Clarica Life Insurance Co. reported improved earnings for the fourth quarter ended Dec. 31, 2001.

The life insurer said profit climbed to $114 million, or 85¢ a share, up from $92 million, or 69¢ a share last year.

The company attributed the 24% jump in fourth-quarter earnings to its expanded distribution networks and benefits from recent acquisitions.

Clarica said it expects it will achieve 2002 targets of 10% to 15% growth in earnings and 14.5% to 15 % on return on equity.

“While factors such as the timing and extent of any economic turnaround in Canada and North America will influence performancein 2002, we believe the established targets are achievable,” said Bob Astley, president and CEO, in a statement.

Fourth-quarter total premiums and deposits jumped to $2.2 billion from $1.7 billion a year ago. Return on equity for the year rose to 14.4% from a year-earlier 12.9%.

Total wealth-management premiums and deposits rose 53% in the quarter to $1.2 billion from a year earlier $790 million based on gains from an increase in group market-based deposits from the Royal Trust acquisition.

Meanwhile, insurance premiums showed lighter growth, up 7%.

All business lines improved during the fourth quarter except for the reinsurance business. The unit suffered because of poor mortality experience in the life retrocession line of business, and was unrelated to the events of Sept. 11, 2001, the company said.

Clarica’s U.S. division more than doubled its profit, reflecting the contribution from recently acquired Ash Brokerage Corp.

Annual profit rose 24.3 percent to C$414 million, or C$3.08 a share, from C$333 million, or C$2.48 a share.

The board of directors today declared a dividend of 22¢ per share.