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Previous: AUTOMOBILE CREDIT FINANCE 1992 II INC, 8-K, 1996-03-21 |
Next: MASTER INVESTMENT TRUST, POS AMI, 1996-03-21 |
(2_FIDELITY_LOGOS)EMPIRE FIDELITY INVESTMENTS
VARIABLE ANNUITY ACCOUNT A
ANNUAL REPORT
DECEMBER 31, 1995
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL INFORMATION OF EMPIRE
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY VARIABLE ANNUITY OWNERS. THIS
REPORT IS NOT AUTHORIZED FOR DISTRIBUTION
TO PROSPECTIVE INVESTORS UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE
PROSPECTUS. NEITHER EMPIRE FIDELITY
INVESTMENTS LIFE INSURANCE COMPANY NOR FIDELITY BROKERAGE SERVICES, INC. IS
A BANK, AND NEITHER THE ANNUITY NOR
MUTUAL FUND SHARES ARE BACKED OR GUARANTEED BY ANY BANK OR INSURED BY THE
FDIC.
EMPIRE FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT A
OF
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
<TABLE>
<CAPTION>
<S> <C>
ASSETS DECEMBER 31, 1995
Investments at Current Market Value:
Variable Insurance Products Fund (VIP)
Money Market Portfolio - 30,961,592 shares (cost $30,961,592) $ 30,961,592
High Income Portfolio - 1,138,979 shares (cost $13,080,219) 13,724,693
Equity-Income Portfolio - 6,488,359 shares (cost $101,391,429) 125,030,673
Growth Portfolio - 2,136,243 shares (cost $50,790,417) 62,378,282
Overseas Portfolio - 1,042,063 shares (cost $16,748,806) 17,767,176
Variable Insurance Products Fund II (VIP II)
Investment Grade Bond Portfolio - 501,048 shares (cost $5,938,717) 6,253,074
Asset Manager Portfolio - 5,221,139 shares (cost $75,595,559) 82,441,783
Index 500 Portfolio - 170,602 shares (cost $11,420,386) 12,916,297
Asset Manager: Growth Portfolio - 416,737 shares (cost $4,748,197) 4,909,159
Contrafund Portfolio - 3,768,225 shares (cost $45,805,642) 51,926,140
Total Assets $ 408,308,869
LIABILITIES
Total Liabilities 0
NET ASSETS
Variable Annuity Contracts $ 401,984,146
Annuity Reserves 5,822,045
Retained in Variable Account by Empire Fidelity Investments Life Insurance Company 502,678
Total Net Assets $ 408,308,869
</TABLE>
EMPIRE FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT A
OF
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SUBACCOUNTS INVESTING IN:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
VIP - VIP - VIP -
MONEY MARKET HIGH INCOME EQUITY-INC VIP - VIP -
OME GROWTH OVERSEAS
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/95 12/31/94 12/31/95 12/31/94 12/31/95 12/31/94 12/31/95 12/31/94 12/31/95 12/31/94
INCOME:
Dividend $ 1,580, $ 831,63 $ 573,31 $ 634,75 $ 5,704, $ 3,344, $ 181,45 $ 1,447, $ 186,37 $ 90,416
s 340 9 6 0 765 242 6 970 1
EXPENSES:
Mortality,
expense
risk 276,570 191,173 108,556 72,934 935,882 516,187 476,876 273,518 199,920 232,822
and
administrat
ive
charges
Net
investment 1,303,7 640,466 464,760 561,816 4,768,8 2,828,0 (295,42 1,174,4 (13,549 (142,40
70 83 55 0) 52 ) 6)
income
(loss)
Realized 0 0 311,021 66,892 980,837 327,101 1,347,8 274,406 948,661 523,678
gain (loss) 36
Unrealized
appreciatio
n 0 0 1,066,4 (862,12 21,037, (499,70 10,737, (1,551,2 483,715 (671,16
(depreci 52 5) 305 0) 430 42) 0)
ation)
during
the year
Net
increase
(decrease) 1,303,7 640,466 1,842,2 (233,41 26,787, 2,655,4 11,789,8 (102,38 1,418,8 (289,88
70 33 7) 025 56 46 4) 27 8)
in net
assets
from
operatio
ns
Payments
received 20,298, 16,945, 3,421,1 3,478,7 18,539, 15,958, 11,525,1 10,405, 1,796,0 9,577,6
from 088 192 40 17 810 649 44 395 64 29
contract
owners
Transfers
between (14,658, 1,474,7 769,335 (1,420,0 15,857, 8,311,01 6,106,4 1,834,11 (10,888, 2,155,6
subacco 844) 88 39) 402 0 01 2 631) 52
unts, net
Transfers
for contract
(980,35 (1,314,9 (145,90 (113,42 (1,432,8 (624,53 (701,85 (215,55 (412,02 (188,85
benefits 1) 04) 3) 8) 70) 8) 5) 3) 2) 0)
and
terminati
ons
Other
transfers
(to) from
Empire (977,05 (630,00 139,482 (9,838 (3,753 (238,61 51,104 (157,75 (33,678 (380,62
Fidelity 2) 2) ) ) 6) 2) ) 9)
Investme
nts Life
Insuranc
e Co., net
Net
increase
(decrease) 3,681,8 16,475, 4,184,0 1,935,4 32,960, 23,406, 16,980, 11,866,2 (9,538,2 11,163,8
41 074 54 12 589 505 794 02 67) 02
in net
assets
from
contract
transaction
s
Retained in
(returned
from) 793 18,157 4,568 823 45,421 13,654 24,882 2,960 (10,255 9,751
Variable )
Annuity
Account
A, net
Total 4,986,4 17,133, 6,030,8 1,702,8 59,793, 26,075, 28,795, 11,766,7 (8,129,6 10,883,
increase in 04 697 55 18 035 615 522 78 95) 665
net assets
Net assets
at 25,975, 8,841,4 7,693,8 5,991,0 65,237, 39,162, 33,582, 21,815, 25,896, 15,013,
beginning 188 91 38 20 638 023 760 982 871 206
of period
Net assets
at end $ 30,961 $ 25,975 $ 13,724 $ 7,693, $ 125,03 $ 65,237 $6 2,378 $ 33,582 $ 17,767 $ 25,896
of period ,592 ,188 ,693 838 0,673 ,638 ,282 ,760 ,176 ,871
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
VIP II -
INVESTMEN VIP II - VIP II - VIP II -
T ASSET INDEX 500 ASSET VIP II - TOTAL
GRADE MANAGER MANAG
BOND ER: CONTRAF
UND
GROWTH
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/95 12/31/94 12/31/95 12/31/94 12/31/95 12/31/94 12/31/95 12/31/95 12/31/95 12/31/94
* *
$ 143,74 $ 15,302 $ 2,010, $ 4,842,9 $ 48,377 $ 3,157 $ 209 $ 666 $ 11,305, $ 11,210,
0 357 73 ,986 ,687 395 449
48,624 46,558 875,116 1,036,89 65,235 20,030 29,4 277, 3,293,6 2,390,11
6 23 494 96 8
95,116 (31,256 1,135,2 3,806,07 (16,858 (16,873 180, 389, 8,011,69 8,820,3
) 41 7 ) ) 563 193 9 31
57,874 (58,146 2,777,2 670,299 399,595 16,709 178, 369, 7,371,4 1,820,9
) 99 391 981 95 39
563,142 (174,14 8,678,4 (12,264, 1,451,4 2,726 160, 6,12 50,299, (16,019,
8) 45 265) 39 962 0,49 388 914)
8
716,132 (263,55 12,590, (7,787,8 1,834,1 2,562 519, 6,87 65,682, (5,378,6
0) 985 89) 76 916 9,67 582 44)
2
663,948 625,373 2,478,8 31,228,9 3,472,8 677,826 2,91 20,8 85,959, 88,897,
25 41 17 0,69 52,5 095 722
9 60
954,199 (1,434,0 (29,743, (10,839, 5,977,1 (81,890 1,48 24,1 0 0
15) 764) 618) 37 ) 2,76 43,9
6 99
(148,17 (66,810 (2,796,5 (1,763,7 (919,22 (4,528 (9,48 (150, (7,697,2 (4,292,3
6) ) 19) 71) 7) ) 6) 792) 01) 82)
20,568 (128,36 (803,02 (1,538,8 74,073 (35,262 930 153, (1,377,6 (3,119,3
4) 9) 46) ) 674 81) 09)
1,490,5 (1,003,8 (30,864, 17,086, 8,604,8 556,146 4,38 44,9 76,884, 81,486,
39 16) 487) 706 00 4,90 99,4 213 031
9 41
(4,949 (7,938 (21,367 (21,863 5,281 396 4,33 47,0 95,735 15,940
) ) ) ) 4 27
2,201,7 (1,275,3 (18,294, 9,276,95 10,444, 559,104 4,90 51,9 142,662 76,123,
22 04) 869) 4 257 9,15 26,1 ,530 327
9 40
4,051,3 5,326,6 100,736 91,459,6 2,472,0 1,912,9 0 0 265,646 189,523
52 56 ,652 98 40 36 ,339 ,012
$ 6,253, $ 4,051, $ 82,441 $ 100,736 $ 12,916 $ 2,472, $ 4,9 $ 51, $ 408,30 $ 265,64
074 352 ,783 ,652 ,297 040 09,1 926, 8,869 6,339
59 140
</TABLE>
* FOR THE PERIOD JANUARY 3, 1995 (COMMENCEMENT OF OPERATIONS) THROUGH
DECEMBER 31, 1995.
NOTES TO FINANCIAL STATEMENTS
For the years ended December 31, 1995 and 1994
EMPIRE FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT A
OF
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
1. ORGANIZATION.
Empire Fidelity Investments Variable Annuity Account A (the Account), a
unit investment trust registered under the Investment Company Act of 1940
as amended, was established by Empire Fidelity Investments Life Insurance
Company (EFILI) on July 15, 1991 and exists in accordance with the
regulations of the New York Insurance Department. The account is a funding
vehicle for individual Retirement Reserves and Income Advantage variable
annuity contracts. EFILI is a wholly-owned subsidiary of Fidelity
Investments Life Insurance Company which is a wholly-owned subsidiary of
FMR Corp.
Beginning in 1995, EFILI added two new subaccounts to the Account; Asset
Manager: Growth and Contrafund.
2. SIGNIFICANT ACCOUNTING POLICIES.
Investments are made in the portfolios of the Variable Insurance Products
Fund and the Variable Insurance Products Fund II and are valued at the
reported net asset values of such portfolios. Transactions are recorded on
the trade date. Income from dividends is recorded on the ex-dividend date.
Realized gains and losses on the sales of investments are computed on the
basis of the identified cost of the investment sold.
In addition to the Account, a contractholder may also allocate funds to the
Fixed Account, which is part of EFILI's general account. Because of
exemptive and exclusionary provisions, interests in the Fixed Account have
not been registered under the Securities Act of 1933 and EFILI's general
account has not been registered as an investment company under the
Investment Company Act of 1940.
Annuity reserves are computed for contracts in the income stage according
to the 1983a Individual Annuitant Mortality Table. The assumed investment
return is 3.5% unless the annuitant elects otherwise, in which case the
rate may vary from 3.5% to 7%, as regulated by the laws of New York. The
mortality risk is fully borne by EFILI and may result in additional amounts
being transferred into the Account by EFILI.
The operations of the Account are included in the federal income tax return
of EFILI, which is taxed as a Life Insurance Company under the provisions
of the Internal Revenue Code (the Code).
3. EXPENSES.
EFILI deducts a daily charge from the net assets of the Account (equivalent
to an effective annual rate of 1% of net assets) for administrative
expenses and for the assumption of mortality and expense risks. Under the
Retirement Reserves contract EFILI also deducts an annual maintenance
charge of $30 from the contract value. The maintenance charge is waived on
certain contracts.
Under the current provisions of the Code, EFILI does not expect to incur
federal income taxes on the earnings of the Account to the extent the
earnings are credited under the contracts. EFILI incurs federal income
taxes on the difference between the financial statement carrying value of
reserves for contracts in the income stage and those reserves held for
federal income tax purposes. The tax effect of this temporary difference is
expected to be recovered by EFILI. As such, no charge is being made
currently to the Account for federal income taxes. EFILI will review
periodically the status of such decision based on changes in the tax law.
Such a charge may be made in future years for any federal income taxes that
would be attributable to the contracts.
4. AFFILIATED COMPANY TRANSACTIONS.
The contracts are distributed through Fidelity Brokerage Services, Inc.
(FBSI) and Fidelity Insurance Agency, Inc. (FIA), both of which are
affiliated with FMR Corp. FBSI is the distributor and principal underwriter
of the contracts. Fidelity Management & Research Company, an affiliate of
FMR Corp., acts as investment advisor to each portfolio. Fidelity
Investments Institutional Operations Co., an affiliate of FMR Corp., is the
transfer and shareholder servicing agent for the portfolios.
5. PURCHASES AND SALES OF INVESTMENTS.
The following table shows aggregate cost of shares purchased and proceeds
from sales of each subaccount for the year ended December 31, 1995.
PURCHASES SALES
Money Market $ $
25,997,463 21,011,193
High Income 8,273,740 3,620,358
Equity-Income 41,504,203 3,729,310
Growth 22,050,718 5,340,462
Overseas 2,038,293 11,600,364
Investment Grade 3,032,454 1,451,748
Asset Manager 2,730,231 32,480,844
Index 500 10,230,056 1,636,833
Asset Manager: Growth 6,201,116 1,631,310
Contrafund 47,028,426 1,592,765
6. UNIT VALUES.
A summary of changes in accumulation units and accumulation units
outstanding for variable annuity contracts at December 31, 1995 and 1994
are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
PAYMENTS
BEGINNING RECEIVED TRANSFERS CONTRACT
BALANCE FROM CONTRACT BETWEEN TERMINATION ENDING BALANCE
OWNERS SUBACCOUNTS, S
NET
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
UNITS UNITS UNIT VALUE DOLLARS
JANUARY 1, 1995 TO DECEMBER 31, 1995
Money Market
Subaccount 1,840,618 1,212,366 (887,953) (78,693) 2,086,339 $14.66 $ 30,587,979
High Income
Subaccount 413,916 164,126 48,831 (21,052) 605,822 $22.05 13,357,546
Equity-Income
Subaccount 3,148,692 755,226 681,199 (103,971) 4,481,146 $27.44 122,982,339
Growth
Subaccount 1,448,467 395,023 194,334 (33,248) 2,004,576 $30.80 61,732,843
Overseas
Subaccount 1,472,775 100,194 (621,187) (21,490) 930,291 $19.00 17,672,782
Investment Grade
Subaccount 270,642 41,606 58,920 (12,394) 358,773 $16.99 6,096,643
Asset Manager
Subaccount 6,284,783 146,335 (1,848,581) (146,921) 4,435,615 $18.29 81,145,514
Index 500
Subaccount 210,179 240,442 433,808 (82,024) 802,405 $15.54 12,467,512
Asset Manager:
Growth 0 264,392 138,263 (6,497) 396,158 $12.21 4,835,356
Subaccount*
Contrafund
Subaccount* 0 1,655,600 2,096,508 (67,011) 3,685,097 $13.87 51,105,632
$ 401,984,146
JANUARY 1, 1994 TO DECEMBER 31, 1994
Money Market
Subaccount 644,024 1,084,751 214,328 (102,484) 1,840,618 $13.99 $ 25,745,656
High Income
Subaccount 315,623 183,242 (76,753) (8,196) 413,916 $18.47 7,643,358
Equity-Income
Subaccount 2,010,488 800,389 385,781 (47,966) 3,148,692 $20.52 64,610,041
Growth Subaccount 934,679 460,278 70,849 (17,339) 1,448,467 $22.98 33,284,738
Overseas Subaccount 863,085 533,843 92,368 (16,521) 1,472,775 $17.50 25,766,644
Investment Grade
Subaccount 339,808 41,571 (107,287) (3,450) 270,642 $14.63 3,959,419
Asset Manager
Subaccount 5,347,933 1,872,179 (772,002) (163,327) 6,284,783 $15.80 99,295,494
Index 500 Subaccount 166,568 56,323 (7,147) (5,565) 210,179 $11.44 2,404,360
$ 262,709,710
* FOR THE PERIOD JANUARY 3, 1995 (COMMENCEMENT OF OPERATIONS) THROUGH
DECEMBER 31, 1995.
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Contract Owners of Empire Fidelity Investments
Variable Annuity Account A:
We have audited the accompanying statement of assets and liabilities of
Empire Fidelity Investments Variable Annuity Account A (comprised of Money
Market Subaccount, High Income Subaccount, Equity-Income Subaccount, Growth
Subaccount, Overseas Subaccount, Investment Grade Bond Subaccount, Asset
Manager Subaccount, Index 500 Subaccount, Asset Manager: Growth Subaccount
and Contrafund Subaccount) of Empire Fidelity Investments Life Insurance
Company as of December 31, 1995, and the related statements of operations
and changes in net assets for each of the periods indicated therein. These
financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the aforementioned
subaccounts comprising Empire Fidelity Investments Variable Annuity Account
A of Empire Fidelity Investments Life Insurance Company as of December 31,
1995, and the results of their operations and the changes in their net
assets for each of the periods indicated therein, in conformity with
generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
January 26, 1996
(registered trademark)
America's largest privately-held investment management organization.
Retirement Reserves and Income Advantage are issued by Empire Fidelity
Investments Life Insurance Company. N.Y., N.Y.
Fidelity Brokerage Services, Inc., member NYSE, SIPC, and Fidelity
Insurance Agency, Inc. are the distributors.
82 Devonshire Street, Boston, MA 02109
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