By Bruce F. Vane, FSA, MAAA, CFA; Eric W. Baumhoff, CFA; Douglas A. Barry, CFA; and Michael De Lange

December 2004

Standish Mellon Asset Management's 2004 Annual Review of the Life Insurance Industry, titled "With Warm Regards from Margaritaville...", provides a current perspective on life insurance and annuity providers. Based on the comprehensive analysis of thirty-nine insurance companies that comprise the Standish Mellon Stable Value Group's credit universe, this report reviews statutory financial results through December of 2003. The report provides detail on the composition of invested assets, liabilities, capital and surplus and earnings. An industry overview summarizes significant issues that faced life insurance and annuity providers through September of 2004. And, the report concludes with a look into the crystal ball for some projections for 2005.

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