Annuity and Life Re (Holdings) Ltd. reported a net loss of $212,458 or one cent per share for the three months ended June 30.

The reinsurance company, which had made a net loss of $92,056 for the same period last year, also recorded a net loss of $291,671 or one cent per share for the first six months of 2008 compared to $33,108 during the first half of 2007, according to its financial results for the three and six months ended June 30, 2008.

The Company had investment gains of $21,017 during the three months ended June 30, 2008 compared with $0 during the three months ended June 30, 2007 and $21,017 for the six months ended June 30, 2008 compared with $170,101 for the six months ended June 30, 2007.

Gross unrealised gains on the company's investments were $84,127 as of June 30, 2008, as compared to gross unrealised gains of $281,209 as of December 31, 2007. The company's investment portfolio currently maintains an average credit quality of AA.

Cash used by continuing operations for the six months ended June 30, 2008 was -$17,606,201, compared to cash used by operations of -$146,675 for the six months ended June 30, 2007.

A cash distribution of 50 cents per common share was made to shareholders on May 15, 2008.