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E-L Financial recovery hampered by investments


November 10, 2003   by Canadian Underwriter


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Toronto-based E-L Financial Corp. Ltd. (TSX: ELF) posted higher net income in the first three quarters ending September 30, 2003, but investment losses hampered the recovery.
Overall, the company posted net income of $42.3 million for the nine-month period, versus $41.3 million for the same period a year prior. But net operating income (excluding investments) was more than double in the first nine months of 2003, up to $48.3 million from $21.8 million a year prior.
Loss on the sale of investments amounted to $16.3 million during the nine months, compared to gain on sale of investments of $9.3 million a year prior.
In the general insurance business, revenues were up to $686.0 million for the first nine months of 2003, from $560.0 million a year before. Net income during the same comparative period was up to $6.8 million, versus $6.6 million a year prior. And operating income was $24.4 million, against $10.8 million the year before. For the first three quarters of 2003, investment loss was $17.6 million, compared to investment gain of $6.8 million in third-quarter 2002.