SOURCE: Annuity and Life Re (Holdings), Ltd.

July 10, 2008 17:00 ET

Annuity & Life Re Second Quarter 2008 Earnings Report

HAMILTON, BERMUDA--(Marketwire - July 10, 2008) - Annuity and Life Re (Holdings), Ltd. (PINKSHEETS: ANNRF) today reported financial results for the three and six months ended June 30, 2008. The Company reported a net loss of $(212,458) or $(0.01) per fully diluted share for the three months ended June 30, 2008, as compared to a net loss of $(92,056) or $(0.00) per fully diluted share for the three months ended June 30, 2007 and a net loss of $(291,671) or $(0.01) per fully diluted share for the six months ended June 30, 2008 compared to a net loss of $(33,108) or $(0.00) per fully diluted share for the six months ended June 30, 2007.

The Company had investment gains of $21,017 during the three months ended June 30, 2008 compared with $0 during the three months ended June 30, 2007 and $21,017 for the six months ended June 30, 2008 compared with $170,101 for the six months ended June 30, 2007.

Gross unrealized gains on the Company's investments were $84,127 as of June 30, 2008, as compared to gross unrealized gains of $281,209 as of December 31, 2007. The Company's investment portfolio currently maintains an average credit quality of AA. Cash used by continuing operations for the six months ended June 30, 2008 was $(17,606,201), compared to cash used by operations of $(146,675) for the six months ended June 30, 2007.

A cash distribution of $0.50 per common share was made to shareholders on May 15, 2008.

The Company continues to explore strategic alternatives to maximize its economic value for shareholders.

Annuity and Life Re (Holdings), Ltd. provides annuity and life reinsurance to insurers through its wholly owned subsidiary, Annuity and Life Reassurance, Ltd.

This press release and the Company's financial statements are available from the Company's website at www.alre.bm.

Contact Information

  • CONTACT:
    Bill Mawdsley
    Annuity & Life Re (Holdings), Ltd.
    441-296-7667