Crown Life today reported that net income in the nine months ended September 30 was $28.1 million, compared with $27.4 million reported for the corresponding period in 2000.

The increase reflects continuing strong investment results and improved claims experience in the Company’s remaining insurance operations.

Total assets at September 30 were $1.39 billion, unchanged from December 31, 2000.

Crown’s mortgage loan portfolio of $336 million continues to perform well. Loans in arrears totalled $11 million. Crown’s real estate portfolio at September 30, 2001 totalled $296 million.

The company says it continues to reduce the mortgage loan and real estate portfolios through amortization and repayments of mortgage loans and sales of real estate properties. Proceeds are either reinvested in high quality bonds, used to reduce debt, or returned to shareholders.

The balance sheet continues to be strong, reflected by the fact that the ratio of liabilities, including insurance liabilities, to equity was 2.0 to 1 at September 30, 2001, slightly higher than the ratio of 1.8 to 1 at December 31, 2000, as a result of the payment of dividends totalling $65.7 million to common shareholders in the first quarter of 2001.