<PAGE> 1
EXHIBIT 11
ANNUITY AND LIFE RE (HOLDINGS), LTD.
STATEMENT OF COMPUTATION OF NET INCOME PER COMMON SHARE
UNAUDITED
(EXPRESSED IN UNITED STATES DOLLARS EXCEPT FOR SHARE AMOUNTS)
<TABLE>
<CAPTION>
3 MONTHS ENDED SEPTEMBER 30 9 MONTHS ENDED SEPTEMBER 30
---------------------------- ----------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net Income............................ $10,900,901 $ 8,715,060 $26,536,962 $25,943,583
Net average number of common shares
outstanding......................... 25,499,999 25,499,999 25,499,999 25,499,999
Weighted average number of common
shares outstanding including shares
issuable from exercise of options
and warrants........................ 27,419,525 27,218,541 27,383,590 27,177,007
Earnings per share.................... $ 0.43 $ 0.34 $ 1.04 $ 1.02
Earnings per share assuming
dilution............................ $ 0.40 $ 0.32 $ 0.97 $ 0.95
</TABLE>
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