Maritime Life is reporting consolidated net income of $51.5 million for the first nine months of 2001, up 53% over the same period in 2000.

The firm says that net income was positively affected by changes in assumptions used to determine the funds set aside to ensure the company can meet its future obligations to policyholders. Additionally, the total value of policy claims paid was less than expected.

Net income for the three months ending September 30, was $12 million, down 29% from the same quarter in 2000. “In light of declining stock market conditions, we thought it prudent to increase our reserves for segregated fund guarantees,” said Bill Black, Maritime Life, president and CEO.

Total sales for group life and health products and services were up 38% over the same period in 2000, for a total of $135.5 million.

Total sales of individual insurance products, including living benefits, were at $50.3 million, compared to $52.8 million in September 2000, a drop of 5%.