E-L Financial net income down in 2002

Net income was down for E-L Financial Corporation Ltd. (TSX: ELF), and its general insurance operations specifically, in 2002. In results for the year ending December 31, 2002, the company reports overall net income of $51.5 million, or $13.41 per share, versus $77.2 million, or $20.10 per share, in 2001. Similarly, net operating income before investment gains was down to $27.2 million, or $7.09 per share, compared to $37.5 million, or $9.77 per share, the year prior.The company’s general insurance operations, which includes The Dominion of Canada General Insurance Company and Chieftain Insurance Company, were down for the year, posting net income of $26.1 million versus $36.2 million in 2001. Revenue was up for 2002, to $770 million from $726 million a year prior. And operating income before investments was down to $17.9 million from $12.3 million in 2001. But investments plagued the company, down to $8.2 million from $23.9 million a year previous.The company also has life insurance and portfolio investment businesses.