Maritime Life’s financial reported record consolidated shareholder net income of $110.5 million for 2001. That compares to $85.9 million for 2000, a year-over-year increase of 28.7%.

“We are active players in the industry’s rapid consolidation,” says Bill Black, president and CEO. “Our impressive profit for 2001 shows we are an industry leader at managing acquisitions and amalgamations well.” Maritime Life has made three successful acquisitions within the past six years. Its latest purchase was Royal & Sun Alliance Life Insurance Company of Canada in October 2001.

The company attributes its 2001 profit increase to several factors including improvements in interest margins, excellent credit loss experience and favourable changes in the outlook for costs of future obligations to policyholders. In addition, says the company, claims experience improved for Maritime Life’s long-term disability business.

“In 2001, sales of our group products continued to exceed our targets and were more than $30 million above last year’s result. Our investment products sales were negatively impacted by the declining market; however, we expect demand to rebound this year as investors return to the market,” says Black.