E-L p&c Ops Continue to Shine in Third Quarter

The general insurance operations of E-L Financial Corp. Ltd. (TSX: ELF), including Dominion of Canada General, continued to produce strong results contributing to overall net income of $83.3 million ($20.73 per share) in the third quarter ending September 30, 2004, up from $42.3 million ($10.52 per share) during the same period a year prior. The general insurance operations alone produced net income of $55.1 million for the quarter, up from $6.8 million a year ago.

Overall revenue (including portfolio investments, general insurance and life insurance operations) was $1.4 billion for the third quarter, up from $1.2 billion last year. During that period, general insurance revenues grew to $862.3 million from $686.0 million.

E-L 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 compares 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.

For the first nine months of 2004, E-L produced net income of $83.3 million ($20.73 per share), 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.