Canada Life Reports Higher 1st Quarter Net Income

NU Online News Service, May 1, 2003, 5:27 p.m. EDT – Canada Life Financial Corp., Toronto. Canada Life is reporting the equivalent of $88 million in net income for the first quarter on $1.1 billion in revenue, up from $77 million on $826 million in revenue for the first quarter of 2002.

Results for the U.S. division deteriorated because of the weakness of the U.S. dollar and lower mortality gains in the individual life insurance operation, Canada Life says.

The conversions here are based on an exchange rate of 1 Canadian dollar=67.967 U.S. cents for the 2003 results, and an exchange rate of 1 Canadian dollar=62.708 U.S. cents for the 2002 results, using figures published by OANDA Corp., New York.