<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>
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
---------------------------- --------------------------
2000 1999 2000 1999
------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
Net Income.............................. $7,822,293 $8,746,242 $15,636,061 $17,228,523
Net average number of common
shareholders 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.............................. 27,311,063 27,114,771 27,366,408 27,148,654
Earnings per share...................... $ 0.31 $ 0.34 $ 0.61 $ 0.68
Earnings per share assuming dilution.... $ 0.29 $ 0.32 $ 0.57 $ 0.63
</TABLE>
17
