InterContinental Life Corporation (ILCO), originally incorporated in 1969, is principally engaged, through its subsidiaries, in administering existing portfolios of life insurance policies and annuity products. Prior to the end of 1997, the life insurance subsidiaries also administered an in-force book of accident and health insurance business. In December 1997, the life insurance subsidiaries entered into an agreement, effective as of June 30, 1997, with a third party insurer whereby the obligations under the accident and health insurance and the disability income business of the companies were assumed by the reinsurer. The arrangement provides for an initial period of reinsurance on a coinsurance basis, pending applicable approvals of the assumption arrangement. The Company's insurance subsidiaries are also engaged in the business of marketing and underwriting individual life insurance and annuity products in 49 states and the District of Columbia. Such products are marketed through independent, non-exclusive general agents. Approximately 79% of the total collected premiums for 1999 were derived from renewal premiums on insurance policies and annuity products sold by the insurance subsidiaries prior to their acquisition by the Company. The products currently being distributed include several versions of universal life insurance that provide permanent life insurance protection while crediting Company-declared current interest rates to the cash value of the policy. The universal life insurance portfolio of the Company's insurance subsidiaries consists primarily of flexible premium universal life insurance policies. Under the flexible premium policies, policyholders may vary the amounts of their coverage (subject to minimum and maximum limits) as well as the date of payment and frequency of payments. Direct statutory premiums received from all types of universal life products were $34.3 million in 1999, as compared to $38. 9 million in 1998 and $40.6 million in 1997. Investors Life Insurance Company of North America (Investors-NA), which was acquired in 1988, sponsors a variable annuity separate account that offers single-premium and flexible-premium policies. The policies provide for the contract owner to allocate premium payments among four different portfolios of Putnam Variable Trust, a series fund that is managed by Putnam Investment Management, Inc. As of December 31, 1999, the assets held in the separate account were $48.4 million. For the past several years, ILCO's life companies have expanded their marketing efforts in the fixed annuity market. Direct deposits from the sale of fixed annuity products were $7.6 million in 1999, as compared to $6.1 million in 1998 and $3.5 million in 1997. Investors-NA also received reinsurance premiums of $1.8 million in 1999. During the fourth quarter of 1998, Investors-NA developed a group deposit administration product, designed for use in connection with the funding of deferred compensation plans maintained by government employers under section 457 of the Internal Revenue Code. The Company has established a marketing relationship with a third party administrator based in San Antonio, Texas, which has established relationships with school districts in Texas. Enrollments under the program commenced during 1999, and contributed $0.9 million of the annuity premiums for that year. In October 1999, a marketing subsidiary of the Company entered into a marketing agreement with a third party life insurance company. The marketing agreement makes available to appointed agents of the Company's life insurance subsidiaries a portfolio of term life insurance products not currently being offered by the subsidiaries. The underwriting risk on the products sold under this arrangement is assumed by the third party insurer. ILCO's appointed agents receive commissions on the sales of these products and the Company's marketing subsidiary receives an override commission.

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