Letter from the Management and the Board of Directors pages 4-5. ASL Companies Combined Key Financials page 6. Auditor s Reports page 7

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1 bilancio 3 lingue :51 Pagina 3 American Security Life Insurance Company Ltd., Schaan, Liechtenstein American Security Life Insurance Company (Switzerland) Ltd., Breganzona, Switzerland (4 th Annual Report) (37th Annual Report) Contents Letter from the Management and the Board of Directors pages 4-5 ASL Companies Combined Key Financials page 6 Auditor s Reports page 7 The Shareholder page 8 Board of Directors and Management page 9 3

2 bilancio 3 lingue :52 Pagina 4 Letter from the Management and the Board of Directors Insurance markets around the world are subject to dynamic change. Financial markets are filled with uncertainty and volatility. Economic developments and social security reforms have immediate impact on insurance opportunities. Existing and new insurers all strive for market share. And everyone competes aggressively for customers and distribution partners. In such a rapidly changing world it is important to know your insurance company. To understand its strengths and weaknesses, and to recognize its long term strategic direction. Life insurance covers clients vital interests, mostly for a long period of time. And for that Martin J. Zonneveld, Chairman and Chief Executive Officer Left to right: Don Wiening, Sales Director; Denise Cleuvenot, Chief Actuary; Davide Viani, Chief Operating Officer reason the financial integrity of the insurance company is of vital importance. American Security Life Insurance Company Ltd. and American Security Life Insurance Company (Switzerland) Ltd. together form the ASL group. Both companies operate under the same Management, and many functions are shared or completely integrated. The two legal entities share all marketing and functional efforts, and s ho u ld b e c o ns id er ed on e organization. American Security Life (Switzerland and Liechtenstein) are fully owned by one of the most successful US-based international insurance companies, American International Group, Inc. (AIG). AAA-rated financial strength, combined with the legendary b a nk in g a nd i ns u r an c e re g ul at i on s a nd discretion of Liechtenstein and Switzerland, in which ASL is located, all warrant outstanding financial security for our ASL customers. The ASL group in continued to expand sales activities in international markets, to strengthen our distribution base, to improve the performance of our existing insurance and investment portfolios, and to increase the efficiency of our combined operations. Combined revenues were CHF 226 Million, a slight decrease compared to 1998, due to lower sales of single premium investment products which suffered from the poor performance of stock markets particularly in the second half of the year. The combined asset base by year-end was CHF 847 Million, 4

3 bilancio 3 lingue :52 Pagina 5 well over that of the prior year. Total combined profit was CHF 670,000, a significant increase compared with 1998 results. For the year 2000 and beyond, many initiatives are underway to further grow our companies. New markets have been identified, new distribution outlets are under progress, new products are under development. The Leitmotiv for management and staff of ASL is driving the business forward. We are convinced that ASL is looking to a bright future! In December, Lee J. Adler took early retirement and resigned as Chairman and Chief Executive Officer. The undersigned, Martin J. Zonneveld, took the helm of the ASL Companies at that time. On behalf of the Board of Board of Directors, ASL Liechtenstein (left to right): Ch. Heinz Gerber; Martin J. Zonneveld; Lee J. Adler; Ernst J. Walch; Johannes Stolba Directors and Management of ASL (Switzerland and Liechtenstein), we would like to thank our customers for the trust they have placed in us, and our employees and distribution partners for a job well done in. Martin J. Zonneveld Chairman and Chief Executive Officer Schaan, Liechtenstein Breganzona, Switzerland May 2000 Board of Directors, ASL Switzerland (left to right): Lee J. Adler (until 1.12.) Martin J. Zonneveld; Johannes Stolba; Ch. Heinz Gerber 5

4 bilancio 3 lingue :52 Pagina 6 (000 CHF) 1998 Assets Switzerland 553, ,155 Liechtenstein 294, ,699 Combined 847, ,854 Revenues Switzerland 112, ,367 Liechtenstein 113, ,785 Combined 226, ,152 Profits Switzerland Liechtenstein Combined * reprinted from the Annual Reports 6

5 bilancio 3 lingue :52 Pagina 7 As statutory auditors, we have audited the accounting re c o rds and the financial statements (balance sheet, profit and loss account and notes) of American Security Life Insurance Company Limited for the year ended December 31,. We have come to the conclusion that - the balance sheet and profit and loss account a g ree with the books of account; - the books of account have been properly kept; - the presentation of financial position and the results of operations complies with legal valutation principles in Liechtenstein and the art i c l e s of association. Based on the results of our audit, we re c o m m e n d that the financial statements submitted to you be a p p ro v e d. F u rt h e rm o re we confirm that the proposal of the B o a rd of Directors for the appropriation of the available earnings complies with the law and the a rticles of association. Als Kontrollstelle haben wir die Buchführung und die Jahresrechnung (Bilanz, Erfolgsrechnung und Anhang) der American Security Life Insurance Company Limited für das am 31. Dezember abgeschlossene Geschäftsjahr geprüft. Wir haben festgestellt, dass - die Bilanz und die Erfolgsrechnung mit der Buchhaltung übereinstimmen, - die Buchhaltung ordungsgemäss geführt ist, - bei der Darstellung der Vermögenslage und des Geschäftsergebnisses die gesetzlichen Bewertungsgrundsätze in Liechtenstein sowie die Vorschriften der Statuten eingehalten sind. Aufgrund der Ergebnisse unserer Prüfung empfehlen wir, die vorliegende Jahresrechnung zu genehmigen. Fernen bestätigen wir, dass der Vorschlag des Verwaltungsrates über die Gewinnverwendung Gesetz und Statuten entspricht. Vaduz, January 27,2000 Vaduz, 27. Januar 2000 COOPERS & LYBRAND AG (auditors in charg e ) COOPERS & LYBRAND AG (Die leitenden Revisoren) Reto H Silvani Sam Chaudhuri Reto H Silvani Sam Chaudhuri 7

6 bilancio 3 lingue :52 Pagina 8 Reinsurance The Shareholder American International Group, Inc. For the protection of policyholders, ASL Liechtenstein has concluded a reinsurance tre a t y wit h s i st er c ompany ASL Switzerland for certain lines of business. ASL Switzerland, in t u rn, has reinsurance re l a t i o n- ships with several major re i n s u re r s, i nc lu d i n g v arious AIG subsidiaries, Swiss Re, and Munich Re. ASL Switzerland and ASL Liechtenstein are wholly owned by American International Gro u p, Inc. (AIG), located in New Yo r k, U S A. AIG is the leading US-based i n t e rnational insurance org a n i z a- tion and the largest underwriter of c o m m e rcial and industrial coverages in the United States. Its member companies write p ro p e rt y, casualty, marine, life and financial lines insurance in a p p roximately 130 countries and jurisdictions, and are engaged in a range of financial serv i c e s and investment management businesses. AIG holds the highest ratings fro m the major financial rating agencies for its financial strength and integrity (AAA by Standard & Poor s ; Aaa by Moody s; A++ by A.M. Best Co.). 8

7 bilancio 3 lingue :52 Pagina 9 Board of Directors ASL Switzerland ASL Liechtenstein Martin J. Zonneveld Martin J. Zonneveld Chairman and Managing Director as of Triesen, Liechtenstein Lee J. Adler Chairman and Managing Director until , Consultant, USA Ch. Heinz Gerber Ch. Heinz Gerber Senior Advisor, AIG Johannes Stolba Johannes Stolba Attorney, Zurich Ernst J. Walch Attorney, Vaduz Management ASL Switzerland ASL Liechtenstein Lee J. Adler Lee J. Adler Chief Executive Officer until Martin J. Zonneveld Martin J. Zonneveld Chief Executive Officer as of Davide Viani Davide Viani Chief Operating Officer Renato Morelli Renato Morelli Chief Actuary until Denise Cleuvenot Denise Cleuvenot Chief Actuary as of Alessandro Campanini Alessandro Campanini Chief Information Officer Donald E. Wiening Donald E. Wiening Sales Director Auditors ASL Switzerland ASL Liechtenstein PriceWaterhouseCoopers, Lugano Coopers & Lybrand AG Vaduz 9

8 bilancio 3 lingue :52 Pagina

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