Crown Life reports increase in net income.REGINA Regina (rĭjī`nə), city (1991 pop. 179,178), provincial capital, S Sask., Canada, on Wascana Creek. The city is the distribution and service center for one of the world's largest wheat-growing areas. , Saskatchewan--(BUSINESS WIRE)--May 14, 1996--Crown Life Insurance Co. reported Tuesday Tuesday: see week. that net income in the first three months of 1996 was $9.7 million, an increase of nine percent over the corresponding period of 1995 when net income was $8.9 million. "The positive trends of recent years have continued into the first quarter of 1996," said President and Chief Executive Officer, Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. A. Johnson. Shareholders' income was $8.3 million, compared with $7.5 million in the first three months of the prior year. Earnings per share were $1.73 in 1996, compared with $1.49 in the first three months of 1995. Book value per Common Share Book Value Per Common Share A measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Formula: was $92.98 at March 31, 1996. Participating policyholders' income in the first three months of 1996 was $1.4 million, the same as in the first quarter of 1995. Dividends credited to participating policyholders amounted to $12.3 million. Increases in sales, measured as new business sold, were achieved across all of our Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. operations, with Group Operations continuing the strong growth trends of the past several years. The ratio of capital resources to liabilities improved to 13.6 percent at March 31, 1996. This ratio compares favourably Adv. 1. favourably - showing approval; "he reviewed the play favorably" favorably favourably U.S. favorably adverb 1. with industry averages. Asset quality also continued to strengthen during the quarter. Mortgage loan investments were reduced further in the first quarter of 1996 to 35.1 percent of total assets, compared with 36.5 percent of total assets at year end 1995. At their meeting on May 14, 1996, the Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a dividend of $0.625 per share on the Class I Cumulative Preferred Noun 1. cumulative preferred - preferred stock whose dividends if omitted accumulate until paid out cumulative preferred stock preference shares, preferred shares, preferred stock - stock whose holders are guaranteed priority in the payment of dividends but Shares, payable on June June: see month. 30, 1996 to holders of record on June 10, 1996. Now in its 96th year of operation, Crown Life ranks among the top five percent of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. life insurance companies. Operating in North American and selected international markets, the Company provides life insurance, health insurance and pension programs to individuals and groups, and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. services to other insurance companies. -0- Note: The following are the unaudited Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Operations for the three months ended March 31, 1996. -0- CROWN LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (thousands of dollars) (unaudited) Three months ended March 31 1996 1995 --------------------------------------------------------------- REVENUE Premiums 202,924 208,947 Investment income 118,654 132,988
Other 4,709 3,271
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326,287 345,206
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EXPENSES Policy benefits 246,065 266,507 Commissions and other selling expenses 23,799 23,593 Operating expenses 27,021 27,930
Taxes 4,953 4,947
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301,838 322,977
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INCOME FROM OPERATIONS 24,449 22,229
Interest expense on convertible subordinated debentures 2,468 -- --------------------------------------------------------------- Income after interest expense 21,981 22,229 Participating policyholders' dividends 12,261 13,315 --------------------------------------------------------------- Net income 9,720 8,914 --------------------------------------------------------------- --------------------------------------------------------------- Net income is attributable to: Preferred shareholders 2,291 2,296 Common shareholders 5,982 5,154 --------------------------------------------------------------- Total shareholders 8,273 7,450
Participating policyholders 1,447 1,464
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9,720 8,914
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Earnings per share (in dollars) $1.73 $1.49
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1. These financial statements have been prepared in accordance with generally accepted accounting principles, including the accounting requirements of the Superintendent of Financial Institutions Canada. Certain 1995 amounts have been reclassified to conform with the financial statement presentation adopted in 1996. 2. Fully diluted earnings per share have been calculated as $1.45 for the three months ended March 31, 1996. CONTACT: Crown Life Insurance Co. Alan A`lan´ n. 1. A wolfhound. M. Rowe, 306/751-6770 Don Savaria, 306/751-6153 or 800/827-6965 |
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