ISLAND LIFE Insurance Company continues to post healthy results, with its six-month unaudited figures showing a 15.2 per cent improved net profit position, compared to the same period last year.
Since January, the company has chalked up $63.5 million in profits, from an income of $490.4 million, compared to the $55.1m it made for the year prior period from income of $436.7 million. As a result, earnings per share has increased to $0.88 (June 2001: $0.77) on the 72 million shares issued.
The majority of the current income earnings were from premiums which came in net at $319.6 million, a mere $2 million more than the comparative year prior figures, but double Q1 2002 results.
The company claims that it was the "strategic realignment" of particular assets that gave it the 42 per cent leap in investment income, which moved from $104.3 million to $148 million, but did not elaborate.
Island Life now has total assets of $2.42 billion under management. Its liabilities total $1.59 billion up by a minor $28,000 including $822 million of shareholder funds, and another $726 million of pension funds.
Significant improvement is also evident in its net cash flows to $13.7 million (June 2001: $0.76 million).
