Sun Life costs to grow over U.K. pension scandal

Article Abstract:

Sun Life Assurance Co. of Canada Chairman John McNeil said the company is likely to report a total of pretax reserves of about C$680 million in its 1998 fourth quarter. This amount will cover repayments and associated costs related to the reimbursement of its customers in the United Kingdom. Britain's Financial Services Authorithy recently ordered Sun Life's British unit, one of 41 insurers in the country, to reimburse the customers who were alleged to have been persuaded through improper advice to purchase private pensions from the insurers to replace government and corporate plans.

Comment:

Chairman John McNeil said the company is likely to report a total of pretax reserves of about C$680 mil in its 1998 4th quarter

Sales, profits & dividends, Life insurance, Sun Life Assurance Company of Canada, Article

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Confederation officers still face uncertainty

Article Abstract:

Former directors, executives and auditors of the defunct Confederation Life Insurance Co may yet be sued again even as the company's US rehabilitator is likely to drop its $1.8 billion suit against them in Sep 1999. The failed company's Canadian liquidator is reviewing its options and this include suing the concerned persons to collect millions of dollars under their liability insurance policies. Unsecured creditors are still owed between C$875 million and C$900 million.

Legal issues & crime, Confederation Life Insurance Co.

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