January 1, 2004 by Canadian Underwriter
Loyalist Insurance Group Ltd. (TSX: LOY) has turned its ship around for the third quarter ending September 30, 2003, posting profit of $593,000 versus a loss of $473,000 for the same period a year earlier.
These figures do not include results for Loyalist Group Ltd. (LGL) following on the group’s decision to reduce its ownership in the former subsidiary to 44% back in March. The change also significantly lowers the company’s assets which now stand at $5.9 million versus $25.5 million at the end of 2002.
Loyalist results include Loyalist Insurance Co., brokerage operations and All-Canadian Management Inc., a mutual fund management company.
For the third quarter 2003, basic earnings per share were $0.03 versus a loss per share of $0.02 for the same period a year earlier. During the period, brokerage commissions were up, as were investment management fees.
For the first nine months of 2003, the group turned a profit of $255,000 versus a loss of $1.18 million a year earlier. Basic earnings per share for the nine-month period are $0.01, versus a loss per share of $0.06 for the first nine months of 2002.
In the first three quarters of 2003, premium revenue, claims and investment income are down due to divestment from LGL, but brokerage commissions and fees are up to $2.1 million, almost double the revenues for the first nine months of 2002. Revenue from investment management is up to $589,000 from $366,000 a year earlier.