REVENUE:                                                         2000       1999       1998   
Gross premiums and policyholder fees earned . . . . . . . . . $ 451,323  $ 252,553  $ 131,044
Reinsurance premiums assumed  . . . . . . . . . . . . . . . .     3,055      1,751        998
Reinsurance premiums ceded  . . . . . . . . . . . . . . . . .  (234,625)  (138,827)   (89,546)
Net premiums and policyholder fees earned (Note 11) . . . . .   219,753    115,477     42,496
Net investment income (Note 5)  . . . . . . . . . . . . . . .    56,945     29,313     10,721
Realized gains (losses) on investments (Note 5) . . . . . . .       146       (241)       256
Fee and other income  . . . . . . . . . . . . . . . . . . . .     7,247      3,587      2,616 
    Total revenues  . . . . . . . . . . . . . . . . . . . . .   284,091    148,136     56,089 

BENEFITS, CLAIMS AND OTHER DEDUCTIONS:
Net increase in future policy benefits  . . . . . . . . . . .     6,968        357      5,356
Claims and other benefits . . . . . . . . . . . . . . . . . .   146,951     72,898     25,638
Interest credited to policyholders  . . . . . . . . . . . . .    10,130      8,668      7,240
Net increase in deferred acquisition costs. . . . . . . . . .   (15,925)    (6,229)    (3,530)
Amortization of present value of future profits . . . . . . .     3,096        343        174
Amortization of goodwill/negative goodwill  . . . . . . . . .      (347)      (273)       171
Commissions . . . . . . . . . . . . . . . . . . . . . . . . .    82,903     46,624     27,147
Other operating costs and expenses  . . . . . . . . . . . . .    87,006     48,658     21,181
Commission and expense allowances
 on reinsurance ceded . . . . . . . . . . . . . . . . . . . .   (69,757)   (38,966)   (31,220)
    Total benefits, claims and other deductions . . . . . . .   251,025    132,080     52,157 

Operating income before taxes . . . . . . . . . . . . . . . .    33,066     16,056      3,932
Federal income tax expense (Note 6) . . . . . . . . . . . . .    10,181       6,243      1,324 

Net income  . . . . . . . . . . . . . . . . . . . . . . . . .    22,885      9,813      2,608
Redemption accrual on Series C and Series D Preferred
 Stock (Note 7) . . . . . . . . . . . . . . . . . . . . . . .        -         180        434 
Net Income applicable to common shareholders  . . . . . . . . $  22,885  $   9,633  $   2,174 
Earnings per common share (Note 2k):
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . $    0.49  $    0.42  $    0.29 
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . $    0.49  $    0.34  $    0.20 

See notes to consolidated financial statements.