Exhibit 99.3
MAX RE CAPITAL LTD. REPORTS SECOND
QUARTER NET INCOME OF $0.81 PER DILUTED SHARE:
Hamilton, Bermuda, August 4, 2003—Max Re Capital Ltd. (NASDAQ: MXRE) today reported net income for the three months ended June 30, 2003 of $30.8 million, or net income of $0.81 per diluted share, compared to a net loss of $5.0 million, or a net loss of $0.13 per diluted share, for the three months ended June 30, 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 June 30, 2003 was $36.0 million, or net operating income of $0.79 per diluted share, compared with a net operating loss before minority interest of $8.4 million, or a net operating loss of $0.18 per diluted share, for the three months ended June 30, 2002. For the six months ended June 30, 2003, the Company had net income of $45.4 million, or net income of $1.19 per diluted share, compared to a net loss of $2.4 million, or a net loss of $0.06 per diluted share, for the six months ended June 30, 2002. For the six months ended June 30, 2003, the Company had net operating income before minority interest of $50.7 million, or net operating income of $1.12 per diluted share, compared to a net operating loss of $5.5 million, or a net operating loss $0.12 per diluted share, for the six months ended June 30, 2002.
Robert J. Cooney, Chairman, President and Chief Executive Officer, commented, “Our second quarter results are indicative of an attractive underwriting period and a recovering investment environment. The Company’s shift to increased risk underwriting and steadfast commitment to a diversified investment strategy that includes fixed income securities and alternative assets was rewarded this quarter. Our alternative investment portfolio has achieved record results during the last six month period and, coupled with increasing profits from property and casualty alternative risk and traditional reinsurance underwriting, has resulted in the Company producing record net operating income for the first six months of 2003.”
Gross premiums written for the three months ended June 30, 2003 was $165.8 million, coming entirely from property and casualty underwriting, compared to $121.5 million, also coming from property and casualty underwriting, for the three months ended June 30, 2002. Net premiums earned for the three months ended June 30, 2003 were $143.3 million compared to $65.3 million for the same period of 2002. Current year to date premiums written are $596.3 million compared to $465.4 million for the first six months of 2002. Net premiums earned for the first six months of 2003 are $287.0 million compared to $150.8 million for the same period in 2002.
Net investment income, excluding realized and unrealized gains and losses, for the three months ended June 30, 2003, increased to $15.1 million, compared to $13.4 million for the same period in 2002. Net investment income for the six months ended June 30, 2003 increased $3.8 million, to $29.6 million, compared to $25.8 million for the same period in 2002. Net gains on alternative investments for the three months ended June 30, 2003 were $45.2 million, or a 5.84% return, for the quarter, compared to net gains on alternative investments of $2.9 million, or a 0.44% return, for the same period of 2002. For the six months ended June 30, 2003, alternative investments have returned 9.12%, compared to 0.85% for the same period in 2002. Invested assets were $2.3 billion as of June 30, 2003, with an allocation of approximately 65% to cash and fixed maturities and 35% to alternative investments.
Total revenue for the three months ended June 30, 2003 increased 139% to $206.3 million, compared to $86.2 million of total revenue for the same period in 2002. Growth in revenue is principally attributable to a 119% increase in net premiums earned and to significantly improved performance on the alternative investments for the three months ended June 30, 2003 compared to the same period in 2002. The increase in net premiums earned and the improved performance on the alternative investments also account for the increase in total revenues year to date through June 30, 2003 compared to the same period in 2002.
Losses, benefits and experience refunds were $114.4 million for the three months ended June 30, 2003 compared to $66.9 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 during the quarter with only one significant adverse adjustment, which amounted to $3.5 million, relating to a life and annuity contract written in a prior year. Losses, benefits and experience refunds for the six months ended June 30, 2003 were $228.8 million compared to $134.4 million for the same period in 2002.
General and administrative expenses for the three months ended June 30, 2003 were $10.8 million compared to $4.7 million for the same period in 2002. General and administrative expenses for the six months ended June 30, 2003 were $19.0 million compared to $10.6 million for the same period in 2002. The growth in general and administrative expenses resulted principally from expenses associated with establishing the Company’s insurance operations and expanding the Company’s traditional reinsurance staff. General and administrative expenses for the six months ended June 30, 2003 were 6.61% of net premiums earned compared to 7.03% of net premiums earned for the six months ended June 30, 2002.
Minority interest and shareholders’ equity was $776.6 million at June 30, 2003. Combined book value per share at June 30, 2003, including conversion of the non-voting Max Re Ltd. common shares, was $17.18 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)
June 30, 2003 | December 31, 2002 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 106,851 | $ | 92,103 | ||||
Fixed maturities, available for sale at fair value | 1,389,463 | 1,279,564 | ||||||
Alternative investments, at fair value | 818,030 | 653,165 | ||||||
Accrued interest income | 12,748 | 12,304 | ||||||
Premiums receivable | 388,779 | 190,214 | ||||||
Losses recoverable from reinsurers | 215,719 | 212,241 | ||||||
Funds withheld | 64,170 | 55,276 | ||||||
Deferred acquisition costs | 129,175 | 79,447 | ||||||
Deferred charges | 10,312 | 32,086 | ||||||
Prepaid reinsurance premiums | 59,529 | 25,408 | ||||||
Other assets | 17,998 | 11,633 | ||||||
Total assets | $ | 3,212,774 | $ | 2,643,441 | ||||
LIABILITIES | ||||||||
Property and casualty losses and experience refunds | $ | 807,281 | $ | 778,069 | ||||
Life and annuity benefits and experience refunds | 391,691 | 405,008 | ||||||
Reinsurance balances payable | 253,197 | 194,436 | ||||||
Deposit liabilities | 237,967 | 115,513 | ||||||
Unearned property and casualty premiums | 573,601 | 323,672 | ||||||
Accounts payable and accrued expenses | 22,417 | 16,019 | ||||||
Bank loan | 150,000 | 100,000 | ||||||
Total liabilities | 2,436,154 | 1,932,717 | ||||||
Minority interest | 126,861 | 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; 38,087,279 (2002—37,998,779) shares issued and outstanding | 38,087 | 37,999 | ||||||
Additional paid-in capital | 527,567 | 526,582 | ||||||
Loans receivable from common share sales | (11,965 | ) | (12,575 | ) | ||||
Unearned stock grant compensation | (5,254 | ) | (2,656 | ) | ||||
Accumulated other comprehensive income | 61,740 | 49,108 | ||||||
Retained earnings (deficit) | 39,584 | (4,299 | ) | |||||
Total shareholders’ equity | 649,759 | 594,159 | ||||||
Total liabilities, minority interest and shareholders’ equity | $ | 3,212,774 | $ | 2,643,441 | ||||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)
(Expressed in thousands of United States Dollars, except shares and per share amounts)
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2003 | 2002 | 2003 | 2002 | |||||||||||||
REVENUES | ||||||||||||||||
Gross premiums written | $ | 165,767 | $ | 121,538 | $ | 596,313 | $ | 465,432 | ||||||||
Reinsurance premiums ceded | (39,186 | ) | (14,879 | ) | (71,039 | ) | (50,778 | ) | ||||||||
Net premiums written | $ | 126,581 | $ | 106,659 | $ | 525,274 | $ | 414,654 | ||||||||
Earned premiums | $ | 161,377 | $ | 76,186 | $ | 319,441 | $ | 171,960 | ||||||||
Earned premiums ceded | (18,072 | ) | (10,887 | ) | (32,408 | ) | (21,188 | ) | ||||||||
Net premiums earned | 143,305 | 65,299 | 287,033 | 150,772 | ||||||||||||
Net investment income | 15,061 | 13,389 | 29,568 | 25,804 | ||||||||||||
Net gains on alternative investments | 45,212 | 2,905 | 67,014 | 5,570 | ||||||||||||
Net realized gains on sale of fixed maturities | 509 | 2,439 | 2,999 | 2,588 | ||||||||||||
Other income | 2,212 | 2,144 | 4,215 | 4,040 | ||||||||||||
Total revenues | 206,299 | 86,176 | 390,829 | 188,774 | ||||||||||||
LOSSES AND EXPENSES | ||||||||||||||||
Losses, benefits and experience refunds | 114,371 | 66,875 | 228,834 | 134,388 | ||||||||||||
Acquisition costs | 35,690 | 14,818 | 74,427 | 39,010 | ||||||||||||
Interest expense | 8,953 | 5,753 | 14,934 | 7,724 | ||||||||||||
General and administrative expenses | 10,785 | 4,723 | 18,981 | 10,598 | ||||||||||||
Total losses and expenses | 169,799 | 92,169 | 337,176 | 191,720 | ||||||||||||
INCOME (LOSS) BEFORE MINORITY INTEREST | 36,500 | (5,993 | ) | 53,653 | (2,946 | ) | ||||||||||
Minority interest | (5,651 | ) | 990 | (8,241 | ) | 545 | ||||||||||
NET INCOME (LOSS) | 30,849 | (5,003 | ) | 45,412 | (2,401 | ) | ||||||||||
Change in net unrealized appreciation of fixed maturities | 13,360 | 14,010 | 12,632 | 1,536 | ||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 44,209 | $ | 9,007 | $ | 58,044 | $ | (865 | ) | |||||||
Basic earnings (loss) per share | $ | 0.81 | $ | (0.13 | ) | $ | 1.19 | $ | (0.06 | ) | ||||||
Diluted earnings (loss) per share | $ | 0.81 | $ | (0.13 | ) | $ | 1.19 | $ | (0.06 | ) | ||||||
Diluted net operating earnings (loss) per share | $ | 0.79 | $ | (0.18 | ) | $ | 1.12 | $ | (0.12 | ) | ||||||
Weighted average shares outstanding—basic | 38,129,213 | 39,799,258 | 38,118,783 | 39,661,853 | ||||||||||||
Weighted average shares outstanding—diluted | 45,302,798 | 46,955,512 | 45,252,263 | 46,917,333 | ||||||||||||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)
(Expressed in thousands of United States Dollars)
Six months ended June 30 | ||||||||
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 | 363 | 262 | ||||||
Repurchase of shares | (275 | ) | (246 | ) | ||||
Balance, end of period | 38,087 | 39,598 | ||||||
Additional paid-in capital | ||||||||
Balance, beginning of period | 526,582 | 543,438 | ||||||
Issue of common shares | 4,004 | 3,736 | ||||||
Stock option expense | 127 | — | ||||||
Repurchase of shares | (3,146 | ) | (3,270 | ) | ||||
Balance, end of period | 527,567 | 543,904 | ||||||
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 | (3,740 | ) | (971 | ) | ||||
Amortization | 1,142 | 587 | ||||||
Balance, end of period | (5,254 | ) | (3,278 | ) | ||||
Accumulated other comprehensive income | ||||||||
Balance, beginning of period | 49,108 | 13,475 | ||||||
Holding gains on fixed maturities arising in period | 17,971 | 3,541 | ||||||
Net realized gains included in net income | (2,999 | ) | (2,588 | ) | ||||
Allocation to minority interest | (2,340 | ) | 583 | |||||
Balance, end of period | 61,740 | 15,011 | ||||||
Retained earnings (deficit) | ||||||||
Balance, beginning of period | (4,299 | ) | 3,044 | |||||
Net income | 45,412 | (2,401 | ) | |||||
Dividends paid | (1,529 | ) | (1,589 | ) | ||||
Balance, end of period | 39,584 | (946 | ) | |||||
Total shareholders’ equity | $ | 649,759 | $ | 581,714 | ||||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in thousands of United States Dollars)
Six Months ended June 30 | ||||||||
2003 | 2002 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | 45,412 | $ | (2,401 | ) | |||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||
Minority interest share of income (loss) | 8,241 | (545 | ) | |||||
Amortization of unearned stock based compensation | 1,269 | 587 | ||||||
Amortization of discount on fixed maturities | 2,490 | 165 | ||||||
Net gains on alternative investments | (67,014 | ) | (5,570 | ) | ||||
Net realized gains on sale of fixed maturities | (2,999 | ) | (2,588 | ) | ||||
Accrued interest income | (444 | ) | 749 | |||||
Premiums receivable | (198,565 | ) | (160,465 | ) | ||||
Losses recoverable from reinsurers | (27,578 | ) | (17,874 | ) | ||||
Funds withheld | (8,894 | ) | 4,535 | |||||
Deferred acquisition costs | (50,461 | ) | (56,236 | ) | ||||
Deferred charges | 2,345 | 4,901 | ||||||
Prepaid reinsurance premiums | (38,165 | ) | (29,591 | ) | ||||
Other assets | (6,365 | ) | (1,346 | ) | ||||
Property and casualty losses and experience refunds | 189,877 | 44,059 | ||||||
Life and annuity benefits and experience refunds | (13,317 | ) | (11,186 | ) | ||||
Reinsurance balances payable | 58,761 | 33,459 | ||||||
Unearned property and casualty premiums | 276,892 | 293,472 | ||||||
Accounts payable and accrued expenses | 6,398 | 4,784 | ||||||
Cash from operating activities | 177,883 | 98,909 | ||||||
INVESTING ACTIVITIES | ||||||||
Purchase of fixed maturities | (268,630 | ) | (306,709 | ) | ||||
Sales (purchases) of alternative investments, net | (98,018 | ) | (8,023 | ) | ||||
Sales of fixed maturities | 147,879 | 192,704 | ||||||
Redemptions of fixed maturities | 26,500 | 53,630 | ||||||
Cash used in investing activities | (192,269 | ) | (68,398 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Net proceeds from issuance of common shares | 627 | 3,027 | ||||||
Repurchases of common shares | (3,421 | ) | (3,517 | ) | ||||
Proceeds from bank loan | 50,000 | 100,000 | ||||||
Dividends and distributions | (1,529 | ) | (1,589 | ) | ||||
Distributions to / conversion of minority shareholders | (285 | ) | (3,315 | ) | ||||
Deposit liabilities, net | (16,868 | ) | 37,100 | |||||
Notes and loans repaid | 610 | — | ||||||
Cash from financing activities | 29,134 | 131,706 | ||||||
Net increase in cash and cash equivalents | 14,748 | 162,217 | ||||||
Cash and cash equivalents, beginning of period | 92,103 | 98,322 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 106,851 | $ | 260,539 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid totaled $1,560 and $939 for the six months ended June 30, 2003 and 2002, respectively.
A non cash item that was an amendment to a reinsurance contract resulted in the following changes in the six months ended June 30, 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—JUNE 30, 2003
Computation of Combined Book Value per Common Share: | ||||||||
$ | Shares | Per Share | ||||||
Shareholders’ Equity | 649,758,496 | 38,087,279 | $ | 17.06 | ||||
Minority Interest | 126,861,277 | 7,119,332 | ||||||
Total Combined Equity | 776,619,773 | 45,206,611 | $ | 17.18 | ||||
Selected Performance Measurements: | Quarter Ended | As of | ||||||
06/30/2003 | 06/30/2003 | 12/31/2002 | ||||||
Return on Average Combined Equity | 7.21 | % | ||||||
Invested Assets to Combined Equity | 3.00 | 2.87 | ||||||
General & Administrative Expense Ratio | 6.61 | % |
Year to Date Segment Information: | Property & Casualty | Life & Annuity | Corporate | Consolidated | |||||||||||||||||||||||||||
(in 000's US$) | Structured | Traditional | Alternative | Traditional | Total | ||||||||||||||||||||||||||
Reinsurance | Reinsurance | Risk | Insurance | ||||||||||||||||||||||||||||
Gross premiums written | $ | 206,112 | $ | 176,095 | $ | 162,307 | $ | 51,799 | $ | 596,313 | $ | — | $ | — | $ | 596,313 | |||||||||||||||
Reinsurance premiums ceded | (36,689 | ) | (12,638 | ) | (9,000 | ) | (12,712 | ) | (71,039 | ) | — | — | (71,039 | ) | |||||||||||||||||
Net premiums written | $ | 169,423 | $ | 163,457 | $ | 153,307 | $ | 39,087 | $ | 525,274 | $ | — | $ | — | $ | 525,274 | |||||||||||||||
Earned premiums | $ | 137,463 | $ | 85,286 | $ | 87,936 | $ | 8,756 | $ | 319,441 | $ | — | $ | — | $ | 319,441 | |||||||||||||||
Earned premiums ceded | (23,015 | ) | (1,997 | ) | (4,453 | ) | (2,943 | ) | (32,408 | ) | — | — | (32,408 | ) | |||||||||||||||||
Net premiums earned | 114,448 | 83,289 | 83,483 | 5,813 | 287,033 | — | — | 287,033 | |||||||||||||||||||||||
Net investment income | — | — | — | — | — | — | 29,568 | 29,568 | |||||||||||||||||||||||
Net gains on alternative investments | — | — | — | — | — | — | 67,014 | 67,014 | |||||||||||||||||||||||
Net realized gains on sales of fixed maturities | — | — | — | — | — | — | 2,999 | 2,999 | |||||||||||||||||||||||
Other income | 2,084 | — | — | — | 2,084 | — | 2,131 | 4,215 | |||||||||||||||||||||||
Total revenues | 116,532 | 83,289 | 83,483 | 5,813 | 289,117 | — | 101,712 | 390,829 | |||||||||||||||||||||||
Losses, benefits and experience refunds | 93,635 | 53,100 | 59,755 | 4,434 | 210,924 | 17,910 | — | 228,834 | |||||||||||||||||||||||
Acquisition costs | 38,524 | 18,119 | 17,003 | 290 | 73,936 | 491 | — | 74,427 | |||||||||||||||||||||||
Interest expense | 10,637 | — | 291 | — | 10,928 | 2,446 | 1,560 | 14,934 | |||||||||||||||||||||||
General and administrative expenses | 1,592 | 1,360 | 1,253 | 3,157 | 7,362 | 2,765 | 8,854 | 18,981 | |||||||||||||||||||||||
Total losses and expenses | 144,388 | 72,579 | 78,302 | 7,881 | 303,150 | 23,612 | 10,414 | 337,176 | |||||||||||||||||||||||
Net income (loss) before minority interest | $ | (27,856 | ) | $ | 10,710 | $ | 5,181 | $ | (2,068 | ) | $ | (14,033 | ) | $ | (23,612 | ) | $ | 91,298 | $ | 53,653 | |||||||||||
Loss Ratio | 63.8 | % | 71.6 | % | 76.3 | % | |||||||||||||||||||||||||
Combined Ratio | 87.1 | % | 93.8 | % | 135.6 | % | |||||||||||||||||||||||||
Gross deposits | $ | 65,346 | $ | — | $ | — | $ | — | $ | 65,346 | $ | — | $ | — | $ | 65,346 | |||||||||||||||
Net deposits | $ | 49,900 | $ | — | $ | — | $ | — | $ | 49,900 | $ | — | $ | — | $ | 49,900 | |||||||||||||||
MAX RE CAPITAL LTD.
SCHEDULE OF SUPPLEMENTAL DATA—JUNE 30, 2003
Periodic Rate of Return | ||||||||||||||||||
Market | Investment | Quarter | Year-to- | Last | Last | |||||||||||||
Selected Investment Return Data: | Value* | %’s | Ended | Date | 12 Months | 36 months** | ||||||||||||
Cash and Fixed Maturities | $ | 1,496,314 | 64.7 | % | 2.28 | % | 3.48 | % | 9.38 | % | 8.87 | % | ||||||
Global Macro | $ | 96,608 | 4.2 | % | 11.28 | % | 13.55 | % | 19.58 | % | 15.94 | % | ||||||
Long / Short Equity | 65,316 | 2.8 | % | 5.01 | % | 7.52 | % | 8.28 | % | 2.61 | % | |||||||
Convertible Arbitrage | 89,321 | 3.9 | % | 1.31 | % | 6.51 | % | 14.65 | % | 13.43 | % | |||||||
Diversified Arbitrage | 145,231 | 6.3 | % | 2.82 | % | 5.62 | % | 10.37 | % | 12.05 | % | |||||||
Distressed Securities | 89,212 | 3.8 | % | 14.65 | % | 20.64 | % | 25.61 | % | 7.82 | % | |||||||
Opportunistic | 18,605 | 0.8 | % | -5.49 | % | -5.49 | % | -0.70 | % | 3.10 | % | |||||||
Emerging Markets | 56,476 | 2.4 | % | 10.38 | % | 14.23 | % | 15.63 | % | 4.65 | % | |||||||
Fixed Income Arbitrage | 77,117 | 3.3 | % | 4.39 | % | 7.01 | % | 18.38 | % | 5.96 | % | |||||||
Event-Driven Arbitrage | 45,870 | 2.0 | % | 8.21 | % | 11.52 | % | 11.78 | % | 9.80 | % | |||||||
Commodity Trading Advisers | 53,120 | 2.3 | % | 10.55 | % | 13.80 | % | 11.10 | % | 3.57 | % | |||||||
MDS | 736,876 | 31.8 | % | 6.08 | % | 9.13 | % | 13.33 | % | 8.87 | % | |||||||
Insurance Underwriting | 81,154 | 3.5 | % | 3.74 | % | 9.20 | % | 18.49 | % | 7.14 | % | |||||||
Alternative Investments | $ | 818,030 | 35.3 | % | 5.84 | % | 9.12 | % | 13.87 | % | 9.21 | % | ||||||
Total Investments | $ | 2,314,344 | 100.0 | % | 3.53 | % | 5.43 | % | 10.93 | % | 8.94 | % | ||||||
Comparative returns | ||||||||||||||||||
Merrill Lynch Master Bond Index | 2.53 | % | 3.95 | % | 10.72 | % | 10.13 | % | ||||||||||
Standard & Poors 500 Stock Index | 15.39 | % | 11.75 | % | 0.25 | % | -11.19 | % | ||||||||||
80% Lehman Index and 20% S&P Index | 5.03 | % | 5.53 | % | 8.99 | % | 5.87 | % |
* | Expressed in thousands of United States Dollars |
** | Annualized |