<PAGE>
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
2-99959
33-29851
33-31711
33-41858
33-43008
For Quarter Ended September 30,1996 Commission File Number 33-58853
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
- -----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-2461439
- --------------------------------------------- -------------
(State or other jurisdiction of incorporation (IRS Employer
or organization) I. D. No.)
One Sun Life Executive Park, Wellesley Hills, MA. 02181
- -----------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (617) 237-6030
--------------
NONE
- -----------------------------------------------------------------------------
Former name, former address, and former fiscal year, if changed since last
report.
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.
(1) Yes _X_ No ___
(2) Yes _X_ No ___
<PAGE>
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
INDEX
PAGE
PART I: FINANCIAL INFORMATION NUMBER
Item 1: Financial Statements:*
Balance Sheets -
September 30, 1996 and December 31, 1995 3
Statements of Operations -
Three Months Ended
September 30, 1996 and September 30, 1995 4
Statements of Operations -
Nine Months Ended
September 30, 1996 and September 30, 1995 5
Statements of Capital Stock and Surplus -
Nine Months Ended
September 30, 1996 and September 30, 1995 6
Statements of Cash Flows -
Nine Months Ended
September 30, 1996 and September 30, 1995 7
Notes to Unaudited Financial Statements 8
Item 2: Management's Discussion and Analysis of
Financial Condition and Results of
Operations 10
PART II: OTHER INFORMATION
None
*The balance sheet at December 31, 1995 has been taken from the audited
financial statements at that date. All other statements are unaudited.
-2-
<PAGE>
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
(WHOLLY-OWNED SUBSIDIARY OF
SUN LIFE ASSURANCE COMPANY OF CANADA)
BALANCE SHEETS
(IN 000'S)
(UNAUDITED) (SEE NOTE BELOW)
SEPTEMBER 30, DECEMBER 31,
ASSETS 1996 1995
----------- -----------
Bonds $ 2,286,265 $ 2,846,067
Preferred stock 0 1,149
Mortgage loans 994,222 1,066,911
Investments in subsidiaries 147,687 138,282
Real estate 96,514 95,575
Other invested assets 47,139 38,387
Policy loans 39,966 38,355
Cash (5,957) (20,280)
Investment income due and accrued 47,704 62,720
Funds withheld on reinsurance assumed 865,487 741,091
Due from separate accounts 201,814 148,675
Other assets 61,549 26,346
----------- -----------
General account assets 4,782,390 5,183,278
Unitized separate account assets 6,412,150 5,275,808
Non-unitized separate account assets 2,003,032 2,040,596
----------- -----------
$13,197,572 $12,499,682
----------- -----------
----------- -----------
LIABILITIES
Policy reserves $ 2,063,481 $ 1,937,301
Annuity and other deposits 1,997,088 2,290,656
Policy benefits in process of payment 3,484 5,884
Accrued expenses and taxes 56,300 44,114
Other liabilities 56,030 36,082
Due to (from) parent and affiliates - net 3,562 9,498
Interest maintenance reserve 26,716 25,217
Asset valuation reserve 54,300 42,099
----------- -----------
General account liabilities 4,260,961 4,390,851
----------- -----------
Unitized separate account liabilities 6,412,125 5,275,783
Non-unitized separate account liabilities 2,003,032 2,040,596
----------- -----------
12,676,118 11,707,230
----------- -----------
CAPITAL STOCK AND SURPLUS
Capital Stock
Par value $1,000:
Authorized 10,000 shares, issued
and outstanding 5,900 shares 5,900 5,900
Surplus 515,554 786,552
----------- -----------
Total capital stock and surplus 521,454 792,452
----------- -----------
$13,197,572 $12,499,682
----------- -----------
----------- -----------
Note: The balance sheet at December 31, 1995 has been taken from the
audited financial statements at that date.
See notes to unaudited financial statements.
-3-
<PAGE>
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
(WHOLLY-OWNED SUBSIDIARY OF
SUN LIFE ASSURANCE COMPANY OF CANADA)
STATEMENTS OF OPERATIONS
(IN 000'S)
THREE MONTHS ENDED SEPTEMBER 30,
INCOME 1996 1995
--------- ---------
Premiums and annuity considerations $ 60,473 $ 70,663
Annuity and other deposit funds 97,803 103,761
Transfers to separate accounts - net (31,581) (852)
Net investment income 86,663 96,878
Amortization of interest maintenance reserve 613 (125)
Realized losses on investments (2,884) (361)
Mortality and expense risk charges 21,194 15,981
Other income - net 13,848 7,608
--------- ---------
246,129 293,553
--------- ---------
BENEFITS AND EXPENSES
Increase (decrease) in liability for annuity
and other deposit funds (77,847) 30,216
Increase in policy reserves 36,087 33,641
Death, surrender benefits, and annuity payments 48,742 51,526
Annuity and other deposit fund withdrawals 177,255 111,556
Transfers to (from) non-unitized separate account (2,110) 3,655
--------- ---------
182,127 230,594
--------- ---------
Operating expenses 9,532 8,617
Commissions 30,943 24,759
Dividends 6,188 3,887
Taxes, licenses and fees 672 (425)
--------- ---------
229,462 267,432
--------- ---------
Net income from operations before
surplus note interest and equity
in income of subsidiaries 16,667 26,121
Surplus note interest (5,432) (7,788)
--------- ---------
Net income from operations before
equity in income of subsidiaries
and federal income tax 11,235 18,333
Equity in income of subsidiaries 23,474 19,593
Federal income tax expense (7,019) (14,201)
--------- ---------
Net income $ 27,690 $ 23,725
--------- ---------
--------- ---------
See notes to unaudited financial statements.
-4-
<PAGE>
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
(WHOLLY-OWNED SUBSIDIARY OF
SUN LIFE ASSURANCE COMPANY OF CANADA)
STATEMENTS OF OPERATIONS
(IN 000'S)
NINE MONTHS ENDED SEPTEMBER 30,
INCOME 1996 1995
--------- ----------
Premiums and annuity considerations $ 200,672 $ 199,730
Annuity and other deposit funds 327,986 622,587
Transfers from (to) separate accounts - net (89,323) 27,870
Net investment income 262,271 269,529
Amortization of interest maintenance reserve 994 439
Realized losses on investments (4,325) (2,421)
Mortality and expense risk charges 59,490 44,046
Other income - net 53,959 7,605
--------- ----------
811,724 1,169,385
--------- ----------
BENEFITS AND EXPENSES
Increase (decrease) in liability for annuity
and other deposit funds (293,567) 41,351
Increase in policy reserves 126,179 119,218
Death, surrender benefits, and annuity payments 141,416 139,547
Annuity and other deposit fund withdrawals 723,536 363,881
Transfers to (from) non-unitized separate account (80,815) 337,203
--------- ----------
616,749 1,001,200
Operating expenses 31,578 27,356
Commissions 93,938 82,694
Dividends 19,480 16,598
Taxes, licenses and fees 2,145 4,537
--------- ----------
763,890 1,132,385
--------- ----------
NET INCOME FROM OPERATIONS BEFORE
SURPLUS NOTE INTEREST AND EQUITY
IN INCOME OF SUBSIDIARIES 47,834 37,000
Surplus note interest (17,636) (23,363)
--------- ----------
NET INCOME FROM OPERATIONS BEFORE
EQUITY IN INCOME OF SUBSIDIARIES
AND FEDERAL INCOME TAX 30,198 13,637
Equity in income of subsidiaries 61,068 40,259
Federal income tax expense (14,136) (21,525)
--------- ----------
Net income $ 77,130 $ 32,371
--------- ----------
--------- ----------
See notes to unaudited financial statements.
-5-
<PAGE>
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
(WHOLLY-OWNED SUBSIDIARY OF
SUN LIFE ASSURANCE COMPANY OF CANADA)
STATEMENTS OF CAPITAL AND SURPLUS
(IN 000'S)
NINE MONTHS ENDED SEPTEMBER 30,
1996 1995
--------- --------
CAPITAL STOCK $ 5,900 $ 5,900
PAID-IN SURPLUS 199,355 199,355
SURPLUS NOTES
Balance, beginning of period 650,000 335,000
Paid during period (335,000) 0
--------- --------
Balance, end of period 315,000 335,000
UNASSIGNED SURPLUS
Balance, beginning of period (62,801) (84,767)
Net income 77,130 32,371
Change in non-admitted assets (877) (2,435)
Unrealized gains (losses) on real estate (51) 1,096
Change in and transfers of
separate account surplus 0 (1)
Change in asset valuation reserve (12,202) (7,990)
--------- --------
Balance, end of period 1,199 (61,726)
--------- --------
Total surplus 515,554 472,629
--------- --------
Total capital stock and surplus $ 521,454 $478,529
--------- --------
--------- --------
See notes to unaudited financial statements.
-6-
<PAGE>
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
(WHOLLY-OWNED SUBSIDIARY OF
SUN LIFE ASSURANCE COMPANY OF CANADA)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
(IN 000'S)
NINE MONTHS ENDED SEPTEMBER 30,
1996 1995
--------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income from operations before surplus note
interest and equity in income of subsidiaries $ 47,832 $ 37,001
ADJUSTMENTS TO RECONCILE NET INCOME FROM OPERATIONS
TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Increase (decrease) in liability for annuity and other deposit funds (293,567) 41,351
Increase in policy reserves 126,180 119,218
Increase in investment income due and accrued 15,015 590
Net accrual and amortization of discount and
premium on investments 1,518 1,820
Realized losses on investments 4,325 2,421
Change in non-admitted assets (877) (2,435)
Change in funds withheld on reinsurance (124,396) (121,103)
Other (8,532) (12,626)
--------- -----------
Net cash provided by (used in) operating activities (232,502) 66,237
--------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale and maturity of investments 985,589 1,295,015
Purchase of investments (624,195) (1,288,636)
Net change in short-term investments 211,770 (58,997)
Investment in subsidiaries (1,000)
Dividends from subsidiaries 27,298 13,077
--------- -----------
Net cash provided by (used in) investing activities 599,462 (39,541)
--------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of surplus notes (335,000) 0
Payment of interest on surplus note (17,636) (23,363)
Repayment of seed capital 0 4,036
--------- -----------
Net cash used in financing activities (352,636) (19,327)
--------- -----------
Increase in cash during the period 14,323 7,369
Cash balance, beginning of period (20,280) (11,460)
--------- -----------
Cash balance, end of period $ (5,957) $ (4,091)
--------- -----------
--------- -----------
</TABLE>
See notes to unaudited financial statements.
-7-
<PAGE>
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(1) GENERAL
In management's opinion all adjustments, which include only normal recurring
adjustments, necessary for a fair presentation of the financial statements
have been made.
(2) MANAGEMENT AND SERVICE CONTRACTS
Expenses under the agreement with the parent which enables the parent to
provide certain services amounted to approximately $3,294,000 and $13,562,000
for the three and nine month periods in 1996 and $3,673,000 and $13,708,000
for the same periods in 1995.
(3) INVESTMENTS IN SUBSIDIARIES
The following is combined unaudited summarized financial information of the
subsidiaries as of September 30, 1996 and 1995 and for the nine months then
ended:
1996 1995
---- ----
(000's)
-------
Intangible assets $ 10,668 $ 12,676
Other assets, net of liabilities 140,119 133,093
--------- ---------
Total net assets $ 150,787 $ 145,769
--------- ---------
--------- ---------
Total income $ 513,021 $ 426,027
Total expenses (439,852) (381,082)
Income tax expense (32,437) (20,905)
--------- ---------
Net income $ 40,732 $ 24,040
--------- ---------
--------- ---------
The following is combined unaudited summarized financial information of the
subsidiaries for the three months ended September 30, 1995 and 1994:
Total income $ 183,931 $ 140,805
Total expenses (154,191) (119,698)
Income tax expense (12,983) (11,217)
--------- ---------
Net income $ 16,757 $ 9,890
--------- ---------
--------- ---------
-8-
<PAGE>
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
NOTES TO UNAUDITED FINANCIAL STATEMENTS (CONTINUED)
In determining the equity in income of subsidiaries for the periods, the
Registrant has excluded federal income tax expenses of approximately
$10,355,000 and $25,365,000 for the three month and nine month periods in
1996 and $9,703,000 and $16,219,000 for the same periods in 1995.
The change in equity in income of subsidiaries reported in the summary of
operations, differs from the net income above, due to federal income taxes
and a minority shareholder interest not held by the Registrant.
(4) SURPLUS NOTES
The Registrant repaid $335,000,000 of surplus notes to its parent on January
16, 1996 after having received permission from the Delaware Department of
Insurance.
(5) INVESTMENT INCOME
Net investment income consisted of:
NINE MONTHS ENDED
SEPTEMBER 30,
-----------------
1996 1995
---- ----
(000's)
-------
Interest income from bonds $135,661 $150,962
Interest income from mortgage loans 71,410 74,888
Interest income from policy loans 2,043 2,026
Real estate investment income 7,958 9,150
Interest income on funds withheld 51,589 41,267
Other 1,124 1,723
-------- --------
Gross investment income $269,785 $280,016
Investment expenses 7,514 10,487
$262,271 $269,529
-------- --------
-------- --------
THREE MONTHS ENDED
SEPTEMBER 30,
-------------------
1996 1995
---- ----
(000's)
-------
Interest income from bonds $ 42,418 $ 52,665
Interest income from mortgage loans 23,271 24,227
Interest income from policy loans 711 671
Real estate investment income 2,966 3,752
Interest income on funds withheld 19,886 20,447
Other (53) 39
-------- --------
Gross investment income $ 89,199 $101,801
Investment expenses 2,536 4,923
-------- --------
$ 86,663 $ 96,878
-------- --------
-------- --------
-9-
<PAGE>
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
NET INCOME
Net income from operations before surplus note interest, equity in income of
subsidiaries and federal income tax increased by $10,834,000 from $37,000,000
for the nine months ended September 30, 1995 to $47,834,000 for the same
period in 1996. Reinsurance agreements with the parent had the effect of
increasing net income by $16,645,000 for the nine months ended September 30,
1996 as compared to the same period in 1995. Prior to reinsurance, net
income from operations decreased by $5,811,000 from $29,968,000 in 1995 to
$24,157,000 for the same period in 1996. Mortality and expense risk charges
increased by $15,444,000 reflecting an increase in sales related to unitized
separate account assets due to both increased sales and appreciation.
Commissions increased by $13,995,000 reflecting an increase in sales of
annuity deposits held in the separate accounts. There is also strain
associated with the additional sales of deposit funds. The remaining charge
to net income of over $7,000,000 reflects the change in earnings with respect
to the individual market value adjusted annuities for the nine months ended
September 30, 1996. The earnings on this product line fluctuate due to
the interplay between the market value of the assets and the timing of
changes in interest rates credited to contracts which impact the calculation
of the market value adjusted cash values and, in turn, the reserves.
REVENUES
Total revenues decreased by $357,661,000 from $1,169,385,000 for the nine
months ended September 30, 1995, to $811,724,000 for the same period in 1996.
Revenues from reinsurance transactions increased by $2,018,000. Premiums and
annuity transactions on a pre-reinsurance basis increased by $10,008,000
reflecting increased annuitizations. Fixed annuity deposit funds decreased
by $294,601,000 as interest rates remained at low levels. Pre-reinsurance
net investment income decreased by $18,131,000 reflecting a decrease in the
general account invested assets and lower yields. Realized losses on
investments and amortizations of the interest maintenance reserve increased
by $1,349,000 reflecting a higher provision for losses on bonds and
mortgages. Net transfers from separate accounts decreased by $117,193,000
reflecting the decline in interest rates and less movement of monies into the
fixed rate environment. Mortality and expense risk charges increased by
$15,444,000 reflecting the increase in the unitized separate account assets.
Other income increased by $46,354,000 reflecting an increase in the surplus
transfer from the separate accounts.
Benefits and Expenses
Benefits and expenses decreased by $368,495,000 from $1,132,385,000 for the
nine months ended September 30, 1995 to $763,890,000 for the same period in
1996. Reinsurance had the effect of decreasing benefits and expenses by
$14,627,000 primarily from lower commissions due to no assumption of new
contract issues. Prior to reinsurance, benefits and expenses decreased by
$353,868,000. The change in liability for annuity and other deposit funds
decreased by $334,918,000 reflecting the lower sales due to lower interest
credited rates and the increase in surrenders and maturities of contracts.
Policy reserves increased by $20,032,000 reflecting increased annuitizations
and increased reserves for minimum death benefit guarantees. Annuity and
other deposit fund withdrawals increased by $359,655,000 as a result of
increased surrenders of fixed annuities for which interest rate guarantee
periods have expired. Transfers to the non-unitized separate account
decreased by $418,018,000 reflecting the lower interest credited rates.
Commissions increased by $13,995,000 reflecting an increase in unitized
separate account deposits. Deaths, surrender benefits and annuity payments
increased by $5,320,000 primarily reflecting the increased number of
annuitants receiving payments.
-10-
<PAGE>
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
NET INCOME
Net income from operations before surplus note interest, equity in income of
subsidiaries, and federal income tax, decreased by $9,454,000 from
$26,121,000 for the nine months ended September 30, 1995 to $16,667,000 for
the same period in 1995. Reinsurance agreements with the parent had the
effect of decreasing net income by $1,895,000. Prior to reinsurance, net
income decreased by $7,559,000 from $10,397,000 for the three months ended
September 30, 1996 to $2,838,000. This decrease in net income primarily
reflects the change in earnings with respect to the individual market value
adjusted annuities for the three months ended September 30, 1996 as compared
to the same period in 1995. The earnings on this product line fluctuate
due to the interplay between the market value of the assets and the timing of
changes in interest rates credited to contracts which impact the calculation
of the market value adjusted cash values and, in turn, the reserves.
REVENUES
Total revenue decreased by $47,424,000 from $293,553,000 for the three months
ended September 30, 1995 to $246,129,000 for the same period in 1996.
Revenues from reinsurance transactions decreased by $4,336,000. Premiums and
annuity considerations on a pre-reinsurance basis decreased by $6,336,000
reflecting fewer annuitizations. Fixed annuity deposit funds decreased by
$5,958,000 as interest rates remained at low levels. Net transfers from the
separate accounts decreased by $30,729,000 reflecting the decline in interest
rates and less movement of monies into the fixed rate environment.
Pre-reinsurance net investment income decreased by $10,025,000 reflecting a
decrease in the general account invested assets base and lower yields.
Realized losses and amortization of the interest maintenance reserve
decreased revenues by $1,785,000. Mortality and expense risk charges
increased by $5,213,000 reflecting an increase in sales related to unitized
separate account assets. Other income increased by $6,240,000 reflecting an
increase in the surplus transfer from the separate accounts.
BENEFITS AND EXPENSES
Benefits and expenses decreased by $37,970,000 from $267,432,000 for the
three months ended September 30, 1995 to $229,462,000 for the same period in
1996. Reinsurance had the effect of decreasing revenues by $2,439,000.
Prior to reinsurance, benefits and expenses decreased by $35,531,000. The
change in the liability for annuity and other deposit funds decreased by
$108,063,000 reflecting lower interest credited rates and higher surrenders
and maturities of these contracts. Annuity and other deposit fund
withdrawals increased by $65,699,000 reflecting the increase in surrenders of
fixed annuities. Transfers to the non-unitized separate account decreased by
$5,765,000 reflecting lower interest credited rates. Commissions increased
by $7,399,000 reflecting an increase in unitized separate account deposits.
Policy reserves increased by $3,622,000 reflecting an increase in the minimum
death benefit reserves. Death, surrender benefits and annuity payments
increased by $795,000, reflecting increased number of annuitants receiving
payments. Taxes, licenses and fees increased by $1,097,000 reflecting an
increase in regulatory filing fees.
-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 by the
undersigned thereunto duly authorized.
Sun Life Assurance Company
of Canada (U.S.)
Date November 13, 1996 s/Margaret S. Mead
-----------------------
Margaret S. Mead
Secretary
Date November 13, 1996 s/Robert P. Vrolyk
-----------------------
Robert P. Vrolyk
Vice President
and Actuary
-12-
<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.
Sun Life Assurance Company
of Canada (U.S.)
Date November 13, 1996
-----------------------
Margaret S. Mead
Secretary
Date November 13, 1996
-----------------------
Robert P. Vrolyk
Vice President
and Actuary
-12-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 7
<LEGEND>
This schedule contains summary information extracted from the balance
sheet and statement of operations found on pages 3 and 5 of the company's
Form 10Q for the year-to-date.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<DEBT-HELD-FOR-SALE> 0
<DEBT-CARRYING-VALUE> 2,286,265
<DEBT-MARKET-VALUE> 2,208,077
<EQUITIES> 0
<MORTGAGE> 994,222
<REAL-ESTATE> 96,514
<TOTAL-INVEST> 3,611,793
<CASH> (5,957)
<RECOVER-REINSURE> 0
<DEFERRED-ACQUISITION> 0
<TOTAL-ASSETS> 13,197,572
<POLICY-LOSSES> 2,063,481
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 3,484
<POLICY-HOLDER-FUNDS> 1,997,088
<NOTES-PAYABLE> 0
0
0
<COMMON> 5,900
<OTHER-SE> 515,454
<TOTAL-LIABILITY-AND-EQUITY> 13,197,572
498,825
<INVESTMENT-INCOME> 263,265
<INVESTMENT-GAINS> (4,325)
<OTHER-INCOME> 53,959
<BENEFITS> 616,749
<UNDERWRITING-AMORTIZATION> 93,938
<UNDERWRITING-OTHER> 33,723
<INCOME-PRETAX> 30,198
<INCOME-TAX> 14,136
<INCOME-CONTINUING> 77,130
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 77,130
<EPS-PRIMARY> 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>
