<PAGE>
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
/x/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the quarterly period ended March 31, 2000
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission file number 333-18053
PRUCO LIFE INSURANCE COMPANY
OF NEW JERSEY
(Exact name of Registrant as specified in its charter)
New Jersey 22-2426091
- ------------------------------------------- ---------------------------------
(State or other (IRS Employer Identification No.)
jurisdiction, incorporation or organization)
213 Washington Street, Newark, New Jersey 07102
------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(973) 802-3274
-------------------------------
(Registrant's Telephone Number, including area code)
Securities registered pursuant to Section 12 (b) of the Act: NONE
Securities registered pursuant to Section 12 (g) of the Act: NONE
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES /x/ NO / /
State the aggregate market value of the voting stock held by
non-affiliates of the registrant: NONE
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of May 15, 2000. Common stock, par value of $5
per share: 400,000 shares outstanding
Pruco Life Insurance Company of New Jersey meets the conditions set
forth in General Instruction (H) (1) (a) and (b) on Form 10-Q and
is therefore filing this Form with the reduced disclosure format.
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<PAGE>
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
INDEX TO FINANCIAL STATEMENTS
Page No.
--------
Cover Page -
Index 2
PART I - Financial Information
Item 1. (Unaudited) Financial Statements
Statements of Financial Position
As of March 31, 2000 and December 31, 1999 3
Statements of Operations and Comprehensive Income
Three months ended March 31, 2000 and 1999 4
Statements of Changes in Stockholder's
Equity Periods ended March 31, 2000 and
and December 31, 1999 and 1998 5
Statements of Cash Flows
Three months ended March 31, 2000 and 1999 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9
PART II - Other Information
Item 6. Exhibits and Reports on Form 8-K 11
Signature Page 12
2
<PAGE>
Pruco Life Insurance Company of New Jersey
Statements of Financial Position
As of March 31, 2000 and December 31, 1999 (In Thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(Unaudited)
March 31, 2000 December 31, 1999
-------------- -----------------
<S> <C> <C>
ASSETS
Fixed maturities
Available for sale, at fair value
(amortized cost, 2000: $603,064; and 1999: $604,223) $ 586,570 $ 585,271
Held to maturity, at amortized cost
(fair value, 2000: $6,984; and 1999: $6,938) 7,470 7,470
Policy loans 144,799 143,815
Short-term investments 43,711 27,473
Other long-term investments 3,541 2,520
------------- -------------
Total investments 786,091 766,549
Cash 60 117
Deferred policy acquisition costs 127,136 129,184
Accrued investment income 12,558 12,492
Receivables from affiliate 15,489 16,231
Other assets 2,417 474
Separate Account assets 1,881,895 1,827,484
------------- -------------
TOTAL ASSETS $2,825,646 $2,752,531
============= =============
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities
Policyholders' account balances $ 418,125 $ 414,917
Future policy benefits and other policyholder liabilities 106,069 105,861
Cash collateral for loaned securities 21,292 17,900
Securities sold under agreements to repurchase 4,656 --
Income taxes payable 23,157 27,829
Other liabilities 15,040 7,571
Separate Account liabilities 1,881,895 1,827,484
------------- -------------
Total liabilities 2,470,234 2,401,562
------------- -------------
Contingencies - (See Footnote 2)
Stockholder's Equity
Common stock, $5 par value;
400,000 shares, authorized;
issued and outstanding at
March 31, 2000 and December 31, 1999 2,000 2,000
Paid-in-capital 125,000 125,000
Retained earnings 233,707 230,057
Accumulated other comprehensive loss (5,295) (6,088)
------------- -------------
Total stockholder's equity 355,412 350,969
------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $2,825,646 $2,752,531
============= =============
</TABLE>
See Notes to Financial Statements
3
<PAGE>
Pruco Life Insurance Company of New Jersey
Statements of Operations and Comprehensive Income (Unaudited)
Three Months Ended March 31, 2000 and 1999 (In Thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three months ended
March 31,
2000 1999
------- -------
REVENUES
<S> <C> <C>
Premiums $ 1,489 $ 1,684
Policy charges and fee income 13,926 12,633
Net investment income 13,716 11,926
Realized investment losses, net (1,312) (347)
Asset management fees 2,041 1,495
Other income 46 233
------- -------
Total revenues 29,906 27,624
------- -------
BENEFITS AND EXPENSES
Policyholders' benefits 7,720 8,606
Interest credited to policyholders' account balances 4,410 4,280
General, administrative and other expenses 12,160 8,437
------- -------
Total benefits and expenses 24,290 21,323
------- -------
Income from operations before income taxes 5,616 6,301
------- -------
Income tax provision 1,966 2,305
------- -------
NET INCOME $ 3,650 $ 3,996
------- -------
Net unrealized investment gains (losses) on securities,
net of reclassification adjustment and taxes 793 (1,569)
------- -------
TOTAL COMPREHENSIVE INCOME $ 4,443 $ 2,427
======= =======
</TABLE>
See Notes to Financial Statements
4
<PAGE>
Pruco Life Insurance Company of New Jersey
Statements of Changes in Stockholder's Equity (Unaudited)
Periods ended March 31, 2000 and December 31, 1999 and 1998 (In Thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Accumulated
other Total
Common Paid - in - Retained comprehensive stockholder's
stock capital earnings income loss) equity
--------- --------- --------- ------------- ------------
<S> <C> <C> <C> <C> <C>
Balance, January 1, 1998 $ 2,000 $ 125,000 $ 185,437 $ 2,956 $ 315,393
Net income -- -- 31,823 -- 31,823
Change in net unrealized
investment losses, net of net
of reclassification and taxes -- -- -- (1,363) (1,363)
--------- --------- --------- --------- ---------
Balance, December 31, 1998 $ 2,000 $ 125,000 $ 217,260 $ 1,593 $ 345,853
Net income -- -- 12,797 -- 12,797
Change in net unrealized
investment losses, net of
reclassification and taxes -- -- -- (7,681) (7,681)
--------- --------- --------- --------- ---------
Balance, December 31, 1999 $ 2,000 $ 125,000 $ 230,057 $ (6,088) $ 350,969
Net income -- -- 3,650 -- 3,650
Change in net unrealized
investment gains, net of
reclassification and taxes -- -- -- 793 793
--------- --------- --------- --------- ---------
Balance, March 31, 2000 $ 2,000 $ 125,000 $ 233,707 $ (5,295) $ 355,412
========= ========= ========= ========= =========
</TABLE>
See Notes to Financial Statements
5
<PAGE>
Pruco Life Insurance Company of New Jersey
Statements of Cash Flows (Unaudited)
Three Months Ended March 31, 2000 and 1999 (In Thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three months ended,
March 31,
2000 1999
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 3,650 $ 3,996
Adjustments to reconcile net income to net
cash (used in) provided by
Operating activities:
Policy charges and fee income (2,564) (2,471)
Interest credited to policyholders' account balances 4,410 4,280
Realized investment losses (gains), net 1,312 347
Amortization and other non-cash items (1,927) 4,385
Change in:
Future policy benefits and other
policyholders' liabilities 208 (514)
Accrued investment income (66) (679)
Policy loans (984) (2,671)
Receivable from affiliates 742 (8,894)
Deferred policy acquisition costs 2,048 (2,184)
Income taxes payable (4,672) 926
Other, net 5,525 705
--------- ---------
Cash Flows From (Used In) Operating Activities 7,682 (2,774)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity of:
Fixed maturities:
Available for sale 142,393 402,023
Payments for the purchase of:
Fixed maturities:
Available for sale (143,546) (345,265)
Held to maturity -- (5,470)
Cash collateral for loaned securities, net 3,392 6,047
Securities sold under agreements to repurchase, net 4,656 (22,506)
Other long-term investments 1,021 (276)
Short term investments, net (16,239) (27,086)
--------- ---------
Cash Flows (Used in) From Investing Activities (8,323) 7,467
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders' account balances:
Deposits 49,420 44,029
Withdrawals (48,836) (45,895)
--------- ---------
Cash Flows From (Used in) Financing Activities 584 (1,866)
--------- ---------
Net (decrease) increase in Cash (57) 2,827
Cash, beginning of year 117 45
--------- ---------
CASH , END OF PERIOD $ 60 $ 2,872
========= =========
</TABLE>
See Notes to Financial Statements
6
<PAGE>
Pruco Life Insurance Company of New Jersey
Notes to Financial Statements (Unaudited)
================================================================================
1. BASIS OF PRESENTATION
The accompanying interim financial statements have been prepared pursuant to the
rules and regulations for reporting on Form 10-Q on the basis of accounting
principles generally accepted in the United States. These interim financial
statements are unaudited but reflect all adjustments which, in the opinion of
management, are necessary to provide a fair presentation of the results of
operations and financial condition of the Pruco Life Insurance Company of New
Jersey ("the Company"), for the interim periods presented. The Company is a
wholly-owned subsidiary of the Pruco Life Insurance Company ("Pruco Life") which
in turn is a wholly-owned subsidiary of The Prudential Insurance Company of
America ("Prudential"). All such adjustments are of a normal recurring nature.
The results of operations for any interim period are not necessarily indicative
of results for a full year. Certain amounts in the Company's prior year
financial statements have been reclassified to conform to the 2000 presentation.
These financial statements should be read in conjunction with the financial
statements and notes thereto contained in the Company's Annual Report on Form
10-K for the year ended December 31, 1999.
2. CONTINGENCIES
Various lawsuits against the Company have arisen in the course of the Company's
business. In certain of these matters, large and/or indeterminate amounts are
sought.
On October 28, 1996, the Company entered into a Stipulation of Settlement with
attorneys for the plaintiffs in a consolidated class action lawsuit pending in a
Multi-District Litigation proceeding in the U.S. District Court for the District
of New Jersey. The class action suit involved alleged improprieties in
connection with the sale, servicing and operation of permanent life insurance
policies from 1982 through 1995. Pursuant to the settlement, the Company has
participated in a remediation program pursuant to which relief was offered to
policyowners who were misled when they purchased permanent life insurance
policies in the United States from 1982 to 1995. Prudential has agreed to
indemnify the Company for any liability incurred in connection with that
litigation.
The balance of the Company's litigation is subject to many uncertainties, and
given the complexity and scope, the outcomes cannot be predicted with precision.
Management believes that any ultimate liability that could result from such
litigation would not have a material adverse effect on the Company's financial
position.
3. RELATED PARTY TRANSACTIONS
The Company has extensive transactions and relationships with Prudential and
other affiliates. It is possible that the terms of these transactions are not
the same as those that would result from transactions among wholly unrelated
parties.
Expense Charges and Allocations
All of the Company's expenses are allocations or charges from Prudential or
other affiliates. These expenses can be grouped into the following categories:
general and administrative expenses, retail distribution expenses and asset
management fees.
The Company's general and administrative expenses are charged to the Company
using allocation methodologies based on business processes. Management believes
that the methodology is reasonable and reflects the actual costs incurred by
Prudential to process transactions on behalf of the Company. Prudential and the
Company operate under service and lease agreements whereby services of officers
and employees, supplies, use of equipment and office space are provided by
Prudential.
Late in 1998, Prudential undertook a review of its expense allocation
methodology. This review resulted in increased allocations to the Company
compared with 1998 levels, reflecting higher expense allocations to products
requiring more complex business processes and more transactions, such as
variable products which allow policyholders to make changes in their investment
portfolio. Implementation of the revised allocation methodology was
substantially completed in the second quarter of 1999.
The Company is allocated distribution expenses from Prudential's retail agency
network for both its domestic life and annuity products. The Company has
capitalized the majority of these distribution expenses as deferred policy
acquisition costs ("DAC"). The Company is charged an asset management fee from
Prudential Global Asset Management ("PGAM") for managing the Separate Account
investment portfolio. These fees are a component of general, administrative and
other expenses.
7
<PAGE>
Pruco Life Insurance Company of New Jersey
Notes to Financial Statements (Unaudited)
================================================================================
3. RELATED PARTY TRANSACTIONS (continued)
In addition, the Company receives asset management fee income from policyholder
account balances invested in the Prudential Series Fund ("PSF"), as shown in the
Statement of Operations.
Corporate Owned Life Insurance
The Company has sold a Corporate Owned Life Insurance ("COLI") policy to
Prudential. The cash surrender value included in Separate Accounts was $207.6
million and $199.0 million at March 31, 2000 and December 31, 1999,
respectively.
Reinsurance
The Company currently has a reinsurance agreement in place with Prudential ("the
reinsurer"). The reinsurance agreement is a yearly renewable term agreement in
which the Company may offer and the reinsurer may accept reinsurance on any life
in excess of the Company's maximum limit of retention. The Company is not
relieved of its primary obligation to the policyholder as a result of these
reinsurance transactions. These agreements had no material effect on net income
for the periods ended March 31, 2000 and December 31, 1999.
Debt Agreements
In July 1998, the Company established a revolving line of credit facility with
Prudential Funding Corporation, a wholly-owned subsidiary of Prudential. There
is no outstanding debt relating to this credit facility as of March 31, 2000 or
December 31, 1999.
4. RECENT ACCOUNTING PRONOUNCEMENTS
In June 1998, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities" which requires that companies recognize all
derivatives as either assets or liabilities in the balance sheet and measure
those instruments at fair value. SFAS No. 133 does not apply to most traditional
insurance contracts. However, certain hybrid contracts that contain features
which may affect settlement amounts similarly to derivatives may require
separate accounting for the "host contract" and the underlying "embedded
derivative" provisions. The latter provisions would be accounted for as
derivatives as specified by the statement.
SFAS No. 133 provides, if certain conditions are met, that a derivative may be
specifically designated as (1) a hedge of the exposure to changes in the fair
value of a recognized asset or liability or an unrecognized firm commitment
(fair value hedge), (2) a hedge of the exposure to variable cash flows of a
forecasted transaction (cash flow hedge), or (3) a hedge of the foreign currency
exposure of a net investment in a foreign operation, an unrecognized firm
commitment, an available-for-sale security or a foreign-currency-denominated
forecasted transaction (foreign currency hedge).
Under SFAS No. 133, the accounting for changes in fair value of a derivative
depends on its intended use and designation. For a fair value hedge, the gain or
loss is recognized in earnings in the period of change together with the
offsetting loss or gain on the hedged item. For a cash flow hedge, the effective
portion of the derivative's gain or loss is initially reported as a component of
other comprehensive income and subsequently reclassified into earnings when the
forecasted transaction affects earnings. For a foreign currency hedge, the gain
or loss is reported in other comprehensive income as part of the foreign
currency translation adjustment. For all other derivatives not designated as
hedging instruments, the gain or loss is recognized in earnings in the period of
change. The Company is required to adopt this Statement, as amended, as of
January 1, 2001 and is currently assessing the effect of the new standard.
8
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Pruco Life Insurance Company of New Jersey meets the conditions set forth in
General Instruction H(1)(a) and (b) on Form 10-Q and is filing this form with
reduced disclosure.
1. Analysis of Financial Condition
Total assets for the Company increased $73.1 million during the first three
months of 2000, with the majority of the increase due to a rise in Separate
Account assets of $54.4 million. The increase in the Separate Accounts is
primarily comprised of contributions of $56.4 million and net investment income
of $38.9 million, offset by surrenders, withdrawals, and disbursements of $40.9
million. In addition, there was an increase of $16.2 million in short-term
investments due to higher levels of securities lending activity.
Similarly, liabilities increased by $68.7 million due to increases in Separate
Account contractholder fund balances and higher levels of securities lending as
described above.
2. Results of Operations
For the three months ended March 31, 2000 and March 31, 1999
Net income for the three months ended March 31, 2000 was $3.7 million, a
decrease of $.3 million from the first quarter of 1999. The increase of $2.3
million in revenues was offset by an increase in expenses of $3.0 million. The
income tax provision was lower by $.3 million for the first quarter of 2000 when
compared to 1999, based on the corresponding decrease in net income.
Net investment income increased by $1.8 million primarily due to a corresponding
increase in the fixed maturity asset base during the period. There were also
realized losses of $1.3 million, an increase of $1.0 million, as a result of the
sale of fixed maturities and $.5 million in corporate bond impairments in the
present quarter.
Asset management fees increased by $.5 million when comparing March 31, 2000 to
March 31, 1999. The increase is related to higher Investment Advisory Fees (PSF
fees) resulting from the rise in Separate Account assets as a result of the
growth in the equity markets and continued strong sales of the Discovery Select
product. Policy charges and fee income also increased by $1.3 million as a
result of the increase in the Separate Account fund values.
General, administrative and other expenses increased by $3.7 million from the
prior year. PGAM fees increased by $.5 million, as they were not charged until
later in 1999. The remaining rise in expenses is a result of increases in
distribution and other general and administrative expenses due to business
growth and changes in the expense methodology process that Prudential uses to
allocate costs to its subsidiaries, as discussed in Footnote 3 in the Notes to
Financial Statements "Related Party Transactions".
9
<PAGE>
3. Liquidity and Capital Resources
Principal cash flow sources are investment and fee income, investment maturities
and sales, and premiums and fund deposits. These cash inflows may be
complemented by financing activities through other Prudential affiliates.
Cash outflows consist principally of benefits, claims and amounts paid to
policyholders in connection with policy surrenders, withdrawals and net policy
loan activity. Uses of cash also include commissions, general and administrative
expenses, and purchases of investments. Liquidity requirements associated with
policyholder obligations are monitored regularly so that the Company can manage
cash inflows to match anticipated cash outflow requirements.
The Company believes that cash flow from operations together with proceeds from
scheduled maturities and sales of fixed maturity investments, are adequate to
satisfy liquidity requirements based on the Company's current liability
structure.
The Company had $2.8 billion of assets at March 31, 2000 compared to $2.7
billion at December 31, 1999, of which $1.9 billion and $1.8 billion were held
in Separate Accounts at March 31, 2000 and December 31, 1999, respectively,
under variable life insurance policies and variable annuity contracts. The
remaining assets consisted primarily of investments and deferred policy
acquisition costs.
4. The Year 2000 Issue
The Company utilizes many of the same business applications, infrastructure and
business partners as Prudential. Prudential addressed the Year 2000 issue on an
enterprise-wide basis. Therefore, it is not possible to differentiate the
Company's Year 2000 issue from that of Prudential. To date, neither Prudential
nor the Company has experienced material Year 2000 related problems in any of
their operations. Prudential believes that it has mitigated the Year 2000 risk,
however Prudential cannot guarantee that it will not experience a Year 2000
failure that has thus far been undetected. In the worst case, it is possible
that an as yet unknown Year 2000 failure, whether internal or external, could
have a material impact on Prudential or the Company's results of operations,
liquidity or financial condition. Where necessary, we have enhanced our general
business continuation contingency plans to ensure that they would be effective
in responding to a Year 2000 failure. Substantially all of these plans, as they
related to Year 2000 issues, include the ultimate resolution of any technology
failure that we may encounter.
5. Information Concerning Forward-Looking Statements
Some of the statements contained in Management's Discussion and Analysis,
including those words such as "believes", "expects", "intends", "estimates",
"assumes", "anticipates" and "seeks", are forward-looking statements. These
forward-looking statements involve risk and uncertainties. Actual results may
differ materially from those suggested by the forward-looking statements for
various reasons. In particular, statements contained in Management's Discussion
and Analysis regarding the Company's business strategies involve risks and
uncertainties, and we can provide no assurance that we will be able to execute
our strategies effectively or achieve our financial and other objectives.
10
<PAGE>
PART II
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
--------
3(i)(a) The Articles of Incorporation (as amended through March 11, 1983)
of Pruco Life Insurance Company of New Jersey are incorporated by
reference to Post-effective Amendment No. 26 to the Registration
Statement on Form S-6 of Pruco Life of New Jersey Variable
Appreciable Account as filed April 28, 1997, Registration No.
2-89780.
3(i)(b) Amendment to the Articles of Incorporation dated February 12, 1998
is incorporated by reference to Post-Effective Amendment No. 12 to
the Registration Statement on Form S-1, of Pruco Life of New
Jersey Variable Contract Real Property Account as filed on April
16, 1999, Registration No. 33-20018.
3(ii) By-Laws of Pruco Life Insurance Company of New Jersey (as amended
through May 5, 1997) are incorporated by reference to Form 10-Q as
filed by the Company on August 15, 1997.
4 Market-Value Adjustment Annuity Contract is incorporated by
reference to the Company's registration statement on Form S-1,
Registration No. 333-18053, as filed November 17, 1995.
27 Financial Data Schedule is filed herewith in accordance with EDGAR
instructions.
11
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf of the
undersigned, thereunto duly authorized.
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
(Registrant)
Signature Title Date
- --------- ----- ----
_________________________ President and Director May 15, 2000
Esther H. Milnes
_________________________ Principal Financial Officer May 15, 2000
Dennis G. Sullivan and Chief Accounting Officer
12
<TABLE> <S> <C>
<ARTICLE> 7
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<DEBT-HELD-FOR-SALE> 586,570
<DEBT-CARRYING-VALUE> 7,470
<DEBT-MARKET-VALUE> 6,984
<EQUITIES> 0
<MORTGAGE> 0
<REAL-ESTATE> 0
<TOTAL-INVEST> 786,091
<CASH> 60
<RECOVER-REINSURE> 16
<DEFERRED-ACQUISITION> 127,136
<TOTAL-ASSETS> 2,825,646
<POLICY-LOSSES> 0
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 106,069
<POLICY-HOLDER-FUNDS> 418,125
<NOTES-PAYABLE> 0
0
0
<COMMON> 2,000
<OTHER-SE> 353,412
<TOTAL-LIABILITY-AND-EQUITY> 2,825,646
1,489
<INVESTMENT-INCOME> 13,716
<INVESTMENT-GAINS> (1,312)
<OTHER-INCOME> 46
<BENEFITS> 7,720
<UNDERWRITING-AMORTIZATION> 3,701
<UNDERWRITING-OTHER> 8,459
<INCOME-PRETAX> 5,616
<INCOME-TAX> 1,966
<INCOME-CONTINUING> 3,650
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,650
<EPS-BASIC> 0
<EPS-DILUTED> 0
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
</TABLE>
