CIBC reviews insurance business

Article Abstract:

CIBC Insurance has posted a profit of just over C$1 billion in 1998, sharply down from C$1.5 billion in 1997. The insurance company's return on equity also declined to 10.3% from 17.7%. CIBC, with book value of C$288 million in 1998, has three operating units. These are CIBC Life Insurance Co Ltd, CIBC General Insurance Co Ltd, and Personal Insurance Co Ltd. The insurance company accounted for $238 million or aroud 2.6% of the revenue of its parent, Canadian Imperial Bank of Commerce.

Life Insurance, Direct Life Insurance Carriers, CIBC Insurance

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Boliden pushed deep into red

Article Abstract:

Base metal mining company Boliden Ltd of Toronto, Ontario, has posted a loss of $75.7 million or 71 cents a share on revenue of $1.12 billion in 1998. The company had a profit of $81.8 million or 82 cents a share on revenue of $1.09 billion in 1997. Boliden attributed the loss to the depressed metal prices and additional provisions against a massive toxic spill at its Los Frailes zinc mine in Spain.

Metal Ores, Metal Ore Mining, Mining industry, Ores, Boliden Ltd.

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Kingsway plans to slow acquisition strategy

Article Abstract:

High-risk insurance company Kingsway Financial Services Inc of Mississauga, Ontario, has posted a record profit of C$31 million, or 86 cents per share, on revenue of C$352.2 million in 1998. The company reported a profit of C$22.1 million, or 74 cents, on C$196.3 million in 1997. The company is projecting a bigger profit for 1999 because it expects its tax rate to drop from 38% to around 30%.

Insurance NEC, Other Direct Insurance (except Life, Health, and Medical) Carriers, Insurance, Kingsway Financial Services Inc.

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