E-L Financial earnings up on premium gains

Toronto-based E-L Financial Corp. (TSX: ELF), parent of The Dominion of Canada General Insurance Co., posted higher net income for the first quarter of 2004 on the back of premium growth in its general insurance segment.
Overall, net income for the most recent quarter was $24.0 million ($6.24 per share), up from $16.9 million ($4.41 per share) in the first quarter of 2003. Revenue from insurance premiums (including life and general insurance) were up to $347.5 million from $285.4 million the year prior. Investment income grew to $70.8 million from $56.0 million during the same comparative period.
At the same time, expenses grew to $403.6 million from $352.8 million, and taxes were up to $23.0 million from $16.1 million.
The general insurance operations saw revenue rise to $278.5 million for the first quarter of this year, from $222.7 million the year prior. And net income for this segment soared to $13.9 million, from $8.0 million in the first quarter of 2003.
The E-L board has declared a special dividend of $24.00 per common share payable May 25, including $7.20 in cash and $16.80 in stock. The dividend will result in the recovery of $30.7 million of refundable dividend tax.