NUCLEAR ELECTRIC INSURANCE LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2002 AND 2001 (In thousands of U.S. Dollars)

ASSETS
2002
2001

Cash $ 8,901 $ 9,898

Investments, at fair value:
Fixed maturities 1,516,707 1,553,464
Equity securities 1,692,297 2,170,951
Other investments 196,073 209,799

Total Investments 3,405,077 3,934,214
Accrued interest receivable 15,091 18,251
Amounts due from policyholders 16,717 19,745
Prepaid income taxes 16 540
Prepaid expenses and other assets 5,855 5,615
Prepaid reinsurance premiums 49 499

$3,451,706 $3,988,762

LIABILITIES AND POLICYHOLDERS’ SURPLUS

Liabilities:
Unpaid losses and loss expenses $100,225 $ 42,684
Unearned premiums 83,408 87,554
Ceeded premiums payable 1,630 2,198
Deferred income taxes, net 78,388 230,293
Distribution payable to policyholders 250,000 400,000
Accounts payable and accrued expenses 7,204 6,832

Total Liabilities
520,855
769,561

Policyholders’ Surplus:
Reserve fund 250 250
Accumulated other comprehensive earnings 386,610 625,871
Surplus 2,543,991 2,593,080

Total Policyholders’ Surplus 2,930,851 3,219,201

$3,451,706 $3,988,762

See notes to consolidated financial statements