Annuity and Life Re (Holdings), Ltd. reports record results for the quarter ended December 31, 2000.

Net Operating Income grew 39 percent to $14,584,000 or $0.53 per share, as compared with $10,357,000 or $0.38 per share for the quarter ended December 31, 1999. Net Operating Income increased 21 percent for the twelve months ended December 31, 2000 to $44,804,000 or $1.63 per share, as compared with $36,988,000 or $1.36 per share for the twelve months ended December 31, 1999.

Net income was $13,450,000 or $0.49 per share and $39,987,000 or $1.46 per share for the quarter and year ended December 31, 2000, respectively, as compared with $9,760,000 or $0.36 per share and $35,703,000 or $1.31 per share for the quarter and year ended December 31, 1999, respectively.

Total revenue for the quarter ended December 31, 2000 grew 57 percent to $110,883,000, compared with $70,817,000 for the quarter ended December 31, 1999. Total revenue for the twelve months ended December 31, 2000 increased 64 percent to $307,151,000 as compared with $187,855,000 for the twelve months ended December 31, 1999.

Similarly, the face amount of life insurance in force escalated 68 percent to $77.0 billion, compared with $45.4 billion at December 31, 1999.

Operating expenses were 3.4 percent of total revenue for the year ended December 31, 2000, as compared to 4.1 percent for the year ended December 31, 1999.

During the quarter, the company paid its quarterly cash dividend of $0.04 per share. The dividend was paid on November 30, 2000 to shareholders of record on November 16, 2000.

Lawrence S. Doyle, President and Chief Executive Officer said, "We have made excellent progress developing our life reinsurance business this past quarter and for the year. We have completed over 50 life reinsurance transactions in less than three years. Our large client base provides an excellent growth platform.''