NUCLEAR ELECTRIC INSURANCE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN POLICYHOLDERS’ SURPLUS

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

Accumulated Other
Comprehensive Earnings (Loss)
Total Surplus Foreign
Currency
Translation
Unrealized
Gains
(Losses)
Reserve
Fund

Balance, January 1, 2001 $3,627,762 $2,587,852 $(46,661) $1,086,321 $250

Comprehensive (Loss) Earnings
Net income 5,228 5,228 - 0 - - 0 - - 0 -
Other comprehensive
(loss) earnings
(net of income taxes) (413,789) - 0 - 975 (414,764) - 0 -

Comprehensive (Loss) Earnings (408,561) 5,228 975 (414,764) - 0 -

Balance, December 31, 2001 $3,219,201 $2,593,080 $(45,686) $671,557 $250

Comprehensive (Loss) Earnings
Net loss (49,089) (49,089) - 0 - - 0 - - 0 -
Other comprehensive
(loss) earnings
(net of income taxes) (239,261) - 0 - 41,639 (280,900) - 0 -

Comprehensive (Loss) Earnings (288,350) (49,089) 41,639 (280,900) - 0 -

Balance, December 31, 2002 $2,930,851 $2,543,991 $ (4,047) $ 390,657 $250

See notes to consolidated financial statements