EXHIBIT 99.3
MAX RE CAPITAL LTD. REPORTS FOURTH QUARTER NET INCOME OF $0.76 PER DILUTED SHARE:
Hamilton, Bermuda, February 2, 2004 — Max Re Capital Ltd. (NASDAQ: MXRE) today reported net income for the three months ended December 31, 2003 of $36.4 million, or net income of $0.76 per diluted share, compared to net income of $11.0 million, or net income of $0.29 per diluted share, for the three months ended December 31, 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 December 31, 2003 was $31.7 million, or net operating income of $0.66 per diluted share, compared with net operating income before minority interest of $10.7 million, or net operating income of $0.24 per diluted share, for the three months ended December 31, 2002.
For the year ended December 31, 2003, the Company had net income of $120.6 million, or net income of $2.84 per diluted share, compared to a net loss of $5.8 million, or a net loss of $0.15 per diluted share, for the year ended December 31, 2002. For the year ended December 31, 2003, the Company had net operating income before minority interest of $111.6 million, or net operating income of $2.42 per diluted share, compared to a net operating loss before minority interest of $12.5 million, or a net operating loss $0.27 per diluted share, for the year ended December 31, 2002.
Robert J. Cooney, Chairman, President and Chief Executive Officer, commented, “All aspects of our business performed well in 2003. We exceeded $1 billion in gross premiums written, our property and casualty business produced an underwriting profit, and our alternative investments returned 16.57%. All of these factors led to net operating income before minority interest of $111.6 million.”
Gross premiums written for the three months ended December 31, 2003 were $224.9 million, comprised of $116.6 million from property and casualty underwriting and $108.3 million from life and annuity underwriting, compared to $116.3 million, all from property and casualty underwriting, for the three months ended December 31, 2002. Net premiums earned for the three months ended December 31, 2003 were $261.4 million compared to $140.4 million for the same period of 2002. For the year ended December 31, 2003, gross premiums written were $1,009.8 million, comprised of $901.5 million from property and casualty underwriting and $108.3 million from life and annuity underwriting, compared to $647.4 million in the year ended December 31, 2002, comprised of $632.7 million from property and casualty underwriting and $14.7 million from life and annuity underwriting. Net premiums earned for the year ended December 31, 2003 were $727.2 million compared to $388.0 million for 2002.
Net investment income for the three months ended December 31, 2003, decreased to $16.7 million, from $24.8 million for the same period in 2002. Included within investment income for the three months ended December 31, 2002 is $9.8 million of interest on a reinsurance contract whereby experience on the contract resulted in the recognition of additional premiums and interest on those premiums. Net investment income for the year ended December 31, 2003 decreased to $60.1 million from $64.4 million for the same period in 2002. Net gains on alternative investments for the three months ended December 31, 2003 were $28.9 million, or a 3.4% rate of return, compared to net gains on alternative investments of $25.5 million, or a 4.1% rate of return, for the same period of 2002. For the year ended December 31, 2003, alternative investments have returned $124.0 million, or 16.6%, compared to $32.1 million, or 5.2%, for the same period in 2002. Invested assets were $2.6 billion as of December 31, 2003, with an allocation of approximately 68.5% to cash and fixed maturities and 31.5% to alternative investments.
Total revenue for the three months ended December 31, 2003 increased 64% to $317.1 million, compared to $193.8 million of total revenue for the same period in 2002. Growth in revenue in the three months to December 31, 2003 is principally attributable to an 86% increase in net premiums earned over the same period in 2002. Total revenue for the year ended December 31, 2003 increased 90% to $941.4 million from $496.1 million for 2002. The increase in net premiums earned and the improved performance on the alternative investments account for the increase in total revenues for the year ended December 31, 2003 compared to the same period in 2002.
Losses, benefits and experience refunds were $223.8 million for the three months ended December 31, 2003 compared to $131.1 million for the same period in 2002. The increase in losses, benefits and experience refunds for the three months ended December 31, 2003 is principally attributable to the increase in premiums earned. Losses, benefits and experience refunds for the year ended December 31, 2003 were $592.3 million compared to $361.0 million for the same period in 2002.
General and administrative expenses for the three months ended December 31, 2003 were $10.0 million compared to $5.9 million for the same period in 2002. General and administrative expenses for the year ended December 31, 2003 were $39.8 million compared to $21.3 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 year ended December 31, 2003 were 5.5% of net premiums earned compared to 5.5% of net premiums earned for the year ended December 31, 2002.
Shareholders’ equity was $805.2 million at December 31, 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 and warrants to acquire common shares of the Company. Book value per share at December 31, 2003 was $17.82 per share, compared to $15.75 at December 31, 2002. Return on average shareholders’ equity for 2003 was 14.7%.
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 | 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)
December 31, 2003 | December 31, 2002 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 201,515 | $ | 92,103 | ||||
Fixed maturities, available for sale at fair value | 1,604,430 | 1,279,564 | ||||||
Alternative investments, at fair value | 831,359 | 653,165 | ||||||
Accrued interest income | 14,608 | 12,304 | ||||||
Premiums receivable | 389,393 | 190,214 | ||||||
Losses recoverable from reinsurers | 273,711 | 212,241 | ||||||
Funds withheld | 56 | 55,276 | ||||||
Deferred acquisition costs | 87,116 | 79,447 | ||||||
Deferred charges | 5,259 | 32,086 | ||||||
Prepaid reinsurance premiums | 67,343 | 25,408 | ||||||
Other assets | 20,769 | 11,633 | ||||||
Total assets | $ | 3,495,559 | $ | 2,643,441 | ||||
LIABILITIES | ||||||||
Property and casualty losses and experience refunds | $ | 991,687 | $ | 778,069 | ||||
Life and annuity benefits and experience refunds | 480,099 | 405,008 | ||||||
Deposit liabilities | 267,350 | 115,513 | ||||||
Funds withheld from reinsurers | 213,483 | 152,172 | ||||||
Unearned property and casualty premiums | 471,625 | 323,672 | ||||||
Reinsurance balances payable | 74,693 | 42,264 | ||||||
Accounts payable and accrued expenses | 41,392 | 16,019 | ||||||
Bank loan | 150,000 | 100,000 | ||||||
Total liabilities | 2,690,329 | 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; 45,184,611 (2002 — 37,998,779) shares issued and outstanding | 45,185 | 37,999 | ||||||
Additional paid-in capital | 637,772 | 526,582 | ||||||
Loans receivable from common share sales | (11,965 | ) | (12,575 | ) | ||||
Unearned stock grant compensation | (4,032 | ) | (2,656 | ) | ||||
Accumulated other comprehensive income | 25,790 | 49,108 | ||||||
Retained earnings (deficit) | 112,480 | (4,299 | ) | |||||
Total shareholders’ equity | 805,230 | 594,159 | ||||||
Total liabilities, minority interest and shareholders’ equity | $ | 3,495,559 | $ | 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 December 31 | Years Ended December31 | |||||||||||||||
2003 | 2002 | 2003 | 2002 | |||||||||||||
REVENUES | ||||||||||||||||
Gross premiums written | $ | 224,858 | $ | 116,294 | $ | 1,009,779 | $ | 647,390 | ||||||||
Reinsurance premiums ceded | (51,954 | ) | (1,265 | ) | (154,574 | ) | (54,679 | ) | ||||||||
Net premiums written | $ | 172,904 | $ | 115,029 | $ | 855,205 | $ | 592,711 | ||||||||
Earned premiums | $ | 311,547 | $ | 152,850 | $ | 835,449 | $ | 434,681 | ||||||||
Earned premiums ceded | (50,122 | ) | (12,459 | ) | (108,245 | ) | (46,644 | ) | ||||||||
Net premiums earned | 261,425 | 140,391 | 727,204 | 388,037 | ||||||||||||
Net investment income | 16,665 | 24,777 | 60,132 | 64,353 | ||||||||||||
Net gains on alternative investments | 28,873 | 25,461 | 124,036 | 32,127 | ||||||||||||
Net realized gains on sale of fixed maturities | 4,713 | 2,139 | 19,259 | 5,390 | ||||||||||||
Other income | 5,406 | 1,028 | 10,743 | 6,181 | ||||||||||||
Total revenues | 317,082 | 193,796 | 941,374 | 496,088 | ||||||||||||
LOSSES AND EXPENSES | ||||||||||||||||
Losses, benefits and experience refunds | 223,785 | 131,081 | 592,274 | 360,982 | ||||||||||||
Acquisition costs | 38,410 | 35,986 | 149,534 | 97,738 | ||||||||||||
Interest expense | 8,512 | 7,958 | 28,829 | 23,131 | ||||||||||||
General and administrative expenses | 9,970 | 5,883 | 39,845 | 21,337 | ||||||||||||
Total losses and expenses | 280,677 | 180,908 | 810,482 | 503,188 | ||||||||||||
INCOME (LOSS) BEFORE MINORITY INTEREST | 36,405 | 12,888 | 130,892 | (7,100 | ) | |||||||||||
Minority interest | — | (1,905 | ) | (10,325 | ) | 1,346 | ||||||||||
NET INCOME (LOSS) | 36,405 | 10,983 | 120,567 | (5,754 | ) | |||||||||||
Change in net unrealized appreciation of fixed maturities | (19,821 | ) | (3,889 | ) | (23,491 | ) | 35,633 | |||||||||
Foreign currency translation adjustment | 173 | — | 173 | — | ||||||||||||
COMPREHENSIVE INCOME | $ | 16,757 | $ | 7,094 | $ | 97,249 | $ | 29,879 | ||||||||
Basic earnings (loss) per share | $ | 0.81 | $ | 0.29 | $ | 2.91 | $ | (0.15 | ) | |||||||
Diluted earnings (loss) per share | $ | 0.76 | $ | 0.29 | $ | 2.84 | $ | (0.15 | ) | |||||||
Diluted net operating earnings (loss) per share | $ | 0.66 | $ | 0.24 | $ | 2.42 | $ | (0.27 | ) | |||||||
Weighted average shares outstanding — basic | 45,183,404 | 38,159,508 | 41,094,393 | 39,097,059 | ||||||||||||
Weighted average shares outstanding — diluted | 47,684,508 | 45,279,397 | 45,995,615 | 46,352,678 | ||||||||||||
4
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)
(Expressed in thousands of United States Dollars)
Years ended December 31, | ||||||||
2003 | 2002 | |||||||
Preferred shares | ||||||||
Balance, beginning of year | $ | — | $ | — | ||||
Balance, end of year | — | — | ||||||
Common shares | ||||||||
Balance, beginning of year | 37,999 | 39,582 | ||||||
Issue of shares | 371 | 262 | ||||||
Issue of shares on elimination of minority interest | 7,120 | — | ||||||
Repurchase of shares | (305 | ) | (1,845 | ) | ||||
Balance, end of year | 45,185 | 37,999 | ||||||
Additional paid-in capital | ||||||||
Balance, beginning of year | 526,582 | 543,438 | ||||||
Issue of common shares | 4,127 | 3,736 | ||||||
Issue of common shares on elimination of minority interest | 110,285 | — | ||||||
Stock option expense | 369 | — | ||||||
Distribution to shareholders | — | (1,534 | ) | |||||
Repurchase of shares | (3,591 | ) | (19,058 | ) | ||||
Balance, end of year | 637,772 | 526,582 | ||||||
Loans receivable from common share sales | ||||||||
Balance, beginning of year | (12,575 | ) | (12,575 | ) | ||||
Loans granted | — | — | ||||||
Loans repaid | 610 | — | ||||||
Balance, end of year | (11,965 | ) | (12,575 | ) | ||||
Unearned stock grant compensation | ||||||||
Balance, beginning of year | (2,656 | ) | (2,894 | ) | ||||
Stock grants awarded | (3,740 | ) | (971 | ) | ||||
Amortization | 2,364 | 1,209 | ||||||
Balance, end of year | (4,032 | ) | (2,656 | ) | ||||
Accumulated other comprehensive income | ||||||||
Balance, beginning of year | 49,108 | 13,475 | ||||||
Holding gains (losses) on fixed maturities arising in year | (13,433 | ) | 46,942 | |||||
Net realized gains included in net income | (19,259 | ) | (5,390 | ) | ||||
Currency translation adjustments | 173 | — | ||||||
Allocation to minority interest | 6,504 | (5,919 | ) | |||||
Holding gains transferred on elimination of minority interest | 2,697 | — | ||||||
Balance, end of year | 25,790 | 49,108 | ||||||
Retained earnings (deficit) | ||||||||
Balance, beginning of year | (4,299 | ) | 3,044 | |||||
Net income (loss) | 120,567 | (5,754 | ) | |||||
Dividends paid | (3,788 | ) | (1,589 | ) | ||||
Balance, end of year | 112,480 | (4,299 | ) | |||||
Total shareholders’ equity | $ | 805,230 | $ | 594,159 | ||||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in thousands of United States Dollars)
Years Ended December 31 | ||||||||
2003 | 2002 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | 120,567 | $ | (5,754 | ) | |||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||
Minority interest share of income (loss) | 10,325 | (1,346 | ) | |||||
Amortization of unearned stock based compensation | 2,733 | 1,209 | ||||||
Amortization of discount on fixed maturities | 5,986 | 1,378 | ||||||
Net realized gains on sale of fixed maturities | (19,259 | ) | (5,390 | ) | ||||
Net gains on alternative investments | (124,036 | ) | (32,127 | ) | ||||
Accrued interest income | (2,304 | ) | (1,408 | ) | ||||
Premiums receivable | (199,179 | ) | (100,607 | ) | ||||
Losses recoverable from reinsurers | (85,570 | ) | (38,578 | ) | ||||
Funds withheld | 55,220 | 204 | ||||||
Deferred acquisition costs | (8,402 | ) | (39,612 | ) | ||||
Deferred charges | 7,398 | 12,351 | ||||||
Prepaid reinsurance premiums | (45,979 | ) | (8,035 | ) | ||||
Other assets | (9,136 | ) | (4,558 | ) | ||||
Property and casualty losses and experience refunds | 374,283 | 181,692 | ||||||
Life and annuity benefits and experience refunds | 75,091 | (18,759 | ) | |||||
Funds withheld from reinsurers | 61,311 | 52,313 | ||||||
Unearned property and casualty premiums | 174,916 | 212,709 | ||||||
Reinsurance balances payable | 32,429 | 12,468 | ||||||
Accounts payable and accrued expenses | 25,373 | 7,283 | ||||||
Cash from operating activities | 451,767 | 225,433 | ||||||
INVESTING ACTIVITIES | ||||||||
Purchase of fixed maturities | (1,210,386 | ) | (746,259 | ) | ||||
Sales (purchases) of alternative investments | (54,524 | ) | 7,936 | |||||
Sales of fixed maturities | 785,383 | 306,241 | ||||||
Redemptions of fixed maturities | 83,407 | 88,905 | ||||||
Cash used in investing activities | (396,120 | ) | (343,177 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Net proceeds from issuance of common shares | 758 | 3,027 | ||||||
Repurchases of common shares | (3,896 | ) | (20,903 | ) | ||||
Proceeds from bank loan | 50,000 | 100,000 | ||||||
Dividends and distributions | (3,788 | ) | (3,123 | ) | ||||
Distributions to / conversion of minority shareholders | (285 | ) | (3,600 | ) | ||||
Deposit liabilities, net | 10,366 | 36,124 | ||||||
Notes and loans repaid | 610 | — | ||||||
Cash from financing activities | 53,765 | 111,525 | ||||||
Net increase (decrease) in cash and cash equivalents | 109,412 | (6,219 | ) | |||||
Cash and cash equivalents, beginning of year | 92,103 | 98,322 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 201,515 | $ | 92,103 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid totaled $3,370 and $2,176 for the years ended December 31, 2003 and 2002, respectively.
A non cash item that was an amendment to a reinsurance contract resulted in the following changes in the year ended December 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 $139,322.
Shareholders’ equity reflects the exchange on July 30, 2003 of non-voting common shares of Max Re Ltd. and warrants to acquire non-voting common shares of Max Re Ltd., (which were accounted for as minority interest) for common shares of the Company and warrants to acquire common shares of the Company. The exchange is a non cash item and has no effect on the Consolidated Statement of Cash Flows.
MAX RE CAPITAL LTD.
SCHEDULE OF SUPPLEMENTAL DATA — DECEMBER 31, 2003
Year to Date Segment Information: | Property & Casualty | Life & Annuity | Corporate | Consolidated | |||||||||||||||||||||||||||
(in 000’s US$) | Structured Reinsurance | Traditional Reinsurance | Alternative Risk | Traditional Insurance | Total | ||||||||||||||||||||||||||
Gross premiums written | $ | 236,173 | $ | 318,624 | $ | 183,519 | $ | 163,213 | $ | 901,529 | $ | 108,250 | $ | — | $ | 1,009,779 | |||||||||||||||
Reinsurance premiums ceded | (41,294 | ) | (17,538 | ) | (17,100 | ) | (56,992 | ) | (132,924 | ) | (21,650 | ) | — | (154,574 | ) | ||||||||||||||||
Net premiums written | $ | 194,879 | $ | 301,086 | $ | 166,419 | $ | 106,221 | $ | 768,605 | $ | 86,600 | $ | — | $ | 855,205 | |||||||||||||||
Earned premiums | $ | 266,748 | $ | 204,098 | $ | 190,270 | $ | 66,083 | $ | 727,199 | $ | 108,250 | $ | — | $ | 835,449 | |||||||||||||||
Earned premiums ceded | (44,645 | ) | (8,074 | ) | (13,678 | ) | (20,198 | ) | (86,595 | ) | (21,650 | ) | — | (108,245 | ) | ||||||||||||||||
Net premiums earned | 222,103 | 196,024 | 176,592 | 45,885 | 640,604 | 86,600 | — | 727,204 | |||||||||||||||||||||||
Net investment income | — | — | — | — | — | — | 60,132 | 60,132 | |||||||||||||||||||||||
Net gains on alternative investments | — | — | — | — | — | — | 124,036 | 124,036 | |||||||||||||||||||||||
Net realized gains on sales of fixed maturities | — | — | — | — | — | — | 19,259 | 19,259 | |||||||||||||||||||||||
Other income | 6,401 | — | — | — | 6,401 | — | 4,342 | 10,743 | |||||||||||||||||||||||
Total revenues | 228,504 | 196,024 | 176,592 | 45,885 | 647,005 | 86,600 | 207,769 | 941,374 | |||||||||||||||||||||||
Losses, benefits and experience refunds | 190,645 | 125,312 | 126,787 | 34,591 | 477,335 | 114,939 | — | 592,274 | |||||||||||||||||||||||
Acquisition costs | 66,996 | 41,296 | 36,277 | 3,098 | 147,667 | 1,867 | — | 149,534 | |||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | 28,829 | 28,829 | |||||||||||||||||||||||
General and administrative expenses | 3,540 | 3,226 | 2,630 | 4,907 | 14,303 | 4,486 | 21,056 | 39,845 | |||||||||||||||||||||||
Total losses and expenses | 261,181 | 169,834 | 165,694 | 42,596 | 639,305 | 121,292 | 49,885 | 810,482 | |||||||||||||||||||||||
Net income (loss) before minority interest | $ | (32,677 | ) | $ | 26,190 | $ | 10,898 | �� | $ | 3,289 | $ | 7,700 | $ | (34,692 | ) | $ | 157,884 | $ | 130,892 | ||||||||||||
Loss Ratio | 85.8 | % | 63.9 | % | 71.8 | % | 75.4 | % | 74.5 | % | |||||||||||||||||||||
Combined Ratio | 117.6 | % | 86.6 | % | 93.8 | % | 92.8 | % | 99.8 | % |
Fair Value* | Investment %’s | Periodic Rate of Return | |||||||||||||
Selected Investment Return Data: | Quarter Ended | Year Ended | Last 36 months** | ||||||||||||
Cash and Fixed Maturities | $ | 1,805,945 | 68.5 | % | 0.19 | % | 3.26 | % | 6.77 | % | |||||
Global Macro | $ | 112,717 | 4.3 | % | 1.54 | % | 19.16 | % | 11.51 | % | |||||
Long / Short Equity | 71,657 | 2.7 | % | 4.42 | % | 17.92 | % | 3.45 | % | ||||||
Convertible Arbitrage | 88,065 | 3.3 | % | 3.27 | % | 10.13 | % | 12.61 | % | ||||||
Diversified Arbitrage | 117,728 | 2.5 | % | 3.07 | % | 10.06 | % | 9.86 | % | ||||||
Distressed Securities | 132,276 | 5.0 | % | 10.57 | % | 42.85 | % | 18.43 | % | ||||||
Opportunistic | 9,407 | 0.4 | % | -3.92 | % | 3.24 | % | 5.42 | % | ||||||
Emerging Markets | 58,358 | 2.2 | % | 5.51 | % | 25.92 | % | 15.06 | % | ||||||
Fixed Income Arbitrage | 65,091 | 2.5 | % | 3.94 | % | 15.43 | % | 12.20 | % | ||||||
Event-Driven Arbitrage | 47,414 | 1.8 | % | 7.94 | % | 24.90 | % | 10.71 | % | ||||||
Commodity Trading Advisers | 52,576 | 2.0 | % | -4.86 | % | 14.08 | % | 7.90 | % | ||||||
MDS | 755,289 | 28.6 | % | 3.43 | % | 16.67 | % | 9.04 | % | ||||||
Insurance Underwriting | 76,070 | 2.9 | % | 2.84 | % | 15.81 | % | 10.48 | % | ||||||
Alternative Investments | $ | 831,359 | 31.5 | % | 3.37 | % | 16.57 | % | 9.35 | % | |||||
Total Investments | $ | 2,637,304 | 100.0 | % | 1.27 | % | 7.74 | % | 7.61 | % | |||||
Comparative returns | |||||||||||||||
Merrill Lynch Master Bond Index | 0.28 | % | 4.12 | % | 7.59 | % | |||||||||
Standard & Poors 500 Stock Index | 12.17 | % | 28.67 | % | -4.05 | % | |||||||||
80% Merrill Lynch Master Index and 20% S&P Index | 2.51 | % | 8.72 | % | 5.49 | % |
* | Expressed in thousands of United States Dollars |
** | Annualized |