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Clarica Reports Higher Second Quarter Net Income

By Staff Writer

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NU Online News Service, July 27, 4:15 p.m. – Clarica Life Insurance Company, Waterloo, Ontario, is reporting $68 million in net income for the second quarter on $1.1 billion in revenue, up from $53 million in net income on $1 billion, in revenue for the second quarter of 2000.

Earnings in Canadian currency amounted to $105 million in net income on $1.7 billion in revenue, up from $81 million on $1.6 billion in revenue.

The life insurer says income has increased because of a larger invested asset base. The company raised its expectations for second-half earnings growth to at least 20%, from the original estimate of 10% to 15%.