February 28, 2018 11:30
Photo : Freepik
AlthoughEmpire Life has recorded a net profit for the fourth quarter and fiscal year 2017, the results of its sector individual insurance were halted, said the company. As well, Empire Life has had an 8% decrease in net income attributable to common shareholders for the fourth quarter of 2017, from $ 52.5 million ($M) in the corresponding period of 2016 to$48.3 Million.
Empire Life quotes «important gains made in the sector of individual insurance by 2016″ in order to explain this decrease in the fourth quarter, but indicates that » the sustained growth of the sector of the management of heritage in 2017 has compensated for this decrease «.
Increase of 11.9% to 2017
For the full year, the net result, however, has experienced an increase of 11.9 %, to reach $ 170,9 M$ compared to 152,7 M$ in 2016. Its assets under management grew by 9.5% to reach $ 17.6 billion (G$).
The company stresses that » the profits to be lowest in the sector of the individual insurance have mitigated this result.» The performance of the sector of the management of heritage, the improvement of the performance of the activities in the group insurance and the costs of the program to cover more low-have contributed to the increase in net income.