<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 1997.
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 33-13375
IDS LIFE ACCOUNT RE
OF
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) 671-3309
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 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
<PAGE>
The Registrant is a separate account of IDS Life Insurance Company (IDS Life)
established pursuant to the insurance laws of the State of Minnesota for the
purposes of funding real estate variable annuity contracts. Unless otherwise
specifically noted, the information set forth herein only relates to the
operations of the Registrant (the "Account") and not to the operations of IDS
Life.
PART 1 - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
<TABLE>
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
BALANCE SHEETS
June 30, December 31,
1997 1996
(Unaudited)
------------------ ----------------
Assets:
<S> <C> <C>
Cash 136,523 102,737
Investments in securities, at value (Note 1)
(identified cost $8,783,093) 8,783,093 10,254,310
Investments in unconsolidated joint ventures,
at fair value (cost of $36,168,060 and
$36,299,366 at June 30, 1997
and December 31, 1996, respectively) 23,253,300 23,384,605
Other assets -- 4,277
------------------ ----------------
Total assets 32,172,916 33,745,929
================== ================
Liabilities:
Payable to IDS Life for:
Operating expenses 16,406 42,340
Contract terminations 25,729 4,793
Accrued mortality and expense risk fee 30,589 32,991
Accrued asset management fee 38,237 41,239
Liabilities related to wholly-owned
real estate property:
Accounts payable and other liabilities -- 79,090
------------------ ----------------
Total liabilities 110,961 200,453
================== ================
Contract Owners' Equity:
Net assets applicable to Variable Annuity
contracts in accumulation period 32,061,955 33,545,476
================== ================
Accumulation units outstanding 31,609,642 34,144,955
================== ================
Net asset value per accumulation unit 1.01 0.98
================== ================
See accompanying notes to financial statements.
</TABLE>
<TABLE>
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
(unaudited)
For the three months ended
------------------ -----------------
June 30, June 30,
1997 1996
------------------ -----------------
Income:
<S> <C> <C>
Interest income $ 141,708 $ 65,970
Account's equity in earnings of
unconsolidated joint ventures 592,603 497,491
Rental income -- 599,606
Unrealized appreciation (depreciation) of
investments in unconsolidated joint ventures -- (507,511)
------------------ -----------------
Total income 734,311 655,556
------------------ -----------------
Expenses:
Asset management fee 113,845 146,506
Mortality and expense risk fee 91,075 117,205
Amortization of deferred organizational
and borrowing costs -- 6,463
Other operating expenses 3,721 3,418
Operating expenses related to wholly-owned
real estate property:
Interest -- 183,797
Utilities -- 38,227
Repairs and maintenance -- 54,661
Property and other taxes -- 49,552
Salaries -- 45,758
Management fees -- 28,907
Other -- 32,364
------------------ -----------------
Total expenses 208,641 706,858
------------------ -----------------
Net income (loss) $ 525,670 $ (51,302)
================== =================
See accompanying notes to financial statements.
</TABLE>
<TABLE>
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
(unaudited)
For the six months ended
---------------------- ----------------------
June 30, June 30,
1997 1996
---------------------- ----------------------
Income:
<S> <C> <C>
Interest income $ 279,853 $ 133,350
Account's equity in earnings of
unconsolidated joint ventures 1,190,864 1,004,262
Rental income -- 1,241,144
Unrealized (depreciation) of participation
in mortgage loan -- (127,844)
Unrealized appreciation (depreciation) of
investments in unconsolidated joint ventures -- (507,511)
Other income 54,258 --
---------------------- ----------------------
Total income $ 1,524,975 $ 1,743,401
Expenses:
Asset management fee 227,259 292,741
Mortality and expense risk fee 181,807 234,193
Amortization of deferred organizational
and borrowing costs -- 12,926
Other operating expenses 27,350 36,069
Operating expenses related to wholly-owned
real estate property:
Interest -- 368,000
Utilities -- 85,491
Repairs and maintenance -- 95,406
Property and other taxes -- 105,398
Salaries -- 94,136
Management fees -- 56,980
Other -- 70,216
---------------------- ----------------------
Total expenses 436,416 1,451,556
---------------------- ----------------------
Net income $ 1,088,559 $ 291,845
====================== ======================
See accompanying notes to financial statements.
</TABLE>
<TABLE>
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
STATEMENTS OF CASH FLOWS
(unaudited)
For the six months ended
---------------------- ----------------------
June 30, June 30,
1997 1996
---------------------- ----------------------
Cash flows from operating activities:
<S> <C> <C>
Net Income $ 1,088,559 $ 291,845
Adjustments to reconcile net income to net cash used in operating
activities:
Account's equity in earnings of unconsolidated
joint ventures (1,190,864) (1,004,262)
Change in accrued interest on participation
in mortgage loan -- 3,965
Amortization of organizational and borrowing costs -- 12,926
Change in unrealized depreciation of investments
in unconsolidated joint ventures -- 507,511
Change in unrealized depreciation (appreciation) of
participation in mortgage loan -- 127,844
Change in other assets 4,277 6,457
Change in payable to IDS Life for operating expenses (25,934) (34,701)
Change in accrued mortality and expense risk fee (2,402) (4,425)
Change in accrued asset management fee (3,002) (5,532)
Change in payables and other liabilities related
to wholly-owned real estate property (79,090) 7,808
---------------------- ----------------------
Total adjustments to net income (1,297,015) (382,409)
---------------------- ----------------------
Net cash used in operating activities (208,456) (90,564)
---------------------- ----------------------
Cash flows from investing activities:
Net sales (purchases) of short-term securities 1,471,217 --
Capital improvements to wholly-owned real estate property -- (58,440)
Distributions received from joint ventures 1,322,170 957,153
---------------------- ----------------------
Net cash provided by investing activities 2,793,387 898,713
---------------------- ----------------------
Cash flows from financing activities:
Proceeds from sales of contracts 14,077 2,126,433
Payments for contract terminations (2,565,222) (2,572,054)
Decrease in mortgage payable -- (43,971)
---------------------- ----------------------
Net cash used in financing activities (2,551,145) (489,592)
---------------------- ----------------------
Net increase in cash 33,786 318,557
Balance of cash at beginning of year 102,737 586,729
---------------------- ----------------------
Balance of cash at end of period $ 136,523 $ 905,286
Supplemental cash flow disclosure:
Cash paid for mortgage interest & revolving loan $ -- $ 368,000
====================== ======================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
June 30, 1997
NOTES TO FINANCIAL STATEMENTS
(unaudited)
1. GENERAL
In the opinion of the management of IDS Life, the accompanying
unaudited financial statements for IDS Life Account RE (the "Account")
contain all adjustments (consisting of only normal recurring
adjustments) necessary to present fairly its balance sheets as of June
30, 1997 and December 31, 1996; statements of operations for the three
and six months ended June 30, 1997 and 1996; and the statements of cash
flows for the six months ended June 30, 1997 and 1996. These statements
are condensed and therefore do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financial statement disclosure. The statements should be read
in conjunction with the Account's financial statements as of and for
the year ended December 31, 1996 and the notes thereto contained in the
Account's prospectus dated April 30, 1997. The results of operations
for the six months ended June 30, 1997 are not necessarily indicative
of the results expected for the full year.
2. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
Unconsolidated Joint Ventures - Summary Information
Summary information for the Account of its investments in
unconsolidated joint ventures for the six months ended June 30, 1997
and 1996 is as follows:
For the six months ended
June 30
-------
1997 1996
---- ----
Account's share of net
investment income from
unconsolidated joint ventures $ 1,190,864 $ 1,004,262
Total net investment income of
unconsolidated joint ventures $14,426,910 $12,741,658
Total income of unconsolidated
joint ventures $22,986,000 $23,069,000
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Financial Condition and Results of Operations
<PAGE>
For the Six Months Ended June 30, 1997 Compared to the Six Months Ended
June 30, 1996 -
Net assets decreased from $33,545,476 at December 31, 1996 to $32,061,955 at
June 30, 1997. During this same time period, the accumulation unit value
increased from .98 at December 31, 1996 to 1.01 at June 30, 1997. The Account
experienced net terminations amounting to $2,551,145 for the six months ended
June 30, 1997 compared to net terminations of $445,621 for the six months ended
June 30, 1996. The net terminations for the six months ended June 30, 1996
include approximately $1,800,000 for accumulation units purchased by IDS Life,
which has been used to pay for contract surrenders, as discussed more fully
below. In the six months ended June 30, 1997, IDS Life had not purchased any
accumulation units.
Recorded net income for the six months ended June 30, 1997 was $1,088,559
compared to $291,845 for the six months ended June 30, 1996.
Interest income represents income earned in 1997 on the Account's investment in
short-term securities. Interest generated from short-term investments of
$279,853 for the six months ended June 30, 1997 is due primarily to an increase
in short-term investments. The increase in short-term investments is due
primarily to cash received as a result of (i) the payoff of the Riverpoint
mortgage loan receivable in December 1996 and (ii) the sale of the West
Springfield apartments in September 1996.
Interest income for the six months ended June 30, 1996 primarily represented
income earned on the Account's investment in the participation in a mortgage
loan (Riverpoint Shopping Center). For the six months ended June 30, 1996, the
Account recognized net unrealized depreciation of participation in mortgage loan
of $127,844 as a result of lower effective rents achieved upon releasing the
center.
For the six months ended June 30, 1996, the Account recognized net unrealized
depreciation of investments in unconsolidated joint ventures of approximately
$507,511, primarily due to a decrease in current assets at Monmouth Associates.
A portion of the decrease was a result of a $4,000,000 cash distribution in
which the Account's share was $278,800, and the payment of certain capital and
tenant improvements.
Distributions from unconsolidated joint ventures increased from $1,322,170 at
the six months ended June 30, 1997 compared to $957,153 at the six months ended
June 30, 1996. The increase in distributions from unconsolidated joint ventures
is due primarily to increased distributions from Monmouth Associates in the
first quarter of 1997. The increased distribution was the result of previously
undistributed cash flow earned in prior quarters.
Due to the sale of its wholly-owned real estate investment, West Springfield
Terrace Apartments, in September 1996, the Account had $0 rental income for the
six months ended June 30, 1997 compared to $1,241,144 for the six months ended
June 30, 1996. Also, expenses related to the wholly-owned real estate investment
totaled $0 for the six months ended June 30, 1997 compared to $875,627 for the
corresponding period in 1996.
For the six months ended June 30, 1997, the Account's recorded equity in
earnings of its unconsolidated joint ventures (N/S Associates, Monmouth
Associates and 1225 Connecticut) was $1,190,864 compared to $1,004,262 for the
six months ended June 30, 1996. The increase is due primarily to an increase in
interest income earned by Monmouth Associates. The increase in earnings was
partially offset by lower rental income achieved at Southridge and Northridge
Malls due to lower effective rents.
Northridge Mall continues to be adversely affected by the perception that it is
an unsafe place to shop. This perception has resulted in declining sales and
occupancy over a three-year period. Compounding the problem of declining sales
are the high operating costs for tenants at the mall. Occupancy has also been
affected by tenant bankruptcies over the past years. As of June 30, 1997,
occupancy of the mall shops was approximately 72%, including temporary tenants
under short term leases. During the second quarter of 1997 occupancy decreased
1%. However, the mall shops at Northridge Mall is 75% leased.
To counter the negative perception of Northridge Mall, N/S Associates has
implemented certain capital improvements and operational programs to improve the
shopping center's safety and appearance, as well as instituted certain marketing
efforts to enhance its image. Certain recent positive sales trends appear to
indicate a modest improvement; however, elimination of the negative perception
is expected to take some time. In addition, N/S Associates is seeking to
increase occupancy at the shopping center by aggressively marketing space for
new and renewal tenants through leasing incentives, as well as continuing to
cooperate with existing tenants who need short-term rent reductions in order to
retain occupancy of their space. Part of the leasing strategy includes targeting
certain well-recognized retailers as a group that would become tenants at the
shopping center. It is expected that the draw of this group of tenants would
help the shopping center gain leasing momentum and aid in future leasing
efforts.
As of June 30, 1997, leasing and occupancy of the portion of Southridge Mall
owned by N/S Associates were approximately 91% and 89%, respectively, including
temporary tenants under short-term leases.
The Account paid asset management and mortality expense risk fees of $409,066
and $526,934 for the six months ended June 30, 1997 and 1996, respectively.
For the Three Months Ended June 30, 1997 Compared to the Three Months Ended
June 30, 1996 -
Recorded net income (loss) for the three months ended June 30, 1997 was $525,670
compared to $(51,302) for the three months ended June 30, 1996. The increase in
recorded net income for the three months ended June 30, 1997 is due primarily to
the recognition in 1996 of unrealized depreciation of $507,511 on investments in
unconsolidated joint ventures.
During the three months ended June 30, 1997, $592,603 of income was attributable
to the Account's recorded equity in earnings of its unconsolidated joint
ventures (N/S Associates, Monmouth Associates, and 1225 Connecticut) compared to
$497,491 for the corresponding three months in 1996. The increase in income is
primarily due to (i) an increase in interest income earned by Monmouth
Associates and (ii) an increase in rental income earned at 1225 Connecticut. The
increase was partially offset by lower rental income achieved at Southridge and
Northridge Malls due to lower effective rents.
Due to the sale of its wholly-owned real estate investment, West Springfield
Terrace Apartments, in September 1996, the Account had $0 rental income for the
three months ended June 30, 1997 compared to $599,606 for the three months ended
June 30, 1996. Also, the expenses related to the wholly-owned real estate
investment totaled $0 for the three months ended June 30, 1997 compared to
$433,266 for the corresponding period in 1996.
The Account paid total asset management and mortality expense risk fees for the
three months ended June 30, 1997 of $204,920 compared to $263,711 for the
corresponding period in 1996.
Liquidity and Capital Resources
For the Six Months Ended June 30, 1997 Compared to the Six Months Ended
June 30, 1996 -
At June 30, 1997, the Account had cash and investments of
short-term securities of approximately $8,920,000 as compared to approximately
$10,357,000 at December 31, 1996. The Account had experienced net contract
terminations in 4 consecutive quarters.
The liquidity requirements of the Account have generally been met by funds
provided from the Account's short-term investments, cash distributions from
unconsolidated joint ventures, operating cash flow, interest income, proceeds
from the sale of West Springfield Terrace apartments, the loan repayment from
Riverpoint Center, proceeds from sales of contracts and borrowings under the
line of credit from IDS Life and purchases of accumulation units by IDS Life
discussed below. The primary uses of funds currently are expected to be for
asset management and mortality and expense risk fees and payments for contract
terminations and redemption units held by IDS Life.
Effective May 1, 1995, new contract sales of the Account were discontinued.
Additional purchase payments continue to be accepted for existing contracts in
amounts specified in the Account's prospectus, whether by means of the
previously established bank authorizations or otherwise. Existing contracts also
continue to be serviced and surrender requests will be honored.
IDS Life has purchased accumulation units in order to maintain the Account and
its liquidity. IDS Life made these payments so that no contract holder would be
disadvantaged because sales of new contracts have been discontinued. The initial
payments for accumulation units that IDS Life made into the Account were used to
pay off the amount that the Account had borrowed under its revolving line of
credit. As of June 30, 1997, IDS Life had purchased approximately 24,969,872
accumulation units.
By purchasing accumulation units, IDS Life has an ownership interest in the
Account. Since IDS Life does not purchase a contract, it is not subject to
surrender charges. However, IDS Life, as holder of accumulation units,
participates in the increase or decrease in the value of the Account's
investments just as other owners of accumulation units do. IDS Life may realize
a gain or loss on its accumulation units when redeemed.
IDS Life currently expects to hold the accumulation units it purchases until the
surrender of all outstanding contracts or until the Account's liquidity improves
(through, for example, one or more sales of real estate related investments)
thereby permitting the Account to satisfy its anticipated contract obligations.
Because IDS Life may purchase a significant amount of accumulation units, IDS
Life may be subject to certain conflicts of interest it would not otherwise have
if it had not purchased such accumulation units, including, among other things,
a conflict in approving periodic valuations of real estate investments made by
the Investment Adviser.
Since the Account has experienced substantial net contract terminations over the
past several years, the Account does not intend to acquire additional real
estate related investments. Further, the Account intends to liquidate the real
estate related investments that it currently holds when it becomes advantageous
or necessary to do so. During 1996, the Account liquidated two real estate
related investments. To the extent funds of the Account are not used to pay
obligations of the Account, including those under existing contracts, or the
redemption of accumulation units purchased by IDS Life, such funds will be
invested in short-term debt instruments and possibly intermediate-term bonds
with maturities of up to five years.
Through June 30, 1997, Monmouth Associates had funded approximately $26,132,000
of the renovation loan (which excludes $1.3 million of construction loan
interest) for Monmouth Mall. Fundings of principal on the loan have been made
from cash reserves held by Monmouth Associates, cash flow from interest and
ground rent payments received from the borrower/lessee and capital contributions
made to Monmouth Associates by its partners pro rata based upon their respective
interests. The aggregate amount of capital contributions to finance the loan is
approximately $9,830,000. The Account's share of these capital contributions is
approximately $685,000. The aggregate amount of the renovation loan, including
accrued and deferred interest of approximately $1,300,000, is currently expected
to be approximately $26,989,000. Remaining fundings for the renovation loan are
expected to be made from cash flow and funds currently held by Monmouth
Associates. Monmouth Associates may also be required to make certain additional
loans to pay a portion of the costs of certain tenant improvements or other
ordinary capital expenditures. In addition, Monmouth Associates may provide
additional financing to the borrower/lessee in order to pay costs to be incurred
in connection with the replacement or expansion of a department store tenant at
Monmouth Mall. However, it is not currently expected that this would occur
during 1997.
The renovation is complete except for some tenant improvement work for one of
the larger tenants and some retainage work remaining. The occupancy of mall
shops and outparcel space at the shopping center as of June 30, 1997 was
approximately 86%. However, the mall shops and outparcel space are approximately
89% leased. Leasing and occupancy at the shopping center have been adversely
affected by tenant bankruptcies occurring over the past several years.
N/S Associates currently expects that it will incur approximately $2,090,000 in
1997 for tenant improvement, asbestos removal and other capital items at
Northridge and Southridge Malls. Actual amounts expended in 1997 may vary
depending on a number of factors, including actual leasing activity, results of
property operations, liquidity considerations and market conditions over the
course of the year. N/S Associates undertakes asbestos removal from time to time
at portions of the Northridge and Southridge Malls as tenant spaces are vacated
and prior to occupancy by new tenants. The cost of tenant improvements, asbestos
removal and other capital items generally will be provided out of cash flows
from the properties. N/S Associates expended approximately $2,236,000 for tenant
improvements, asbestos removal and other capital projects in 1996.
At June 30, 1997, real property investments (through two unconsolidated joint
ventures, N/S Associates and 1225 Connecticut), land sale-leaseback investments
(through an unconsolidated joint venture, Monmouth Associates) and short-term
investments represented 45 percent, 27 percent and 28 percent of total assets,
respectively. At June 30, 1996, real property investments, mortgage loan and
land sale-leaseback investments and short-term investments represented 71
percent, 27 percent and 2 percent of total assets, respectively.
<PAGE>
PART II. OTHER INFORMATION
---------------------------
Item 1. LEGAL PROCEEDINGS
There are no material current or pending legal proceedings which the
Registrant is a party to, or to which the Registrant's assets are subject.
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 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) Exhibits
4.1 Form of Deferred Variable Annuity Contract is hereby
incorporated herein by reference to Exhibit
4 to the Account's Form S-1 (as amended), File Number 33-13375,
filed July 17, 1987.
4.2 Copy of mortgage loan documents relating to West
Springfield Terrace Apartments is hereby incorporated herein by
reference to Exhibit 4.2 to the Account's Form S-1 (as
amended), File Number 33-13375, filed April 12, 1990.
4.3 Copy of the line of credit agreement, dated
March 30, 1994 between IDS Life and the Account (including a
copy of the executed promissory note, dated
March 30, 1994) is hereby incorporated by reference to
Exhibit 4.3 to the Account's Form 10-K Report for the year
ended December 31, 1993, File Number 33-13375, filed
April 5, 1994.
10.1 Copy of Investment Advisory Agreement between IDS Life and JMB
Annuity Advisors is hereby incorporated herein by reference to
Exhibit 10.1 to the Account's Form S-1 (as amended), File Number
33-13375, filed April 29, 1988.
10.2 Copy of N/S Associates Joint Venture Agreement together with
certain documents relating to the purchase of an interest in
Northridge Mall is hereby incorporated herein by reference to
Exhibit 10.2 to the Account's Form S-1 (as amended), File
Number 33-13375, filed April 29, 1988.
<PAGE>
10.2.1 Copy of Second Amended and Restated Articles of Partnership of
N/S Associates hereby incorporated herein by reference to
Exhibit 10.2.1 to the Account's Form S-1 (as amended), File
Number 33-13375, filed April 20, 1989.
10.3 Copy of N/S Associates Joint Venture Agreement together with
certain documents relating to the purchase of an interest in
Southridge Mall is hereby incorporated herein by reference to
Exhibit 10.3 to Form S-1 (as amended), File Number 33-13375,
filed April 29, 1988.
10.4 Copy of Commitment Letter relating to the funding
of a participating mortgage loan secured by Riverpoint
Center is hereby incorporated herein by reference to Exhibit
10.4 to Form S-1 (as amended), File Number 33-13375, filed
October 11, 1988.
10.5 Copy of Amended and Restated Articles of Partnership of Monmouth
Associates are hereby incorporated herein by reference to
Exhibit 10.5 to the Account's Form S-1 (as amended), File Number
33-13375, filed April 12, 1990.
10.6 Copy of Agreement together with certain other documents relating
to the purchase of West Springfield Terrace Apartments is
hereby incorporated herein by reference to Exhibit 10.6 to
Form S-1 (as amended), File Number 33-13375, filed
October 16, 1989.
10.7 Copy of Agreement together with certain documents relating to
the purchase of an interest in 1225 Connecticut Avenue is
hereby incorporated herein by reference to the Account's Form
S-1 (as amended), File Number 33-13375, filed June 29, 1990.
10.8 Copy of Purchase Agreement for the sale of the West
Springfield Terrace Apartment is hereby incorporated herein
by reference to the Accounts Report on Form 10-Q (File No.
33-13375) for September 30, 1996 dated November 14, 1996.
27.1 Financial Data Schedule of the Account for the period ended June
30, 1997 is filed herewith.
(B) Report on Form 8-K
No reports on Form 8-K were required to be filed by the Registrant
for the three months ended June 30, 1997.
<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.
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
(Registrant)
Date: August 14, 1997 /S/ Melinda Urion
------------------
Melinda S. Urion
Executive Vice President
and Controller
<PAGE>
IDS Life Account RE
File No. 33-13375
EXHIBIT INDEX
Exhibit 27.1: Financial Data Schedule.
<TABLE> <S> <C>
<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE REGISTRANT'S FORM 10-Q FOR THE THREE MONTHS ENDED JUNE 30,
1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN
SUCH REPORT.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<CASH> 136523
<SECURITIES> 8783093
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 8919616
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 32172916
<CURRENT-LIABILITIES> 110961
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 32061955
<TOTAL-LIABILITY-AND-EQUITY> 32172916
<SALES> 0
<TOTAL-REVENUES> 1524975
<CGS> 0
<TOTAL-COSTS> 254609
<OTHER-EXPENSES> 181807
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1088559
<INCOME-TAX> 1088559
<INCOME-CONTINUING> 1088559
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1088559
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
