<PAGE>
<TABLE>
<CAPTION>
ITT HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
ICMG REGISTERED VARIABLE LIFE SEPARATE ACCOUNT ONE
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1997
NEUBERGER
HARTFORD HVA NEUBERGER NEUBERGER & BERMAN
HARTFORD CAPITAL MONEY & BERMAN & BERMAN LIMITED
BOND APPRECIATION MARKET PARTNERS BALANCED MATURITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------ --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments
Hartford Bond Fund, Inc.
Shares 117,114
Cost $117,832
Market Value . . . . . . . . . . . . . $ 118,893 - - - - -
Hartford Capital Appreciation
Fund, Inc.
Shares 16,626
Cost $61,822
Market Value . . . . . . . . . . . . . - $ 69,693 - - - -
HVA Money Market Fund, Inc.
Shares 39,927
Cost $39,927
Market Value . . . . . . . . . . . . . - - $ 39,927 - - -
Neuberger & Berman Partners
Portfolio
Shares 4,387
Cost $72,604
Market Value . . . . . . . . . . . . . - - - $ 79,707 - -
Neuberger & Berman Balanced
Portfolio
Shares 2,211
Cost $34,924
Market Value . . . . . . . . . . . . . - - - - $ 36,653 -
Neuberger & Berman Limited
Maturity Portfolio
Shares 7,056
Cost $98,048
Market Value . . . . . . . . . . . . . - - - - - $ 96,101
Fidelity Equity Income
Portfolio
Shares 9,409
Cost $194,403
Market Value . . . . . . . . . . . . . - - - - - -
Fidelity High Income
Portfolio
Shares 4,240
Cost $50,512
Market Value . . . . . . . . . . . . . - - - - - -
Fidelity Overseas Portfolio
Shares 8,348
Cost $153,344
Market Value . . . . . . . . . . . . . - - - - - -
Fidelity Asset Manager
Portfolio
Shares 3,232
Cost $50,891
Market Value . . . . . . . . . . . . . - - - - - -
Alger American Small
Capitalization Portfolio
Shares 1,296
Cost $49,422
Market Value . . . . . . . . . . . . . - - - - - -
Alger American Growth
Portfolio
Shares 5,089
Cost $177,165
Market Value .. . . . . . . . . . . . . - - - - - -
Receivable from ITT Hartford
Life and Annuity Insurance
Company . . . . . . . . . . . . . . . - 6,887 20,374 23,441 - -
--------- ---------- --------- --------- ---------- ---------
Total Assets . . . . . . . . . . . . . . . 118,893 76,580 60,301 103,148 36,653 96,101
--------- ---------- --------- --------- ---------- ---------
LIABILITIES:
Payable for fund shares
purchased . . . . . . . . . . . . . . 159 83 57 - - -
Payable to ITT Hartford Life
and Annuity Insurance Company . . . . 21964 - - - 16,121 4,335
--------- ---------- --------- --------- ---------- ---------
Total Liabilities . . . . . . . . . . . 22123 83 57 - 16,121 4,335
--------- ---------- --------- --------- ---------- ---------
Net Assets . . . . . . . . . . . . . . . $ 96,770 $ 76,497 $ 60,244 $ 103,148 $ 20,532 $ 91,766
--------- ---------- --------- --------- ---------- ---------
--------- ---------- --------- --------- ---------- ---------
VARIABLE LIFE INSURANCE POLICIES:
Units Owned by Participants. . . . . . . . 8,372 5,633 4,858 7,658 837 7,917
Unit Price . . . . . . . . . . . . . . . . $ 10.3257 $ 11.5326 $ 10.2844 $ 11.9130 $ 11.1799 $ 10.2911
Units Owned by ITT Hartford
Life and Annuity Insurance
Company . . . . . . . . . . . . . . . 1,000 1,000 1,000 1,000 1,000 1,000
Unit Price . . . . . . . . . . . . . . . . $ 10.3257 $ 11.5326 $ 10.2844 $ 11.9130 $ 11.1799 $ 10.2911
</TABLE>
<TABLE>
<CAPTION>
ALGER
FIDELITY FIDELITY FIDELITY AMERICAN ALGER
EQUITY HIGH FIDELITY ASSET SMALL AMERICAN
INCOME INCOME OVERSEAS MANAGER CAPITALIZATION GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------ --------- --------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments
Hartford Bond Fund, Inc.
Shares 117,114
Cost $117,832
Market Value . . . . . . . . . . . . . - - - - - -
Hartford Capital Appreciation
Fund, Inc.
Shares 16,626
Cost $61,822
Market Value . . . . . . . . . . . . . - - - - - -
HVA Money Market Fund, Inc.
Shares 39,927
Cost $39,927
Market Value . . . . . . . . . . . . . - - - - - -
Neuberger & Berman Partners
Portfolio
Shares 4,387
Cost $72,604
Market Value . . . . . . . . . . . . . - - - - - -
Neuberger & Berman Balanced
Portfolio
Shares 2,211
Cost $34,924
Market Value . . . . . . . . . . . . . - - - - - -
Neuberger & Berman Limited
Maturity Portfolio
Shares 7,056
Cost $98,048
Market Value . . . . . . . . . . . . . - - - - - -
Fidelity Equity Income Portfolio
Shares 9,409
Cost $194,403
Market Value . . . . . . . . . . . . . $ 207,574 - - - - -
Fidelity High Income Portfolio
Shares 4,240
Cost $50,512
Market Value . . . . . . . . . . . . . - $ 52,698 - - - -
Fidelity Overseas Portfolio
Shares 8,348
Cost $153,344
Market Value . . . . . . . . . . . . . - - $ 167,301 - - -
Fidelity Asset Manager Portfolio
Shares 3,232
Cost $50,891
Market Value . . . . . . . . . . . . . - - - $ 53,644 - -
Alger American Small Capitalization
Portfolio
Shares 1,296
Cost $49,422
Market Value . . . . . . . . . . . . . - - - - $ 51,214 -
Alger American Growth Portfolio
Shares 5,089
Cost $177,165
Market Value . . . . . . . . . . . . . - - - - - $ 201,171
Receivable from ITT Hartford Life
and Annuity Insurance Company. . . .- - 441 - - - 10,906
--------- ---------- --------- --------- ---------- ---------
Total Assets . . . . . . . . . . . . . . . 207,574 53,139 167,301 53,644 51,214 212,077
--------- ---------- --------- --------- ---------- ---------
LIABILITIES:
Payable for fund shares purchased. . . . - - - - - -
Payable to ITT Hartford Life and
Annuity Insurance Company . . . . . . 15,803 - 32,969 4,493 2,690 -
--------- ---------- --------- --------- ---------- ---------
Total Liabilities . . . . . . . . . . . 15,803 - 32,969 4,493 2,690 -
--------- ---------- --------- --------- ---------- ---------
Net Assets . . . . . . . . . . . . . . . $ 191,771 $ 53,139 $ 134,332 $ 49,151 $ 48,524 $ 212,077
--------- ---------- --------- --------- ---------- ---------
--------- ---------- --------- --------- ---------- ---------
VARIABLE LIFE INSURANCE POLICIES:
Units Owned by Participants. . . . . . . . 15,433 3,871 10,313 3,401 3,889 17,611
Unit Price . . . . . . . . . . . . . . . . $ 11.6702 $ 10.9096 $ 11.8737 $ 11.1678 $ 9.9244 $ 11.3952
Units Owned by ITT Hartford Life
and Annuity Insurance Company . . . . 1,000 1,000 1,000 1,000 1,000 1,000
Unit Price . . . . . . . . . . . . . . . . $ 11.6702 $ 10.9096 $ 11.8737 $ 11.1678 $ 9.9244 $ 11.3952
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
ITT HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
ICMG REGISTERED VARIABLE LIFE SEPARATE ACCOUNT ONE
STATEMENT OF OPERATIONS & STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1997
<TABLE>
<CAPTION>
NEUBERGER
HARTFORD HVA NEUBERGER NEUBERGER & BERMAN
HARTFORD CAPITAL MONEY & BERMAN & BERMAN LIMITED
BOND APPRECIATION MARKET PARTNERS BALANCED MATURITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------ --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . $ 1,917 $ 837 $ 650 $ 514 $ 678 $ 4,823
EXPENSES:
Mortality and expense undertakings . . . . (303) (111) (82) (151) (47) (277)
--------- ----------- --------- --------- ---------- ---------
Net investment income(loss) . . . . . . . 1,614 726 568 363 631 4,546
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) on security
transactions . . . . . . . . . . . . . . - - - - - -
Net unrealized appreciation
(depreciation) of investments during
the period . . . . . . . . . . . . . . . 1,929 7,774 - 6,770 1,640 (2,211)
--------- ----------- --------- --------- ---------- ---------
Net gains (losses) on investments . . . . . 1,929 7,774 - 6,770 1,640 (2,211)
--------- ----------- --------- --------- ---------- ---------
Net increase (decrease) in net
assets resulting
from operations. . . . . . . . . . . . . 3,543 8,500 568 7,133 2,271 2,335
--------- ----------- --------- --------- ---------- ---------
UNIT TRANSACTIONS:
Premiums . . . . . . . . . . . . . . . . . 13,443 59,882 51,291 88,578 8,481 9,220
Administrative fee. . . . . . . . . . . . . (54) (120) (101) (174) (18) (44)
Cost of insurance . . . . . . . . . . . . . (1,187) (1,864) (1,573) (2,712) (283) (1,046)
Net increase (decrease) in net
assets resulting --------- ----------- --------- --------- ---------- ---------
from unit transactions. . . . . . . . . . 12,202 57,898 49,617 85,692 8,180 8,130
--------- ----------- --------- --------- ---------- ---------
Total increase (decrease) in net
assets . . . . . . . . . . . . . . . . . 15,745 66,398 50,185 92,825 10,451 10,465
NET ASSETS:
Beginning of Period . . . . . . . . . . . . 81,025 10,099 10,059 10,323 10,081 81,301
--------- ----------- --------- --------- ---------- ---------
End of Period . . . . . . . . . . . . . . . $ 96,770 $ 76,497 $ 60,244 $ 103,148 $ 20,532 $ 91,766
--------- ----------- --------- --------- ---------- ---------
--------- ----------- --------- --------- ---------- ---------
</TABLE>
<TABLE>
<CAPTION>
ALGER
FIDELITY FIDELITY FIDELITY AMERICAN ALGER
EQUITY HIGH FIDELITY ASSET SMALL AMERICAN
INCOME INCOME OVERSEAS MANAGER CAPITALIZATION GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------ --------- --------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . $ 13,355 $ 812 $ 7,213 $ 1,233 $ 1,930 $ 1,798
EXPENSES:
Mortality and expense
undertakings . . . . . . . . . . . . . . (497) (89) (331) (84) (79) (563)
--------- ----------- --------- --------- ---------- ---------
Net investment income(loss) . . . . . . . . 12,858 723 6,882 1,149 1,851 1,235
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on
security transactions . . . . . . . . . - - - - - -
Net unrealized appreciation
(depreciation) of
investments during the period . . . . . . . 12,704 2,014 12,471 2,670 1,891 25,532
--------- ----------- --------- --------- ---------- ---------
Net gains (losses) on investments . . . . . 12,704 2,014 12,471 2,670 1,891 25,532
--------- ----------- --------- --------- ---------- ---------
Net increase (decrease) in net
assets resulting
from operations . . . . . . . . . . . . . 25,562 2,737 19,353 3,819 3,742 26,767
--------- ----------- --------- --------- ---------- ---------
UNIT TRANSACTIONS:
Premiums . . . . . . . . . . . . . . . . . 40,097 41,610 34,523 36,473 36,077 37,607
Administrative fee. . . . . . . . . . . . . (129) (83) (102) (74) (72) (127)
Cost of insurance . . . . . . . . . . . . . (2,627) (1,288) (1,960) (1,142) (1,116) (2,736)
Net increase (decrease) in net
assets resulting --------- ----------- --------- --------- ---------- ---------
from unit transactions . . . . . . . . . . 37,341 40,239 32,461 35,257 34,889 34,744
--------- ----------- --------- --------- ---------- ---------
Total increase (decrease) in
net assets . . . . . . . . . . . . . . . 62,903 42,976 51,814 39,076 38,631 61,511
NET ASSETS:
Beginning of Period . . . . . . . . . . . . 128,868 10,163 82,518 10,075 9,893 150,566
--------- ----------- --------- --------- ---------- ---------
End of Period . . . . . . . . . . . . . . . $ 191,771 $ 53,139 $ 134,332 $ 49,151 $ 48,524 $ 212,077
--------- ----------- --------- --------- ---------- ---------
--------- ----------- --------- --------- ---------- ---------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
ITT HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
ICMG REGISTERED VARIABLE LIFE SEPARATE ACCOUNT ONE
STATEMENT OF CHANGES IN NET ASSETS
FROM THE PERIOD NOVEMBER 14, 1996 TO DECEMBER 31, 1996
<TABLE>
<CAPTION>
NEUBERGER
HARTFORD HVA NEUBERGER NEUBERGER & BERMAN
HARTFORD CAPITAL MONEY & BERMAN & BERMAN LIMITED
BOND APPRECIATION MARKET PARTNERS BALANCED MATURITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------ --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . $ 855 $ 8 $ 67 $ - $ - $ -
Expenses:
Mortality and expense undertakings . . . . (62) (8) (8) (9) (8) (62)
--------- ----------- --------- --------- ---------- ---------
Net investment income(loss) . . . . . . 793 - 59 (9) (8) (62)
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on
security transactions . . . . . . . . . - - - - - -
Net unrealized appreciation
(depreciation) of investments
during the period . . . . . . . . . . . (867) 99 - 332 89 264
--------- ----------- --------- --------- ---------- ---------
Net gains (losses) on investments . . . (867) 99 - 332 89 264
--------- ----------- --------- --------- ---------- ---------
Net increase (decrease) in net
assets resulting from operations. . . . (74) 99 59 323 81 202
--------- ----------- --------- --------- ---------- ---------
UNIT TRANSACTIONS:
Premiums . . . . . . . . . . . . . . . . 81,371 10,000 10,000 10,000 10,000 81,372
Administrative fee . . . . . . . . . . . (9) - - - - (9)
Cost of insurance. . . . . . . . . . . . (263) - - - - (264)
Net increase (decrease) in
net assets resulting from unit --------- ----------- --------- --------- ---------- ---------
transactions. . . . . . . . . . . . . . 81,099 10,000 10,000 10,000 10,000 81,099
--------- ----------- --------- --------- ---------- ---------
Total increase (decrease) in net
assets . . . . . . . . . . . . . . . . 81,025 10,099 10,059 10,323 10,081 81,301
NET ASSETS:
Beginning of Period. . . . . . . . . . . - - - - - -
--------- ----------- --------- --------- ---------- ---------
End of Period. . . . . . . . . . . . . . $ 81,025 $ 10,099 $ 10,059 $ 10,323 $ 10,081 $ 81,301
--------- ----------- --------- --------- ---------- ---------
--------- ----------- --------- --------- ---------- ---------
</TABLE>
<TABLE>
<CAPTION>
ALGER
FIDELITY FIDELITY FIDELITY AMERICAN ALGER
EQUITY HIGH FIDELITY ASSET SMALL AMERICAN
INCOME INCOME OVERSEAS MANAGER CAPITALIZATION GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------ --------- --------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME: . . . . . . . . . . . . . $ - $ - $ - $ - $ - $ -
Dividends
Expenses:. . . . . . . . . . . . . . . . . . (98) (8) (62) (8) (8) (116)
--------- ----------- --------- --------- ---------- ---------
Mortality and expense undertakings . . . . (98) (8) (62) (8) (8) (116)
Net investment income(loss)
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:. . . . . . . . . - - - - - -
Net realized gain (loss) on
security transactions
Net unrealized appreciation
(depreciation) of . . . . . . . . . . . 467 171 1,486 83 (99) (1,526)
--------- ----------- --------- --------- ---------- ---------
investments during the period . . . . 467 171 1,486 83 (99) (1,526)
--------- ----------- --------- --------- ---------- ---------
Net gains (losses) on investments
Net increase (decrease) in net
assets resulting from operations . . . 369 163 1,424 75 (107) (1,642)
--------- ----------- --------- --------- ---------- ---------
UNIT TRANSACTIONS:
Premiums . . . . . . . . . . . . . . . . 128,952 10,000 81,366 10,000 10,000 152,742
Administrative fee . . . . . . . . . . . (15) - (9) - - (18)
Cost of insurance. . . . . . . . . . . . (438) - (263) - - (526)
--------- ----------- --------- --------- ---------- ---------
Net increase (decrease) in net
assets resulting from
unit transactions . . . . . . . . . . . 128,499 10,000 81,094 10,000 10,000 152,198
--------- ----------- --------- --------- ---------- ---------
Total increase (decrease) in
net assets . . . . . . . . . . . . . . 128,868 10,163 82,518 10,075 9,893 150,566
NET ASSETS:
Beginning of Period. . . . . . . . . . . - - - - - -
--------- ----------- --------- --------- ---------- ---------
End of Period. . . . . . . . . . . . . . $ 128,868 $ 10,163 $ 82,518 $ 10,075 $ 9,893 $ 150,566
--------- ----------- --------- --------- ---------- ---------
--------- ----------- --------- --------- ---------- ---------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
ICMG REGISTERED VARIABLE LIFE SEPARATE ACCOUNT ONE
ITT HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997
1. ORGANIZATION:
ICMG Registered Variable Life Separate Account One (the Account) is a
separate investment account with ITT Hartford Life and Annuity Insurance
Company (the Company) and is registered with the Securities and Exchange
Commission (SEC) as a unit investment trust under the Investment Company
Act of 1940, as amended. The Account consists of twelve portfolios. Both
the Company and the Account are subject to supervision and regulation by
the Department of Insurance of the State of Connecticut and the SEC. The
Account invests deposits by variable life contractholders of the Company in
various mutual funds (the Funds) as directed by the contractholders.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the
Account, which are in accordance with generally accepted accounting
principles in the investment company industry:
a) SECURITY TRANSACTIONS- Security transactions are recorded on the
trade date (date the order to buy or sell is executed). Cost of
investments sold is determined on the basis of identified cost.
Dividend and capital gains income are accrued as of the ex-dividend
date. Capital gains income represents dividends from the Funds which
are characterized as capital gains under tax regulations.
b) SECURITY VALUATION - The investment in shares of the funds are valued
at the closing net asset value per share as determined by the
appropriate Fund as of June 30, 1997.
c) FEDERAL INCOME TAXES - The operations of the Account form a part of,
and are taxed with, the total operations of the Company, which is
taxed as an insurance company under the Internal Revenue Code. Under
current law, no federal income taxes are payable with respect to the
operations of the Account.
d) USE OF ESTIMATES- The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities as of the date of the financial
statements and the reported amounts of income and expenses during the
period. Operating results in the future could vary from the amounts
derived from management's estimates.
3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:
a) MORTALITY AND EXPENSE UNDERTAKINGS - The Company, as issuer of
variable life insurance contracts, provides the mortality and expense
undertakings and, with respect to the Account, receives an annual fee
of 0.65% of the Account's average daily net assets.
b) DEDUCTION OF OTHER FEES - In accordance with the terms of the
contracts, the Company makes deductions for the cost of insurance,
administrative fees, state premium taxes and other insurance charges.
These charges are deducted through termination of units of interest
from applicable contractholders' accounts.
