(August 18 – 11:30 ET) – Maritime Life announced its second quarter results today. Gross sales of Maritime Life’s investment products are up 31 per cent over last year’s six months. The results include: $690.8 million in new deposits, compared to $525.3 million during the same period in 1999.
During the first six months of the year, the group insurance division had sales of $76.3 million, up from a pre-acquisition result of $41.2 million reported a year ago. On a comparative basis including Aetna Canada, group sales were $87.8 million during the same period of 1999.
Individual life insurance sales, including living benefits, were $36.1 million, up from the pre-acquisition results of $15.3 million reported last year. On a comparative basis including Aetna Canada, individual life insurance sales were $38.0 million during the first six months of 1999.
Pre-tax operating income, before integration costs and goodwill amortization, was $45.0 million, an increase of 16 per cent over the $38.7 million posted for the same period in 1999.
Net income to shareholders after tax was $16.6 million, compared to $21.7 million posted during the first six months of 1999. Net income to shareholders after tax includes $9.7 million of expenses that are a direct result of the acquisition of Aetna Canada and were not present in 1999.
-IE Staff