E-L Financial general insurance ops continue to shine in third quarter

The general insurance operations of E-L Financial Corp. Ltd. (TSX: ELF), which include Dominion of Canada General and Chieftain, continued to produce strong results contributing to the parent’s overall success in the third quarter ending September 30, 2004.Overall, E-L Financial produced net income of $83.3 million ($20.73 per share) in the third quarter of 2004, up from $42.3 million ($$10.52 per share) during the same period a year prior. The general insurance operations contributed net income of $55.1 million, up from $6.8 million a year ago.Overall revenue (including the portfolio investments, general insurance and life insurance operations) was $1.4 billion for the third quarter, up from $1.2 billion in the third quarter of 2003. During that period, general insurance revenues grew to $862.3 million from $686.0 million.E-L Financial saw $15.0 million on amortization of investment gains, and $7.7 million on sale of investments ($6.7 million from the general insurance ops) in the third quarter of 2004. This is compared to $10.3 million in amortization and a $16.3 million loss on sale of investments with a $17.6 million loss from general insurance ops) in the third quarter of 2003. Overall, E-L Financial produced net income of $83.3 million ($20.73 per share) for the first nine months of 2004, almost double the $42.3 million ($10.52 per share) produced a year earlier. Revenue was up to $1.1 billion over the period, from $908.2 million in the first nine months of 2003.Total assets at the end of September, 2004 stood at $1.6 billion up from $1.4 billion a year before.