.
In thousands of U.S. dollars
Years ended December 31

Statement of Operations
2001
2000
1999

Net premiums earned
$ 165,744
$ 146,447
$ 207,148
Losses
90,947
17,177
2,797
Expenses
17,385
16,005
14,362
Net investment income
(including net realized gain)
339,837
346,849
367,015
Earnings before distribution
397,249
460,114
557,004
Distribution
400,000
730,000
600,000
Income tax benefit
(7,979)
(89,298)
(35,620)
Net earnings (loss)
5,228
(180,588)
(7,376)

Balance Sheet

Assets
$3,986,564
$4,781,657
$5,588,735
Liabilities
767,363
1,153,895
1,449,059
Policyholders’ surplus
3,219,201
3,627,762
4,139,676