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

Statement of Operations
2002
2001
2000

Net premiums earned
$ 203,176
$ 165,744
$ 146,447
Losses
77,786
90,947
17,177
Expenses
21,399
17,385
16,005
Net investment income
(including net realized gain)
71,761
339,837
346,849
Earnings before distribution
175,752
397,249
460,114
Distribution
250,000
400,000
730,000
Income taxes
(25,159)
(7,979)
(89,298)
Net (loss) earnings
(49,089)
5,228
(180,588)

Balance Sheet

Assets
$3,451,706
$3,988,762
$4,781,657
Liabilities
520,855
769,561
1,153,895
Policyholders’ surplus
2,930,851
3,219,201
3,627,762