(April 17 – 12:20 ET) – London Life delivered strong performance in 2000 and continues to deliver excellent value for clients, president and CEO Raymond McFeetors told the company’s annual meeting today in London.

“At London Life, our business is increasingly about helping clients plan and save for retirement and other long-term investment needs,” McFeetors said.

McFeetors said that as Canada’s population ages, more and more Canadians are focused on saving for retirement and preserving their estate for the next generation.

“We have been laying the groundwork to ensure that London Life is even better positioned to meet this demand,” McFeetors said.

“We successfully leveraged the potential in the Freedom 55 brand by rebranding our distribution organization as Freedom 55 Financial — a full-service financial security advisor organization that provides advice over the client’s lifetime.” There are approximately 3,000 Freedom 55 Financial members across Canada.

London Life’s name and image will continue to play an important role in the company’s marketing and community relations activities. In addition, the Freedom 55 brand will be featured in all advertising, planning materials and signage for the company’s financial centres.

Within Freedom 55 Financial, the company has identified a specialized group of financial security advisors. Members of the Wealth & Estate Planning Group have access to the highly specialized products, planning tools and support services they need to serve high net worth clients — a growing market.

“Over the past year, we’ve expanded our products and services to better meet the needs of affluent clients,” McFeetors said. “This does not mean we are abandoning the middle market. Rather, we are building on our traditional strengths while adding the products and services that are required to meet the more complex needs of the affluent market.”

In 2000 London Life also expanded its mutual fund dealer — Quadrus Investment Services Ltd. — and introduced 40 exclusive Quadrus mutual funds. With approximately 2,200 licensed representatives, Quadrus will be one of the largest mutual fund dealers in Canada, based on the number of advisors it serves.

Referring to the company’s reinsurance business, McFeetors said “Our strategy is to supplement this business through selective acquisitions over time, in related reinsurance businesses where we have or can acquire specialized knowledge and experience.” In this regard, London Reinsurance Group improved its capacity to write accident and health reinsurance through its purchase last year of a controlling interest in U.S.-based Health Reinsurance Management Partnership.

London Life showed strong performance on key financial measures in 2000. Premiums, deposits and fee income increased 27% over 1999, to $7 billion, reflecting growth in reinsurance premiums and exceptional sales performance in the segregated funds business.

Assets under administration increased 8% in 2000, to $32.4 billion. This growth was driven by segregated funds assets, which increased 23% over 1999.

Net income for participating policyholders before policyholder dividends was $475 million, down 3% over 1999. The company said the decline reflects lower reinsurance earnings, and strengthened policyholder reserves.

The requirements ratio increased to 199% — a very strong level. Capital stock and surplus overall was $1.4 billion, with participating policyholder surplus essentially unchanged from the very strong levels of 1999. London Life continues to enjoy superior ratings from the major rating companies.