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Maritime Life Reports Lower Net Income

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NU Online News Service, Nov. 15, 4:22 p.m. – Maritime Life Assurance Company, Halifax, Nova Scotia, is reporting the equivalent of $7.6 million in net income in U.S. currency for the third quarter on $223 million in revenue, compared with $11 million in net income on $211 million in revenue for the third quarter of 2000.

The figures are based on an exchanged rate of $1=1.58 Canadian dollars for the 2001 figures, and $1=1.5 Canadian dollars for the 2000 figures.

Maritime sells individual life insurance, investment products, pensions, and group life and health products.

Maritime says net income is down in part because managers have responded to the drop in stock prices by increasing the reserves backing minimum-return guarantees for segregated fund.

Although stock market turmoil hurt sales of investment products during the third quarter, group sales were strong, the company says.