Imperial Life posts higher provisions

Article Abstract:

Imperial Life Assurance Co. of Canada, a life insurance firm based in Toronto, Ontario, has increased provisions for potential compensation to pension customers from C$55 million to C$82 million. Imperial Life CFO Alain Thauvette stated that the firm hopes it will not have to increase its provisions again. The company also reported a loss worth C$13.4 million for the six months that concluded Jun. 30, 1998, against a restated profit of C$19.9 million in 1997, along with an increase in revenues to achieve C$367.7 million against C$364.1 million in 1997.

Comment:

Increases provisions for potential compensation to pension customers from C$55 mil to C$82 mil

Ontario, Article, Imperial Life Assurance Company of Canada

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Cognos posts solid 4th-quarter results

Article Abstract:

Business-intelligence software developer Cognos Corp of Ottawa, Ontario, has posted a 23% growth in profit to C$61.8 million, excluding writedowns, on revenue of C$301 million in 1998. The company was able to evade the Y2K-related problems that reduced the revenues of other software companies. Meanwhile, Empire Life Insurance Co posted C$4.6-million decline in profit to C$33 million despite a 16% increase in revenue to C$475 million in 1998.

Computer Software, Software Publishers, Software, Cognos Inc. (Burlington, Massachusetts)

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Major insurers post strong results

Article Abstract:

Major Canadian insurers, Industrial-Alliance Life Insurance Co. and Canada Life Financial Corp., have posted profit increases of 20% and 23% respectively.

Life insurance, Finance, Insurance industry, Life insurance industry, Canada Life Financial Corp., Industrial Alliance Life Insurance Co.

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