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CONSECO VARIABLE INSURANCE COMPANY
FORMERLY
GREAT AMERICAN RESERVE INSURANCE COMPANY
Semiannual Report
to Contract Owners
June 30, 1999
Conseco Variable Annuity Account C
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SEMIANNUAL REPORT TO CONTRACT OWNERS
TABLE OF CONTENTS
JUNE 30, 1999
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CONSECO VARIABLE ANNUITY ACCOUNT C PAGE
Statement of Assets and Liabilities as of June 30, 1999.................................................................. 2
Statements of Operations for the Six Months Ended June 30, 1999, and the Year Ended December 31, 1998.................... 5
Statements of Changes in Net Assets for the Six Months Ended June 30, 1999, and the Year Ended December 31, 1998......... 5
Notes to Financial Statements............................................................................................ 6
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CONSECO VARIABLE ANNUITY ACCOUNT C
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
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NET ASSET
SHARES COST VALUE
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Assets:
Investments in portfolio shares (Note 2):
The Alger American Fund:
Growth Portfolio......................................................... 34,423.4 $ 1,827,418 $ 1,922,200
Leveraged AllCap Portfolio............................................... 79,070.5 2,681,305 3,231,611
MidCap Growth Portfolio.................................................. 4,742.5 126,224 130,892
Small Capitalization Portfolio........................................... 60,392.5 2,500,916 2,631,904
American Century Variable Portfolios, Inc:
Income and Growth Fund................................................... 23,076.1 160,822 171,686
International Fund....................................................... 14,234.6 108,912 116,439
Value Fund............................................................... 36,449.8 233,922 247,494
Berger Institutional Products Trust:
100 Fund................................................................. 21,260.5 256,965 301,900
Growth and Income Fund................................................... 18,916.6 306,317 372,278
Small Company Growth Fund................................................ 14,692.2 186,672 208,776
BIAM International Fund.................................................. 54.4 625 647
Conseco Series Trust:
Balanced Portfolio....................................................... 1,100,132.8 14,893,508 15,868,777
Equity Portfolio......................................................... 7,639,371.3 155,870,504 182,708,616
Fixed Income Portfolio................................................... 1,500,604.7 14,945,214 14,370,209
Government Securities Portfolio.......................................... 126,927.4 1,524,511 1,433,225
Money Market Portfolio................................................... 7,021,628.9 7,021,629 7,021,629
The Dreyfus Socially Responsible Growth Fund, Inc.......................... 92,009.3 2,755,478 3,224,926
Dreyfus Stock Index Fund................................................... 586,252.9 17,418,876 21,169,594
Dreyfus Variable Investment Fund:
Disciplined Stock Portfolio.............................................. 1,799.6 42,417 45,621
Federated Insurance Series:
High Income Bond Fund II................................................. 69,582.7 748,087 714,615
International Equity Fund II............................................. 12,634.7 191,320 201,271
Utility Fund II.......................................................... 50,808.0 712,162 738,241
Invesco Variable Investment Funds, Inc:
High Yield Fund.......................................................... 4,364.5 50,589 52,461
Equity Income Fund....................................................... 361.4 7,100 7,650
Janus Aspen Series:
Aggressive Growth Portfolio.............................................. 127,287.4 3,273,389 4,406,688
Growth Portfolio......................................................... 256,143.9 5,905,051 6,990,167
Worldwide Growth Portfolio............................................... 623,128.3 15,925,927 20,401,222
Lazard Retirement Series, Inc:
Equity Portfolio......................................................... 39.4 461 487
Small Cap Portfolio...................................................... 386.5 3,320 4,124
Lord Abbett Series Fund, Inc:
Growth and Income Portfolio.............................................. 1,217.8 25,233 28,874
Mitchell Hutchins Series Trust:
Growth and Income Portfolio.............................................. 412.6 5,939 6,317
Neuberger Berman Advisers Management Trust:
Limited Maturity Bond Portfolio.......................................... 24,024.4 323,751 314,479
Partners Portfolio....................................................... 28,054.9 526,311 581,298
Strong Variable Insurance Funds, Inc:
Mid Cap Growth Fund II................................................... 5,484.4 94,376 111,881
Strong Opportunity Fund II, Inc............................................ 8,053.3 173,776 185,710
Van Eck Worldwide Insurance Trust:
Worldwide Hard Assets Fund............................................... 22,647.3 230,704 242,552
Worldwide Bond Fund...................................................... 3,688.1 41,697 39,758
Worldwide Emerging Markets Fund.......................................... 13,327.8 110,188 138,476
Worldwide Real Estate Fund............................................... 1,466.7 13,402 15,166
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Total Assets ...................................................................................... 290,359,861
Liabilities:
Amounts due to Conseco Variable Insurance Company ....................................................... 92,707
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Net assets (Note 6) ............................................................................... $290,267,154
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2
The accompanying notes are an integral part of these financial statements.
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CONSECO VARIABLE ANNUITY ACCOUNT C
STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
JUNE 30, 1999
(UNAUDITED)
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TOTAL VALUE
UNITS UNIT VALUE OF UNITS
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Net assets attributable to:
Contract owners' deferred annuity reserves:
The Alger American Fund:
Growth Portfolio......................................................... 942,494.2 $ 2.037767 $ 1,920,584
Leveraged AllCap Portfolio............................................... 891,898.6 3.620184 3,228,837
MidCap Growth Portfolio.................................................. 75,249.5 1.737966 130,781
Small Capitalization Portfolio........................................... 1,466,983.8 1.792488 2,629,551
American Century Variable Portfolios, Inc:
Income and Growth Fund................................................... 144,778.1 1.184794 171,532
International Fund....................................................... 84,509.6 1.376380 116,317
Value Fund............................................................... 172,174.9 1.436181 247,274
Berger Institutional Products Trust:
100 Fund................................................................. 210,470.1 1.433130 301,631
Growth and Income Fund................................................... 209,382.5 1.776363 371,939
Small Company Growth Fund................................................ 130,744.7 1.595395 208,590
BIAM International Fund.................................................. 547.3 1.182051 647
Conseco Series Trust:
Balanced Portfolio....................................................... 6,633,144.0 2.364314 15,682,835
Equity Portfolio
Qualified.............................................................. 6,565,303.1 26.847897 176,264,583
Nonqualified........................................................... 187,780.9 21.252390 3,990,793
Fixed Income Portfolio
Qualified.............................................................. 2,470,861.5 5.619832 13,885,826
Nonqualified........................................................... 71,236.6 5.399662 384,654
Government Securities Portfolio.......................................... 1,102,326.6 1.298765 1,431,663
Money Market Portfolio
Qualified.............................................................. 2,170,004.0 2.870946 6,229,964
Nonqualified........................................................... 264,569.7 2.870945 759,565
The Dreyfus Socially Responsible Growth Fund, Inc.......................... 1,247,817.6 2.582219 3,222,138
Dreyfus Stock Index Fund................................................... 8,033,670.3 2.624419 21,083,714
Dreyfus Variable Investment Fund:
Disciplined Stock Portfolio.............................................. 38,586.6 1.181336 45,584
Federated Insurance Series:
High Income Bond Fund II................................................. 504,137.8 1.416113 713,916
International Equity Fund II............................................. 126,962.1 1.583734 201,074
Utility Fund II.......................................................... 409,509.3 1.801099 737,567
Invesco Variable Investment Funds, Inc:
High Yield Fund.......................................................... 52,045.3 1.007081 52,414
Equity Income Fund....................................................... 6,526.9 1.168211 7,625
Janus Aspen Series:
Aggressive Growth Portfolio.............................................. 1,682,810.7 2.616436 4,402,967
Growth Portfolio......................................................... 2,686,165.2 2.600124 6,984,362
Worldwide Growth Portfolio............................................... 7,541,298.4 2.685990 20,255,855
Lazard Retirement Series, Inc:
Equity Portfolio......................................................... 412.8 1.177689 486
Small Cap Portfolio...................................................... 4,307.2 0.956521 4,120
Lord Abbett Series Fund, Inc:
Growth and Income Portfolio.............................................. 25,065.9 1.150891 28,848
Mitchell Hutchins Series Trust:
Growth and Income Portfolio.............................................. 6,181.7 1.020901 6,311
Neuberger Berman Advisers Management Trust:
Limited Maturity Bond Portfolio.......................................... 291,193.6 1.079175 314,249
Partners Portfolio....................................................... 401,726.4 1.445715 580,782
Strong Variable Insurance Funds, Inc:
Mid Cap Growth Fund II................................................... 54,287.1 2.059111 111,783
Strong Opportunity Fund II, Inc............................................ 112,365.1 1.651089 185,525
Van Eck Worldwide Insurance Trust:
Worldwide Hard Assets Fund............................................... 245,197.3 0.988359 242,343
Worldwide Bond Fund...................................................... 36,641.2 1.084109 39,723
Worldwide Emerging Markets Fund.......................................... 180,957.5 0.764550 138,351
Worldwide Real Estate Fund............................................... 16,108.9 0.940611 15,152
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Net assets attributable to contract owners' deferred
annuity reserves ............................................................................. $287,332,455
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3
The accompanying notes are an integral part of these financial statements.
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CONSECO VARIABLE ANNUITY ACCOUNT C
STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
JUNE 30, 1999
(UNAUDITED)
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TOTAL VALUE
OF UNITS
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Net assets attributable to contract owners' deferred annuity reserves (from page 3)...................... $287,332,455
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Net assets attributable to contract owners' annuity payment reserves:
Conseco Series Trust:
Balanced Portfolio
Qualified....................................................................................... 245,195
Equity Portfolio
Qualified....................................................................................... 2,204,919
Nonqualified.................................................................................... 21,569
Fixed Income Portfolio
Qualified....................................................................................... 90,796
Money Market Portfolio
Qualified....................................................................................... 25,760
Dreyfus Stock Index Fund............................................................................ 145,040
Janus Aspen Worldwide Growth Portfolio.............................................................. 201,420
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Net assets attributable to contract owners' annuity payment reserves.......................... 2,934,699
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Net assets................................................................................. $290,267,154
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The accompanying notes are an integral part of these financial statements.
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CONSECO VARIABLE ANNUITY ACCOUNT C
STATEMENTS OF OPERATIONS
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SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998
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Investment income:
Dividends from investments in portfolio shares............................................. $ 2,229,424 $ 19,540,381
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Expenses:
Mortality and expense risk fees............................................................ 1,009,243 1,827,897
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Net investment income.................................................................. 1,220,181 17,712,484
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Net realized gains (losses) and unrealized appreciation (depreciation) of investments:
Net realized gains on sales of investments in portfolio shares............................. 6,562,723 9,273,245
Net change in unrealized appreciation of investments in portfolio shares................... 17,359,366 8,806,324
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Net gain on investments in portfolio shares.............................................. 23,922,089 18,079,569
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Net increase in net assets from operations............................................. $ 25,142,270 $ 35,792,053
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STATEMENTS OF CHANGES IN NET ASSETS
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SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998
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Changes from operations:
Net investment income...................................................................... $ 1,220,181 $ 17,712,484
Net realized gains on sales of investments in portfolio shares............................. 6,562,723 9,273,245
Net change in unrealized appreciation of investments in portfolio shares................... 17,359,366 8,806,324
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Net increase in net assets from operations............................................... 25,142,270 35,792,053
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Changes from contract owners' transactions:
Net contract purchase payments............................................................. 13,375,110 25,628,081
Contract redemptions....................................................................... (15,573,183) (34,314,124)
Net transfers.............................................................................. (250,610) (8,796,326)
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Net decrease in net assets from contract owners' transactions............................ (2,448,683) (17,482,369)
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Net increase in net assets............................................................. 22,693,587 18,309,684
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Net assets, beginning of period............................................................... 267,573,567 249,263,883
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Net assets, end of period (Note 6)..................................................... $290,267,154 $267,573,567
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The accompanying notes are an integral part of these financial statements.
5
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CONSECO VARIABLE ANNUITY ACCOUNT C
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
(UNAUDITED)
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(1) GENERAL
Conseco Variable Annuity Account C (formerly Great American Reserve Variable
Annuity Account C) ("Account C") was established in 1980 as a segregated
investment account for individual and group variable annuity contracts which are
registered under the Securities Act of 1933. Account C is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a unit investment
trust. Account C was originally registered with the U.S. Securities and Exchange
Commission as a diversified open-end management investment company under the
Act. Effective May 1, 1993, Account C was restructured into a single unit
investment trust which invested solely in shares of the portfolios of the
Conseco Series Trust, a diversified open-end management investment company.
The operations of Account C are included in the operations of Conseco
Variable Insurance Company (the "Company") pursuant to the provisions of the
Texas Insurance Code. The Company is an indirect wholly owned subsidiary of
Conseco, Inc., a publicly-held specialized financial services holding company
listed on the New York Stock Exchange.
Currently, the following investment options are available (effective date in
parenthesis):
THE ALGER AMERICAN FUND
Growth Portfolio (May 1, 1997)
Leveraged AllCap Portfolio (June 1, 1995)
MidCap Portfolio (May 1, 1997)
Small Capitalization Portfolio (June 1, 1995)
AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.
Income and Growth Fund (May 1, 1998)
International Fund (May 1, 1997)
Value Fund (May 1, 1997)
BERGER INSTITUTIONAL PRODUCTS TRUST (MAY 1, 1997)
100 Fund
Growth and Income
Fund Small Company Growth Fund
BIAM International Fund
CONSECO SERIES TRUST
Balanced Portfolio
Equity Portfolio
Fixed Income Portfolio
Government Securities Portfolio
Money Market Portfolio
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
(JUNE 1, 1995)
DREYFUS STOCK INDEX FUND (JUNE 1, 1995)
DREYFUS VARIABLE INVESTMENT FUND (MAY 1, 1998)
International Value Portfolio
Disciplined Stock Portfolio
FEDERATED INSURANCE SERIES (JUNE 1, 1995)
High Income Bond Fund II
International Equity Fund II
Utility Fund II
INVESCO VARIABLE INVESTMENT FUNDS, INC. (MAY 1, 1998)
High Yield Fund
Equity Income Fund
JANUS ASPEN SERIES (JUNE 1, 1995)
Aggressive Growth Portfolio
Growth Portfolio
Worldwide Growth Portfolio
LAZARD RETIREMENT SERIES, INC. (MAY 1, 1998)
Equity Portfolio
Small Cap Portfolio
LORD ABBETT SERIES FUND, INC. (MAY 1, 1998)
Growth and Income Portfolio
MITCHELL HUTCHINS SERIES TRUST (MAY 1, 1998)
Growth and Income Portfolio
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST (MAY 1, 1997)
Limited Maturity Bond Portfolio
Partners Portfolio
STRONG VARIABLE INSURANCE FUNDS, INC. (May 1, 1997)
Mid Cap Growth Fund II
STRONG OPPORTUNITY FUND II (MAY 1, 1997)
VAN ECK WORLDWIDE INSURANCE TRUST
Worldwide Bond Fund (June 1, 1995)
Worldwide Emerging Markets Fund (June 1, 1996)
Worldwide Hard Assets Fund (June 1, 1995)
Worldwide Real Estate Fund (May 1, 1998)
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported increases and decreases in net assets from operations during the
reporting period. Actual results could differ from those estimates.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT VALUATION, TRANSACTIONS AND INCOME
Investments in portfolio shares are valued using the net asset value of the
respective portfolios at the end of each New York Stock Exchange business day.
Investment share transactions are accounted for on a trade date basis (the date
the order to purchase or redeem shares is executed) and dividend income is
recorded on the ex-dividend date. The cost of investments in portfolio shares
sold is determined on a first-in first-out basis. Account C does not hold any
investments which are restricted as to resale.
Net investment income and net realized gains (losses) and unrealized
appreciation (depreciation) on investments are allocated to the contracts on
each valuation date based on each contract's pro rata share of the assets of
Account C as of the beginning of the valuation date.
FEDERAL INCOME TAXES
No provision for federal income taxes has been made in the accompanying
financial statements because the operations of Account C are included in the
total operations of the Company, which is treated as a life insurance company
for federal income tax purposes under the Internal Revenue Code. Net investment
income and realized gains (losses) are retained in Account C and are not taxable
until received by the contract owner or beneficiary in the form of annuity
payments or other distributions.
6
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CONSECO VARIABLE ANNUITY ACCOUNT C
NOTES TO FINANCIAL STATEMENTS--CONTINUED
JUNE 30, 1999
(UNAUDITED)
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(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
ANNUITY RESERVES
Deferred annuity contract reserves are comprised of net contract purchase
payments less redemptions and benefits. These reserves are adjusted daily for
the net investment income and net realized gains (losses) and unrealized
appreciation (depreciation) on investments.
Annuity payment reserves for contracts under which contract owners are
receiving periodic retirement payments are computed according to the Progressive
Annuity Mortality Table and the 1983 Group Annuity Mortality Table. The assumed
net investment rate is equal to the assumed rate of accumulation. The annuity
unit values for periodic retirement payments are as follows:
June 30, December 31,
1999 1998
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Conseco Series Trust:
Balanced Portfolio.................... $ 1.093 $ 1.043
Equity Portfolio
Qualified........................... 7.939 7.308
Nonqualified........................ 7.351 6.766
Fixed Income Portfolio
Qualified........................... 4.826 5.012
Nonqualified........................ 4.829 5.016
Money Market Portfolio
Qualified........................... 1.019 1.019
Dreyfus Stock Index Fund.............. 1.211 1.097
Janus Aspen Worldwide Growth Portfolio 1.830 1.660
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(3) PURCHASES AND SALES OF INVESTMENTS IN PORTFOLIO SHARES
The aggregate cost of purchases of investments in portfolio shares were
$34,436,385 and $63,530,550 for the six months ended June 30, 1999, and the year
ended December 31, 1998, respectively. The aggregate proceeds from sales of
investments in portfolio shares were $35,787,686 and $63,152,626 for the six
months ended June 30, 1999, and the year ended December 31, 1998, respectively.
(4) DEDUCTIONS AND EXPENSES
Although periodic retirement payments to contract owners vary according to
the investment performance of the portfolios, such payments are not affected by
mortality or expense experience because the Company assumes the mortality and
expense risks under the contracts.
The mortality risk assumed by the Company results from the life annuity
payment option in the contracts in which the Company agrees to make annuity
payments regardless of how long a particular annuitant or other payee lives. The
annuity payments are determined in accordance with annuity purchase rate
provisions established at the time the contracts are issued. Based on the
actuarial determination of expected mortality, the Company is required to fund
any deficiency in the annuity payment reserves from its general account assets.
The expense risk assumed by the Company is the risk that the deductions for
sales and administrative expenses may prove insufficient to cover the actual
sales and administrative expenses.
The Company deducts daily from Account C a fee, which is equal on an annual
basis to 1.00 percent of the daily value of the total investments of Account C,
for assuming the mortality and expense risks except for the Equity, Fixed
Income, and Money Market portfolios of the Conseco Series Trust, the fees of
which are 0.64 percent, 0.74 percent and 0.99 percent, respectively. These fees
were $1,009,243 and $1,827,897 for the six months ended June 30, 1999, and the
year ended December 31, 1998, respectively.
Pursuant to an agreement between Account C and the Company (which may be
terminated by the Company at any time), the Company provides sales and
administrative services to Account C, as well as a minimum death benefit prior
to retirement for certain contracts. Under individual contracts and group
deferred compensation contracts, the Company may deduct a percentage of amounts
surrendered to cover sales expenses. The percentage varies up to 8.00 percent
based on the type of contract and the number of years the contract has been
held. In addition, the Company deducts units from certain contracts annually and
upon full surrender to cover an administrative fee of $15, $20, or $25. This fee
is recorded as a redemption in the accompanying Statements of Changes in Net
Assets. Under group contracts no longer being sold, the Company deducts a
percentage of the renewal contract purchase payments to cover sales and
administrative expenses and the minimum death benefit prior to retirement of the
contract owners. Sales and administrative charges were $101,290 and $597,806 for
the six months ended June 30, 1999, and the year ended December 31, 1998,
respectively.
(5) OTHER TRANSACTIONS WITH AFFILIATES
Conseco Equity Sales, Inc., an affiliate of the Company, is the principal
underwriter and performs all variable annuity sales functions on behalf of the
Company through various retail broker/dealers including Conseco Financial
Services, Inc., an affiliate of the Company.
(6) NET ASSETS
Net assets consisted of the following at June 30, 1999:
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Proceeds from the sales of units since organization,
less cost of units redeemed.................................... $ 59,923,017
Undistributed net investment income............................... 139,260,367
Undistributed net realized gains on sales of investments ......... 51,951,927
Net unrealized appreciation of investments........................ 39,131,843
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Net assets................................................... $290,267,154
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7
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THIS PAGE INTENTIONALLY LEFT BLANK.
8
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CONSECO VARIABLE ANNUITY ACCOUNT C
SPONSOR
Conseco Variable Insurance Company - Carmel, Indiana.
DISTRIBUTOR
Conseco Equity Sales, Inc. - Carmel, Indiana.
INDEPENDENT PUBLIC ACCOUNTANTS
PricewaterhouseCoopers LLP - Indianapolis, Indiana.
9
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VARIABLE ANNUITY ACCOUNT C IS ISSUED BY CONSECO VARIABLE INSURANCE COMPANY.
THE PRODUCT IS UNDERWRITTEN, AND THE SECURITIES WITHIN ARE OFFERED, BY CONSECO
EQUITY SALES, INC., A BROKER-DEALER FOR CONSECO VARIABLE INSURANCE COMPANY.
BOTH COMPANIES ARE SUBSIDIARIES OF CONSECO, INC., A FINANCIAL SERVICES
ORGANIZATION HEADQUARTERED IN CARMEL, INDIANA. CONSECO, THROUGH ITS SUBSIDIARY
COMPANIES, IS ONE OF MIDDLE AMERICA'S LEADING SOURCES FOR INSURANCE, INVESTMENT
AND LENDING PRODUCTS, HELPING 12 MILLION CUSTOMERS STEP UP TO A BETTER, MORE
SECURE FUTURE.
CONSECO EQUITY SALES, INC., IS A MEMBER OF THE NASD.
CONSECO VARIABLE INSURANCE COMPANY
11815 North Pennsylvania Street
Carmel, Indiana 46032
VA410 (8/99) 05964
(C) 1999 Conseco Variable Insurance Company
www.conseco.com
Insurance Investments Lending [LOGO]
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