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NUCLEAR ELECTRIC INSURANCE LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2001 AND 2000 (In thousands of U.S. Dollars)

ASSETS
2001
2000

Cash $ 9,898 $ 11,841

Investments, at fair value:
Fixed maturities 1,553,464 1,495,441
Equity securities 2,170,951 2,959,942
Other investments 209,799 268,894

Total Investments 3,934,214 4,724,277
Accrued interest receivable 18,251 20,854
Amounts due from policyholders, net 17,547 13,921
Prepaid income taxes 540 6,314
Prepaid expenses and other assets 5,615 4,450
Prepaid reinsurance premiums 499 - 0 -

$3,986,564 $4,781,657

LIABILITIES AND POLICYHOLDERS’ SURPLUS

Liabilities:
Unpaid losses and loss expenses $ 42,684 $ 16,771
Unearned premiums 87,554 84,264
Deferred income taxes, net 230,293 461,112
Distribution payable to policyholders 400,000 585,777
Accounts payable and accrued expenses 6,832 5,971

Total Liabilities
767,363
1,153,895

Policyholders’ Surplus:
Reserve fund 250 250
Accumulated other comprehensive earnings 625,871 1,039,660
Surplus 2,593,080 2,587,852

Total Policyholders’ Surplus 3,219,201 3,627,762

$3,986,564 $4,781,657

See notes to consolidated financial statements