                                           SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT



            STUDY START DATE =  1- 1-1987                                                06-FEB-96
              STUDY END DATE =  7- 1-1995



        VALUATION TABLE USED = CGDT
             GENDER OF BLOCK = BOTH
        NATURE OF DISABILITY = ALL
                        Plan = Insured
                Benefit Type = Regular
         CLAIM WITH PAYMENTS = All Claims
                    EXPOSURE = LIVES
               POST 65 LIVES = 62, 67, ETC.
                Audit Errors = Included
              Detail Printed = Yes



                       TOTAL NUMBER OF CLAIMS READ =   248926.

              NUMBER OF CLAIMS EXCLUDED FROM STUDY =    54616.
          NUMBER OF CLAIMS OUTSIDE OF STUDY PERIOD =    12702.
     CLAIMS COMMENCING ON LAST DAY OF STUDY PERIOD =        0.

             NUMBER OF CLAIMS CLOSED PRIOR TO ELIM =     3728.

                    NUMBER OF CLAIMS USED IN STUDY =   177880.

              NUMBER OPEN AT START OF STUDY PERIOD =    33432.
      NUMBER OF CLAIMS OPEN AT END OF STUDY PERIOD =    13865.
       NUMBER OF CLAIMS CLOSED DURING STUDY PERIOD =   121731.
       SURVIVOR CLAIMS OPEN AT END OF STUDY PERIOD =       28.
       CLAIMS CLOSED, WITH RECOVERY DATES PAST END =    42256.

                Claims Open at End of Study Period =    56121.
                  Claims Maxed During Study Period =    18674.
             Claims Recovering During Study Period =    83769.
             Claims with Death During Study Period =    18022.
               Settle/Vol Term During Study Period =     1294.


                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT

                                                LTD CLAIM TERMINATIONS BY DURATION


                                                                           TOTAL                                           TOTAL CLMS
                             RECOVERIES              DEATHS             TERMINATIONS         MAX OUTS       VOL TERMS         CLOSED

 DURATION   EXPOSURE       #   RATE   A/E        #   RATE   A/E        #   RATE   A/E        #   RATE        #   RATE        #   RATE

        1     1681.       375.223.1 272.6       134. 79.74509.0       509.302.8 362.2         0.  0.0         0.  0.0       509.302.8
        2    31846.     12190.382.8 454.7       923. 29.01736.9     13113.411.8 479.6        57.  1.8         2.  0.1     13172.413.6
        3    28911.      8009.277.0 363.5       654. 22.6 794.9      8663.299.6 379.1        33.  1.1         3.  0.1      8699.300.9
        4    73471.      9156.124.6 190.4       981. 13.4 179.5     10137.138.0 189.3        27.  0.4        13.  0.2     10177.138.5
        5    65690.      6498. 98.9 146.3       761. 11.6 112.6      7259.110.5 141.9        53.  0.8        27.  0.4      7339.111.7
        6    60384.      4897. 81.1 145.7       651. 10.8 105.7      5548. 91.9 139.5        73.  1.2        54.  0.9      5675. 94.0
        7    95638.      5174. 54.1 149.6      1006. 10.5 118.2      6180. 64.6 143.4        41.  0.4        62.  0.6      6283. 65.7
        8    89936.      4163. 46.3 153.4       758.  8.4  96.5      4921. 54.7 140.6        29.  0.3        33.  0.4      4983. 55.4
        9    84857.      3346. 39.4 156.8       720.  8.5 104.4      4066. 47.9 144.0        39.  0.5        43.  0.5      4148. 48.9
       10    80461.      2776. 34.5 157.5       641.  8.0 102.5      3417. 42.5 143.1        24.  0.3        19.  0.2      3460. 43.0
       11    76668.      1938. 25.3 130.7       593.  7.7 103.6      2531. 33.0 123.1        17.  0.2        22.  0.3      2570. 33.5
       12    73710.      1765. 23.9 141.5       524.  7.1 101.2      2289. 31.1 129.7        26.  0.4        29.  0.4      2344. 31.8
       13    72141.      1452. 20.1 137.1       504.  7.0 105.9      1956. 27.1 127.4        45.  0.6        52.  0.7      2053. 28.5
       14    69797.      1237. 17.7 136.3       402.  5.8  91.6      1639. 23.5 121.8        38.  0.5        39.  0.6      1716. 24.6
       15    67745.      1124. 16.6 142.2       394.  5.8  96.5      1518. 22.4 126.6       215.  3.2        37.  0.5      1770. 26.1
       16    65696.       940. 14.3 135.4       336.  5.1  87.8      1276. 19.4 118.5        61.  0.9        32.  0.5      1369. 20.8
       17    64105.       816. 12.7 133.3       323.  5.0  89.6      1139. 17.8 117.1        42.  0.7        32.  0.5      1213. 18.9
       18    62563.       854. 13.7 157.7       327.  5.2  96.7      1181. 18.9 134.2       243.  3.9        30.  0.5      1454. 23.2
       19    60647.       687. 11.3 142.2       257.  4.2  82.3       944. 15.6 118.7        75.  1.2        37.  0.6      1056. 17.4
       20    59238.       609. 10.3 139.2       253.  4.3  87.7       862. 14.6 118.7        41.  0.7        34.  0.6       937. 15.8
       21    57972.       535.  9.2 133.9       214.  3.7  79.8       749. 12.9 112.2       120.  2.1        20.  0.3       889. 15.3
       22    56679.       499.  8.8 136.6       208.  3.7  83.5       707. 12.5 115.1        49.  0.9        25.  0.4       781. 13.8
       23    55577.       512.  9.2 152.8       224.  4.0  97.1       736. 13.2 130.1        42.  0.8        27.  0.5       805. 14.5
       24    54398.       691. 12.7 223.7       181.  3.3  83.8       872. 16.0 166.1       266.  4.9        26.  0.5      1164. 21.4
       25    53101.       672. 12.7 299.7       193.  3.6 124.0       865. 16.3 227.7       306.  5.8        27.  0.5      1198. 22.6
       26    51560.       612. 11.9 283.8       172.  3.3 115.2       784. 15.2 214.8       254.  4.9        31.  0.6      1069. 20.7
       27    50174.      1161. 23.1 501.3       217.  4.3 177.3      1378. 27.5 389.3      1033. 20.6        30.  0.6      2441. 48.7
       28    47463.       481. 10.1 238.8       169.  3.6 128.8       650. 13.7 195.4       254.  5.4        18.  0.4       922. 19.4
       29    46401.       417.  9.0 212.9       136.  2.9 106.0       553. 11.9 170.6       148.  3.2        26.  0.6       727. 15.7
       30    45449.       973. 21.4 440.0       163.  3.6 170.6      1136. 25.0 358.8       996. 21.9        30.  0.7      2162. 47.6
       31    42888.       456. 10.6 246.3       177.  4.1 158.7       633. 14.8 213.4       419.  9.8        17.  0.4      1069. 24.9
       32    41858.       287.  6.9 161.8       102.  2.4  91.9       389.  9.3 134.9       118.  2.8        21.  0.5       528. 12.6
       33    41093.       270.  6.6 164.3       109.  2.7  92.3       379.  9.2 134.2       194.  4.7        19.  0.5       592. 14.4
       34    40321.       233.  5.8 145.8       109.  2.7  93.1       342.  8.5 123.5        99.  2.5        16.  0.4       457. 11.3
       35    39600.       224.  5.7 144.5       115.  2.9  99.0       339.  8.6 125.0        80.  2.0        18.  0.5       437. 11.0
       36    38880.       774. 19.9 546.1       155.  4.0 125.0       929. 23.9 349.6       221.  5.7        18.  0.5      1168. 30.0
       37    37411.       413. 11.0 534.4       175.  4.7 210.4       588. 15.7 366.4       225.  6.0         6.  0.2       819. 21.9
       38    36378.       262.  7.2 359.2       113.  3.1 139.9       375. 10.3 244.0       191.  5.3        15.  0.4       581. 16.0
       39    35564.       254.  7.1 360.4       151.  4.2 189.5       405. 11.4 269.7       623. 17.5        12.  0.3      1040. 29.2
       40    34326.       228.  6.6 335.9       117.  3.4 151.4       345. 10.1 237.6       142.  4.1        11.  0.3       498. 14.5
       41    33632.       208.  6.2 317.0        97.  2.9 126.8       305.  9.1 214.6       146.  4.3        10.  0.3       461. 13.7
       42    32932.       227.  6.9 357.7       127.  3.9 168.0       354. 10.7 254.5       721. 21.9        10.  0.3      1085. 32.9
       43    31430.       208.  6.6 341.8       131.  4.2 181.2       339. 10.8 254.6       371. 11.8         8.  0.3       718. 22.8
       44    30672.       148.  4.8 251.8        81.  2.6 113.7       229.  7.5 176.2       140.  4.6        11.  0.4       380. 12.4
       45    30073.       169.  5.6 297.0        77.  2.6 109.2       246.  8.2 193.1       288.  9.6        12.  0.4       546. 18.2
       46    29307.       150.  5.1 272.8        73.  2.5 105.3       223.  7.6 179.4       124.  4.2        10.  0.3       357. 12.2
       47    28741.       139.  4.8 261.1        77.  2.7 112.1       216.  7.5 177.2       127.  4.4         9.  0.3       352. 12.2
       48    28182.       204.  7.2 396.6        63.  2.2  92.6       267.  9.5 223.5       347. 12.3        15.  0.5       629. 22.3
       49    27291.       152.  5.6 391.0        96.  3.5 167.0       248.  9.1 257.4       155.  5.7         9.  0.3       412. 15.1
       50    26685.       117.  4.4 314.1        63.  2.4 111.5       180.  6.7 192.0       128.  4.8        10.  0.4       318. 11.9
       51    26149.       125.  4.8 240.4        61.  2.3 153.0       186.  7.1 202.5       139.  5.3         3.  0.1       328. 12.5
       52    25631.       106.  4.1 301.4        59.  2.3 107.7       165.  6.4 183.4       118.  4.6         8.  0.3       291. 11.4
       53    25162.       109.  4.3 324.1        38.  1.5  69.5       147.  5.8 166.5       110.  4.4         6.  0.2       263. 10.5
       54    24721.       117.  4.7 360.3        57.  2.3 105.1       174.  7.0 200.7       155.  6.3         7.  0.3       336. 13.6
       55    24209.       109.  4.5 347.9        47.  1.9  87.8       156.  6.4 183.8       118.  4.9         4.  0.2       278. 11.5
       56    23749.       119.  5.0 393.6        61.  2.6 115.1       180.  7.6 216.3       109.  4.6         5.  0.2       294. 12.4
       57    23265.       109.  4.7 374.4        54.  2.3 103.1       163.  7.0 200.0       131.  5.6         5.  0.2       299. 12.9
       58    22777.        94.  4.1 335.1        61.  2.7 117.9       155.  6.8 194.3        90.  4.0         9.  0.4       254. 11.2
       59    22337.       106.  4.7 392.2        47.  2.1  91.8       153.  6.8 195.6        96.  4.3         5.  0.2       254. 11.4
       60    21858.       127.  5.8 456.3        48.  2.2  98.6       175.  8.0 228.7       128.  5.9         3.  0.1       306. 14.0
       61    21320.       123.  5.8 553.9        58.  2.7 137.2       181.  8.5 280.7       182.  8.5         6.  0.3       369. 17.3
       62    20780.        94.  4.5 443.9        52.  2.5 125.7       146.  7.0 233.4       163.  7.8         4.  0.2       313. 15.1
       63    20320.        95.  4.7 467.0        57.  2.8 139.7       152.  7.5 248.6       215. 10.6         5.  0.2       372. 18.3
       64    19796.        87.  4.4 445.9        59.  3.0 147.4       146.  7.4 245.2       149.  7.5         4.  0.2       299. 15.1
       65    19361.        79.  4.1 420.7        38.  2.0  96.4       117.  6.0 201.1       122.  6.3         4.  0.2       243. 12.6
       66    18997.       101.  5.3 556.8        52.  2.7 133.5       153.  8.1 268.0       334. 17.6         4.  0.2       491. 25.8
       67    18343.        71.  3.9 408.6        56.  3.1 148.6       127.  6.9 230.7       196. 10.7         7.  0.4       330. 18.0
       68    17974.        67.  3.7 399.2        31.  1.7  83.4        98.  5.5 181.7       118.  6.6         2.  0.1       218. 12.1
       69    17670.        61.  3.5 376.5        30.  1.7  81.5        91.  5.1 171.6       110.  6.2         3.  0.2       204. 11.5
       70    17376.        52.  3.0 331.0        34.  2.0  93.4        86.  4.9 165.0        97.  5.6         2.  0.1       185. 10.6
       71    17106.        47.  2.7 308.2        52.  3.0 144.2        99.  5.8 192.9        90.  5.3         1.  0.1       190. 11.1
       72    16787.        66.  3.9 447.2        37.  2.2 104.0       103.  6.1 204.6       153.  9.1         2.  0.1       258. 15.4
       73    16389.        44.  2.7 362.4        34.  2.1 106.0        78.  4.8 176.4       107.  6.5         1.  0.1       186. 11.3
       74    16036.        46.  2.9 395.0        26.  1.6  82.6        72.  4.5 166.9        94.  5.9         3.  0.2       169. 10.5
       75    15711.        39.  2.5 347.7        25.  1.6  80.6        64.  4.1 151.5        99.  6.3         3.  0.2       166. 10.6
       76    15446.        55.  3.6 505.3        17.  1.1  55.5        72.  4.7 173.4       101.  6.5         2.  0.1       175. 11.3
       77    15163.        38.  2.5 359.9        26.  1.7  86.2        64.  4.2 157.1        95.  6.3         1.  0.1       160. 10.6
       78    14904.        33.  2.2 321.0        40.  2.7 134.5        73.  4.9 182.4        86.  5.8         2.  0.1       161. 10.8
       79    14659.        37.  2.5 370.4        27.  1.8  92.0        64.  4.4 162.7        83.  5.7         3.  0.2       150. 10.2
       80    14364.        38.  2.6 392.5        17.  1.2  58.9        55.  3.8 142.8        95.  6.6         2.  0.1       152. 10.6
       81    14100.        39.  2.8 415.0        30.  2.1 105.6        69.  4.9 182.5        71.  5.0         2.  0.1       142. 10.1
       82    13848.        42.  3.0 458.6        30.  2.2 107.3        72.  5.2 194.0        94.  6.8         1.  0.1       167. 12.1
       83    13579.        36.  2.7 405.1        36.  2.7 131.0        72.  5.3 198.0        98.  7.2         1.  0.1       171. 12.6
       84    13326.        32.  2.4 326.3        21.  1.6  81.2        53.  4.0 148.5        83.  6.2         3.  0.2       139. 10.4
       85    13105.        38.  2.9 426.5        23.  1.8  94.8        61.  4.7 183.8        68.  5.2         1.  0.1       130.  9.9
       86    12860.        44.  3.4 506.1        31.  2.4 130.4        75.  5.8 231.0        79.  6.1         3.  0.2       157. 12.2
       87    12608.        37.  2.9 435.8        27.  2.1 115.8        64.  5.1 201.2        85.  6.7         2.  0.2       151. 12.0
       88    12374.        30.  2.4 360.9        22.  1.8  96.2        52.  4.2 166.8        83.  6.7         2.  0.2       137. 11.1
       89    12176.        33.  2.7 402.9        19.  1.6  84.5        52.  4.3 169.6        87.  7.1         1.  0.1       140. 11.5
       90    11947.        24.  2.0 299.0        24.  2.0 108.9        48.  4.0 159.7        65.  5.4         1.  0.1       114.  9.5


                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT

                                                LTD CLAIM TERMINATIONS BY DURATION


                                                                           TOTAL                                           TOTAL CLMS
                             RECOVERIES              DEATHS             TERMINATIONS         MAX OUTS       VOL TERMS         CLOSED

 DURATION   EXPOSURE       #   RATE   A/E        #   RATE   A/E        #   RATE   A/E        #   RATE        #   RATE        #   RATE

       91    11768.        24.  2.0 304.5        35.  3.0 161.3        59.  5.0 199.4        65.  5.5         1.  0.1       125. 10.6
       92    11565.        33.  2.9 426.2        21.  1.8  98.6        54.  4.7 185.9        83.  7.2         0.  0.0       137. 11.8
       93    11380.        21.  1.8 276.0        23.  2.0 109.8        44.  3.9 154.1        80.  7.0         3.  0.3       127. 11.2
       94    11176.        33.  3.0 443.1        31.  2.8 150.8        64.  5.7 228.5        60.  5.4         1.  0.1       125. 11.2
       95    10987.        22.  2.0 300.9        20.  1.8  99.0        42.  3.8 152.6        71.  6.5         1.  0.1       114. 10.4
       96    10809.        16.  1.5 222.9        20.  1.9 100.7        36.  3.3 133.1        71.  6.6         5.  0.5       112. 10.4
       97    10591.        16.  1.5 248.4        18.  1.7  94.6        34.  3.2 133.5        67.  6.3         0.  0.0       101.  9.5
       98    10384.        19.  1.8 302.4        21.  2.0 112.8        40.  3.9 160.6        60.  5.8         2.  0.2       102.  9.8
       99    10241.        25.  2.4 404.1        22.  2.1 119.9        47.  4.6 191.6        78.  7.6         1.  0.1       126. 12.3
      100    10076.        22.  2.2 361.9        20.  2.0 110.9        42.  4.2 174.1        48.  4.8         1.  0.1        91.  9.0
      101     9938.        34.  3.4 569.9        23.  2.3 129.0        57.  5.7 239.5        51.  5.1         2.  0.2       110. 11.1
      102     9781.        32.  3.3 544.8        15.  1.5  85.6        47.  4.8 200.8        65.  6.6         0.  0.0       112. 11.5
      103     9627.        25.  2.6 433.2        16.  1.7  92.9        41.  4.3 178.3        63.  6.5         1.  0.1       105. 10.9
      104     9458.        19.  2.0 335.8        20.  2.1 118.3        39.  4.1 172.9        84.  8.9         2.  0.2       125. 13.2
      105     9280.        22.  2.4 397.5        22.  2.4 132.7        44.  4.7 199.0        55.  5.9         0.  0.0        99. 10.7
      106     9099.        20.  2.2 369.4        24.  2.6 147.7        44.  4.8 203.1        65.  7.1         1.  0.1       110. 12.1
      107     8916.        27.  3.0 510.1        17.  1.9 106.9        44.  4.9 207.6        55.  6.2         1.  0.1       100. 11.2
      108     8746.        17.  1.9 328.7        23.  2.6 147.5        40.  4.6 192.6        60.  6.9         1.  0.1       101. 11.5
      109     8578.        17.  2.0 366.3        22.  2.6 149.8        39.  4.5 201.8        47.  5.5         1.  0.1        87. 10.1
      110     8435.        22.  2.6 485.4        18.  2.1 124.9        40.  4.7 211.2        62.  7.4         2.  0.2       104. 12.3
      111     8288.        17.  2.1 382.4        10.  1.2  70.7        27.  3.3 145.3        72.  8.7         1.  0.1       100. 12.1
      112     8168.        21.  2.6 480.5        17.  2.1 122.1        38.  4.7 207.7        58.  7.1         0.  0.0        96. 11.8
      113     8032.        20.  2.5 466.5        18.  2.2 131.6        38.  4.7 211.5        49.  6.1         0.  0.0        87. 10.8
      114     7915.        24.  3.0 571.0        15.  1.9 111.2        39.  4.9 220.4        65.  8.2         0.  0.0       104. 13.1
      115     7764.        21.  2.7 510.5        18.  2.3 136.2        39.  5.0 225.0        50.  6.4         1.  0.1        90. 11.6
      116     7627.        14.  1.8 346.9        13.  1.7 100.2        27.  3.5 158.7        66.  8.7         0.  0.0        93. 12.2
      117     7511.        12.  1.6 302.8        16.  2.1 125.3        28.  3.7 167.3        53.  7.1         0.  0.0        81. 10.8
      118     7382.        19.  2.6 489.0        15.  2.0 119.6        34.  4.6 206.9        46.  6.2         0.  0.0        80. 10.8
      119     7257.         9.  1.2 236.3        16.  2.2 129.9        25.  3.4 155.0        49.  6.8         1.  0.1        75. 10.3
      120     7142.        21.  2.9 561.2        15.  2.1 123.8        36.  5.0 227.0        54.  7.6         1.  0.1        91. 12.7
      121     7017.        17.  2.4 482.0        14.  2.0 117.0        31.  4.4 200.1        49.  7.0         1.  0.1        81. 11.5
      122     6894.        12.  1.7 348.1        11.  1.6  93.6        23.  3.3 151.3        54.  7.8         0.  0.0        77. 11.2
      123     6787.        17.  2.5 502.6        17.  2.5 146.9        34.  5.0 227.4        49.  7.2         0.  0.0        83. 12.2
      124     6696.        21.  3.1 631.2        11.  1.6  96.4        32.  4.8 217.2        42.  6.3         0.  0.0        74. 11.1
      125     6601.        11.  1.7 336.8        15.  2.3 133.5        26.  3.9 179.3        42.  6.4         1.  0.2        69. 10.5
      126     6479.        18.  2.8 564.1        18.  2.8 163.4        36.  5.6 253.4        68. 10.5         2.  0.3       106. 16.4
      127     6354.        16.  2.5 512.8        12.  1.9 111.3        28.  4.4 201.5        54.  8.5         0.  0.0        82. 12.9
      128     6259.        11.  1.8 359.4        14.  2.2 132.0        25.  4.0 182.9        43.  6.9         0.  0.0        68. 10.9
      129     6164.         8.  1.3 266.5        10.  1.6  95.8        18.  2.9 133.9        34.  5.5         0.  0.0        52.  8.4
      130     6082.        20.  3.3 678.9        12.  2.0 116.5        32.  5.3 241.6        44.  7.2         0.  0.0        76. 12.5
      131     5985.        13.  2.2 450.5        11.  1.8 108.5        24.  4.0 184.3        39.  6.5         2.  0.3        65. 10.9
      132     5893.        15.  2.5 530.1        16.  2.7 160.6        31.  5.3 242.4        47.  8.0         1.  0.2        79. 13.4
      133     5817.        12.  2.1 423.5        11.  1.9 110.0        23.  4.0 179.2        44.  7.6         1.  0.2        68. 11.7
      134     5706.        17.  3.0 613.7        16.  2.8 163.1        33.  5.8 262.3        47.  8.2         0.  0.0        80. 14.0
      135     5578.        12.  2.2 443.8        10.  1.8 104.6        22.  3.9 179.3        49.  8.8         0.  0.0        71. 12.7
      136     5466.        14.  2.6 529.4         6.  1.1  64.1        20.  3.7 166.6        39.  7.1         0.  0.0        59. 10.8
      137     5372.        18.  3.4 694.5        13.  2.4 141.4        31.  5.8 263.1        37.  6.9         0.  0.0        68. 12.7
      138     5264.        14.  2.7 552.7        13.  2.5 144.3        27.  5.1 233.9        37.  7.0         0.  0.0        64. 12.2
      139     5153.        13.  2.5 524.6        10.  1.9 113.6        23.  4.5 203.9        40.  7.8         1.  0.2        64. 12.4
      140     5061.        12.  2.4 493.7         9.  1.8 104.3        21.  4.1 189.9        30.  5.9         0.  0.0        51. 10.1
      141     4973.         9.  1.8 377.2         8.  1.6  94.5        17.  3.4 156.7        34.  6.8         0.  0.0        51. 10.3
      142     4883.         3.  0.6 128.5        11.  2.3 132.7        14.  2.9 131.8        45.  9.2         0.  0.0        59. 12.1
      143     4796.        13.  2.7 568.4         6.  1.3  73.8        19.  4.0 182.3        38.  7.9         0.  0.0        57. 11.9
      144     4698.         6.  1.3 269.6         4.  0.9  50.1        10.  2.1  97.9        29.  6.2         0.  0.0        39.  8.3
      145     4622.        10.  2.2 450.7        10.  2.2 124.9        20.  4.3 195.5        47. 10.2         0.  0.0        67. 14.5
      146     4508.         8.  1.8 369.7         9.  2.0 115.5        17.  3.8 170.8        39.  8.7         1.  0.2        57. 12.6
      147     4434.         6.  1.4 283.7        15.  3.4 195.9        21.  4.7 214.9        23.  5.2         0.  0.0        44.  9.9
      148     4367.         8.  1.8 386.4         5.  1.1  66.2        13.  3.0 135.0        32.  7.3         0.  0.0        45. 10.3
      149     4304.         9.  2.1 443.3         7.  1.6  93.9        16.  3.7 168.7        42.  9.8         0.  0.0        58. 13.5
      150     4225.        10.  2.4 502.0         3.  0.7  41.1        13.  3.1 140.0        28.  6.6         1.  0.2        42.  9.9
      151     4152.         8.  1.9 410.8         4.  1.0  55.8        12.  2.9 131.7        25.  6.0         0.  0.0        37.  8.9
      152     4101.        14.  3.4 730.2        10.  2.4 141.5        24.  5.9 267.1        30.  7.3         0.  0.0        54. 13.2
      153     4015.        10.  2.5 535.0         7.  1.7 101.3        17.  4.2 193.7        29.  7.2         0.  0.0        46. 11.5
      154     3916.         6.  1.5 330.3        11.  2.8 163.6        17.  4.3 199.1        36.  9.2         0.  0.0        53. 13.5
      155     3824.         6.  1.6 338.2         5.  1.3  76.4        11.  2.9 132.2        30.  7.8         0.  0.0        41. 10.7
      156     3751.         7.  1.9 403.7        12.  3.2 187.1        19.  5.1 233.2        21.  5.6         0.  0.0        40. 10.7
      157     3667.         7.  1.9 407.8         3.  0.8  47.0        10.  2.7 123.4        39. 10.6         1.  0.3        50. 13.6
      158     3589.         4.  1.1 239.2         7.  2.0 111.9        11.  3.1 138.8        25.  7.0         0.  0.0        36. 10.0
      159     3524.         5.  1.4 305.5         9.  2.6 146.8        14.  4.0 180.2        25.  7.1         2.  0.6        41. 11.6
      160     3451.         7.  2.0 439.0         9.  2.6 149.8        16.  4.6 210.5        24.  7.0         0.  0.0        40. 11.6
      161     3395.         6.  1.8 384.1         4.  1.2  67.7        10.  2.9 133.8        20.  5.9         0.  0.0        30.  8.8
      162     3324.         5.  1.5 329.0         5.  1.5  86.3        10.  3.0 136.7        35. 10.5         0.  0.0        45. 13.5
      163     3253.         7.  2.2 472.1        12.  3.7 212.0        19.  5.8 266.0        29.  8.9         0.  0.0        48. 14.8
      164     3178.         4.  1.3 277.1         4.  1.3  72.4         8.  2.5 114.9        26.  8.2         0.  0.0        34. 10.7
      165     3110.         7.  2.3 498.0         1.  0.3  18.5         8.  2.6 117.5        22.  7.1         0.  0.0        30.  9.6
      166     3041.         2.  0.7 146.1         6.  2.0 113.9         8.  2.6 120.5        26.  8.5         0.  0.0        34. 11.2
      167     2976.         3.  1.0 223.8         6.  2.0 116.7         9.  3.0 138.9        32. 10.8         0.  0.0        41. 13.8
      168     2896.         7.  2.4 539.6         5.  1.7  99.9        12.  4.1 190.4        26.  9.0         0.  0.0        38. 13.1
      169     2820.         5.  1.8 392.0         4.  1.4  80.4         9.  3.2 144.0        25.  8.9         0.  0.0        34. 12.1
      170     2742.         4.  1.5 324.6         1.  0.4  20.6         5.  1.8  82.2        24.  8.8         0.  0.0        29. 10.6
      171     2680.         5.  1.9 416.6         9.  3.4 189.8        14.  5.2 235.6        21.  7.8         0.  0.0        35. 13.1
      172     2620.         6.  2.3 514.7         3.  1.1  64.7         9.  3.4 155.2        24.  9.2         0.  0.0        33. 12.6
      173     2555.         1.  0.4  88.5         2.  0.8  44.4         3.  1.2  53.2        28. 11.0         0.  0.0        31. 12.1
      174     2507.         6.  2.4 541.3         4.  1.6  90.7        10.  4.0 181.3        18.  7.2         0.  0.0        28. 11.2
      175     2460.         2.  0.8 185.1         4.  1.6  92.4         6.  2.4 110.9        23.  9.3         0.  0.0        29. 11.8
      176     2417.         9.  3.7 854.5         4.  1.7  93.9        13.  5.4 244.7        19.  7.9         0.  0.0        32. 13.2
      177     2355.         5.  2.1 490.8         3.  1.3  72.3         8.  3.4 154.8        22.  9.3         0.  0.0        30. 12.7
      178     2292.         7.  3.1 709.3         4.  1.7  99.1        11.  4.8 219.0        14.  6.1         0.  0.0        25. 10.9
      179     2249.         8.  3.6 830.2         3.  1.3  75.6        11.  4.9 223.1        18.  8.0         0.  0.0        29. 12.9
      180    71964.       148.  2.1 498.4       159.  2.2 120.9       307.  4.3 190.5       639.  8.9         0.  0.0       946. 13.1

    TOTAL  3816685.     83769. 21.9 201.8     18022.  4.7 120.1    101791. 26.7 180.1     18674.  4.9      1294.  0.3    121759. 31.9


                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT

                                            LTD CLAIM TERMINATIONS BY DURATION BRACKETS


                                                                           TOTAL                                           TOTAL CLMS
                             RECOVERIES              DEATHS             TERMINATIONS         MAX OUTS       VOL TERMS         CLOSED

 DURATION   EXPOSURE       #   RATE   A/E        #   RATE   A/E        #   RATE   A/E        #   RATE        #   RATE        #   RATE

      0-6   261983.     41125.157.0 233.3      4104. 15.7 207.6     45229.172.6 230.7       243.  0.9        99.  0.4     45571.173.9
      7-9   270431.     12683. 46.9 152.7      2484.  9.2 106.8     15167. 56.1 142.7       109.  0.4       138.  0.5     15414. 57.0
    10-12   230839.      6479. 28.1 144.2      1758.  7.6 102.5      8237. 35.7 132.7        67.  0.3        70.  0.3      8374. 36.3
    13-15   209682.      3813. 18.2 138.3      1300.  6.2  98.3      5113. 24.4 125.3       298.  1.4       128.  0.6      5539. 26.4
    16-18   192364.      2610. 13.6 141.2       986.  5.1  91.2      3596. 18.7 122.8       346.  1.8        94.  0.5      4036. 21.0
    19-24   344510.      3533. 10.3 151.6      1337.  3.9  85.5      4870. 14.1 125.0       593.  1.7       169.  0.5      5632. 16.3
    25-30   294148.      4316. 14.7 334.6      1050.  3.6 134.2      5366. 18.2 259.0      2991. 10.2       162.  0.6      8519. 29.0
    31-36   244640.      2244.  9.2 228.2       767.  3.1 109.9      3011. 12.3 179.1      1131.  4.6       109.  0.4      4251. 17.4
    37-48   388648.      2610.  6.7 346.2      1282.  3.3 143.5      3892. 10.0 236.3      3445.  8.9       129.  0.3      7466. 19.2
    49-60   293835.      1390.  4.7 344.9       692.  2.4 110.2      2082.  7.1 201.9      1477.  5.0        74.  0.3      3633. 12.4
    61-84   403354.      1422.  3.5 418.4       885.  2.2 108.5      2307.  5.7 199.7      3035.  7.5        68.  0.2      5410. 13.4
   85-120   352991.       850.  2.4 394.4       730.  2.1 115.6      1580.  4.5 186.6      2319.  6.6        40.  0.1      3939. 11.2
  121-168   229598.       488.  2.1 444.1       447.  1.9 113.6       935.  4.1 185.8      1745.  7.6        14.  0.1      2694. 11.7
 169 & UP    99662.       206.  2.1 491.5       200.  2.0 110.9       406.  4.1 182.7       875.  8.8         0.  0.0      1281. 12.9

    TOTAL  3816685.     83769. 21.9 201.8     18022.  4.7 120.1    101791. 26.7 180.1     18674.  4.9      1294.  0.3    121759. 31.9







                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT

                                                 LTD CLAIM TERMINATIONS BY Gender


                                                                          TOTAL                                           TOTAL CLMS
                             RECOVERIES              DEATHS             TERMINATIONS         MAX OUTS       VOL TERMS         CLOSED

   Gender     EXPOSURE       #   RATE   A/E        #   RATE   A/E        #   RATE   A/E        #   RATE        #   RATE        #   RATE

     Male  1884477.     27373. 14.5 180.3      9541.  5.1 102.7     36914. 19.6 150.8      9992.  5.3       820.  0.4     47726. 25.3
   Female  1932208.     56396. 29.2 214.3      8481.  4.4 148.4     64877. 33.6 202.5      8682.  4.5       474.  0.2     74033. 38.3


    Total  3816685.     83769. 21.9 201.8     18022.  4.7 120.1    101791. 26.7 180.1     18674.  4.9      1294.  0.3    121759. 31.9


                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT

                                                 LTD CLAIM TERMINATIONS BY Quarter


                                                                          TOTAL                                           TOTAL CLMS
                             RECOVERIES              DEATHS             TERMINATIONS         MAX OUTS       VOL TERMS         CLOSED

   Quarter    EXPOSURE       #   RATE   A/E        #   RATE   A/E        #   RATE   A/E        #   RATE        #   RATE        #   RATE

     2Q95   185200.      2661. 14.4 155.6       599.  3.2  83.0      3260. 17.6 134.1       836.  4.5        40.  0.2      4136. 22.3
     1Q95   169579.      2834. 16.7 171.5       708.  4.2 105.1      3542. 20.9 152.3       886.  5.2        44.  0.3      4472. 26.4
     4Q94   168346.      3353. 19.9 199.9       680.  4.0 102.4      4033. 24.0 172.2       892.  5.3        70.  0.4      4995. 29.7
     3Q94   165656.      2936. 17.7 178.6       721.  4.4 110.2      3657. 22.1 159.1       853.  5.1        73.  0.4      4583. 27.7
     2Q94   164357.      3505. 21.3 205.3       750.  4.6 114.8      4255. 25.9 180.2       830.  5.0        57.  0.3      5142. 31.3
     1Q94   163043.      3430. 21.0 192.7       794.  4.9 122.2      4224. 25.9 173.9       751.  4.6        61.  0.4      5036. 30.9
     4Q93   160331.      3496. 21.8 198.8       784.  4.9 123.0      4280. 26.7 178.7       867.  5.4        54.  0.3      5201. 32.4
     3Q93   157563.      3470. 22.0 204.1       771.  4.9 123.6      4241. 26.9 182.5       797.  5.1        65.  0.4      5103. 32.4
     2Q93   155190.      3401. 21.9 199.9       748.  4.8 120.5      4149. 26.7 178.7       746.  4.8        61.  0.4      4956. 31.9
     1Q93   152743.      3249. 21.3 190.3       800.  5.2 130.0      4049. 26.5 174.3       743.  4.9        30.  0.2      4822. 31.6
     4Q92   149554.      3241. 21.7 192.6       701.  4.7 116.5      3942. 26.4 172.5       763.  5.1        25.  0.2      4730. 31.6
     3Q92   146522.      3291. 22.5 199.1       651.  4.4 111.5      3942. 26.9 176.3       752.  5.1        31.  0.2      4725. 32.2
     2Q92   143753.      3167. 22.0 193.1       678.  4.7 118.1      3845. 26.7 173.6       749.  5.2        34.  0.2      4628. 32.2
     1Q92   140569.      3125. 22.2 192.6       664.  4.7 117.4      3789. 27.0 173.2       646.  4.6        26.  0.2      4461. 31.7
     4Q91   136389.      3199. 23.5 200.2       662.  4.9 120.8      3861. 28.3 179.9       631.  4.6        21.  0.2      4513. 33.1
     3Q91   128652.      3138. 24.4 206.2       653.  5.1 126.6      3791. 29.5 186.1       569.  4.4        22.  0.2      4382. 34.1
     2Q91   125347.      2976. 23.7 202.1       588.  4.7 116.8      3564. 28.4 180.4       562.  4.5        15.  0.1      4141. 33.0
     1Q91   122115.      2984. 24.4 205.6       518.  4.2 105.3      3502. 28.7 180.2       522.  4.3        19.  0.2      4043. 33.1
     4Q90   112652.      2769. 24.6 205.3       501.  4.4 110.3      3270. 29.0 181.4       460.  4.1        20.  0.2      3750. 33.3
     3Q90    80041.      1945. 24.3 215.0       378.  4.7 119.0      2323. 29.0 190.0       360.  4.5        31.  0.4      2714. 33.9
     2Q90    77659.      1873. 24.1 219.1       403.  5.2 131.1      2276. 29.3 195.8       368.  4.7        34.  0.4      2678. 34.5
     1Q90    75124.      1861. 24.8 224.7       416.  5.5 139.8      2277. 30.3 202.3       359.  4.8        38.  0.5      2674. 35.6
     4Q89    70012.      1798. 25.7 233.9       345.  4.9 128.5      2143. 30.6 206.6       378.  5.4        68.  1.0      2589. 37.0
     3Q89    68896.      1804. 26.2 238.5       352.  5.1 133.9      2156. 31.3 211.5       353.  5.1        41.  0.6      2550. 37.0
     2Q89    67453.      1643. 24.4 226.1       335.  5.0 130.6      1978. 29.3 201.2       384.  5.7        41.  0.6      2403. 35.6
     1Q89    66414.      1683. 25.3 234.3       356.  5.4 141.1      2039. 30.7 210.1       339.  5.1        25.  0.4      2403. 36.2
     4Q88    65099.      1600. 24.6 223.8       323.  5.0 132.0      1923. 29.5 200.4       317.  4.9        47.  0.7      2287. 35.1
     3Q88    63531.      1535. 24.2 223.9       308.  4.8 130.5      1843. 29.0 200.0       289.  4.5        35.  0.6      2167. 34.1
     2Q88    62008.      1443. 23.3 219.4       300.  4.8 132.4      1743. 28.1 197.1       291.  4.7        45.  0.7      2079. 33.5
     1Q88    60784.      1430. 23.5 224.2       320.  5.3 143.7      1750. 28.8 203.4       309.  5.1        27.  0.4      2086. 34.3
     4Q87    59729.      1418. 23.7 223.5       328.  5.5 150.3      1746. 29.2 204.8       295.  4.9        29.  0.5      2070. 34.7
     3Q87    58555.      1328. 22.7 214.0       319.  5.4 150.7      1647. 28.1 197.9       298.  5.1        34.  0.6      1979. 33.8
     2Q87    55701.      1256. 22.5 217.2       335.  6.0 166.9      1591. 28.6 204.2       280.  5.0        31.  0.6      1902. 34.1
     1Q87    38120.       927. 24.3 239.4       233.  6.1 175.3      1160. 30.4 223.0       199.  5.2         0.  0.0      1359. 35.7
     4Q86        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     3Q86        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     2Q86        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     1Q86        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     4Q85        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     3Q85        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     2Q85        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     1Q85        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     4Q84        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     3Q84        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     2Q84        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     1Q84        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     4Q83        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     3Q83        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     2Q83        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     1Q83        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     4Q82        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     3Q82        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     2Q82        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     1Q82        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     4Q81        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     3Q81        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     2Q81        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     1Q81        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     4Q80        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0
     3Q80        0.         0.  0.0   0.0         0.  0.0   0.0         0.  0.0   0.0         0.  0.0         0.  0.0         0.  0.0

    TOTAL  3816685.     83769. 21.9 201.8     18022.  4.7 120.1    101791. 26.7 180.1     18674.  4.9      1294.  0.3    121759. 31.9


                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT

                                           LTD CLAIM TERMINATIONS BY ELIMINATION PERIOD


                                                                          TOTAL                                           TOTAL CLMS
                             RECOVERIES              DEATHS             TERMINATIONS         MAX OUTS       VOL TERMS         CLOSED

     ELIM   EXPOSURE       #   RATE   A/E        #   RATE   A/E        #   RATE   A/E        #   RATE        #   RATE        #   RATE

       30   314377.     25478. 81.0 323.2      2550.  8.1 292.5     28028. 89.2 320.1      1591.  5.1        54.  0.2     29673. 94.4
       60   218121.      6433. 29.5 192.1      1059.  4.9 147.9      7492. 34.3 184.3      1092.  5.0        29.  0.1      8613. 39.5
       90  1338802.     28923. 21.6 156.4      6606.  4.9 109.9     35529. 26.5 145.0      6258.  4.7       366.  0.3     42153. 31.5
      120    65510.       831. 12.7 147.2       260.  4.0  99.2      1091. 16.7 131.9       369.  5.6        17.  0.3      1477. 22.5
      150    77646.       952. 12.3 233.6       316.  4.1 111.3      1268. 16.3 183.4       370.  4.8        16.  0.2      1654. 21.3
      180  1504238.     16131. 10.7 189.0      5780.  3.8  98.2     21911. 14.6 151.9      7214.  4.8       703.  0.5     29828. 19.8
      270     6732.        43.  6.4 245.7        19.  2.8 106.4        62.  9.2 175.3        43.  6.4         2.  0.3       107. 15.9
      360    67125.       462.  6.9 289.3       205.  3.1  99.2       667.  9.9 182.0       387.  5.8        72.  1.1      1126. 16.8
    Other   224134.      4516. 20.1 215.5      1227.  5.5 162.3      5743. 25.6 201.4      1350.  6.0        35.  0.2      7128. 31.8

    TOTAL  3816685.     83769. 21.9 201.8     18022.  4.7 120.1    101791. 26.7 180.1     18674.  4.9      1294.  0.3    121759. 31.9





                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT

                                            LTD CLAIM TERMINATIONS BY AGE AT DISABILITY


                                                                          TOTAL                                           TOTAL CLMS
                             RECOVERIES              DEATHS             TERMINATIONS         MAX OUTS       VOL TERMS         CLOSED

     AGE    EXPOSURE       #   RATE   A/E        #   RATE   A/E        #   RATE   A/E        #   RATE        #   RATE        #   RATE

       22    54609.      4757. 87.1 225.7       383.  7.0 352.0      5140. 94.1 231.9       108.  2.0        28.  0.5      5276. 96.6
       27   174850.     12913. 73.9 228.5      1187.  6.8 247.3     14100. 80.6 230.0       378.  2.2        95.  0.5     14573. 83.3
       32   294143.     14886. 50.6 204.2      1632.  5.5 151.2     16518. 56.2 197.4       663.  2.3       131.  0.4     17312. 58.9
       37   396775.     12314. 31.0 177.1      1713.  4.3 110.9     14027. 35.4 165.1       745.  1.9       162.  0.4     14934. 37.6
       42   479625.     10039. 20.9 165.6      1787.  3.7  98.0     11826. 24.7 150.0       801.  1.7       182.  0.4     12809. 26.7
       47   574099.      8847. 15.4 175.0      2188.  3.8  98.5     11035. 19.2 151.7      1144.  2.0       148.  0.3     12327. 21.5
       52   680835.      7496. 11.0 192.0      2612.  3.8  96.5     10108. 14.8 152.9      2312.  3.4       168.  0.2     12588. 18.5
       57   713493.      6559.  9.2 226.6      3323.  4.7 109.2      9882. 13.9 166.4      4762.  6.7       217.  0.3     14861. 20.8
       62   395258.      4755. 12.0 347.7      2550.  6.5 150.9      7305. 18.5 238.9      5972. 15.1       143.  0.4     13420. 34.0
       67    43895.       902. 20.5 561.9       501. 11.4 252.0      1403. 32.0 390.4      1353. 30.8        15.  0.3      2771. 63.1
       72     5570.       163. 29.3 525.9        98. 17.6 247.1       261. 46.9 369.4       317. 56.9         0.  0.0       578.103.8
       77     1420.        35. 24.6 394.4        27. 19.0 173.0        62. 43.6 253.2        79. 55.6         1.  0.7       142.100.0
       82     2111.       103. 48.8 512.8        21.  9.9  36.7       124. 58.7 160.3        40. 18.9         4.  1.9       168. 79.6

    TOTAL  3816685.     83769. 21.9 201.8     18022.  4.7 120.1    101791. 26.7 180.1     18674.  4.9      1294.  0.3    121759. 31.9
                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT




     EXPOSURE


                                                  ELIMINATION PERIOD

     DURATION        30      60      90     120     150     180     270     360   Other    TOTAL

          0-6     74979.  28203. 138590.   3110.   2075.      0.      0.      0.  15026. 261983.
          7-9     17989.  13771. 103441.   3998.   5560. 116338.      0.      0.   9333. 270431.
        10-12     14602.  11341.  86210.   3500.   4832. 100844.    366.     10.   9136. 230839.
        13-15     12854.  10011.  76061.   3279.   4289.  90518.    342.   3745.   8584. 209682.
        16-18     11648.   9229.  68560.   3061.   3991.  83697.    327.   3592.   8258. 192364.
        19-24     20924.  16756. 121287.   5656.   7095. 150046.    566.   6774.  15407. 344510.
        25-30     16235.  12946.  99503.   4893.   6135. 132621.    480.   6013.  15323. 294148.
        31-36     13897.  11073.  82110.   4215.   4938. 108916.    373.   5496.  13623. 244640.
        37-48     21370.  17991. 127237.   6861.   7919. 175303.    543.   8541.  22884. 388648.
        49-60     16577.  14417.  95133.   5346.   6320. 129938.    466.   6642.  18996. 293835.
        61-84     23341.  22255. 129572.   7389.   9573. 171075.    730.   9226.  30193. 403354.
       85-120     25370.  22399. 113032.   6701.   9072. 136483.   1224.   8016.  30694. 352991.
      121-168     24800.  17579.  70967.   5118.   4806.  78904.   1130.   6206.  20088. 229598.
     169 & UP     19792.  10151.  27100.   2384.   1042.  29555.    184.   2864.   6590.  99662.

        TOTAL    314377. 218121.1338801.  65510.  77646.1504238.   6732.  67125. 224134.3816685.




     RAW RECOVERY RATES


                                                  ELIMINATION PERIOD

     DURATION        30      60      90     120     150     180     270     360   Other    TOTAL

          0-6      289.9   137.0    92.1    52.7    56.9     0.0     0.0     0.0   164.7   157.0
          7-9       70.5    57.0    51.5    43.5    36.3    38.3     0.0     0.0    50.7    46.9
        10-12       38.5    33.3    29.1    23.4    28.4    25.2    19.1     0.0    29.1    28.1
        13-15       26.7    22.0    18.6    16.8    17.3    16.4     8.8    12.3    20.0    18.2
        16-18       17.3    13.7    14.5    12.7    11.8    12.7     9.2    10.6    12.5    13.6
        19-24       11.4    13.4    10.5    10.1     8.9     9.3     8.8    12.7    11.6    10.3
        25-30       23.9    23.9    16.4    17.4    19.2    11.2    14.6     9.6    15.2    14.7
        31-36       12.0     9.9     9.1     7.6    13.6     8.2    21.4    15.3     9.6     9.2
        37-48        8.2     8.1     7.0     8.2     5.2     6.0     7.4     5.4     8.5     6.7
        49-60        6.6     5.9     5.2     5.1     4.3     4.1     6.4     3.8     4.5     4.7
        61-84        4.8     3.5     3.1     3.4     2.1     3.8     1.4     4.4     3.1     3.5
       85-120        2.8     2.9     2.2     2.4     2.6     2.5     1.6     2.4     1.9     2.4
      121-168        2.1     1.4     2.0     2.9     2.7     2.3     0.0     2.7     2.0     2.1
     169 & UP        2.6     1.8     2.0     1.7     1.0     2.0     0.0     0.7     2.1     2.1

        TOTAL       81.0    29.5    21.6    12.7    12.3    10.7     6.4     6.9    20.1    21.9




     ACTUAL TO EXPECTED RECOVERY RATES


                                                  ELIMINATION PERIOD

     DURATION        30      60      90     120     150     180     270     360   Other    TOTAL

          0-6      369.9   202.1   148.3    94.0     0.0     0.0     0.0     0.0   233.2   233.3
          7-9      162.7   143.8   141.7   130.3   161.2   169.3     0.0     0.0   142.7   152.7
        10-12      146.5   138.2   132.4   115.0   174.4   158.0   417.6     0.0   145.2   144.2
        13-15      147.8   133.2   124.2   120.5   156.1   150.5   102.2   197.3   150.4   138.3
        16-18      129.0   112.5   131.6   123.7   146.3   160.5   122.7   180.6   131.4   141.2
        19-24      126.7   161.0   140.0   143.5   151.4   160.9   150.0   262.2   179.2   151.6
        25-30      457.4   494.1   350.9   408.0   473.5   271.8   347.6   268.5   379.0   334.6
        31-36      314.4   270.1   229.0   201.6   354.8   196.9   473.2   381.2   267.4   228.2
        37-48      383.3   419.4   347.8   456.9   282.7   316.8   446.4   303.1   475.2   346.2
        49-60      449.1   449.1   366.9   408.1   335.2   301.0   504.8   295.2   354.9   344.9
        61-84      521.1   439.5   348.2   433.8   250.9   461.1   172.4   582.2   408.8   418.4
       85-120      442.6   472.8   350.4   419.2   444.5   420.4   293.9   424.6   324.1   394.4
      121-168      426.5   272.6   420.8   642.5   563.1   487.2     0.0   647.0   432.2   444.1
     169 & UP      650.9   399.4   494.0   394.3   181.4   457.1     0.0   174.6   589.5   491.5

        TOTAL      323.2   192.1   156.4   147.2   233.6   189.0   245.7   289.3   215.5   201.8
                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT




     RAW DEATH RATES


                                                  ELIMINATION PERIOD

     DURATION        30      60      90     120     150     180     270     360   Other    TOTAL

          0-6       23.0    12.6    11.4    10.0    10.6     0.0     0.0     0.0    25.7    15.7
          7-9        6.9     8.9     9.6    13.0     7.6     8.6     0.0     0.0    15.8     9.2
        10-12        6.0     7.8     8.1     9.1     8.9     7.3    10.9     0.0     8.3     7.6
        13-15        6.1     5.0     6.3     8.2     4.4     6.1     5.8     8.0     7.3     6.2
        16-18        4.4     4.3     5.1     5.2     5.5     5.2     9.2     4.7     6.2     5.1
        19-24        3.8     3.4     4.0     2.8     5.8     3.6     3.5     4.4     5.2     3.9
        25-30        3.3     4.2     3.9     2.9     5.2     3.2     6.3     2.7     4.2     3.6
        31-36        2.6     2.5     3.0     2.8     3.2     3.2     0.0     4.2     4.2     3.1
        37-48        4.2     3.7     3.5     2.5     2.4     3.1     0.0     2.9     3.3     3.3
        49-60        1.9     2.6     2.5     1.1     2.4     2.4     2.1     2.6     1.8     2.4
        61-84        2.4     2.0     2.3     2.2     2.0     2.2     0.0     1.5     2.2     2.2
       85-120        2.0     2.6     2.0     1.8     1.4     2.1     1.6     1.7     2.2     2.1
      121-168        1.6     2.1     2.0     1.0     2.1     1.9     1.8     2.1     2.4     1.9
     169 & UP        2.3     2.1     1.9     1.7     2.9     1.9     0.0     2.1     1.8     2.0

        TOTAL        8.1     4.9     4.9     4.0     4.1     3.8     2.8     3.1     5.5     4.7




     ACTUAL TO EXPECTED DEATH RATES


                                                  ELIMINATION PERIOD

     DURATION        30      60      90     120     150     180     270     360   Other    TOTAL

          0-6      781.8   224.5   108.0    77.7     0.0     0.0     0.0     0.0   421.2   207.6
          7-9      150.3   150.5   107.0   128.4    83.0    94.3     0.0     0.0   187.9   106.8
        10-12      135.9   148.3   112.6   119.0   107.1    86.9   518.1     0.0   119.0   102.5
        13-15      140.1   100.4   100.2   126.5    65.9    90.4    98.7   124.5   119.7    98.3
        16-18      110.1    94.3    91.1    90.6    95.2    87.8   157.6    71.8   111.6    91.2
        19-24      108.8    88.7    89.3    61.9   123.2    75.8    76.8    89.6   116.4    85.5
        25-30      155.1   189.6   157.8   111.7   190.1   112.6   197.3    79.4   145.2   134.2
        31-36       76.1    79.9   100.4   100.7   118.5   121.4     0.0   145.6   139.9   109.9
        37-48      189.1   163.1   153.4   108.4   104.9   135.3     0.0   119.9   134.9   143.5
        49-60       92.9   121.2   121.8    52.5   111.4   109.9    97.8   112.1    78.8   110.2
        61-84      124.8   102.2   116.7   108.8    99.5   105.6     0.0    68.8   102.9   108.5
       85-120      117.3   151.8   113.7   104.3    78.0   116.8    93.6    86.7   113.5   115.6
      121-168       96.4   134.1   115.6    60.7   116.6   109.9   118.4   110.4   137.2   113.6
     169 & UP      128.0   128.8   105.1    98.7   174.4   102.7     0.0   115.4    94.5   110.9

        TOTAL      292.5   147.9   109.9    99.2   111.3    98.2   106.4    99.2   162.3   120.1
                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT




     EXPOSURE


                                                 AGE AT DISABILITY

     DURATION        22      27      32      37      42      47      52      57      62      67      72      77      82    TOTAL

          0-6      9891.  27925.  35731.  33831.  31949.  31050.  29395.  30152.  24623.   5578.   1227.    305.    328. 261983.
          7-9      5251.  16025.  26439.  31794.  33625.  35352.  36745.  41997.  34553.   6354.   1410.    380.    505. 270431.
        10-12      3391.  11274.  20509.  26257.  28712.  30591.  32528.  38321.  31800.   5569.   1228.    315.    343. 230839.
        13-15      2749.   9629.  17660.  23185.  25585.  27627.  30199.  36118.  30198.   5169.   1016.    266.    280. 209682.
        16-18      2400.   8566.  15682.  20893.  23075.  25218.  28168.  34164.  28685.   4712.    484.    128.    189. 192364.
        19-24      4034.  14704.  27185.  36465.  40804.  44824.  51047.  63491.  53934.   7709.     99.     25.    189. 344510.
        25-30      3201.  11840.  21652.  29328.  33372.  37512.  44369.  57989.  50288.   4472.     40.      1.     83. 294148.
        31-36      2317.   8934.  16063.  22430.  26018.  30530.  38239.  52106.  46107.   1836.     19.      0.     40. 244640.
        37-48      3299.  12824.  23186.  34192.  41634.  50084.  66227.  93489.  62198.   1435.     26.      0.     54. 388648.
        49-60      2624.   9547.  17379.  25632.  32981.  40869.  56195.  82390.  25534.    632.     16.      0.     35. 293835.
        61-84      3862.  13057.  23622.  36673.  47770.  61611.  90807. 119809.   5826.    263.      6.      0.     48. 403354.
       85-120      4795.  13666.  22116.  35183.  47392.  63986. 103324.  61202.   1182.    130.      0.      0.     17. 352991.
      121-168      4296.  11070.  17092.  25283.  38509.  61454.  69597.   2018.    244.     35.      0.      0.      0. 229598.
     169 & UP      2500.   5791.   9826.  15628.  28198.  33391.   3996.    246.     85.      0.      0.      0.      0.  99662.

        TOTAL     54609. 174850. 294143. 396775. 479625. 574099. 680835. 713493. 395258.  43895.   5570.   1420.   2111.3816685.




     RAW RECOVERY RATES


                                                 AGE AT DISABILITY

     DURATION        22      27      32      37      42      47      52      57      62      67      72      77      82    TOTAL

          0-6      315.0   303.6   244.2   172.6   128.9   109.2    94.6    77.3    70.6    83.5    71.7    42.6   119.0   157.0
          7-9      139.4   115.6    78.1    57.8    45.0    39.8    32.4    25.9    20.8    27.9    31.2    36.8    81.2    46.9
        10-12       77.9    58.5    50.5    38.1    31.7    26.5    20.0    15.4    13.3    16.2    17.9    22.2    35.0    28.1
        13-15       44.7    33.8    31.9    26.3    22.2    18.4    12.8    10.1     9.4    12.4     4.9     3.8    25.0    18.2
        16-18       35.4    29.8    23.3    18.2    16.9    13.8    10.3     6.8     7.5     8.7     6.2     0.0    21.2    13.6
        19-24       24.3    21.6    17.7    15.9    13.1    10.8     8.0     5.6     4.2     5.8    10.1     0.0     0.0    10.3
        25-30       32.5    28.3    26.6    24.7    21.5    16.8    11.7     7.4     5.4     2.9     0.0     0.0     0.0    14.7
        31-36       34.5    21.0    20.4    16.4    14.1     9.4     6.3     4.3     3.4     2.2     0.0     0.0     0.0     9.2
        37-48       19.4    17.7    13.2    12.1     8.3     5.8     4.2     2.9     6.7     1.4     0.0     0.0     0.0     6.7
        49-60       12.2     9.3     8.7     6.9     4.8     3.5     2.9     2.3    11.1     0.0     0.0     0.0     0.0     4.7
        61-84        5.2     7.9     6.2     5.0     4.0     3.1     2.5     2.8     3.8     0.0     0.0     0.0     0.0     3.5
       85-120        4.0     3.4     3.8     2.8     2.2     2.4     2.1     2.2     0.0     0.0     0.0     0.0     0.0     2.4
      121-168        3.0     2.6     2.6     2.6     1.8     2.1     2.0     1.5     0.0     0.0     0.0     0.0     0.0     2.1
     169 & UP        2.8     1.4     1.4     2.2     1.9     2.4     2.0     0.0     0.0     0.0     0.0     0.0     0.0     2.1

        TOTAL       87.1    73.9    50.6    31.0    20.9    15.4    11.0     9.2    12.0    20.5    29.3    24.6    48.8    21.9




     ACTUAL TO EXPECTED RECOVERY RATES


                                                 AGE AT DISABILITY

     DURATION        22      27      32      37      42      47      52      57      62      67      72      77      82    TOTAL

          0-6      268.3   286.5   258.3   209.4   179.3   176.7   191.2   220.9   341.9   613.2   520.9   271.9   330.2   233.3
          7-9      189.5   181.1   148.1   131.4   119.9   133.0   147.0   177.8   236.6   442.8   531.4   554.6   803.8   152.7
        10-12      147.6   131.5   140.1   128.6   128.5   135.2   142.3   175.2   252.5   517.4   609.6   703.0   742.1   144.2
        13-15      117.6   106.3   123.2   124.1   129.9   139.1   137.4   178.0   300.7   720.7   305.1   223.7   947.8   138.3
        16-18      128.0   128.0   119.9   112.7   129.2   141.0   149.2   171.4   393.2   756.8   680.2     0.0  1155.8   141.2
        19-24      128.3   133.8   129.5   135.6   136.0   152.6   165.0   200.8   305.0   690.9  1388.2     0.0     0.0   151.6
        25-30      270.1   266.8   289.8   328.2   354.5   367.6   363.9   356.3   410.5   310.5     0.0     0.0     0.0   334.6
        31-36      289.3   200.0   224.8   218.4   239.7   216.0   211.0   235.8   308.9   280.0     0.0     0.0     0.0   228.2
        37-48      254.4   279.7   263.8   321.5   308.1   308.5   333.5   349.6  1165.2   345.9     0.0     0.0     0.0   346.2
        49-60      215.5   198.4   238.8   259.4   263.9   287.7   349.0   431.3  2782.5     0.0     0.0     0.0     0.0   344.9
        61-84      137.4   243.4   234.7   259.5   329.4   468.5   755.5  1610.5  2793.8     0.0     0.0     0.0     0.0   418.4
       85-120      304.2   235.4   264.0   230.3   243.0   466.5   772.6  1088.8     0.0     0.0     0.0     0.0     0.0   394.4
      121-168      310.0   254.4   256.2   308.4   303.0   662.2   983.2   906.1     0.0     0.0     0.0     0.0     0.0   444.1
     169 & UP      267.4   140.2   173.0   400.5   587.8  1149.2  1177.8     0.0     0.0     0.0     0.0     0.0     0.0   491.5

        TOTAL      225.7   228.5   204.2   177.1   165.6   175.0   192.0   226.6   347.7   561.9   525.9   394.4   512.8   201.8
                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT




     RAW DEATH RATES


                                                 AGE AT DISABILITY

     DURATION        22      27      32      37      42      47      52      57      62      67      72      77      82    TOTAL

          0-6       21.9    22.5    17.6    13.8    12.4    13.4    13.6    13.5    16.1    18.6    27.7    19.7    12.2    15.7
          7-9       10.1     9.7     8.5     6.9     8.0     8.4     9.9     9.5    10.2    17.0    18.4    15.8    17.8     9.2
        10-12        7.7     7.0     6.5     6.5     6.3     7.0     8.5     8.3     8.4    12.0    11.4    22.2     8.7     7.6
        13-15        5.8     5.3     5.7     5.2     6.5     6.1     6.4     6.5     6.5     8.1     8.9    11.3     3.6     6.2
        16-18        5.8     4.8     5.4     4.9     3.9     5.8     4.1     5.4     5.4     7.4    20.7    23.4     5.3     5.1
        19-24        4.2     3.7     4.1     4.3     3.8     3.8     3.7     3.9     3.4     5.8    50.4    79.3     5.3     3.9
        25-30        3.4     2.9     3.5     4.4     3.6     3.1     3.2     3.1     3.5    13.6     0.0     0.0    12.0     3.6
        31-36        2.2     3.9     4.4     3.5     2.8     3.9     2.5     2.9     2.7    10.3     0.0     0.0     0.0     3.1
        37-48        2.1     3.3     3.7     3.0     2.4     2.4     2.0     2.5     7.2    10.5     0.0     0.0     0.0     3.3
        49-60        1.1     2.7     2.3     1.9     1.7     1.5     2.0     2.2     6.3     4.7     0.0     0.0    28.8     2.4
        61-84        1.6     1.6     1.6     1.0     1.3     1.5     1.7     3.3    14.9     7.6     0.0     0.0     0.0     2.2
       85-120        1.0     0.8     0.9     1.1     0.9     1.5     1.4     5.9     3.4     0.0     0.0     0.0     0.0     2.1
      121-168        0.2     1.0     0.7     1.0     1.0     1.4     3.5    15.9     0.0     0.0     0.0     0.0     0.0     1.9
     169 & UP        0.8     0.0     0.7     1.5     1.4     2.6     9.8     0.0    11.7     0.0     0.0     0.0     0.0     2.0

        TOTAL        7.0     6.8     5.5     4.3     3.7     3.8     3.8     4.7     6.5    11.4    17.6    19.0     9.9     4.7




     ACTUAL TO EXPECTED DEATH RATES


                                                 AGE AT DISABILITY

     DURATION        22      27      32      37      42      47      52      57      62      67      72      77      82    TOTAL

          0-6     1231.2   768.0   292.5   170.5   141.2   148.7   139.4   138.8   214.0   289.3   332.5   141.0    31.8   207.6
          7-9      257.4   161.8   103.5    77.3    87.6    90.1   103.4   104.1   136.5   248.8   216.2   121.9    52.7   106.8
        10-12      175.3   117.4    89.9    85.7    83.9    86.9   104.2   105.9   128.4   234.1   169.1   221.6    31.3   102.5
        13-15      150.4   103.6    93.5    80.0   103.6    90.2    89.9    95.2   120.8   195.7   157.5   138.2    15.4    98.3
        16-18      151.0   103.5   100.4    83.7    68.1    94.3    62.4    90.5   127.2   206.1   412.2   317.6    27.2    91.2
        19-24      147.1   105.1   101.9    92.2    79.0    74.8    69.7    80.2    95.7   183.0  1184.9  1294.3    30.9    85.5
        25-30      231.3   151.1   162.7   183.1   148.8   117.2   112.9   104.7   123.6   459.0     0.0     0.0    77.9   134.2
        31-36      143.1   199.6   196.7   142.2   107.1   137.0    79.9    89.3    89.1   335.6     0.0     0.0     0.0   109.9
        37-48      175.6   227.8   231.3   173.2   132.3   118.0    85.9    91.4   245.1   315.8     0.0     0.0     0.0   143.5
        49-60      135.0   260.7   185.5   138.9   109.1    80.5    89.6    78.7   214.9   137.7     0.0     0.0   170.8   110.2
        61-84      320.4   261.3   208.6    89.1    82.9    75.8    72.3   120.8   506.7   197.1     0.0     0.0     0.0   108.5
       85-120      121.5   119.0   119.9   106.8    63.7    81.8    66.4   241.0   109.8     0.0     0.0     0.0     0.0   115.6
      121-168       42.3   211.8   104.7    91.2    60.7    67.9   156.9   555.2     0.0     0.0     0.0     0.0     0.0   113.6
     169 & UP      134.0     0.0    64.9    92.0    72.4   121.9   399.2     0.0   157.0     0.0     0.0     0.0     0.0   110.9

        TOTAL      352.0   247.3   151.2   110.9    98.0    98.5    96.5   109.2   150.9   252.0   247.1   173.0    36.7   120.1
                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT




     EXPOSURE


                                                  ELIMINATION PERIOD

         AGE         30      60      90     120     150     180     270     360   Other    TOTAL

          22       8085.   3394.  20654.    821.    925.  16920.     83.    440.   3287.  54609.
          27      22295.  11017.  68024.   2447.   3091.  57899.    294.   1455.   8326. 174850.
          32      34754.  16563. 110306.   5350.   5039. 103621.    456.   4013.  14041. 294143.
          37      39753.  24779. 145235.   5301.   7204. 146815.    814.   6255.  20620. 396775.
          42      45307.  30532. 173638.   7672.   9103. 175850.    672.   8431.  28421. 479625.
          47      50007.  34489. 197109.   8789.  11834. 223091.    827.  11002.  36950. 574099.
          52      47111.  38358. 222797.  13732.  15564. 281743.   2092.  15055.  44382. 680835.
          57      39581.  37631. 239694.  13725.  15762. 309261.   1047.  13554.  43239. 713493.
          62      23653.  18360. 139258.   7046.   8200. 170303.    330.   5991.  22118. 395258.
          67       3358.   2570.  18120.    561.    802.  15106.    117.    870.   2390.  43895.
          72        410.    309.   2535.     57.     75.   1971.      0.     20.    193.   5570.
          77         30.     68.    711.      5.     38.    516.      0.     24.     29.   1420.
          82         34.     50.    720.      5.      9.   1141.      0.     14.    137.   2111.

        TOTAL    314377. 218121.1338801.  65510.  77646.1504238.   6732.  67125. 224134.3816685.




     RAW RECOVERY RATES


                                                  ELIMINATION PERIOD

         AGE         30      60      90     120     150     180     270     360   Other    TOTAL

          22       234.5    94.9    70.9    31.7    42.1    37.4    24.1    13.6   112.6    87.1
          27       247.6    79.5    58.6    31.5    34.9    27.6    17.0    12.4    86.7    73.9
          32       164.0    62.2    44.0    18.5    25.2    22.1    17.6    10.7    52.5    50.6
          37        93.4    39.1    29.4    22.8    19.0    16.7    12.3     8.0    28.7    31.0
          42        56.0    26.7    21.1    16.7    13.8    12.4     4.5     8.3    18.4    20.9
          47        42.2    20.5    16.4    12.1    10.1     9.1     4.8     6.8    12.3    15.4
          52        32.5    16.9    12.3     8.7     7.1     6.5     1.9     5.6     9.7    11.0
          57        31.2    14.7    10.3     5.5     6.9     5.5     5.7     5.5     8.0     9.2
          62        39.1    21.1    12.9     9.7     8.2     7.0     0.0     5.8    13.1    12.0
          67        74.7    36.2    18.0    10.7     7.5    11.6     8.6     4.6    16.7    20.5
          72       104.9    64.6    23.3    70.4    26.7    14.7     0.0    49.3    25.9    29.3
          77       100.4    44.4    28.1     0.0    26.6    13.6     0.0     0.0    34.0    24.6
          82       294.1   160.0    52.8   200.0   111.1    33.3     0.0   138.6    36.4    48.8

        TOTAL       81.0    29.5    21.6    12.7    12.3    10.7     6.4     6.9    20.1    21.9




     ACTUAL TO EXPECTED RECOVERY RATES


                                                  ELIMINATION PERIOD

         AGE         30      60      90     120     150     180     270     360   Other    TOTAL

          22       347.0   207.1   165.8   119.5   231.6   192.5   521.5   217.4   241.7   225.7
          27       373.3   199.7   165.2   148.2   232.8   175.4   205.2   161.9   244.0   228.5
          32       347.2   189.7   150.9   106.6   227.6   167.7   352.9   177.2   210.7   204.2
          37       293.0   175.4   136.6   126.2   196.8   165.6   256.5   169.5   180.7   177.1
          42       258.3   155.5   131.4   141.4   199.4   167.2   196.0   255.0   183.2   165.6
          47       258.7   167.1   141.8   157.2   218.5   180.3   180.4   335.6   176.2   175.0
          52       270.5   187.7   156.4   168.4   248.1   202.2   136.3   395.3   218.6   192.0
          57       343.7   232.9   188.6   156.8   288.6   230.4   413.4   496.0   228.7   226.6
          62       495.9   361.2   294.4   297.6   381.8   339.3     0.0   638.2   429.6   347.7
          67       847.6   578.0   417.6   330.9   461.4   685.9  1115.0   693.7   535.8   561.9
          72       800.1   670.1   358.8  1178.7  1218.6   649.0     0.0  7287.4   415.4   525.9
          77       468.2   393.4   337.6     0.0  1263.9   560.6     0.0     0.0   667.4   394.4
          82       528.7   445.9   359.2   685.3  2994.7   958.9     0.0  9047.2   302.2   512.8

        TOTAL      323.2   192.1   156.4   147.2   233.6   189.0   245.7   289.3   215.5   201.8
                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT




     RAW DEATH RATES


                                                  ELIMINATION PERIOD

         AGE         30      60      90     120     150     180     270     360   Other    TOTAL

          22        18.2     5.0     4.4     1.2     6.5     3.9     0.0     4.5    16.1     7.0
          27        19.9     8.0     4.6     5.3     3.9     3.7     0.0     4.1    11.5     6.8
          32        13.4     5.3     4.9     4.3     5.0     3.6     0.0     3.5     7.1     5.5
          37         7.0     4.2     4.5     5.5     4.3     3.2     2.5     2.9     6.1     4.3
          42         5.4     3.4     4.0     3.1     4.7     3.0     3.0     1.9     4.4     3.7
          47         5.3     4.3     4.3     3.5     2.5     3.1     2.4     2.6     3.9     3.8
          52         4.7     4.5     4.5     2.5     3.2     3.2     1.0     2.0     4.3     3.8
          57         6.1     4.3     5.0     3.9     4.4     4.3     5.7     3.8     5.0     4.7
          62         8.1     7.9     7.0     6.1     4.6     5.7     9.1     5.5     6.8     6.5
          67        12.8     8.6    12.2    10.7    12.5    11.0    17.1     5.7    10.9    11.4
          72        26.8    16.2    18.9    17.6    26.7    14.2     0.0     0.0    15.5    17.6
          77        33.5    44.4    23.9     0.0     0.0    11.6     0.0     0.0     0.0    19.0
          82         0.0    20.0     8.3     0.0     0.0    12.3     0.0     0.0     0.0     9.9

        TOTAL        8.1     4.9     4.9     4.0     4.1     3.8     2.8     3.1     5.5     4.7




     ACTUAL TO EXPECTED DEATH RATES


                                                  ELIMINATION PERIOD

         AGE         30      60      90     120     150     180     270     360   Other    TOTAL

          22      1823.1   344.5   184.6    65.3   236.0   178.0     0.0   341.4  1118.7   352.0
          27      1425.5   364.1   139.3   201.8   126.7   132.2     0.0   175.3   566.7   247.3
          32       544.5   211.3   105.8   104.9   141.8   107.5     0.0   145.5   248.4   151.2
          37       255.3   127.4    95.4   119.0   128.4    87.8   130.4   118.5   185.2   110.9
          42       183.6   108.7    89.0    84.2   132.0    82.8   125.8    73.9   143.8    98.0
          47       187.9   134.7    95.6    90.1    75.7    81.3    88.1    85.0   118.2    98.5
          52       153.1   128.0    99.0    66.0    88.9    82.8    33.7    61.9   124.9    96.5
          57       182.9   114.3   108.8    93.5   110.0    99.7   152.4   108.2   129.1   109.2
          62       257.2   214.5   157.2   139.0   110.9   128.9   265.4   152.7   176.0   150.9
          67       374.1   213.8   244.4   233.1   271.6   248.4   540.4   144.7   267.4   252.0
          72       687.0   259.1   236.8   198.8   434.3   205.8     0.0     0.0   249.1   247.1
          77       403.0   594.4   193.8     0.0     0.0   115.1     0.0     0.0     0.0   173.0
          82         0.0    64.9    25.9     0.0     0.0    48.9     0.0     0.0     0.0    36.7

        TOTAL      292.5   147.9   109.9    99.2   111.3    98.2   106.4    99.2   162.3   120.1




                    ULTIMATE DEATH TABLE ANALYSIS
                     (DURATIONS OVER 60 MONTHS)


                                          MALE                                                     FEMALE

       AGE           EXPOSURE     # CLM   EXP CLM   DTH RATE      A/E           EXPOSURE     # CLM   EXP CLM   DTH RATE      A/E

         2                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
         7                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
        12                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
        17                 0.        0.        0.        0.0      0.0                17.        0.        0.        0.0      0.0
        22               170.        0.        0.        0.0      0.0               250.        0.        0.        0.0      0.0
        27              3370.        8.        4.       28.5    199.6              3519.        4.        1.       13.6    466.8
        32             10926.       18.       12.       19.8    152.5             17506.       15.        7.       10.3    226.0
        37             20818.       34.       23.       19.6    145.2             36347.       28.       16.        9.2    175.5
        42             38374.       42.       55.       13.1     76.4             54209.       40.       32.        8.9    126.9
        47             55431.       72.      105.       15.6     68.9             69666.       57.       63.        9.8     90.3
        52             83131.      149.      193.       21.5     77.0             89750.       92.      114.       12.3     80.5
        57            138133.      261.      367.       22.7     71.1            132803.      136.      214.       12.3     63.6
        62            172589.      695.      504.       48.3    137.8            151296.      578.      285.       45.8    202.5
        67              4210.       22.       14.       62.7    152.4              2006.        9.        5.       53.8    198.2
        72               565.        1.        3.       21.3     36.2               231.        0.        1.        0.0      0.0
        77               146.        1.        1.       82.3     92.8                76.        0.        0.        0.0      0.0
        82                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
        87                33.        0.        1.        0.0      0.0                 0.        0.        0.        0.0      0.0
        92                32.        0.        1.        0.0      0.0                 0.        0.        0.        0.0      0.0
        97                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
       102                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
       107                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
       112                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
       117                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0

    TOTALS            527928.     1303.     1283.       29.6    101.5            557677.      959.      737.       20.6    130.0





                    ULTIMATE RECOVERY TABLE ANALYSIS
                     (DURATIONS OVER 84 MONTHS)


                                          MALE                                                     FEMALE

       AGE           EXPOSURE     # CLM   EXP CLM   REC RATE      A/E           EXPOSURE     # CLM   EXP CLM   REC RATE      A/E

         2                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
         7                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
        12                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
        17                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
        22                 1.        0.        0.        0.0      0.0                79.        0.        0.        0.0      0.0
        27              1342.        3.        2.       26.8    192.4               999.        6.        2.       72.0    373.6
        32              5658.       25.        7.       53.0    347.8              8640.       25.       11.       34.7    223.6
        37             11156.       38.       16.       40.9    237.3             20529.       71.       25.       41.5    283.8
        42             21740.       66.       27.       36.4    242.6             32398.       84.       37.       31.1    225.6
        47             33225.       99.       31.       35.8    323.9             43282.       90.       41.       25.0    220.2
        52             50358.      108.       29.       25.7    375.7             57876.      112.       39.       23.2    290.7
        57             87024.      192.       26.       26.5    734.4             88876.      166.       31.       22.4    541.3
        62            110251.      249.       27.       27.1    934.3            104573.      207.       17.       23.8   1184.4
        67              2306.        1.        0.        5.2    247.5              1054.        2.        0.       22.8   2804.9
        72               476.        0.        0.        0.0      0.0               173.        0.        0.        0.0      0.0
        77               144.        0.        0.        0.0      0.0                73.        0.        0.        0.0      0.0
        82                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
        87                 9.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
        92                 8.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
        97                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
       102                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
       107                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
       112                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0
       117                 0.        0.        0.        0.0      0.0                 0.        0.        0.        0.0      0.0

    TOTALS            323697.      781.      165.       29.0    474.7            358554.      763.      203.       25.5    376.3
                                          SMITH GROUP LTD RECOVERY AND DEATH RATE REPORT




     ACTUAL RESERVE FACTORS
                              (AT 6 MONTHS; TO 65 AGES<65, TO 70 AGE 67, 1 YEAR AGES>70)


                                                  ELIMINATION PERIOD

         AGE         30      60      90     120     150     180     270     360   Other    TOTAL

          22        3.62    9.39   13.29   21.87   24.02   21.85   14.05   35.91   36.21   16.50
          27        3.77   10.70   17.08   21.34   24.25   31.77   19.78   63.41   34.17   21.45
          32        5.49   15.15   23.19   35.86   29.27   38.76   15.95   62.28   42.35   27.95
          37        9.34   19.97   30.44   29.75   38.43   45.76   49.90   64.50   50.06   34.68
          42       14.54   28.09   38.48   39.02   42.17   52.14   51.42   62.84   57.69   41.78
          47       17.34   30.29   40.51   42.14   51.64   55.50   79.52   59.69   58.24   44.97
          52       20.57   32.60   41.89   47.48   51.40   55.74   85.46   62.39   57.76   46.68
          57       18.98   30.83   37.49   44.86   42.62   46.27   43.21   48.47   47.15   40.66
          62       12.44   16.72   20.22   21.54   22.55   22.14   23.97   22.38   19.45   20.52
          67       10.43   15.28   18.51   20.14   21.04   19.57   20.99   22.79   19.40   18.26
          72        5.48    6.55    8.78    6.82    8.18    9.84   11.59   11.59   10.79    8.87
          77        5.63    6.77    8.85   11.59    9.69   10.04   11.59   11.59   11.59    9.20
          82        3.36    4.77    7.54    4.94    8.77    8.06   11.59    8.70   11.59    7.79

        TOTAL      12.76   23.74   31.22   36.04   38.23   43.29   51.36   51.47   45.99   35.02




     EXPECTED RESERVE FACTORS
                              (AT 6 MONTHS; TO 65 AGES<65, TO 70 AGE 67, 1 YEAR AGES>70)


                                                  ELIMINATION PERIOD

         AGE         30      60      90     120     150     180     270     360   Other    TOTAL

          22       26.88   29.61   32.90   34.76   52.42   52.52  104.84   75.55   68.00   40.93
          27       31.13   34.22   37.50   40.68   57.77   57.21   85.05   79.87   72.17   45.21
          32       35.19   38.41   41.80   45.11   63.10   62.31   82.41   82.30   74.72   50.13
          37       39.63   42.85   46.10   49.55   66.71   66.26   85.65   84.41   76.68   54.45
          42       43.85   47.12   50.21   53.71   68.95   68.64   82.36   84.08   78.66   57.83
          47       47.05   50.12   52.88   56.23   69.18   68.39   79.43   80.33   76.33   59.63
          52       47.33   49.85   52.20   54.75   64.65   63.95   71.41   72.80   68.80   57.56
          57       43.23   44.47   45.84   47.13   52.10   51.38   55.44   56.36   53.01   48.52
          62       25.00   24.78   24.66   24.46   24.96   24.11   25.12   24.35   20.92   24.34
          67       26.41   26.11   25.78   25.53   25.79   24.97   25.39   24.50   21.18   25.42
          72       10.48   10.45   10.54   10.67   11.05   10.95   11.59   11.44   11.20   10.71
          77        9.85   10.34   10.20   10.22   10.95   10.72   11.59   11.38   11.08   10.42
          82        8.49    8.40    8.50    9.39   10.24    9.64   11.59   11.06   10.10    9.26

        TOTAL      39.09   41.68   43.46   45.88   56.73   55.84   67.19   66.98   64.00   48.99




     ACTUAL TO EXPECTED RESERVE FACTORS
                              (AT 6 MONTHS; TO 65 AGES<65, TO 70 AGE 67, 1 YEAR AGES>70)


                                                  ELIMINATION PERIOD

         AGE         30      60      90     120     150     180     270     360   Other    TOTAL

          22        13.5    31.7    40.4    62.9    45.8    41.6    13.4    47.5    53.2    40.3
          27        12.1    31.3    45.5    52.5    42.0    55.5    23.3    79.4    47.3    47.4
          32        15.6    39.4    55.5    79.5    46.4    62.2    19.4    75.7    56.7    55.8
          37        23.6    46.6    66.0    60.0    57.6    69.1    58.3    76.4    65.3    63.7
          42        33.1    59.6    76.6    72.7    61.2    76.0    62.4    74.7    73.3    72.3
          47        36.9    60.4    76.6    74.9    74.7    81.1   100.1    74.3    76.3    75.4
          52        43.5    65.4    80.3    86.7    79.5    87.2   119.7    85.7    83.9    81.1
          57        43.9    69.3    81.8    95.2    81.8    90.0    77.9    86.0    89.0    83.8
          62        49.8    67.5    82.0    88.1    90.3    91.8    95.4    91.9    93.0    84.3
          67        39.5    58.5    71.8    78.9    81.6    78.4    82.7    93.0    91.6    71.8
          72        52.4    62.7    83.3    64.0    74.0    89.9   100.0   101.3    96.4    82.8
          77        57.1    65.5    86.8   113.3    88.5    93.7   100.0   101.8   104.6    88.3
          82        39.6    56.9    88.8    52.6    85.7    83.7   100.0    78.7   114.8    84.1

        TOTAL       32.6    57.0    71.8    78.5    67.4    77.5    76.4    76.9    71.9    71.5
