Category: Financial Reports

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Canada’s five biggest banks keep fourth quarter profit steady at $4.45 billion

By on Dec 13, 2010 in Financial Reports

Canada’s five biggest banks earned a combined $4.45 billion profit in the fourth quarter – marginally higher than in the same period last year – as weakness in corporate financing and trading revenues outshone strength in consumer banking. While profits were above the $4.44 billion in the fourth quarter last year, the overall results were [...]

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ICBC Q3 results reflect safe driving, low operating costs

By on Nov 22, 2010 in Auto & Trucking, Canadian Insurance, Financial Reports

ICBC’s third quarter was highlighted by news of reductions to both basic and optional insurance rates for a combined savings to customers of more than $80 million. As of November 1, ICBC’s basic insurance rates dropped by 2.4 per cent and optional insurance premiums were reduced by three per cent. Both changes run for a [...]

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ING Q3 profit falls after charge on U.S. insurance division

By on Nov 19, 2010 in Financial Reports

ING NV, the bailed-out Dutch bank and insurer, reported a fall in third quarter earnings after writing down the value of its U.S. insurance operations, and said it plans to spin off both its U.S. and European insurance arms with separate initial public stock offerings. Net profit was C371 million (US$510 million), down from C499 [...]

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Kingsway Financial posts Q3 profit as continuing operations improve

By on Nov 18, 2010 in Financial Reports

Kingsway Financial Services Inc. returned to profitability in the third quarter with US$2.5 million of net income or five cents per share. The Toronto-area insurance company, which reports in U.S. currency, took in less revenue from premiums but did better on underwriting losses, investments and continuing operations. It also recorded a $17.8 million gain from [...]

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Great West Lifeco operating earnings up 7.6 per cent to $479 million

By on Nov 17, 2010 in Financial Reports

Insurance provider Great-West Lifeco Inc. reported third-quarter net earnings of $275 million, down from a year-ago $445 million as it booked a big cash provision to cover the costs of a recent legal ruling against the company. Stripping out the effect of the one-time $204-million litigation provision related to the ruling against Great-West, operating earnings [...]

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Insurance giant AIG posts 3rd quarter loss of $2.4 billion

By on Nov 16, 2010 in Financial Reports

Insurance giant AIG is reporting a $2.4 billion loss for the third quarter, dragged down by hefty charges tied to selling off some assets. But American International Group Inc., which is 80 per cent-owned by the U.S. government, remains confident in its core operations, which include its property and casualty and life and retirement services [...]

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Western Financial Group announces Q3 results

By on Nov 15, 2010 in Financial Reports

Western Financial Group announced today its operating and financial results for the three and nine months ended September 30, 2010. Its third quarter 2010 financial numbers show net income increased by 37%, with Earnings Per Share up by 7% and fully diluted Earnings Per Share up 15% over the same period in 2009. All Business [...]

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Industrial Alliance Q3 profit rises nine per cent to $65.4 million

By on Nov 15, 2010 in Financial Reports

Industrial Alliance Insurance and Financial Services Inc. reported a third-quarter profit of $65.4 million, up nine per cent from a year earlier as premiums and deposits rose 15 per cent in the company’s strongest quarter since the beginning of the recession. The Quebec-based insurer said its earnings amounted to 78 cents per share and compared [...]

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Sun Life easily exceeds analysts expectations on profit; credits equity markets

By on Nov 12, 2010 in Financial Reports

Sun Life Financial Inc. rebounded to a big profit in the third-quarter, easily surpassing the earnings expectations of analysts thanks largely to an improvement in stock markets. “Improvements in equity markets and continued strong execution of our strategy resulted in solid earnings across major business lines and geographies compared to the same period last year,” [...]

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Intact reports increase in Q3 net operating income despite significant storm losses

By on Nov 10, 2010 in Financial Reports

Intact Financial Corporation reported net operating income for the quarter ended September 30, 2010 of $89.0 million, up significantly from the $21.6 million recorded in the same quarter of last year. On a per share basis, net operating income increased to $0.78 from $0.18. The increase was driven by a much improved underwriting performance with [...]

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Manulife posts $947M loss as accounting charges offset operational improvements

By on Nov 09, 2010 in Financial Reports

Canada’s largest life insurance provider, Manulife Financial Corp., posted a $947-million loss in the third quarter as the company recorded a number of charges that more than offset improvements in operational earnings. One of the big negatives was a $1.04 billion charge to goodwill that reflects the impaired value of Manulife’s U.S. insurance business, due [...]

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Co-operators insurance Q3 loss $11.5M on Ontario auto claims, storms elsewhere

By on Nov 08, 2010 in Financial Reports

Persistently higher auto accident claims in the Toronto area and storms in both the East and West of Canada contributed to an $11.5-million loss for Co-operators General Insurance Co. in the third quarter. The Guelph, Ont.-based firm reported a loss per share of 74 cents for the quarter compared to a loss of $16.1 million [...]

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Fairfax Financial reports Q3 profit down from year ago on lower investment gains

By on Nov 02, 2010 in Financial Reports

Fairfax Financial Holdings Ltd. reported a drop in quarterly profit compared with a year ago as the company saw lower investment gains. The insurance and investment management firm, which keeps its books in U.S. dollars, said Thursday it earned US$219 million or $10.24 per diluted share for the quarter ended Sept. 30 compared with a [...]

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Manitoba Public Insurance reports strong first six months despite severe summer weather

By on Oct 12, 2010 in Auto & Trucking, Canadian Insurance, Financial Reports

Manitoba Public Insurance has reported that its net income from operations increased from the previous year by $47.3 million due to improved underwriting results of $30.8 million and a $16.5 million rise in investment income. The Corporation reported a net loss of $35.5 million for the second quarter of 2010. This net loss reflects an [...]

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AMF tables annual report

By on Oct 05, 2010 in Canadian Insurance, Financial Reports

The Autorité des marchés financiers (AMF) released its 2009-2010 Annual Report. The Report includes the AMF’s financial statements and covers its primary activities for the fiscal year from April 1, 2009 to March 31, 2010, particularly with respect to the administration of the following laws: the Deposit Insurance Act, the Securities Act, An Act respecting [...]

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Chile earthquake, Deepwater Horizon losses hit Lloyd’s, says interim report

By on Oct 05, 2010 in Financial Reports, International Insurance

Lloyd’s has announced an interim profit before tax of £628 million (USD $942 million) for the six-month period ending June 30, 2010. The result reflects a period of significant claims and extremely challenging investment conditions. A conservative investment mix has resulted in a positive return of £597 million (USD $896 million) during a period of [...]

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Swiss train company SBB says volcanic ash air chaos boosted revenues by millions

By on Sep 14, 2010 in Financial Reports, International Insurance

Switzerland’s national rail company SBB says it earned millions from the ash cloud that paralyzed much of Europe’s airspace in April. The company says it earned 165.9 million Swiss francs (US$163.8 million) during the first six months of the year, an increase of almost a quarter compared to 2009. SBB said Wednesday its profits increased [...]

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Canada’s five biggest banks earned $4.8 billion in third quarter

By on Sep 08, 2010 in Financial Reports

Canada’s five biggest banks earned a combined $4.8 billion in third quarter profits, nine per cent more than last year, as they cashed in on strong growth in mortgages, consumer and corporate loans and other retail operations. While the results were higher than the $4.4 billion in profits booked in the same 2009 period, the [...]

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ICBC reports Q2 results, asks for basic rate reduction

By on Aug 25, 2010 in Auto & Trucking, Financial Reports

ICBC reported its financial results for the first six months of 2010 with net income for the first half of the year at $232 million, down from $277 million for the same period in 2009. “Our customers’ smart driving has made a major contribution to our financial results and we have asked for permission to [...]

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