(Holdings), Ltd., earned net income of $3,575,000 for its first ten weeks of life to June 30 ($.16 per common share on a fully diluted basis).

Investment income earned on its capital base amounted to $4,448,000, net of investment expenses, unaudited figures show.

Operating expenses were about $873,000, in line with the operating plan and the Company's strategy to be a low cost provider.

President and chief executive Lawrence S. Doyle said of the results for the first 75 days: "As a start-up, the company has focused its efforts on developing its underwriting and pricing systems while marketing the company to the leading purchasers of annuity and life reinsurance.

"There has been significant business activity and interest in the company as a result of our product capability and unique operating advantages.

"Although the company did not execute any new business contracts during the period, we are working on a number of significant transactions that are expected to be recorded later this year.'' Total assets for Annuity and Life Re (Holdings), Ltd. at June 30 were $415,692,697.