |
| 50,000 |
|
| 100,000 |
| ||
Dividends and distributions |
| (766 | ) |
| (793 | ) | ||
Distributions to / conversion of minority shareholders |
| (142 | ) |
| (3,173 | ) | ||
Deposit liabilities, net |
| (902 | ) |
| 30,496 |
| ||
Notes and loans repaid |
| 610 |
|
| — |
| ||
Cash from financing activities |
| 46,684 |
|
| 129,263 |
| ||
Net increase in cash and cash equivalents |
| 17,745 |
|
| 96,646 |
| ||
Cash and cash equivalents, beginning of period |
| 92,103 |
|
| 98,322 |
| ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 109,848 |
| $ | 194,968 |
| ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid totaled $708 and $239 for the three months ended March 31, 2003 and 2002, respectively.
A non cash item that was an amendment to a reinsurance contract resulted in the following changes in the three months ended March 31, 2003: decreased property and casualty losses and experience refunds by $160,665, decreased unearned property and casualty premiums by $26,963, decreased deferred charges by $19,429, decreased losses recoverable from reinsurers by $24,100, decreased prepaid reinsurance premiums by $4,044, decreased deferred acquisitions costs by $733 and increased deposit liabilities by $139,322.
MAX RE CAPITAL LTD.
SCHEDULE OF SUPPLEMENTAL DATA – MARCH 31, 2003
Computation of Combined Book Value per Common Share:
$ | Shares | Per Share | ||||||
Shareholders’ Equity | 606,240,944 |
| 38,131,779 | $ | 15.90 | |||
Minority Interest | 118,844,520 |
| 7,119,332 | |||||
Total Combined Equity | 725,085,464 |
| 45,251,111 | $ | 16.02 | |||
Selected Performance Measurements: | Quarter Ended 03/31/2003 | As of | ||||||
03/31/2003 | 12/31/2002 | |||||||
Return on Average Combined Equity | 2.39 | % | ||||||
Invested Assets to Combined Equity | 3.00 |
| 2.87 | |||||
General & Administrative Expense Ratio | 5.70 | % |
Year to Date Segment Information: | Property & Casualty | Life & Annuity | Corporate | Consolidated | |||||||||||||||||||||||||||
(in 000’s US$) | Structured | Reinsurance Alternative Risk | Traditional | Insurance | Total | ||||||||||||||||||||||||||
Gross premiums written | $ | 205,160 |
| $ | 102,307 |
| $ | 114,104 |
| $ | 8,974 |
| $ | 430,545 |
| $ | — |
| $ | — | $ | 430,545 |
| ||||||||
Reinsurance premiums ceded |
| (31,852 | ) |
| — |
|
| — |
|
| — |
|
| (31,852 | ) |
| — |
|
| — |
| (31,852 | ) | ||||||||
Net premiums written | $ | 173,308 |
| $ | 102,307 |
| $ | 114,104 |
| $ | 8,974 |
| $ | 398,693 |
| $ | — |
| $ | — | $ | 398,693 |
| ||||||||
Earned premiums | $ | 77,070 |
| $ | 41,536 |
| $ | 38,221 |
| $ | 1,238 |
| $ | 158,065 |
| $ | — |
| $ | — | $ | 158,065 |
| ||||||||
Earned premiums ceded |
| (12,115 | ) |
| (2,222 | ) |
| — |
|
| — |
|
| (14,337 | ) |
| — |
|
| — |
| (14,337 | ) | ||||||||
Net premiums earned |
| 64,955 |
|
| 39,314 |
|
| 38,221 |
|
| 1,238 |
|
| 143,728 |
|
| — |
|
| — |
| 143,728 |
| ||||||||
Net investment income |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 14,507 |
| 14,507 |
| ||||||||
Net gains on alternative investments |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 21,802 |
| 21,802 |
| ||||||||
Net realized gains on sales of fixed maturities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 2,490 |
| 2,490 |
| ||||||||
Other income |
| 952 |
|
| — |
|
| — |
|
| — |
|
| 952 |
|
| — |
|
| 1,050 |
| 2,002 |
| ||||||||
Total revenues |
| 65,907 |
|
| 39,314 |
|
| 38,221 |
|
| 1,238 |
|
| 144,680 |
|
| — |
|
| 39,849 |
| 184,529 |
| ||||||||
Losses, benefits and experience refunds |
| 53,678 |
|
| 28,482 |
|
| 23,522 |
|
| 990 |
|
| 106,672 |
|
| 7,791 |
|
| — |
| 114,463 |
| ||||||||
Acquisition costs |
| 22,595 |
|
| 7,651 |
|
| 8,202 |
|
| 30 |
|
| 38,478 |
|
| 259 |
|
| — |
| 38,737 |
| ||||||||
Interest expense |
| 3,880 |
|
| 111 |
|
| — |
|
| — |
|
| 3,991 |
|
| 1,282 |
|
| 708 |
| 5,981 |
| ||||||||
General and administrative expenses |
| 796 |
|
| 397 |
|
| 443 |
|
| 1,498 |
|
| 3,134 |
| �� |
| 1,262 |
|
| 3,800 |
| 8,196 |
| |||||||
Total losses and expenses |
| 80,949 |
|
| 36,641 |
|
| 32,167 |
|
| 2,518 |
|
| 152,275 |
|
| 10,594 |
|
| 4,508 |
| 167,377 |
| ||||||||
Net income (loss) before minority interest | $ | (15,042 | ) | $ | 2,673 |
| $ | 6,054 |
| $ | (1,280 | ) | $ | (7,595 | ) | $ | (10,594 | ) | $ | 35,341 | $ | 17,152 |
| ||||||||
Loss Ratio |
| 72.4 | % |
| 61.5 | % |
| 80.0 | % | ||||||||||||||||||||||
Combined Ratio |
| 93.2 | % |
| 84.2 | % |
| 203.4 | % | ||||||||||||||||||||||
Gross deposits | $ | 57,469 |
| $ | — |
| $ | — |
| $ | — |
| $ | 57,469 |
| $ | — |
| $ | — | $ | 57,469 |
| ||||||||
Net deposits | $ | 43,674 |
| $ | — |
| $ | — |
| $ | — |
| $ | 43,674 |
| $ | — |
| $ | — | $ | 43,674 |
| ||||||||
MAX RE CAPITAL LTD.
SCHEDULE OF SUPPLEMENTAL DATA – MARCH 31, 2003
Periodic Rate of Return | |||||||||||||||
Selected Investment Return Data: | Market Value* | Investment %'s | Last 3 Months | Last 12 Months | Last 36 months** | ||||||||||
Cash and Fixed Maturities | $ | 1,424,974 | 65.9 | % | 1.18 | % | 10.28 | % | 8.93 | % | |||||
Global Macro | $ | 87,046 | 4.0 | % | 2.03 | % | 12.07 | % | 8.96 | % | |||||
Long / Short Equity |
| 72,481 | 3.4 | % | 2.39 | % | 0.26 | % | 0.10 | % | |||||
Convertible Arbitrage |
| 53,495 | 2.5 | % | 5.13 | % | 13.99 | % | 14.09 | % | |||||
Diversified Arbitrage |
| 149,472 | 6.9 | % | 2.73 | % | 8.88 | % | 12.23 | % | |||||
Distressed Securities |
| 65,427 | 3.0 | % | 5.23 | % | 6.29 | % | 3.01 | % | |||||
Opportunistic |
| 27,849 | 1.3 | % | 0.00 | % | 3.90 | % | 5.06 | % | |||||
Emerging Markets |
| 43,906 | 2.0 | % | 3.49 | % | 3.84 | % | 1.26 | % | |||||
Fixed Income Arbitrage |
| 73,310 | 3.4 | % | 2.50 | % | 14.86 | % | 4.45 | % | |||||
Event-Driven Arbitrage |
| 49,959 | 2.3 | % | 3.06 | % | 2.62 | % | 8.05 | % | |||||
Commodity Trading Advisers |
| 34,561 | 1.6 | % | 2.94 | % | 0.50 | % | 0.17 | % | |||||
MDS |
| 657,506 | 30.4 | % | 2.88 | % | 6.96 | % | 5.28 | % | |||||
Insurance Underwriting |
| 78,226 | 3.6 | % | 5.26 | % | 17.99 | % | 5.84 | % | |||||
Alternative Investments | $ | 735,732 | 34.1 | % | 3.10 | % | 8.06 | % | 5.68 | % | |||||
Total Investments | $ | 2,160,706 | 100.0 | % | 1.83 | % | 9.42 | % | 7.75 | % | |||||
Comparative returns | |||||||||||||||
Merrill Lynch Master Bond Index | 1.39 | % | 11.96 | % | 9.81 | % | |||||||||
Standard & Poors 500 Stock Index | -3.15 | % | -24.75 | % | -16.09 | % | |||||||||
80% Lehman Index and 20% S&P Index | 0.48 | % | 3.90 | % | 4.41 | % |
* | Expressed in thousands of United States Dollars |
** | Annualized |