CONSECO VARIABLE INSURANCE COMPANY
FORMERLY
GREAT AMERICAN RESERVE INSURANCE COMPANY
Semiannual Report
to Contract Owners
June 30, 1999
Conseco Variable Annuity Account E
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SEMIANNUAL REPORT TO CONTRACT OWNERS
TABLE OF CONTENTS
JUNE 30, 1999
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CONSECO VARIABLE ANNUITY ACCOUNT E PAGE
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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 E
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................................................................ 174,063.0 $ 8,728,002 $ 9,719,680
Leveraged AllCap Portfolio...................................................... 226,950.3 7,306,946 9,275,457
MidCap Growth Portfolio......................................................... 91,077.3 2,347,164 2,513,732
Small Capitalization Portfolio.................................................. 152,093.0 6,469,748 6,628,211
American Century Variable Portfolios, Inc.:
Income and Growth Fund.......................................................... 89,752.9 609,164 667,761
International Fund.............................................................. 169,114.8 1,269,017 1,383,359
Value Fund...................................................................... 618,983.3 4,091,140 4,202,897
Berger Institutional Products Trust:
100 Fund........................................................................ 161,665.5 2,013,770 2,295,650
Growth and Income Fund.......................................................... 426,557.4 6,482,261 8,394,649
Small Company Growth Fund....................................................... 86,868.9 1,088,892 1,234,407
BIAM International Fund......................................................... 205,982.8 2,068,906 2,453,255
Conseco Series Trust:
Balanced Portfolio.............................................................. 1,521,811.4 21,113,995 21,951,244
Equity Portfolio................................................................ 1,288,344.5 27,639,295 30,812,960
Fixed Income Portfolio.......................................................... 613,352.7 6,194,897 5,873,636
Government Securities Portfolio................................................. 179,278.9 2,162,935 2,024,361
Money Market Portfolio.......................................................... 9,735,691.0 9,735,691 9,735,691
Dreyfus Stock Index Fund.......................................................... 1,187,359.1 33,203,025 42,875,536
The Dreyfus Socially Responsible Growth Fund, Inc................................. 249,169.1 7,172,155 8,733,377
Dreyfus Variable Investment Fund:
Disciplined Stock Portfolio..................................................... 8,811.3 206,435 223,366
International Value Portfolio................................................... 4,750.2 68,083 68,925
Federated Insurance Series:
High Income Bond Fund II........................................................ 688,231.8 7,477,705 7,068,140
International Equity Fund II.................................................... 120,736.6 1,928,036 1,923,334
Utility Fund II................................................................. 274,813.2 3,892,909 3,993,036
Invesco Variable Investment Funds, Inc.:
High Yield Fund................................................................. 47,054.2 558,682 565,591
Equity Income Fund.............................................................. 24,385.0 459,406 516,231
Janus Aspen Series:
Aggressive Growth Portfolio..................................................... 219,130.9 5,430,152 7,586,311
Growth Portfolio................................................................ 627,216.8 13,107,147 17,116,747
Worldwide Growth Portfolio...................................................... 1,046,897.1 26,651,940 34,275,411
Lazard Retirement Series, Inc.:
Equity Portfolio................................................................ 97,648.4 1,017,367 1,206,934
Small Cap Portfolio............................................................. 12,393.0 118,543 132,233
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio..................................................... 26,412.0 553,205 626,228
Mitchell Hutchins Series Trust:
Growth and Income Portfolio..................................................... 4,173.1 61,269 63,891
Neuberger Berman Advisers Management Trust:
Limited Maturity Bond Portfolio................................................. 76,858.3 1,045,140 1,006,075
Partners Portfolio.............................................................. 441,110.4 8,624,470 9,139,808
Strong Variable Insurance Funds, Inc.:
Mid Cap Growth Fund II.......................................................... 79,588.9 1,411,884 1,623,613
Strong Opportunity Fund II, Inc................................................... 99,961.9 2,142,669 2,305,121
Van Eck Worldwide Insurance Trust:
Worldwide Hard Assets Fund (formerly Gold and Natural Resources Fund) (Note 1).. 147,420.2 1,860,173 1,578,870
Worldwide Bond Fund............................................................. 220,036.9 2,418,336 2,371,998
Worldwide Emerging Markets Fund................................................. 153,048.9 1,446,579 1,590,179
Worldwide Real Estate Fund...................................................... 1,813.1 17,301 18,747
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Total assets .............................................................................................. 265,776,652
Liabilities:
Amounts due to Conseco Variable Insurance Company ............................................................... 331,198
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Net assets (Note 6) ....................................................................................... $265,445,454
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2 The accompanying notes are an integral part of these financial statements.
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CONSECO VARIABLE ANNUITY ACCOUNT E
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................................................................ 4,460,085.7 $ 2.176620 $ 9,707,919
Leveraged AllCap Portfolio...................................................... 2,601,227.2 3.561568 9,264,447
MidCap Growth Portfolio......................................................... .1,557,349.0 1.612133 2,510,654
Small Capitalization Portfolio.................................................. 3,753,997.6 1.763442 6,619,958
American Century Variable Portfolios, Inc.:
Income and Growth Fund.......................................................... 565,541.0 1.179293 666,939
International Fund.............................................................. 1,012,496.6 1.364526 1,381,578
Value Fund...................................................................... 2,948,149.1 1.423810 4,197,605
Berger Institutional Products Trust:
100 Fund........................................................................ 1,582,720.6 1.448602 2,292,733
Growth and Income Fund.......................................................... 4,253,914.0 1.970948 8,384,242
Small Company Growth Fund....................................................... 906,538.2 1.359940 1,232,838
BIAM International Fund......................................................... 2,090,792.3 1.171869 2,450,135
Conseco Series Trust:
Balanced Portfolio.............................................................. 9,597,119.4 2.284387 21,923,537
Equity Portfolio................................................................ 10,113,926.3 3.042720 30,773,849
Fixed Income Portfolio.......................................................... 4,389,108.4 1.336543 5,866,233
Government Securities Portfolio................................................. 1,581,234.1 1.278424 2,021,487
Money Market Portfolio.......................................................... 8,121,046.6 1.197010 9,720,973
Dreyfus Stock Index Fund.......................................................... 16,585,417.6 2.581931 42,822,407
The Dreyfus Socially Responsible Growth Fund, Inc................................. 3,433,542.1 2.540407 8,722,595
Dreyfus Variable Investment Fund:
Disciplined Stock Portfolio..................................................... 189,730.0 1.175851 223,094
International Value Portfolio................................................... 67,116.7 1.025679 68,840
Federated Insurance Series:
High Income Bond Fund II........................................................ 5,067,019.7 1.392474 7,055,693
International Equity Fund II.................................................... 1,233,475.5 1.557303 1,920,895
Utility Fund II................................................................. 2,251,810.5 1.771043 3,988,053
Invesco Variable Investment Funds, Inc.:
High Yield Fund................................................................. 563,897.7 1.002402 565,252
Equity Income Fund.............................................................. 443,419.0 1.162787 515,602
Janus Aspen Series:
Aggressive Growth Portfolio..................................................... 2,943,462.5 2.574060 7,576,650
Growth Portfolio................................................................ 6,683,128.0 2.558024 17,095,600
Worldwide Growth Portfolio...................................................... 12,954,425.9 2.642505 34,232,138
Lazard Retirement Series, Inc.:
Equity Portfolio................................................................ 1,028,233.9 1.172222 1,205,318
Small Cap Portfolio............................................................. 138,716.6 0.952076 132,069
Lord Abbett Series Fund, Inc.:
Growth and Income Portfolio..................................................... 546,007.0 1.145547 625,477
Mitchell Hutchins Series Trust:
Growth and Income Portfolio..................................................... 62,800.6 1.016159 63,815
Neuberger Berman Advisers Management Trust:
Limited Maturity Bond Portfolio................................................. 939,216.3 1.069874 1,004,843
Partners Portfolio.............................................................. 6,366,061.7 1.433266 9,124,257
Strong Variable Insurance Funds, Inc.:
Mid Cap Growth Fund II.......................................................... 794,153.5 2.041387 1,621,175
Strong Opportunity Fund II, Inc................................................... 1,406,478.6 1.636872 2,302,225
Van Eck Worldwide Insurance Trust:
Worldwide Hard Assets Fund (formerly Gold and Natural Resources Fund) (Note 1).. 1,621,755.8 0.972337 1,576,893
Worldwide Bond Fund............................................................. 2,221,206.2 1.066540 2,369,005
Worldwide Emerging Markets Fund................................................. 1,704,431.6 0.931798 1,588,186
Worldwide Hard Assets Fund (Note 1)............................................. 65.5 1.388037 91
Worldwide Real Estate Fund...................................................... 19,983.3 0.936240 18,709
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Net assets attributable to contract owners' deferred annuity reserves ..................................... $265,434,009
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The accompanying notes are an integral part of these financial statements.
3
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CONSECO VARIABLE ANNUITY ACCOUNT E
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) .................................. $265,434,009
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Net assets attributable to contract owners' annuity payment reserves:
Conseco Series Trust:
Money Market Portfolio ........................................................................................ 3,751
Federated Insurance Series:
High Income Bond Fund II ...................................................................................... 3,819
Neuberger Berman Advisers Management Trust:
Partners Portfolio ............................................................................................ 3,875
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Net assets attributable to contract owners' annuity payment reserves ........................................ 11,445
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Net assets ................................................................................................ $265,445,454
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The accompanying notes are an integral part of these financial statements.
4
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CONSECO VARIABLE ANNUITY ACCOUNT E
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.................................................... $ 6,075,212 $ 8,749,779
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Expenses:
Mortality and expense risk fees................................................................... 1,485,033 2,119,799
Administrative fees............................................................................... 178,204 254,376
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Total expenses.................................................................................. 1,663,237 2,374,175
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Net investment income......................................................................... 4,411,975 6,375,604
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Net realized gains (losses) and unrealized appreciation (depreciation) on
investments:
Net realized gains on sales of investments in portfolio shares.................................... 2,288,158 2,964,511
Net change in unrealized appreciation of investments in portfolio shares.......................... 17,917,092 14,847,690
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Net gain on investments in portfolio shares..................................................... 20,205,250 17,812,201
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Net increase in net assets from operations.................................................... $ 24,617,225 $ 24,187,805
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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............................................................................. $ 4,411,975 $ 6,375,604
Net realized gains on sales of investments in portfolio shares.................................... 2,288,158 2,964,511
Net change in unrealized appreciation of investments in portfolio shares ......................... 17,917,092 14,847,690
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Net increase in net assets from operations...................................................... 24,617,225 24,187,805
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Changes from contract owners' transactions:
Net contract purchase payments.................................................................... 29,012,863 85,403,562
Contract redemptions.............................................................................. (7,213,967) (6,164,480)
Net transfers..................................................................................... 374,701 63,987
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Net increase in net assets from contract owners' transactions................................... 22,173,597 79,303,069
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Net increase in net assets.................................................................... 46,790,822 103,490,874
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Net assets, beginning of period...................................................................... 218,654,632 115,163,758
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Net assets, end of period (Note 6)............................................................ $265,445,454 $218,654,632
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The accompanying notes are an integral part of these financial statements.
5
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CONSECO VARIABLE ANNUITY ACCOUNT E
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
(UNAUDITED)
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(1) GENERAL
Conseco Variable Annuity Account E (formerly Great American Reserve Variable
Annuity Account E) ("Account E") is registered under the Investment Company Act
of 1940, as amended, as a unit investment trust. Account E was established on
November 12, 1993, and commenced operations on July 25, 1994, as a segregated
investment account for individual and group variable annuity contracts which are
registered under the Securities Act of 1933. The operations of Account E 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.
Prior to June 1, 1995, Account E invested solely in shares of the portfolios
of the Conseco Series Trust. Currently, the following investment options are
available (effective date in parenthesis):
THE ALGER AMERICAN FUND
Growth Portfolio (June 1, 1996)
Leveraged AllCap Portfolio (June 1, 1995)
MidCap Portfolio (June 1, 1996)
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
100 Fund (June 1, 1996)
Growth and Income Fund (June 1, 1996)
Small Company Growth Fund (June 1, 1996) BIAM
International Fund (May 1, 1997)
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.
Mid Cap Growth Fund II (May 1, 1997)
STRONG OPPORTUNITY FUND II (MAY 1, 1997)
VAN ECK WORLDWIDE INSURANCE TRUST
Worldwide Hard Assets Fund (formerly Gold and Natural
Resources Fund) (June 1, 1995)
Worldwide Bond Fund (June 1, 1995)
Worldwide Emerging Markets Fund (June 1, 1996)
Worldwide Real Estate Fund (May 1, 1998)
Van Eck Worldwide Insurance Trust terminated the Worldwide Hard Assets Fund
on May 1, 1997, and the Gold and Natural Resources Fund was renamed the
Worldwide Hard Assets Fund. The remaining units in the terminated fund are owned
by a contract owner who has not transferred the funds.
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 E 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 E 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 E 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 E 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 E
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 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,
1999
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Conseco Series Trust:
Money Market Portfolio........................................ 0.998976
Federated Insurance Series:
High Income Bond Fund II...................................... 0.984344
Neuberger Berman Advisers Management Trust:
Partners Portfolio............................................ 1.086315
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(3) PURCHASES AND SALES OF INVESTMENTS IN PORTFOLIO SHARES
The aggregate cost of purchases of investments in portfolio shares were
$50,500,878 and $137,408,045 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 $23,842,605 and $51,611,210 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 E a
fee, which is equal on an annual basis to 1.25 percent of the daily value of the
total investments of Account E, for assuming the mortality and expense risks.
These fees were $1,485,033 and $2,119,799 for the six months ended June 30,
1999, and the year ended December 31, 1998, respectively.
Pursuant to an agreement between Account E and the Company (which may be
terminated by the Company at any time), the Company provides sales and
administrative services to Account E, as well as a minimum death benefit prior
to retirement for the contracts. The Company may deduct a percentage of amounts
surrendered to cover sales expenses. The percentage varies up to 9.00 percent
based upon the number of years the contract has been held. In addition, the
Company deducts units from individual contracts annually and upon full surrender
to cover an administrative fee of $30 unless the value of the contract is
$25,000 or greater. This fee is recorded as a redemption in the accompanying
Statements of Changes in Net Assets. Sales and administrative charges were
$283,515 and $489,585 for the six months ended June 30, 1999, and the year ended
December 31, 1998, respectively.
The Company also deducts daily from Account E a fee, which is equal on an
annual basis to 0.15 percent of the daily value of the total investments of
Account E, for administrative expenses. These expenses were $178,204 and
$254,376 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.................................... $204,975,689
Undistributed net investment income.............................. 19,187,655
Undistributed net realized gains on sales of investments......... 5,699,892
Net unrealized appreciation of investments....................... 35,582,218
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Net assets.................................................. $265,445,454
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CONSECO VARIABLE ANNUITY ACCOUNT E
SPONSOR
Conseco Variable Insurance Company - Carmel, Indiana.
DISTRIBUTOR
Conseco Equity Sales, Inc. - Carmel, Indiana.
INDEPENDENT PUBLIC ACCOUNTANTS
PricewaterhouseCoopers LLP - Indianapolis, Indiana.
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VARIABLE ANNUITY ACCOUNT E 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
05-7998 (8/99) 05962
(C) 1999 Conseco Variable Insurance Company
WWW.CONSECO.COM
Insurance Investments Lending
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