First-half 2003 results for Toronto-based E-L Financial Corp. Ltd. (TSX:ELF) show some signs of improvement, although net income is down due to investment losses. The company’s net operating income rose to $29.5 million, or $7.67 per share, for the first six months of this year, versus $14.1 million, or $3.66 per share during the same period last year. However, net income was down to $18.1 million, or $4.72 per share, versus $30.1 million, or $7.85 per share last year. The company notes that in the second quarter of 2003, it realized a pre-tax loss on the sale of investments due to repositioning its stock portfolio. “There is an unusually high degree of uncertainty around both the capital markets and the political environment in which our operating subsidiaries do business,” states a press release. “We feel we are more than adequately capitalized to serve our clients.” The company’s general insurance operations saw revenue growth to $430.1 million (2002: $363.5 million) but posted a net loss of $3.8 million (2002 net income: $11.9 million) due to an $18.0 million loss on sale of investments. Excluding this, income for the general insurance operations was $14.3 million versus $5.5 million in the first six months of 2002. Overall, the company posted a loss of $21.9 million on sale of investments in first-half 2003, versus a gain of $14.7 million in the first half of last year.