Exhibit 99.2
MAX RE CAPITAL LTD. REPORTS THIRD QUARTER NET INCOME OF $0.89 PER DILUTED SHARE:
Hamilton, Bermuda, November 3, 2003 – Max Re Capital Ltd. (NASDAQ: MXRE) today reported net income for the three months ended September 30, 2003 of $38.8 million, or net income of $0.89 per diluted share, compared to a net loss of $14.3 million, or a net loss of $0.37 per diluted share, for the three months ended September 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 September 30, 2003 was $29.3 million, or net operating income of $0.64 per diluted share, compared with a net operating loss before minority interest of $17.7 million, or a net operating loss of $0.39 per diluted share, for the three months ended September 30, 2002.
For the nine months ended September 30, 2003, the Company had net income of $84.2 million, or net income of $2.08 per diluted share, compared to a net loss of $16.7 million, or a net loss of $0.43 per diluted share, for the nine months ended September 30, 2002. For the nine months ended September 30, 2003, the Company had net operating income before minority interest of $79.9 million, or net operating income of $1.76 per diluted share, compared to a net operating loss before minority interest of $23.2 million, or a net operating loss $0.50 per diluted share, for the nine months ended September 30, 2002.
Robert J. Cooney, Chairman, President and Chief Executive Officer, commented, “Our third quarter profitable underwriting result is reflective of the increasingly larger percentage of traditional reinsurance and direct insurance in our property and casualty portfolio. Accelerating earned premium combined with attractive underwriting margins has dramatically shifted our earnings focus towards underwriting income. Total income this quarter was again augmented appreciably by a fourth consecutive quarter of strong alternative investment results.”
Gross premiums written for the three months ended September 30, 2003 were $188.6 million, coming entirely from property and casualty underwriting, compared to $65.7 million, also all from property and casualty underwriting, for the three months ended September 30, 2002. Net premiums earned for the three months ended September 30, 2003 were $178.7 million compared to $96.9 million for the same period of 2002. Current year to date premiums written are $784.9 million compared to $531.1 million for the first nine months of 2002. Net premiums earned for the first nine months of 2003 are $465.8 million compared to $247.6 million for the same period in 2002.
Net investment income, excluding realized and unrealized gains and losses, for the three months ended September 30, 2003, increased slightly to $13.9 million, from $13.8 million for the same period in 2002. Net investment income for the nine months ended September 30, 2003 increased to $43.5 million from $39.6 million for the same period in 2002. Net gains on alternative investments for the three months ended September 30, 2003 were $28.1 million, or a 3.35% rate of return, compared to net gains on alternative investments of $1.1 million, or a 0.25% rate of return, for the same period of 2002. For the nine months ended September 30, 2003, alternative investments have returned $95.2 million, or 12.77%, compared to $6.7 million, or 1.11%, for the same period in 2002. Invested assets were $2.5 billion as of September 30, 2003, with an allocation of approximately 66% to cash and fixed maturities and 34% to alternative investments.
Total revenue for the three months ended September 30, 2003 increased 106% to $233.5 million, compared to $113.5 million of total revenue for the same period in 2002. Growth in revenue is principally attributable to an 85% increase in net premiums earned and to improved performance on the alternative investments for the three months ended September 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 September 30, 2003 compared to the same period in 2002.
Losses, benefits and experience refunds were $139.7 million for the three months ended September 30, 2003 compared to $95.5 million for the same period in 2002. The increase in losses, benefits and experience refunds is principally attributable to the increase in premiums earned. Loss experience on contracts in force developed as expected during the quarter. Losses, benefits and experience refunds for the nine months ended September 30, 2003 were $368.5 million compared to $229.9 million for the same period in 2002.
General and administrative expenses for the three months ended September 30, 2003 were $10.9 million compared to $4.9 million for the same period in 2002. General and administrative expenses for the nine months ended September 30, 2003 were $29.9 million compared to $15.5 million for the same period in 2002. The growth in general and administrative expenses resulted principally from expenses associated with establishing the Company’s direct insurance operations and expanding the Company’s traditional reinsurance staff. General and administrative expenses for the nine months ended September 30, 2003 were 6.4 % of net premiums earned compared to 6.2 % of net premiums earned for the nine months ended September 30, 2002.
Shareholders’ equity was $789.0 million at September 30, 2003. Shareholders’ equity reflects the exchange on July 30, 2003 of non-voting common shares of Max Re Ltd. and warrants to acquire non-voting common shares of Max Re Ltd., (which were accounted for as minority interest) for common shares of the Company. Book value per share at September 30, 2003 was $17.46 per share, compared to $15.75 at December 31, 2002. Return on shareholders’ equity for the trailing 12 month period was 12.2 %.
Max Re Capital Ltd., through its principal operating subsidiaries, Max Re Ltd., Max Insurance Europe Limited and Max Re Europe Limited, 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 Executive Vice President & CFO 441-296-8800 keithh@maxre.bm | N. James Tees Senior Vice President & Treasurer 441-296-8800 jimt@maxre.bm |
MAX RE CAPITAL LTD.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States Dollars, except per share and share amounts)
September 30, 2003 | December 31, 2002 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 141,703 | $ | 92,103 | ||||
Fixed maturities, available for sale at fair value | 1,507,280 | 1,279,564 | ||||||
Alternative investments, at fair value | 848,550 | 653,165 | ||||||
Accrued interest income | 14,163 | 12,304 | ||||||
Premiums receivable | 343,311 | 190,214 | ||||||
Losses recoverable from reinsurers | 235,678 | 212,241 | ||||||
Funds withheld | 61,017 | 55,276 | ||||||
Deferred acquisition costs | 109,764 | 79,447 | ||||||
Deferred charges | 9,152 | 32,086 | ||||||
Prepaid reinsurance premiums | 65,280 | 25,408 | ||||||
Other assets | 18,556 | 11,633 | ||||||
Total assets | $ | 3,354,454 | $ | 2,643,441 | ||||
LIABILITIES | ||||||||
Property and casualty losses and experience refunds | $ | 927,897 | $ | 778,069 | ||||
Life and annuity benefits and experience refunds | 383,386 | 405,008 | ||||||
Reinsurance balances payable | 262,540 | 194,436 | ||||||
Deposit liabilities | 261,154 | 115,513 | ||||||
Unearned property and casualty premiums | 557,668 | 323,672 | ||||||
Accounts payable and accrued expenses | 22,770 | 16,019 | ||||||
Bank loan | 150,000 | 100,000 | ||||||
Total liabilities | 2,565,415 | 1,932,717 | ||||||
Minority interest | — | 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; 45,181,611 (2002 – 37,998,779) shares issued and outstanding | 45,182 | 37,999 | ||||||
Additional paid-in capital | 637,597 | 526,582 | ||||||
Loans receivable from common share sales | (11,965 | ) | (12,575 | ) | ||||
Unearned stock grant compensation | (4,643 | ) | (2,656 | ) | ||||
Accumulated other comprehensive income | 45,438 | 49,108 | ||||||
Retained earnings (deficit) | 77,430 | (4,299 | ) | |||||
Total shareholders’ equity | 789,039 | 594,159 | ||||||
Total liabilities, minority interest and shareholders’ equity | $ | 3,354,454 | $ | 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 September 30 | Nine Months Ended September 30 | |||||||||||||||
2003 | 2002 | 2003 | 2002 | |||||||||||||
REVENUES | ||||||||||||||||
Gross premiums written | $ | 188,608 | $ | 65,664 | $ | 784,921 | $ | 531,096 | ||||||||
Reinsurance premiums ceded | (31,581 | ) | (2,636 | ) | (102,620 | ) | (53,414 | ) | ||||||||
Net premiums written | $ | 157,027 | $ | 63,028 | $ | 682,301 | $ | 477,682 | ||||||||
Earned premiums | $ | 204,460 | $ | 109,870 | $ | 523,902 | $ | 281,830 | ||||||||
Earned premiums ceded | (25,714 | ) | (12,996 | ) | (58,123 | ) | (34,184 | ) | ||||||||
Net premiums earned | 178,746 | 96,874 | 465,779 | 247,646 | ||||||||||||
Net investment income | 13,899 | 13,772 | 43,467 | 39,576 | ||||||||||||
Net gains on alternative investments | 28,148 | 1,095 | 95,162 | 6,666 | ||||||||||||
Net realized gains on sale of fixed maturities | 11,548 | 663 | 14,547 | 3,251 | ||||||||||||
Other income | 1,122 | 1,114 | 5,337 | 5,153 | ||||||||||||
Total revenues | 233,463 | 113,518 | 624,292 | 302,292 | ||||||||||||
LOSSES AND EXPENSES | ||||||||||||||||
Losses, benefits and experience refunds | 139,655 | 95,513 | 368,489 | 229,901 | ||||||||||||
Acquisition costs | 36,696 | 22,743 | 111,124 | 61,753 | ||||||||||||
Interest expense | 5,382 | 7,449 | 20,316 | 15,173 | ||||||||||||
General and administrative expenses | 10,896 | 4,856 | 29,876 | 15,453 | ||||||||||||
Total losses and expenses | 192,629 | 130,561 | 529,805 | 322,280 | ||||||||||||
INCOME (LOSS) BEFORE MINORITY INTEREST | 40,834 | (17,043 | ) | 94,487 | (19,988 | ) | ||||||||||
Minority interest | (2,083 | ) | 2,705 | (10,325 | ) | 3,250 | ||||||||||
NET INCOME (LOSS) | 38,751 | (14,338 | ) | 84,162 | (16,738 | ) | ||||||||||
Change in net unrealized appreciation of fixed maturities | (18,999 | ) | 37,213 | (3,670 | ) | 38,749 | ||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 19,752 | $ | 22,875 | $ | 80,492 | $ | 22,011 | ||||||||
Basic earnings (loss) per share | $ | 0.91 | $ | (0.37 | ) | $ | 2.10 | $ | (0.43 | ) | ||||||
Diluted earnings (loss) per share | $ | 0.89 | $ | (0.37 | ) | $ | 2.08 | $ | (0.43 | ) | ||||||
Diluted net operating earnings (loss) per share | $ | 0.64 | $ | (0.39 | ) | $ | 1.76 | $ | (0.50 | ) | ||||||
Weighted average shares outstanding – basic | 42,796,564 | 38,795,490 | 39,991,747 | 39,156,435 | ||||||||||||
Weighted average shares outstanding – diluted | 45,701,697 | 45,914,822 | 45,369,887 | 46,320,151 | ||||||||||||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(Expressed in thousands of United States Dollars)
Nine months ended September 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 | 368 | 262 | ||||||
Issue of shares on elimination of minority interest | 7,120 | — | ||||||
Repurchase of shares | (305 | ) | (1,449 | ) | ||||
Balance, end of period | 45,182 | 38,395 | ||||||
Additional paid-in capital | ||||||||
Balance, beginning of period | 526,582 | 543,438 | ||||||
Issue of common shares | 4,078 | 3,736 | ||||||
Issue of common shares on elimination of minority interest | 110,285 | — | ||||||
Stock option expense | 243 | — | ||||||
Distribution to shareholders | — | (772 | ) | |||||
Repurchase of shares | (3,591 | ) | (15,340 | ) | ||||
Balance, end of period | 637,597 | 531,062 | ||||||
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 | 1,753 | 898 | ||||||
Balance, end of period | (4,643 | ) | (2,967 | ) | ||||
Accumulated other comprehensive income | ||||||||
Balance, beginning of period | 49,108 | 13,475 | ||||||
Holding gains on fixed maturities arising in period | 1,676 | 48,402 | ||||||
Net realized gains included in net income | (14,547 | ) | (3,251 | ) | ||||
Allocation to minority interest | 6,504 | (6,402 | ) | |||||
Holding gains transferred on elimination of minority interest | 2,697 | — | ||||||
Balance, end of period | 45,438 | 52,224 | ||||||
Retained earnings (deficit) | ||||||||
Balance, beginning of period | (4,299 | ) | 3,044 | |||||
Net income | 84,162 | (16,738 | ) | |||||
Dividends paid | (2,433 | ) | (1,590 | ) | ||||
Balance, end of period | 77,430 | (15,284 | ) | |||||
Total shareholders’ equity | $ | 789,039 | $ | 590,855 | ||||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in thousands of United States Dollars)
Nine Months ended September 30 | ||||||||
2003 | 2002 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | 84,162 | $ | (16,738 | ) | |||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||
Minority interest share of income (loss) | 10,325 | (3,250 | ) | |||||
Amortization of unearned stock based compensation | 1,996 | 898 | ||||||
Amortization of discount on fixed maturities | 4,133 | 643 | ||||||
Net gains on alternative investments | (95,162 | ) | (6,666 | ) | ||||
Net realized gains on sale of fixed maturities | (14,547 | ) | (3,251 | ) | ||||
Accrued interest income | (1,859 | ) | (1,674 | ) | ||||
Premiums receivable | (153,097 | ) | (128,543 | ) | ||||
Losses recoverable from reinsurers | (47,537 | ) | (28,456 | ) | ||||
Funds withheld | (5,741 | ) | 1,376 | |||||
Deferred acquisition costs | (31,050 | ) | (44,489 | ) | ||||
Deferred charges | 3,505 | 7,363 | ||||||
Prepaid reinsurance premiums | (43,916 | ) | (19,230 | ) | ||||
Other assets | (6,923 | ) | (2,788 | ) | ||||
Property and casualty losses and experience refunds | 310,493 | 124,915 | ||||||
Life and annuity benefits and experience refunds | (21,622 | ) | (16,300 | ) | ||||
Reinsurance balances payable | 68,104 | 32,476 | ||||||
Unearned property and casualty premiums | 260,959 | 249,266 | ||||||
Accounts payable and accrued expenses | 6,751 | (1,593 | ) | |||||
Cash from operating activities | 328,974 | 143,959 | ||||||
INVESTING ACTIVITIES | ||||||||
Purchase of fixed maturities | (755,506 | ) | (608,192 | ) | ||||
Sales (purchases) of alternative investments, net | (100,461 | ) | 27,407 | |||||
Sales of fixed maturities | 468,072 | 231,817 | ||||||
Redemptions of fixed maturities | 57,500 | 63,630 | ||||||
Cash used in investing activities | (330,395 | ) | (285,338 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Net proceeds from issuance of common shares | 706 | 3,027 | ||||||
Repurchases of common shares | (3,896 | ) | (16,789 | ) | ||||
Proceeds from bank loan | 50,000 | 100,000 | ||||||
Dividends and distributions | (2,433 | ) | (2,362 | ) | ||||
Distributions to / conversion of minority shareholders | (285 | ) | (3,458 | ) | ||||
Deposit liabilities, net | 6,319 | 41,965 | ||||||
Notes and loans repaid | 610 | — | ||||||
Cash from financing activities | 51,021 | 122,383 | ||||||
Net increase (decrease) in cash and cash equivalents | 49,600 | (18,996 | ) | |||||
Cash and cash equivalents, beginning of period | 92,103 | 98,322 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 141,703 | $ | 79,326 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
Interest paid totaled $2,414 and $1,643 for the nine months ended September 30, 2003 and 2002, respectively.
A non cash item that was an amendment to a reinsurance contract resulted in the following changes in the nine months ended September 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 $139,322.
Shareholders’ equity reflects the exchange on July 30, 2003 of non-voting common shares of Max Re Ltd. and warrants to acquire non-voting common shares of Max Re Ltd., (which were accounted for as minority interest) for common shares of the Company. The exchange is a non cash item and has no effect on the Consolidated Statement of Cash Flows.
MAX RE CAPITAL LTD.
SCHEDULE OF SUPPLEMENTAL DATA—SEPTEMBER 30, 2003
Year to Date Segment Information: (in 000’s US$) | Property & Casualty | Life & Annuity | Corporate | Consolidated | |||||||||||||||||||||||||||
Structured Reinsurance | Traditional Reinsurance | Alternative Risk | Traditional Insurance | Total | |||||||||||||||||||||||||||
Gross premiums written | $ | 235,248 | $ | 262,101 | $ | 180,945 | $ | 106,627 | $ | 784,921 | $ | — | $ | — | $ | 784,921 | |||||||||||||||
Reinsurance premiums ceded | (41,155 | ) | (17,538 | ) | (17,100 | ) | (26,827 | ) | (102,620 | ) | — | — | (102,620 | ) | |||||||||||||||||
Net premiums written | $ | 194,093 | $ | 244,563 | $ | 163,845 | $ | 79,800 | $ | 682,301 | $ | — | $ | — | $ | 682,301 | |||||||||||||||
Earned premiums | $ | 210,194 | $ | 143,210 | $ | 139,327 | $ | 31,171 | $ | 523,902 | $ | — | $ | — | $ | 523,902 | |||||||||||||||
Earned premiums ceded | (35,836 | ) | (4,628 | ) | (9,403 | ) | (8,256 | ) | (58,123 | ) | — | — | (58,123 | ) | |||||||||||||||||
Net premiums earned | 174,358 | 138,582 | 129,924 | 22,915 | 465,779 | — | — | 465,779 | |||||||||||||||||||||||
Net investment income | — | — | — | — | — | — | 43,467 | 43,467 | |||||||||||||||||||||||
Net gains on alternative investments | — | — | — | — | — | — | 95,162 | 95,162 | |||||||||||||||||||||||
Net realized gains on sales of fixed maturities | — | — | — | — | — | — | 14,547 | 14,547 | |||||||||||||||||||||||
Other income | 2,110 | — | — | — | 2,110 | — | 3,227 | 5,337 | |||||||||||||||||||||||
Total revenues | 176,468 | 138,582 | 129,924 | 22,915 | 467,889 | — | 156,403 | 624,292 | |||||||||||||||||||||||
Losses, benefits and experience refunds | 144,097 | 90,548 | 92,899 | 17,221 | 344,765 | 23,724 | — | 368,489 | |||||||||||||||||||||||
Acquisition costs | 52,933 | 29,759 | 26,123 | 1,608 | 110,423 | 701 | — | 111,124 | |||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | 20,316 | 20,316 | |||||||||||||||||||||||
General and administrative expenses | 2,314 | 2,578 | 1,780 | 5,653 | 12,325 | 4,066 | 13,485 | 29,876 | |||||||||||||||||||||||
Total losses and expenses | 199,344 | 122,885 | 120,802 | 24,482 | 467,513 | 28,491 | 33,801 | 529,805 | |||||||||||||||||||||||
Net income (loss) before minority interest | $ | (22,876 | ) | $ | 15,697 | $ | 9,122 | $ | (1,567 | ) | $ | 376 | $ | (28,491 | ) | $ | 122,602 | $ | 94,487 | ||||||||||||
Loss Ratio | 82.6 | % | 65.3 | % | 71.5 | % | 75.2 | % | 74.0 | % | |||||||||||||||||||||
Combined Ratio | 114.3 | % | 88.7 | % | 93.0 | % | 106.8 | % | 100.4 | % |
Periodic Rate of Return | ||||||||||||||||||
Selected Investment Return Data: | Market Value* | Investment %’s | Quarter Ended | Year-to- Date | Last 12 Months | Last 36 months** | ||||||||||||
Cash and Fixed Maturities | $ | 1,648,983 | 66.0 | % | -0.40 | % | 3.07 | % | 3.94 | % | 7.82 | % | ||||||
Global Macro | $ | 111,854 | 4.5 | % | 3.35 | % | 17.35 | % | 22.23 | % | 15.77 | % | ||||||
Long / Short Equity | 64,078 | 2.6 | % | 5.03 | % | 12.92 | % | 13.66 | % | 3.38 | % | |||||||
Convertible Arbitrage | 88,862 | 3.6 | % | 0.12 | % | 6.63 | % | 15.04 | % | 12.06 | % | |||||||
Diversified Arbitrage | 116,535 | 4.7 | % | 1.11 | % | 6.79 | % | 11.57 | % | 10.46 | % | |||||||
Distressed Securities | 120,728 | 4.8 | % | 7.08 | % | 29.19 | % | 38.50 | % | 10.31 | % | |||||||
Opportunistic | 17,830 | 0.7 | % | 13.69 | % | 7.45 | % | 11.87 | % | 7.61 | % | |||||||
Emerging Markets | 55,629 | 2.2 | % | 4.47 | % | 19.34 | % | 20.50 | % | 6.19 | % | |||||||
Fixed Income Arbitrage | 86,395 | 3.5 | % | 3.79 | % | 11.06 | % | 18.40 | % | 7.28 | % | |||||||
Event-Driven Arbitrage | 47,256 | 1.9 | % | 3.76 | % | 15.71 | % | 18.35 | % | 8.77 | % | |||||||
Commodity Trading Advisers | 55,686 | 2.2 | % | 5.37 | % | 19.92 | % | 12.12 | % | 5.39 | % | |||||||
MDS | 764,853 | 30.6 | % | 3.37 | % | 12.80 | % | 17.34 | % | 8.68 | % | |||||||
Insurance Underwriting | 83,697 | 3.4 | % | 3.13 | % | 12.62 | % | 17.86 | % | 8.25 | % | |||||||
Alternative Investments | $ | 848,550 | 34.0 | % | 3.35 | % | 12.77 | % | 17.39 | % | 9.01 | % | ||||||
Total Investments | $ | 2,497,533 | 100.0 | % | 0.91 | % | 6.39 | % | 8.41 | % | 8.16 | % | ||||||
Comparative returns | ||||||||||||||||||
Merrill Lynch Master Bond Index | -0.12 | % | 3.83 | % | 5.48 | % | 9.01 | % | ||||||||||
Standard & Poors 500 Stock Index | -1.49 | % | 10.09 | % | 19.37 | % | -11.35 | % | ||||||||||
80% Merrill Lynch Master Index and 20% S&P Index | -0.34 | % | 5.17 | % | 8.40 | % | 4.97 | % |
* | Expressed in thousands of United States Dollars |
** | Annualized |