FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 reduced disclosure
format.
[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
Commission file number: 33-47245
33-65355
ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK
(Exact name of registrant as specified in its charter)
NEW YORK 35-2608394
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Allstate Drive
Farmingville, New York 11738
(Address of principal executive offices)(Zip Code)
800/256-9392
(Registrant's telephone number, including area code)
Not Applicable
(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.
Yes../X/.. No
Indicate the number of shares of each of the issuer's classes of common
stock, as of March 31, 1998; there were 80,000 shares of common capital stock
outstanding, par value $25 per share all of which shares are held by Allstate
Life Insurance Company.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Statements of Financial Position
March 31, 1998(Unaudited) and December 31, 1997.................. 3
Statements of Operations
Three Months Ended March 31, 1998 and
March 31, 1997 (Unaudited)....................................... 4
Statements of Cash Flows
Three Months Ended March 31, 1998 and
March 31, 1997 (Unaudited)................................. 5
Notes to Financial Statements.................................... 6
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS..................... 9
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT
MARKET RISK*..................................................N/A
PART II - OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS..................................................14
Item 2. CHANGES IN SECURITIES AND USE OF PROCEEDS*........................N/A
Item 3. DEFAULTS UPON SENIOR SECURITIES*..................................N/A
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS*..............N/A
Item 5. OTHER INFORMATION..................................................14
Item 6. EXHIBITS AND REPORTS ON FORM 8-K...................................14
SIGNATURE PAGE...............................................................15
*Omitted pursuant to General Instruction H(2) of Form 10-Q.
-2-
<PAGE>
ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK
STATEMENTS OF FINANCIAL POSITION
<TABLE>
<CAPTION>
March 31, December 31,
($ in thousands) 1998 1997
----------------- ---------------
(Unaudited)
<S> <C> <C>
ASSETS
Investments
Fixed income securities, at fair value
(amortized cost $1,543,133
and $1,510,110) $1,783,642 $1,756,257
Mortgage loans 116,579 114,627
Policy loans 28,017 27,600
Short-term 36,214 13,513
---------- ----------
Total investments 1,964,452 1,911,997
Deferred acquisition costs 74,152 71,946
Accrued investment income 19,862 21,725
Reinsurance recoverables 1,754 1,726
Cash 2,503 393
Other assets 4,782 6,167
Separate Accounts 340,160 308,595
---------- ----------
Total assets $2,407,665 $2,322,549
========== ==========
LIABILITIES
Reserve for life-contingent contract benefits $1,091,036 $1,084,409
Contractholder funds 625,967 607,474
Income taxes payable 1,727 1,419
Deferred income taxes 17,546 16,990
Other liabilities and accrued expenses 31,318 14,985
Net payable to affiliates 6,740 5,267
Separate Accounts 340,160 308,595
---------- ----------
Total liabilities 2,114,494 2,039,139
---------- ----------
SHAREHOLDER'S EQUITY
Common stock, $25 par value, 80,000 shares
authorized, issued and outstanding 2,000 2,000
Additional capital paid-in 45,787 45,787
Retained income 178,280 171,144
Accumulated other comprehensive income:
Unrealized net capital gains 67,104 64,479
---------- ----------
Total accumulated other comprehensive
income 67,104 64,479
---------- ----------
Total shareholder's equity 293,171 283,410
---------- ----------
Total liabilities and shareholder's equity $2,407,665 $2,322,549
========== ==========
</TABLE>
See notes to financial statements.
-3-
<PAGE>
ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------------------------------------
($ in thousands) 1998 1997
---- ----
(Unaudited)
REVENUES
<S> <C> <C>
Premiums (net of reinsurance ceded of $848 and $691) $ 18,583 $ 20,661
Contract charges 8,088 6,868
Net investment income 32,569 30,200
Realized capital gains and losses 1,231 (49)
--------- ----------
60,471 57,680
--------- ----------
COSTS AND EXPENSES
Contract benefits (net of reinsurance recoveries of
$359 and $298) 41,260 41,966
Amortization of deferred acquisition costs 2,085 1,970
Operating costs and expenses 6,011 4,826
--------- ----------
49,356 48,762
--------- ----------
INCOME FROM OPERATIONS BEFORE INCOME
TAX EXPENSE 11,115 8,918
INCOME TAX EXPENSE 3,979 3,209
--------- ----------
NET INCOME $ 7,136 $ 5,709
========= ==========
</TABLE>
See notes to financial statements.
-4-
<PAGE>
ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended
March 31,
--------------------------------------------------
1998 1997
----------------------- -----------------------
($ in thousands) (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income $ 7,136 $ 5,709
Adjustments to reconcile net income to net cash
provided by operating activities
Amortization and other non-cash items (8,220) (7,335)
Realized capital gains and losses (1,231) 49
Interest credited to contractholder funds 10,035 8,687
Increase in reserve for life-contingent contract
benefits and contractholder funds 8,662 14,817
Increase in deferred policy acquisition costs (2,464) (2,227)
Decrease in accrued investment income 1,863 2,028
Change in deferred income taxes (1,262) (1,782)
Change in other operating assets and
liabilities 1,531 5,197
-------- --------
Net cash provided by operating activities 16,050 25,143
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of fixed income securities 5,278 -
Investment collections
Fixed income securities 47,026 22,483
Mortgage loans 1,986 588
Investment purchases
Fixed income securities (75,356) (62,140)
Mortgage loans (4,000) (5,000)
Change in short-term investments, net (4,353) 16,706
Change in policy loans, net (417) (504)
-------- --------
Net cash used in investing activities (29,836) (27,867)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Contractholder fund deposits 28,429 16,193
Contractholder fund withdrawals (12,533) (11,664)
-------- --------
Net cash provided by financing activities 15,896 4,529
-------- --------
NET INCREASE IN CASH 2,110 1,805
CASH AT BEGINNING OF YEAR 393 1,027
--------- ---------
CASH AT END OF PERIOD $ 2,503 $ 2,832
========= =========
</TABLE>
See notes to financial statements.
-5-
<PAGE>
ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
Allstate Life Insurance Company of New York (the "Company") is wholly
owned by a wholly owned subsidiary of Allstate Insurance Company, a wholly
owned subsidiary of The Allstate Corporation.
The financial statements and notes as of March 31, 1998 and for the
three-month periods ended March 31, 1998 and 1997 are unaudited. The
interim financial statements reflect all adjustments (consisting only of
normal recurring accruals) which are, in the opinion of management,
necessary for the fair presentation of the financial position, results of
operations and cash flows for the interim periods. These financial
statements and notes should be read in conjunction with the financial
statements and notes thereto included in the Allstate Life Insurance
Company of New York Annual Report on Form 10K for 1997. The results of
operations for the interim periods should not be considered indicative of
results to be expected for the full year.
Effective January 1, 1998, the Company adopted Statement of Financial
Accounting Standards ("SFAS") No. 125, "Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities" under the
guidance of SFAS No. 127, "Deferral of the Effective Date of Certain
Provisions of FASB Statement No. 125." As a result of this adoption, the
company has recorded an asset and corresponding liability representing the
collateral received in connection with the Company's securities lending
program. The cash collateral received is recorded in short-term investments
with the offsetting liability being reflected in other liabilities in the
statements of financial position.
The Company has programs to lend investment portfolio securities to
qualified institutions. Such loans are secured by collateral of at least
102% of the market value of domestic securities loaned and 105% of the
market value of foreign securities loaned. The Company continues to receive
income on the securities loaned and receives additional income from the
lending transaction. Additionally, any change in the market value of the
securities loaned is recognized as unrealized capital gains or losses of
the Company. At March 31, 1998, the cash collateral received in connection
with the securities lending program was $22.3 million.
In March 1998, the Accounting Standards Executive Committee of the
AICPA issued Statement of Position ("SOP") 98-1, "Accounting for the Costs
of Computer Software Developed or Obtained for Internal Use." The SOP
provides guidance on accounting for the costs of computer software
developed or obtained for internal use. Specifically, certain external,
payroll and payroll related costs should be capitalized during the
application development state of a project and depreciated over the
computer software's useful life. The Company has adopted the SOP effective
January 1, 1998.
-6-
<PAGE>
ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
2. Comprehensive Income
Effective January 1, 1998, the Company adopted Statement of Financial
Accounting Standards No. 130, "Reporting Comprehensive Income."
Comprehensive Income is a measurement of all changes in shareholders'
equity that result from transactions and other economic events other than
transactions with shareholders. For the Company, these changes consist of
changes in unrealized gains and losses of the investment portfolio adjusted
for deferred acquisition costs and reserves for life insurance policy
benefits. These amounts, presented as other comprehensive income, net of
related taxes, are added to net income which results in comprehensive
income. The cumulative amount of these changes is reported in the
statements of financial position as accumulated other comprehensive income.
The following summarizes the components of other comprehensive income
on a pretax and after-tax basis for the three-month periods ended March 31,
<TABLE>
<CAPTION>
($ in thousands) 1998 1997
Income Income
tax After- tax After-
Pretax effect tax Pretax effect tax
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Unrealized capital gains
and losses:
Unrealized holding gains
(losses) arising during
the period (3,895) 1,362 (2,533) (75,465) 26,413 (49,052)
Adjustments to unrealized
capital gains and losses
arising during the period:
Deferred acquisition (258) 90 (168) 525 (184) 341
costs
Reserves for life insur-
ance policy benefits 9,473 (3,315) 6,158 50,200 (17,570) 32,630
-------- -------- -------- -------- -------- ---------
Net unrealized holding
gains (losses) arising
during the period 5,320 (1,863) 3,457 (24,740) 8,659 (16,081)
-------- -------- -------- -------- -------- ---------
Less: reclassification adjust-
ment for realized net
capital gains included in
net income 1,281 (449) 832 3 (1) 2
-------- -------- -------- -------- -------- ---------
Other comprehensive
income $ 4,039 $ (1,414) $ 2,625 $(24,743) $ 8,660 $ (16,083)
======== ======== ======== ======== ======== =========
Comprehensive income $ 9,761 $ (10,374)
======== =========
</TABLE>
-7-
<PAGE>
ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
4. Regulation and Legal Proceedings
The Company's insurance businesses are subject to the effects of a
changing social, economic and regulatory environment. Public and regulatory
initiatives have varied and have included efforts to adversely influence
and restrict premium rates, restrict the Company's ability to cancel
policies, impose underwriting standards and expand overall regulation. The
ultimate changes and eventual effects, if any, of these initiatives are
uncertain.
Various other legal and regulatory actions are currently pending that
involve the Company and specific aspects of its conduct of business. In the
opinion of management, the ultimate liability, if any, in one or more of
these actions in excess of amounts currently reserved is not expected to
have a material effect on the results of operations, liquidity or financial
position of the Company.
-8-
<PAGE>
Allstate Life Insurance Company of New York
Management's Discussion and Analysis
of Financial Condition and Results of Operations
The following discussion highlights significant factors influencing results
of operations and changes in financial position of Allstate Life Insurance
Company of New York (the "Company"). It should be read in conjunction with the
financial statements and related notes thereto found under items 7 and 8 of Part
II of the Allstate Life Insurance Company of New York Annual Report on Form 10-K
for the year ended December 31, 1997.
The Company, which is wholly owned by a wholly owned subsidiary of Allstate
Insurance Company ("AIC"), an affiliate of The Allstate Corporation and, markets
a broad line of life insurance and annuity products in the State of New York.
Life insurance includes traditional products such as whole life and term life
insurance, as well as universal life and other interest-sensitive life products.
Annuities include deferred annuities, such as variable annuities and fixed rate
single and flexible premium annuities, and immediate annuities such as
structured settlement annuities. The Company distributes its products using a
combination of Allstate agents which include life specialists, banks,
independent agents, brokers and direct response marketing.
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
($ in thousands)
Three Months
Ended March 31,
------------------------------------------
1998 1997
------------------- -------------------
<S> <C> <C>
Statutory premiums and deposits $ 58,126 $ 46,212
=============== ===============
Investments $ 1,964,452 $ 1,597,065
Separate Account assets 340,160 261,685
--------------- ---------------
Investments, including Separate Account assets $ 2,304,612 $ 1,858,750
=============== ===============
Premiums and contract charges $ 26,671 $ 27,529
Net investment income 32,569 30,200
Contract benefits 41,260 41,966
Operating costs and expenses 8,084 6,796
--------------- ---------------
Income from operations 9,896 8,967
Income tax expense on operations 3,552 3,226
--------------- ---------------
Operating income 6,344 5,741
Net realized capital gains and losses, net of tax (1) 792 (32)
--------------- ---------------
Net income $ 7,136 $ 5,709
=============== ===============
</TABLE>
(1) After the effect of the related amortization of deferred policy acquisitions
costs.
-9-
<PAGE>
Allstate Life Insurance Company of New York
Management's Discussion and Analysis
of Financial Condition and Results of Operations
Premiums, deposits, contract charges and contract benefits
Statutory premiums and deposits, include premiums and deposits for all
products, increased 25.8% for the three-month period ended March 31, 1998, over
the comparable period in 1997. Increased sales of variable annuities, life
insurance policies and fixed annuities were partially offset by fewer sales of
structured settlement annuities.
Premiums and contract charges under generally accepted accounting
principles ("GAAP") decreased 3.1%. Under GAAP, revenues exclude deposits on
most annuity contracts and premiums on universal life insurance policies, and
will vary with the mix of products sold during the period. The decrease in 1998
was primarily attributable to an increase in revenues from universal life and
variable annuity products, was more than offset by lower sales of
life-contingent structured settlement annuities.
Operating income
Pretax net investment income increased 7.8% in the first quarter of 1998
from the comparable 1997 period primarily due to investment income earned on a
higher investment balance partially offset by lower portfolio yields.
Investments, excluding Separate Account assets and unrealized gains on fixed
income securities, grew by 9.8%. The overall portfolio yield declined slightly,
as proceeds from calls and maturities as well as positive cash flows from
operating activities were invested in securities yielding less than the average
portfolio rate. In low interest rate environments, funds from maturing
investments may be reinvested at lower interest rates than those which prevailed
when the funds were previously invested.
Operating costs and expenses increased $1.3 million, or 18.9%, in the first
quarter of 1998 from the comparable 1997 period related to growth in the number
of customer policies and increased general expenses.
Operating income increased 10.5% during the first quarter of 1998 compared
with the first quarter of 1997 as income generated from new and existing
structured settlement annuity business was partially offset by increases in
operating costs and expenses.
Realized capital gains and losses
Net realized capital gains, net of tax, were $792 thousand for the three
months ended March 31, 1998 primarily due to capital gains on fixed income
securities, principally the result of prepayments received on privately-placed
corporate obligations. Net realized capital losses after-tax were $32 thousand
for the three months ended March 31, 1997, primarily due to losses on mortgage
loans.
-10-
<PAGE>
Allstate Life Insurance Company of New York
Management's Discussion and Analysis
of Financial Condition and Results of Operations
INVESTMENTS
The composition of the investment portfolio at March 31, 1998, at financial
statement carrying values in the table below.
Percent
($ in thousands) to total
--------
Fixed income securities (1) $ 1,783,642 90.9%
Mortgage loans 116,579 5.9
Policy loans 28,017 1.4
Short-term 36,214 1.8
------------------ ------
Total $ 1,964,452 100.0%
================== ======
(1) Fixed income securities are carried at fair value. Amortized cost for these
securities was $1,543,133 at March 31, 1998.
Total investments increased to $1.96 billion at March 31, 1998 from $1.91
billion at December 31, 1997. The increase in investments is primarily due to
amounts invested from positive cash flows generated from operations and the
addition to short-term investments of $22.3 million of collateral in connection
with a change in accounting treatment for securities lending programs offset in
part by decreased unrealized capital gains on the fixed income securities. At
March 31, 1998, unrealized capital gains on the fixed income securities
portfolio were $240.5 million compared to $246.1 million at December 31, 1997.
Fixed income securities
The Company's fixed income securities portfolio consists of
privately-placed securities, U.S. government bonds, publicly traded corporate
bonds, mortgage-backed securities, asset-backed securities and tax-exempt
municipal bonds. The Company generally holds its fixed income securities for the
long term, but has classified all of these securities as available for sale to
allow maximum flexibility in portfolio management.
At March 31, 1998, substantially all of the Company's fixed income
securities portfolio is rated investment grade, which is defined by the Company
as a security having a National Association of Insurance Commissioners ("NAIC")
rating of 1 or 2, a Moody's rating of Aaa, Aa, A or Baa, or a comparable Company
internal rating.
Short-term investments
The Company's short-term investment portfolio was $36.2 million and $13.5
million at March 31, 1998 and December 31, 1997, respectively. The Company
invests available cash balances in taxable short-term securities having a final
maturity date or redemption date of one year or less. Included in short-term
securities is $22.3 million and $4.0 million at March 31, 1998 and December 31,
1997, respectively of collateral in connection with the securities lending
programs.
-11-
<PAGE>
Allstate Life Insurance Company of New York
Management's Discussion and Analysis
of Financial Condition and Results of Operations
SEPARATE ACCOUNTS
Separate Account assets and liabilities increased 10.2% from $308.6 million
at December 31, 1997 to $340.2 million at March 31, 1998 due primarily to
favorable investment performance of the Separate Account investment portfolios
and sales of flexible premium deferred variable annuity contracts, partially
offset by variable annuity contract surrenders and withdrawals.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity
The Company's principal sources of funds are collections of principal and
interest from the investment portfolio and the receipt of premiums and deposits.
The primary uses of these funds are to purchase investments and pay policyholder
claims, benefits, contract maturities and surrenders, and operating costs.
The maturity structure of the Company's fixed income securities, which
represent 91.8% of the Company's total investments, is managed to meet the
anticipated cash flow requirements of the underlying liabilities. A portion of
the Company's product portfolio, primarily fixed deferred annuity and universal
life insurance products, is subject to discretionary surrender and withdrawal by
contractholders. Management believes its assets are sufficiently liquid to meet
future obligations to its life and annuity contractholders under various
interest rate scenarios.
YEAR 2000
The Company is heavily dependent upon complex computer systems for all
phases of its operations, including customer service, insurance processing, risk
analysis underwriting and loss reserving. Since many of the Company's older
computer software programs recognize only the last two digits of the year in any
date, some software may fail to operate properly in or after the year 1999, if
the software is not reprogrammed, remediated or replaced, ("Year 2000 Issue").
The Company believes that many of its counterparties and suppliers also have
Year 2000 Issues which could affect the Company. In 1995, AIC commenced a plan
intended to mitigate and/or prevent the adverse effects of Year 2000 Issues.
These strategies include normal development and enhancement of new and existing
systems, upgrades to operating systems already covered by maintenance agreements
and modifications to existing systems to make them Year 2000 compliant. The plan
also includes the Company actively working with its major external
counterparties and suppliers to assess their compliance efforts and the
Company's exposure to them. The Company presently believes that it will resolve
the Year 2000 Issue in a timely manner, and the financial impact will not
materially affect its results of operations, liquidity or financial position.
Year 2000 costs are and will be expensed as incurred.
-12-
<PAGE>
Allstate Life Insurance Company of New York
Management's Discussion and Analysis
of Financial Condition and Results of Operations
PENDING ACCOUNTING STANDARDS
SFAS No. 131 redefines how segments are determined and requires additional
segment disclosures for both annual and quarterly reporting. Under this
statement, segments are determined using the "management approach" for financial
statement reporting. The management approach is based on the way an enterprise
makes operating decisions and assesses performance of its businesses. The
Company is currently reviewing the requirements of this SFAS and has yet to
determine its impact on its current reporting segments. The requirements of this
statement will be adopted effective December 31, 1998.
In December 1997, the Accounting Standards Executive Committee of the
American Institute of Certified Public Accountants ("AICPA") issued Statement of
Position ("SOP") 97-3, "Accounting by Insurance and Other Enterprises for
Insurance-Related Assessments." The SOP provides guidance concerning when to
recognize a liability for insurance-related assessments and how those
liabilities should be measured. Specifically, insurance-related assessments
should be recognized as liabilities when all of the following criteria have been
met: 1) an assessment has been imposed or it is probable that an assessment will
be imposed, 2) the event obligating an entity to pay an assessment has occurred
and 3) the amount of the assessment can be reasonably estimated. The
requirements of this standard are expected to be adopted in 1999 and are not
expected to have a material impact on the results of operations, cash flows or
financial position of the Company.
FORWARD-LOOKING STATEMENTS
The statements contained in this Management's Discussion and Analysis that
are not historical information are forward-looking statements that are based on
management's estimates, assumptions and projections. The Private Securities
Litigation Reform Act of 1995 provides a safe harbor under The Securities Act of
1933 and The Securities Exchange Act of 1934 for forward-looking statements.
-13-
<PAGE>
PART II - OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
The Company and its Board of Directors know of no material legal
proceedings pending to which the Company is a party or which would
materially affect the Company. The Company is involved in pending and
threatened litigation in the normal course of its business in which claims
for monetary damages are asserted. Management, after consultation with
legal counsel, does not anticipate the ultimate liability arising from such
pending or threatened litigation to have a material effect on the financial
condition of the Company.
Item 5. OTHER INFORMATION
Not applicable.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits required by Item 601 of Regulation S-K
(2) None
(3)(i) Articles of Incorporation*
(ii) By-laws*
(4) Allstate Life Insurance Company of New York Single Premium Deferred
Annuity Contract** Allstate Life Insurance Company of New York
Flexible Premium Deferred Annuity Contract*
(10) None (11) None (15) None (18) None (19) None (22) None
(23)(a) Consent of Independent Public Accountants***
(b) Consent of Attorneys****
(24) None
(27) Financial Data Schedule
(99) None
(b) Reports on 8-K
No reports on Form 8-K were filed during the first quarter of 1998.
* Previously filed in Form N-4 Registration Statement No. 33-65381 dated June
28, 1996 and incorporated by reference.
** Previously filed in Form S-1 Registration Statement No. 33-47245 dated May 4,
1995 and incorporated by reference.
*** Previously filed in Form S-1 Registration Statement No. 33-47245 dated May
1, 1997 and Form S-1 Registration Statement No. 33-65355 dated April 1, 1997 and
incorporated by reference.
**** Previously filed Form S-1 Registration Statement No. 33-47245 dated
November 13, 1992 abd Form S-1 Registration Statement No.33-65355 dated
September 20,1996 and incorporated by reference.
-14-
<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, on the 14th day of May 1998.
ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK
-------------------------------------------
(Registrant)
/s/ LOUIS G. LOWER, II CHAIRMAN OF THE BOARD OF DIRECTORS
- ------------------------ AND CHIEF EXECUTIVE OFFICER
LOUIS G. LOWER, II (Principal Executive Officer)
/s/ KEITH A. HAUSCHILDT ASSISTANT VICE PRESIDENT AND CONTROLLER
- ------------------------ (Chief Accounting Officer)
KEITH A. HAUSCHILDT
-15-
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND> THIS SCHEUDLE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
STATEMENTS OF FINANCIAL POSITION AT MARCH 31, 1997; STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1997; AND STATEMENTS OF CASH FLOWS THREE MONTHS
ENDED MARCH 31, 1997.
</LEGEND>
<CIK> 0000839759
<NAME> ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<DEBT-HELD-FOR-SALE> 1,783,642
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 0
<MORTGAGE> 116,579
<REAL-ESTATE> 0
<TOTAL-INVEST> 1,964,452
<CASH> 2,503
<RECOVER-REINSURE> 1,754
<DEFERRED-ACQUISITION> 74,152
<TOTAL-ASSETS> 2,407,665
<POLICY-LOSSES> 1,091,036
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 0
<POLICY-HOLDER-FUNDS> 625,967
<NOTES-PAYABLE> 0
0
0
<COMMON> 2,000
<OTHER-SE> 291,171
<TOTAL-LIABILITY-AND-EQUITY> 2,407,665
18,583
<INVESTMENT-INCOME> 32,569
<INVESTMENT-GAINS> 1,231
<OTHER-INCOME> 8,088
<BENEFITS> 41,260
<UNDERWRITING-AMORTIZATION> 2,085
<UNDERWRITING-OTHER> 6,011
<INCOME-PRETAX> 11,115
<INCOME-TAX> 3,979
<INCOME-CONTINUING> 7,136
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,136
<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>
