(November 17 – 11:40 ET) – Maritime Life released its results for the nine months ended September 30, 2000, today. Net income to shareholders after tax is $33.7 million, up 61 per cent from the comparable period in 1999 of $20.9 million.

The pre-tax year-to-date result includes $15.7 million of expenses that are a direct result of the acquisition of Aetna Canada. Integration expenses were $ 11.1 million before tax and goodwill amortization was $4.6 million. The comparative net income result included $39.6 million of pre-tax costs associated with the sale of Aetna Canada.

Gross sales of investment products are up 24 per cent over last year’s nine-month results — $918.8 million in new deposits, compared to $739.7 million during the same period in 1999.

Since the purchase of Aetna Canada, the company says it has followed a selective sales strategy for pursuing new group customers. During the first nine months of the year, the group insurance division had sales of $98.1 million, up from a pre-acquisition result of $63.7 million reported a year ago. On a comparative basis including Aetna Canada, group sales were $140.5 million during the same period of 1999.

Individual life insurance sales, including living benefits, were $52.8 million. That’s up from the pre-acquisition results of $23.5 million reported last year. On a comparative basis, including Aetna Canada, individual life insurance sales were $56.2 million during the first nine months of 1999.

“Our focus has been to ensure customers experience minimal disruption and excellent service during the merger of our operations with Aetna Canada,” says Bill Black, Maritime Life President and CEO.

During the third quarter the company announced it will be the lead tenant in a new office tower at 2 Queen Street East in downtown Toronto — to be known as the Maritime Life Tower. The move will begin in late 2002 and will bring all our employees in Toronto together for the first time.
-IE Staff