(August 10 – 15:30 ET) – Crown Life Insurance Co. is reporting improved results for the first half of 2000. The insurer says net income in the first six months of was $18.1 million, compared with $15.2 million a year ago. It says the improved results reflects higher returns on the company’s invested asset portfolio. Earnings per share climbed to $3.93, compared with $3.09 last year.

Total assets at June 30 were $1.5 billion. Crown says its mortgage loan portfolio of $465 million continues to perform well. At the end of the second 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 $4.7 million. The company said its real estate portfolio, which at June 30 totalled $365 million, also continues to perform well.

At today meeting, Crown’s board of directors declared a regular quarterly dividend of 62.5¢ a share on the Class I Preferred Shares, payable on September 30.
-IE Staff