ICBC has released its financial report for 2010, a year which saw a reduction in both basic and optional insurance rates. The optional insurance rate reduction of three per cent means that ICBC’s optional insurance premiums have gone down by approximately 20 per cent over the past six years. “The basic insurance rate reduction of [...]
Kingsway Financial Services said that it expects to report a fourth quarter decline in shareholders’ equity of approximately $55 million, or $1.06 per share, primarily due to loss reserve strengthening, non-cash impairments and adjustments and the operations and disposition of both American Country Insurance Company and American Service Insurance Company. Kingsway projects: approximately $21 million [...]
Western Financial Group saw its net income increase by 27 percent to $20.3 million in 2010 compared to 2009, with Earnings Per Share up by 9 percent. The High River, Alberta based company saw all business units showing positive results year over year, and Bank West reported its third profitable quarter in a row. Commissions [...]
Standard Life Financial Inc. reported net income of $137 million in the fourth quarter of 2010, up from $55 million a year ago. Earnings were $290 million for the full year, compared to $109 million in 2009. Business growth and improvements in equity and property markets were the main drivers of higher earnings in the [...]
Coast Capital Savings’ net income increased by 20.4 per cent from $54.3 million at the end of 2009 to $65.4 million at the close of last year, an all-time high for the B.C.-based financial institution. Pre-tax profit also rose a record 42.9 per cent, from $60.8 million in 2009 to $86.9 million in 2010. Net [...]
Canadian Property and Casualty insurance company The Economical Insurance Group announced its 2010 year-end results, including a net income of $64.4 million, an increase of 167 percent from 2009. Economical says this increase is primarily due to improved underwriting results. Economical’s combined ratio decreased to 103.3 percent from 107.9 percent in 2009 and achieved a [...]
Insurer Allianz SE said that its fourth-quarter earnings climbed 11 per cent, slightly less than expected, on a small increase in revenue and a more profitable core business. Allianz reported net earnings of C1.14 billion ($1.6 billion) for the October-December period – up from C1.02 billion a year earlier, but a bit below analysts’ forecast [...]
EGI Financial Holdings Inc. has announced its results for the three and twelve months ended December 31, 2010. Q4 Financial Highlights Total comprehensive income of $5.4 million compared to a loss of $(5.1) in the fourth quarter of 2009 Net income of $3.3 million from a loss of $(2.3) million in the fourth quarter of [...]
In 2010, RSA Canada saw a premium growth of 9 percent and a combined operating ratio (COR) of 92.8 percent, despite the impact of severe weather events. The company released its year-end results, which RSA Canada President and CEO Rowan Saunders called “exceptional.” “We’ve delivered a consistently strong performance for the last several years, but [...]
Equitable Life of Canada delivered a strong performance in 2010, achieving historic highs for sales and growth. Both the Company’s Individual and Group lines of business hit record sales levels, while the Savings and Retirement line of business achieved sales similar to its break-out results in 2009. For the first time in the Company’s history, [...]
Industrial Alliance Insurance and Financial Services Inc. ended the fourth quarter with net income to common shareholders of $67.4 million, representing diluted earnings per share of $0.80 and a return on common shareholders’ equity of 12.7% on an annualized basis. Business growth maintained strong momentum for the fifth consecutive quarter. Premiums and deposits increased 15% year [...]
Shareholders of Fairfax Financial Holdings Ltd. can expect it to do well in the long run, despite “lumpy” earnings, chairman and CEO Prem Watsa said Friday after the company reported a swing to a big loss in its latest quarter. “With fluctuating markets and mark to-market accounting, we don’t see how results can be anything [...]
Sun Life Financial Inc. reported net income of $508 million for the fourth quarter of 2010, compared with net income of $296 million in the same period last year. Diluted earnings per share (“EPS”) were $0.88 in the fourth quarter of 2010 compared to $0.52 in the fourth quarter of 2009. Strong financial markets resulted [...]
Co-operators General Insurance Company has announced its consolidated financial results for the three months and year ended December 31, 2010. For the fourth quarter, Co-operators General reported a consolidated net income of $53.9 million, compared to $82.6 million for the same quarter in 2009. Earnings per common share was $2.42 for the fourth quarter compared [...]
Insurance provider and investment manager Great-West Lifeco Inc. has reported net earnings of $508 million in the fourth quarter, compared with $443 million in the same quarter in 2009. Earnings per common share were 54 cents, up from 47 cents a year ago, the company said in announcing its results Thursday. The company’s total premiums [...]
Stung by the volatility of capital markets in past quarters, Manulife Financial Corp. says it is now ahead of schedule on a plan to reduce its exposure to risky investments en route to producing a record fourth-quarter profit of $1.79 billion. Canada’s largest insurance company said Thursday that its earnings amounted to $1 per share, [...]
Intact Financial Corp. announced that it earned a fourth-quarter profit of $97.5 million, up from $96.7 for the same quarter last year. Intact says the growth is due to investment gains. Intact reported that the combined ratio reached 98.0%, up 3.4 percentage points. Direct premiums written grew by 4.8% over the same quarter a year [...]
Reinsurer Munich Re AG’s fourth-quarter profit declined 38 per cent to C480 million ($663 million) due to “weighty major losses” such as the devastating floods in Australia, the company said. The earnings for the October-December period compared with net profit of C780 million a year earlier. Full-year earnings in 2010 slipped to C2.43 billion from [...]
Manitoba Public Insurance reported favourable financial results heading into the final quarter of the fiscal year, which traditionally sees the greatest number of claims due to unpredictable winter weather. Buoyed by strong investment returns and continued expansion and upgrading of Manitoba’s vehicle fleet, the public auto insurer reported net income of $91.4 million for the [...]
