Annual bank profits down 20% from 2007
The bank plans to add 80 new advisors in Canada this year, CEO says
The cost of foreign-exchange risk hedging and its significant ABCP holdings were the main culprits in the Caisse’s massive loss
Net income falls a drastic 72% in Q4, 29% for 2008 as a whole
But net operating income increased 35% in Q4 despite the difficult market conditions
Despite a hit to underwriting results, investment income carried the firm to almost $1.5 billion in net earnings
Earnings, net income and policyholder equity all increased in 2008
Net income for 2008 declined by almost 60%
Disappointing results for 2008 reflect the impact of legacy operational problems
An impairment charge and a future tax asset valuation resulted in a reduction of earnings