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Summit Life Reports A Smaller Net Loss

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NU Online News Service, Nov. 15, 3:45 p.m. – Summit Life Corp., Oklahoma City, Okla., a small life insurance company, is reporting a net loss of 54,051 for the third quarter on $117,709 in revenue, compared with a net loss of $73,943 on $63,841 in revenue for the third quarter of 2000.

The latest earnings figures include effects of the stock market drop on the investment portfolio. If the effects of investment losses were excluded, the company would be profitable, the company says.

The company bought a block of 1,400 life insurance policies from Presidential Life Insurance Company, Dallas, in August that should bring in $120,000 a year in annual premiums, the company says.