(October 28 – 14:20 ET) –
Clarica Life Insurance Company,
formerly The Mutual Group,
is reporting net income
attributable to shareholders of
$70 million for the quarter ended
September 30, 1999. That represents
$0.52 per share on a pro forma
basis. This is an 8% increase over
pro forma adjusted net income of
$65 million for the same period
in 1998.
Pro forma net income
attributable to shareholders for
the first three quarters of 1999
increased 23% to $197 million from
$160 million in 1998, Clarica said
in a prepared statement. That
represents $1.47 per share compared
to $1.20 on an adjusted pro forma
basis for 1998.
The two most significant
factors contributing to the growth
in year-to-date results, said
Clarica, are the acquisition of the
Canadian operations of
Metropolitan Life and
improvements in profitability in
the group insurance segment.
Since conversion to a public
company took place on July 21,
1999, only income earned after
that date, as shown on the
financial statements, is available
to shareholders, said the company.
The pro forma results represent
the earnings for the period that
would have been attributable to
shareholders if Clarica
demutualized January 1, 1998.
The Board of Directors of Clarica Life Insurance Company today declared a quarterly dividend of $0.15 per share on each Common Share. The dividend is payable on December 3, 1999 to shareholders of record on November 9, 1999. This will be the first dividend payable to shareholders since Clarica’s listing on the Toronto and Montreal stock exchanges on July 21, 1999.
-IE Staff
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