High claims tarnish Crown Life profit
Article Abstract:
Crown Life Insurance Co., a Regina, Saskatchewan-based insurance company, has reported a lower profit of C$9.9 million in the third quarter that ended Sept. 30, 1998, compared with C$11.9 million during the same quarter in 1997. Crown Life Chief Financial Officer Alan Rowe said the insurer's lower third-quarter profit was a result of higher claims in special risk reinsurance that is chiefly in group medical coverage in the US. Although common shareholders' share of profit fell to C$2.9 million during the period, participating policy holders' share of profit jumped to C$4.7 million from C$3.4 million in the same period a year ago. Crown Life's revenue for the quarter also declined to C$332.2 million from C$334 million in 1997.
Comment:
Reports lower profit of C$9.9 mil in the third quarter ended 9/30/98, compared w/ C$11.9 mil during the same quarter in 1997
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Canada Life takes another $130-million hit
Article Abstract:
Canada Life Assurance Co announced that it will take a $130-million loss as a result of a British pension sales scandal which affected the entire industry. The loss will not affect its profits since it was able to reduce other reserves by the same amount. The firm disclosed the loss because of its scheduled launching of its initial public offering to institutional investors. Canada Life wanted to be totally transparent to investors and ensure that they knew what they wanted to know.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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