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
Strong growth in all core lines of business
Assets under management hit by volatile markets
Operating results “very encouraging”, insurer says
Downturn in equity markets forces insurer to hike reserves
Investment dealer takes charges for ABCP holdings, corporate restructuring
Insurer maintains quarterly dividend
Client assets down mainly due to market depreciation
Bank continuing to reduce risk in investment banking unit