(May 10 – 16:20 ET) – Crown Life Insurance Company has released financial results for the first quarter of 2000. Shareholders’ net income in the first three months of 2000 was $8.9 million, compared with $7.5 million reported for the corresponding period in 1999.
The improvement in results primarily reflects higher returns on the company’s invested asset portfolio. Earnings per share was $1.91, compared with $1.51 for the first three months of 1999.
Total assets at March 31, 2000 were $1.4 billion. Crown’s mortgage loan portfolio of $489 million continues to perform well. At the end of the first quarter, there were no loans in arrears in the U.S. mortgage portfolio. The U.S. mortgage portfolio accounts for over three-quarters of the total portfolio. Loans in arrears in the Canadian mortgage portfolio totalled $6.7 million. Crown’s real estate portfolio, which at March 31, 2000 totalled $367 million, also continues to perform well.
At their meeting on May 10, 2000, the directors declared a regular quarterly dividend of 62¢ per share payable on the Class I Preferred Shares, payable on June 30, 2000 to holders of record on June 16, 2000.
-IE Staff