C M LIFE INSURANCE CO
10-K, 2000-03-30
LIFE INSURANCE
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Exhibit 23(ii)

C.M. Life Insurance Company

Schedule I : Summary of Investments Other Than Investments in Related Parties

As of December 31, 1999
(In Millions)

Type of Investment
Cost or
other basis
Fair
value
Statutory
Statement of
Financial
Position
amounts
Bonds:      
  U.S. Treasury securities and obligations of      
      U.S. government corporations and agencies $     86 $     84 $     86
  Debt securities issued by foreign governments 3 3 3
  Mortgage-backed securities 52 51 52
  State and local governments 10 10 10
  Corporate debt securities 562 547 562
  Utilities 16 16 16
  Affiliates 6 6 6
             Total bonds 735 717 735

Other Investments:
  Common stocks of affiliates 12 18 18
  Other investments 8 8 8
             Total other investments 20 26 26

 
Mortgage loans 225 220 225
Policy loans 121 121 121
Cash and short-term investments 182 182 182
                 Total investments $1,283 $1,266 $1,289
.

Exhibit 23 (ii)

C.M. Life Insurance Company

Schedule III: Supplementary Insurance Information (1)

December 31, 1999
(In Millions)

 

For the year ended
December 31,
Policyholders’
reserves and
funds
Policyholders’
claims and
other benefits
Premium
income (2)
Net investment
income

Policyholders’
benefits and
payments and
addition to
policyholders’
reserves and
funds (2)
Commissions
Operating
expenses, state
taxes, licenses
and fees
                 
1999 $1,176 $5 $939 $85 $851 $82 $132  
                 
1998 $   996 $4 $406 $82 $354 $50 $  80  
                 
1997 $   951 $5 $331 $75 $301 $34 $  53  
                 
(1)   Deferred policy acquisition cost column has been omitted from this schedule because it does not apply to stock subsidiaries of mutual life insurance companies which use statutory financial statements.  
(2)   Payments received for universal life and variable annuities are reported as premium income and changes in reserves.  
       
.

Exhibit 23(ii)

C.M. Life Insurance Company

Schedule IV: Reinsurance

For the Years Ended December 31, 1999, 1998 and 1997
(In Millions)

 
Gross
Amount
Ceded
To Other
Companies
Net
Amount
       
    December 31, 1999      
Life insurance in force $56,708 $35,004 $21,704

Premium and other considerations:
           Individual life and annuities $     998 $       64 $     934
           Group life 5 — 5
Total premium income $  1,003 $       64 $     939

    December 31, 1998
       
Life insurance in force $47,089 $27,665 $19,424
 

Premium and other considerations:
           Individual life and annuities $     459 $       59 $     400
           Group life 6 — 6
Total premium income $     465 $       59 $     406

    December 31, 1997
Life insurance in force $36,148 $18,127 $18,021
Premium and other considerations:      
           Individual life and annuities $     373 $       47 $     326
           Group life 5 — 5
Total premium income $     378 $       47 $     331

C.M. Life Insurance Company

Schedule V - Valuation and Qualifying Accounts

(In Millions)

Description
Balance at
beginning of
period
Additions
reserve
contributions
(1)
Realized
capital
gains
(losses) (2)
Unrealized
capital
gains
(losses) (3)

Net
change to
shareholder’s
equity (4)
Balance
at end
of
period (5)
As of and for the year ended
December 31, 1999
Bonds, preferred stocks and short-
term investments
$ 7
$ 2
$ (2)
$ 3
$ 3
$10
Mortgage loans
6
3
—
—
3
9
Other investments
11
(3)
(4)
—
(7)
4
Asset valuation and other investment reserves (6)
$24
$ 2
$ (6)
$ 3
$ (1)
$23

As of and for the year ended
December 31, 1998
Bonds, preferred stocks and short-
term investments
$ 5
$ 2
$ —
$ —
$ 2
$ 7
Mortgage loans
6
1
(1)
—
—
6
Other investments
16
1
—
(6)
(5)
11
Asset valuation and other investment reserves (6)
$27
$ 4
$ (1)
$ (6)
$ (3)
$24

As of and for the year ended
December 31, 1997
Bonds, preferred stocks and short-
term investments
$ 6
$ 1
$ —
$(2)
$ (1)
$ 5
Mortgage loans
3
3
—
—
3
6
Other investments
13
—
—
3
3
16
Asset valuation and other investment reserves (6)
$22
$ 4
$ —
$ 1
$ 5
$27

 

(1)   Amounts represent contributions calculated on a statutory formula and other amounts we deem necessary. The statutory formula provides for maximums that when exceeded cause, a negative contribution. Additionally, these amounts represent the net impact on shareholder’s equity for investment gains and losses not related to changes in interest rates.
(2)   These amounts offset realized capital gains (loss), net of tax, that have been recorded as a component of net income. Amounts include realized capital gains and losses, net of tax, on sales not related to interest fluctuations, such as repayments of mortgage loans at a discount and mortgage loan foreclosures.
(3)   These amounts offset unrealized capital gains (loss), recorded as a change in shareholder’s equity. Amounts include unrealized losses due to market value reductions of securities with a National Association of Insurance Commissioners’ quality rating of 6 and net changes in the unrealized capital gains and losses from affiliated mutual funds.
(4)   Amounts represent the reserve contribution (note 1) less amounts already recorded (notes 2 and 3). This net change in reserves is recorded as a charge to shareholder’s equity.
(5)   The balance is comprised of the asset valuation reserve and other investment reserves, which is recorded as a liability in the statutory financial statements.
(6)   The Asset Valuation Reserve is a component of Total Adjusted Capital, while other investment reserves are excluded from Total Adjusted Capital, according to the National Association of Insurance Commissioners’ definition.


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