(November 24 – 18:00 ET) – Maritime Life is announcing its third quarter results.
Net income dropped to $19.4 million from the $23.6 million through the first nine months of 1998. Return on equity was down to 9.7% for the period, down from 13.4% during the same period of 1998.
In the third quarter Maritime Life completed its planned acquisition of Aetna Canada. Amalgamation of the two companies is targeted for January 2000.
During the period it also announced new strategic alliances for
its investment products business with four mutual fund
companies, creating 16 new fund options for the firm. Investment products are one area where sales are up over last year’s third quarter.
“Given the negative growth of the mutual fund industry
this year, our sales results are even more impressive,” said Bill Black, the firm’s chief executive.
IE Staff
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