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Canada Life hit by Word Trade Center exposure

Published on February 6, 2002

Ottawa Business Journal; Published on January 23, 2011

Toronto's Canada Life Financial Corp. on Wednesday blamed its exposure to last year's terrorist attacks on the U.S. for a 60 per cent drop in Q4 profits.

Topics :: Canada Life , Trade Center

The country's oldest insurer posted profits of $38 million, or 23 cents a share, compared to $95 million, or 59 cents a share, in the same period last year.

The company took a $70 million provision in the fourth quarter for exposure to the Sept. 11 attacks, in addition to the third-quarter provision of $15 million.

Excluding the provision, net income for the quarter climbed 14 per cent to $108 million, or 67 cents a share, up from $95 million, or 59 cents a share.

Canada Life said its "best estimate" for remaining exposure is $91 million, net of recoveries from reinsurers.

"To provide for uncertainty in the estimate, a further $40 million has been added, resulting in a total provision of $131 million before tax or $85 million net of tax at year end," the company said in a statement.

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