Canadian Underwriter

E-L weathers hit to investment gains

October 25, 2002   by Canadian Underwriter

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E-L Financial Corp. Ltd. (TSX: ELF), parent company of the Dominion of Canada General and Chieftain, is reporting a slight drop in income for the third quarter of this year as compared to the same period last year.
Net operating income is $23.5 millon, or $6.59 million per share, for the most recent reporting period, compared with $25.8 million, or $6.71 per share, in Q3 2001.
Combined with investment gains, this puts net income at $44.7 million, or $11.64 per share, for the nine months ending September 30, 2002, versus $47.2 million, or $12.29 per share at the same point last year.
For the general insurance portfolio alone, however, net operating income was up to $14.24 million, versus $8.65 million last year. And overall income was up to $20.84 million against $19.26 million at the same point last year.
This news comes despite struggles with the investment markets. Overall investment gains for the company year-to-date are less than half of what they were for the first nine months of 2001. And, notes chairman and president Henry Jackman, “Continued investment gains may not materialize to the same extent as in previous years, thus affecting future total earnings.”

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