Investment declines hit E-L income

E-L Financial Corp. Ltd. (TSX: ELF), parent company of the Dominion of Canada General and Chieftain, is reporting a slight drop in income for the third quarter of this year as compared to the same period last year.

Net operating income for this year’s third quarter amounted to $23.5 million, equivalent to 659 a share, compared with $25.8 million, or 671 a share, reported for the same period in 2001. Combined with investment gains, the company’s net income clocked in at $44.7 million, or 1164 a share, for the nine months ending September versus $47.2 million, or 1229 a share shown for the same period a year prior.

For the general insurance portfolio alone, net operating income was up to $14.24 million, versus $8.65 million last year. Overall income was up to $20.84 million against $19.26 million at the same point last year. This news comes despite struggles with the investment markets. Overall investment gains for the company year-to-date are less than half of what they were for the first nine months of 2001. And, notes chairman and president Henry Jackman, “continued investment gains may not materialize to the same extent as in previous years, thus affecting future total earnings”.