UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)of the Securities Exchange Act of 1934
(Mark one)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 33-28976
IDS LIFE INSURANCE COMPANY
(Exact name of registrant as specified in its charter)
MINNESOTA 41-0823832
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
IDS TOWER 10, MINNEAPOLIS, MINNESOTA 55440-0010
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (612) 671-1257
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
THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION
H(1)(a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE
PERMITTED ABBREVIATED NARRATIVE DISCLOSURE.
<PAGE>
IDS LIFE INSURANCE COMPANY
FORM 10-Q
For the Quarter Ended March 31, 1998
Table of Contents
PART I - FINANCIAL INFORMATION Page
Item 1. Financial Statements
Consolidated Balance Sheets as of
March 31, 1998 (unaudited) and
December 31, 1997 3 - 4
Consolidated Statements of Income for the
three months ended March 31, 1998 and 1997
(unaudited) 5
Consolidated Statements of Cash Flows for the
three months ended March 31, 1998 and 1997
(unaudited) 6 - 7
Notes to Consolidated Financial Statements
(unaudited) 8 - 10
Item 2. Management's Discussion and Analysis of
Consolidated Financial Condition and
Results of Operations 11 - 12
PART II - OTHER INFORMATION 13
SIGNATURES 14
<PAGE>
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
CONSOLIDATED BALANCE SHEETS
($ thousands, except per share amount)
March 31, December 31,
ASSETS 1998 1997
----------------- -------------
(unaudited)
<S> <C> <C>
Investments:
Fixed maturities:
Held to maturity, at amortized cost (Fair value:
1998, $9,384,517; 1997, $9,743,410) ......... $ 8,966,973 $ 9,315,450
Available for sale, at fair value (Amortized cost:
1998, $12,825,477; 1997, $12,515,030) ........ 13,188,741 12,876,694
----------- -----------
22,155,715 22,192,144
Mortgage loans on real estate ........................ 3,663,748 3,618,647
Policy loans ......................................... 502,865 498,874
Other investments .................................... 261,387 318,591
----------- -----------
Total investments ................... 26,583,715 26,628,256
Cash and cash equivalents ................................ 0 19,686
Amounts recoverable from reinsurers ...................... 218,979 205,716
Amounts due from brokers ................................. 3,694 8,400
Other accounts receivable ................................ 45,556 37,895
Accrued investment income ................................ 350,417 357,390
Deferred policy acquisition costs ........................ 2,479,349 2,479,577
Other assets ............................................. 37,086 22,700
Separate account assets .................................. 25,999,780 23,214,504
----------- -----------
Total assets ........................ $55,718,576 $52,974,124
=========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
CONSOLIDATED BALANCE SHEETS
($ thousands, except per share amount)
(continued)
March 31, December 31,
LIABILITIES AND STOCKHOLDER'S EQUITY 1998 1997
------------------ ------------
(unaudited)
<S> <C> <C>
Liabilities:
Future policy benefits:
Fixed annuities ................................. $21,823,622 $22,009,747
Universal life-type insurance ................... 3,302,028 3,280,489
Traditional life insurance ...................... 215,182 213,676
Disability income and
long-term care insurance .................... 563,767 533,124
Policy claims and other
policyholders' funds ............................ 36,728 68,345
Amounts due to brokers .............................. 364,225 381,458
Deferred income taxes ............................... 67,670 61,582
Other liabilities ................................... 409,287 345,383
Separate account liabilities ........................ 25,999,780 23,214,504
----------- -----------
Total liabilities .................. 52,782,289 50,108,308
----------- -----------
Stockholder's equity:
Capital stock, $30 par value per share;
100,000 shares authorized, issued and outstanding 3,000 3,000
Additional paid-in capital .......................... 288,327 290,847
Accumulated other comprehensive income
Net unrealized gain on investments .................. 227,394 226,359
Retained earnings ................................... 2,417,566 2,345,610
----------- -----------
Total stockholder's equity ......... 2,936,287 2,865,816
----------- -----------
Total liabilities and stockholder's equity .............. $55,718,576 $52,974,124
=========== ===========
See accompanying notes .
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
CONSOLIDATED STATEMENTS OF INCOME
($ thousands)
(unaudited)
Three months ended
March 31,
1998 1997
------------- ---------
<S> <C> <C>
Revenues:
Premiums:
Traditional life insurance .................................... $ 13,315 $ 13,078
Disability income and
long-term care insurance .................................... 40,791 37,349
--------- ---------
Total premiums ................................... 54,106 50,427
Policyholder and contractholder charges ........................... 93,624 82,893
Management and other fees ......................................... 99,096 76,540
Net investment income ............................................. 501,885 494,604
Net realized loss on investments .................................. (2,823) (5,258)
--------- ---------
Total revenues ................................... 745,888 699,206
--------- ---------
Benefits and expenses:
Death and other benefits:
Traditional life insurance .................................... 7,683 5,723
Universal life-type insurance
and investment contracts .................................. 23,991 21,329
Disability income and
long-term care insurance .................................. 7,219 5,016
Increase in liabilities for
future policy benefits:
Traditional life insurance ................................ 1,555 574
Disability income and
long-term care insurance ............................. 16,730 13,353
Interest credited on universal life-type
insurance and investment contracts ............................ 338,814 346,904
Amortization of deferred policy
acquisition costs ............................................. 97,246 76,730
Other insurance and operating expenses ............................ 55,401 47,677
--------- ---------
Total benefits and expenses ...................... 548,639 517,306
--------- ---------
Income before income taxes ............................................ 197,249 181,900
Income taxes .......................................................... 65,292 61,330
--------- ---------
Net income ............................................................ $ 131,957 $ 120,570
========= =========
See accompanying notes
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
($ thousands)
(unaudited)
Three months ended
March 31,
1998 1997
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net income ................................................... $ 131,957 $ 120,570
Adjustments to reconcile net income to
net cash provided by operating activities:
Policy loans, excluding universal
life-type insurance:
Issuance ....................................... (12,315) (12,205)
Repayment ...................................... 15,246 10,800
Change in reinsurance recoverable .................... (13,263) (10,575)
Change in other accounts receivable .................. (7,661) 1,053
Change in accrued investment income .................. 6,973 3,330
Change in deferred policy
acquisition costs, net ............................ 174 (36,725)
Change in liabilities for future policy
benefits for traditional life,
disability income and
long-term care insurance .......................... 32,150 24,463
Change in policy claims and other
policyholders' funds .............................. (31,617) 6,969
Change in deferred income taxes ...................... 3,023 28
Change in other liabilities .......................... 63,904 52,137
Accretion of discount, net ........................... (1,166) (2,701)
Net realized loss on investments ..................... 2,823 5,258
Policyholder and contractholder charges,
non-cash .......................................... (41,934) ( 39,487)
Other, net ........................................... 5,784 218
--------- ---------
Net cash provided by (used in) operating activities $ 154,078 $ 123,133
--------- ---------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
($ thousands)
(unaudited)
(continued)
Three months ended
March 31,
1998 1997
--------------- ---------
<S> <C> <C>
Cash flows from investing activities:
Fixed maturities held to maturity:
Purchases ....................................................... $ 0 $ 0
Maturities, sinking fund payments and calls ..................... 293,104 205,803
Sales ........................................................... 56,007 29,789
Fixed maturities available for sale:
Purchases ....................................................... (891,593) (946,213)
Maturities, sinking fund payments and calls ..................... 464,058 247,601
Sales ........................................................... 111,604 155,972
Other investments, excluding policy loans:
Purchases ....................................................... (123,188) (133,886)
Sales ........................................................... 118,370 63,557
Change in amounts due from broker ................................... 4,706 8,200
Change in amounts due to broker ..................................... (17,233) 116,968
----------- -----------
Net cash provided by (used in) investing activities ...... 15,835 (252,209)
----------- -----------
Cash flows from financing activities:
Activity related to universal life-type insurance
and investment contracts:
Considerations received ......................................... 485,547 709,723
Surrenders and death benefits ................................... (947,015) (897,537)
Interest credited to account balances ........................... 338,815 346,904
Universal life-type insurance policy loans:
Issuance ........................................................ (25,429) (23,572)
Repayment ....................................................... 18,483 18,926
Cash dividends to parent ............................................ (60,000) (45,000)
----------- -----------
Net cash (used in) provided by financing activities ..... (189,599) 109,444
----------- -----------
Net decrease in cash and cash equivalents ............................... (19,686) (19,632)
Cash and cash equivalents at beginning of period ........................ 19,686 224,603
----------- -----------
Cash and cash equivalents at end of period .............................. $ 0 $ 204,971
=========== ===========
See accompanying notes
</TABLE>
<PAGE>
IDS LIFE INSURANCE COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1998
($ thousands)
(unaudited)
1. General
In the opinion of the management of IDS Life Insurance Company (the
Company), the accompanying unaudited consolidated financial statements
contain all adjustments (consisting of normal recurring adjustments)
necessary to present fairly its balance sheet as of March 31, 1998,
statements of income for the three months ended March 31, 1998 and 1997
and statements of cash flows for the three months ended March 31, 1998
and 1997.
The Company is a wholly owned subsidiary of American Express Financial
Corporation (AEFC), which is a wholly owned subsidiary of American
Express Company. The accompanying consolidated financial statements
include the accounts of the Company and its wholly owned subsidiaries,
IDS Life Insurance Company of New York, American Enterprise Life
Insurance Company, American Centurion Life Assurance Company, American
Partners Life Insurance Company and American Express Corporation. All
material intercompany accounts and transactions have been eliminated in
consolidation.
Purchased and written index options are carried at market value and
included in other investments. Gains or losses on index options are
recognized in management and other fees in the same period as the
hedged fee income.
2. Nature of business
The Company is engaged in the life insurance and annuity business. The
Company sells various forms of fixed and variable individual life
insurance, group life insurance, individual and group disability income
insurance, long-term care insurance, and single and installment premium
fixed and variable annuities.
3. Statements of cash flows
The Company considers investments with a maturity at the date of their
acquisition of three months or less to be cash equivalents. These
securities are carried principally at amortized cost which approximates
market value.
Cash paid for interest on borrowings totaled $3,094 and $319 for the
three months ended March 31, 1998, and 1997, respectively. Cash
refunded for income taxes totaled $12,715 and $32,369 for the three
months ended March 31, 1998 and 1997, respectively.
<PAGE>
IDS LIFE INSURANCE COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
($ thousands)
(unaudited)
(continued)
4. Commitments and contingencies
At March 31, 1998, the Company had commitments to purchase affordable
housing limited partnership investments of $17,728, which are included
in other liabilities. Commitments for purchases of investments in the
ordinary course of business at March 31, 1998 aggregated $171,926.
The maximum amount of risk retained by the Company on any one life is
$750 of life and waiver of premium benefits plus $50 of accidental
death benefits. The excesses are reinsured with other life insurance
companies on a yearly renewable term basis.
A number of lawsuits have been filed against life and health insurers
in jurisdictions in which the Company and AEFC do business involving
insurers' sales practices, alleged agent misconduct, failure to
properly supervise agents, and other matters. The Company and AEFC,
like other life and health insurers, from time to time are involved in
such litigation. On December 13, 1996, an action entitled Lesa
Benacquisto and Daniel Benacquisto vs. IDS Life Insurance Company and
American Express Financial Corporation was commenced in Minnesota state
court. The action is brought by individuals who replaced an existing
Company insurance policy with a new Company policy. The plaintiffs
purport to represent a class consisting of all persons who replaced
existing Company policies with new policies from and after January 1,
1985. The complaint puts at issue various alleged sales practices and
misrepresentations, alleged breaches of fiduciary duties and alleged
violations of consumer fraud statutes. Plaintiffs seek damages in an
unspecified amount and also seek to establish a claims resolution
facility for the determination of individual issues. The Company and
AEFC filed an answer to the Complaint on February 18, 1997. A similar
action entitled Mork and Melchert, et ux. vs. IDS Life Insurance
Company involving the replacement of existing IDS Life insurance
policies and annuity contracts was filed in the same court on March 21,
1997.
The Company is a defendant in various other lawsuits, none of which, in
the opinion of the Company counsel, will result in a material
liability.
<PAGE>
IDS LIFE INSURANCE COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
($ thousands)
(unaudited)
(continued)
5. Accounting Changes
Effective January 1, 1998, the Company adopted Statement of Financial
Accounting Standards (SFAS) No. 130, "Reporting Comprehensive Income,".
SFAS No. 130 requires the display of comprehensive income and its
components. Comprehensive Income is defined as the aggregate change in
shareholders' equity excluding changes in ownership interests. For the
Company, it is the sum of unrealized gains or losses on
available-for-sale securities, and net income. The components of
comprehensive income, net of related tax, for the three month periods
ended March 31, 1998 and 1997 were as follows (in millions):
<TABLE>
<CAPTION>
1998 1997
-------------------- --------------------
<S> <C> <C>
Net income $131,957 $120,570
Unrealized gains(losses) on securities ( 2,823) ( 5,258)
==================== ====================
Total $129,134 $115,312
==================== ====================
</TABLE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Results of Operations
Three Months Ended March 31, 1998 Compared to Three Months Ended March 31, 1997:
Consolidated net income increased 9.4 percent to $132 million for the
three months ended March 31, 1998, compared to $121 million in 1997. Earnings
growth resulted primarily from increases in management fees and policyholder and
contractholder charges, partially offset by the impact of somewhat lower spread
rates.
Premiums received totaled $1.1 billion for the three months ended March
31, 1998, compared to $1.3 billion a year ago. Increased sales of variable
annuities and life insurance were offset by decreased sales of fixed annuities,
reflecting current market conditions.
Net investment income was $502 million for the three months ended March
31, 1998, compared to $495 million in 1997. The increase reflects slightly
higher average total investments partially offset by lower yields.
Policyholder and contractholder charges increased to $94 million for
the three months ended March 31, 1998, compared with $83 million a year ago.
This increase is primarily due to higher life insurance in force.
Management and other fees increased to $99 million for the three months
ended March 31, 1998, compared with $77 million a year ago. This is primarily
due to an increase in separate account assets, which grew 44 percent over the
past 12 months to $26 billion at March 31, 1998, due to market appreciation and
sales. The Company provides investment management services for the mutual funds
which are used as investment options for variable annuities and variable life
insurance. The Company also receives a mortality and expense risk fee from the
separate accounts.
Total benefits and expenses were $549 billion for the three months
ended March 31, 1998, an increase of 6.1 percent from a year ago. The largest
component of expenses, interest credited on universal life-type insurance and
investment contracts, decreased to $339 million, compared with $347 million for
the corresponding period in 1997. This is due to lower aggregate amounts of
fixed annuities in force and lower crediting rates, reflecting market
conditions. Increases in amortization of DAC and other insurance and operating
expenses are primarily due to an increase in business in force.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (continued)
Liquidity and Capital Resources
The liquidity requirements of the Company are met by funds provided
from operations and investment activity. The primary components of the funds
provided are premiums, investment income, proceeds from sales of investments as
well as maturities and periodic repayments of investment principal.
The primary uses of funds are policy benefits, commissions and
operating expenses, policy loans, new investment purchases and dividends to
parent.
The Company has an available line of credit with its parent totaling
$100 million. This line of credit is used strictly as a short-term source of
funds. At March 31, 1998, outstanding borrowings under this agreement were $nil.
The Company also uses reverse repurchase agreements for short-term liquidity
needs. Outstanding reverse repurchase agreements totaled $203 million at March
31, 1998.
At March 31, 1998, approximately 9.6 percent of the Company's invested
assets were below-investment-grade bonds, compared to 11 percent at December 31,
1997. These investments may be subject to a higher degree of risk than
higher-rated issues because of the borrowers' generally greater sensitivity to
adverse economic conditions, such as recession or increasing interest rates, and
in certain instances the lack of an active secondary market. Expected returns on
below-investment-grade bonds reflect consideration of such factors. The Company
has identified those fixed maturities for which a decline in fair value is
determined to be other than temporary, and has written them down to fair value
with a charge to earnings.
For the three months ended March 31, 1998, sales of fixed maturities
held to maturity were due to significant deterioration in the issuers'
creditworthiness.
At March 31, 1998, the Company had an allowance for losses on mortgage
loans of $44 million.
The Company paid $60 million in dividends to its parent during the
three months ended March 31, 1998.
Accounting Change
In March 1998, the American Institute of Certified Public Accountants
issued Statement of Position (SOP) 98-1, Accounting for the Costs of Computer
Software Developed or Obtained for Internal Use. The SOP is effective for the
Company beginning January 1, 1999. The SOP will require the capitalization of
certain costs incurred subsequent to December 31, 1998, in connection with
developing or obtaining software for internal use. Adoption of the SOP will
not have a material impact on the Company's future earnings or financial
position.
<PAGE>
PART II - OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
Reference is made to Note 4 of the Notes to Consolidated Financial
Statements (unaudited) contained in the Report filed on Form 10-Q for
the quarterly period ended March 31, 1998.
Item 2. CHANGES IN SECURITIES
Not applicable.
Item 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable.
Item 5. OTHER INFORMATION
Not applicable.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
3.1 Copy of Certificate of Incorporation of IDS Life
Insurance Company filed electronically as Exhibit 3.1 to
Post Effective Amendment No. 5 to Registration Statement
No. 33-28976 is incorporated herein by reference.
3.2 Copy of the Amended By-laws of IDS Life Insurance Company
filed electronically as Exhibit 3.2 to Post-Effective
Amendment No. 5 to Registration Statement No. 33-28976
is incorporated herein by reference.
3.3 Copy of Resolution of the Board of Directors of IDS Life
Insurance Company, dated May 5, 1989, establishing IDS
Life Account MGA filed electronically as Exhibit 3.3 to
Post-Effective Amendment No. 5 to Registration Statement
No. 33-28976 is incorporated herein by reference.
4.1 Copy of Group Annuity Contract, Form 30363C, filed
electronically as Exhibit 4.1 to Post-Effective
Amendment No. 5 to Registration Statement No. 33-28976
is incorporated herein by reference.
4.2 Copy of Group Annuity Certificate, Form 30360C, filed
electronically as Exhibit 4.2 to Post-Effective
Amendment No. 5 to Registration Statement No. 33-28976
is incorporated herein by reference.
4.3 Copy of Endorsement No. 30340C-GP to the Group Annuity
Contract filed electronically as Exhibit 4.3 to
Post-Effective Amendment No. 5 to Registration Statement
No. 33-28976 is incorporated herein by reference.
<PAGE>
4.4 Copy of Endorsement No. 30340C to the Group Annuity
Certificate filed electronically as Exhibit 4.4 to
Post-Effective Amendment No. 5 to Registration Statement
No. 33-28976 is incorporated herein by reference.
4.5 Copy of Group Annuity Contract, Form 30363D, filed
electronically as Exhibit 4.1 to Post-Effective
Amendment No. 2 to Registration Statement No. 33-50968
is incorporated herein by reference.
4.6 Copy of Group Annuity Certificate, Form 30360D, filed
electronically as Exhibit 4.2 to Post-Effective
Amendment No.2 to Registration Statement No. 33-50968
is incorporated herein by reference.
4.7 Form of Deferred Annuity Contract, Form 30365E, filed
electronically as Exhibit 4.3 to Post-Effective
Amendment No. 2 to Registration Statement No. 33-50968 is
incorporated herein by reference.
4.8 Form of Group Deferred Variable Annuity Contract,
Form 34660, filed electronically as Exhibit 4.1 to
Post-Effective Amendment No. 2 to Registration Statement
No. 33-48701 is incorporated herein by reference.
27. Financial data schedule is filed electronically herewith.
(b) No reports on Form 8-K were required to be filed by the Company for
the three months ended March 31, 1998.
<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 by the
undersigned thereunto duly authorized.
REGISTRANT IDS LIFE INSURANCE COMPANY
BY
NAME AND TITLE Stuart A. Sedlacek
Executive Vice President and Controller
DATE May 11, 1998
<TABLE> <S> <C>
<ARTICLE> 7
<CIK> 0000727892
<NAME> IDS Life Insurance Company
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLAR
<S> <C>
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<PERIOD-TYPE> 3-MOS
<EXCHANGE-RATE> 1
<DEBT-HELD-FOR-SALE> 13188742
<DEBT-CARRYING-VALUE> 8966973
<DEBT-MARKET-VALUE> 9384517
<EQUITIES> 3316
<MORTGAGE> 3663748
<REAL-ESTATE> 97213
<TOTAL-INVEST> 26583715
<CASH> 0
<RECOVER-REINSURE> 1101
<DEFERRED-ACQUISITION> 2479349
<TOTAL-ASSETS> 55718576
<POLICY-LOSSES> 25904599
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 0
<POLICY-HOLDER-FUNDS> 36728
<NOTES-PAYABLE> 0
<COMMON> 3000
0
0
<OTHER-SE> 2933287
<TOTAL-LIABILITY-AND-EQUITY> 55718576
54106
<INVESTMENT-INCOME> 501885
<INVESTMENT-GAINS> (2823)
<OTHER-INCOME> 192720
<BENEFITS> 395992
<UNDERWRITING-AMORTIZATION> 97246
<UNDERWRITING-OTHER> 55401
<INCOME-PRETAX> 197249
<INCOME-TAX> 65292
<INCOME-CONTINUING> 131957
<DISCONTINUED> 0
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<NET-INCOME> 131957
<EPS-PRIMARY> 0
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<RESERVE-OPEN> 27248
<PROVISION-CURRENT> 38893
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 40475
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<RESERVE-CLOSE> 25666
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</TABLE>
