E-L Financial has announced its 3Q09 results:
E-L Financial Corporation Limited (“E-L Financial”) (TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G) today reported that for the quarter ended September 30, 2009, it incurred a net operating loss(1) of $23.7 million or $7.89 per share compared with net operating income of $49.5 million or $14.13 per share in 2008. On a year to date basis, E-L Financial earned net operating income of $15.2 million or $2.30 per share compared with $82.9 million or $22.64 per share in 2008.
The net loss for the quarter was $130.8 million or $40.17 per share compared with a net loss of $25.1 million or $8.30 per share for the comparable period last year.
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(1)Use of non-GAAP measures
The villain of the piece was their General Insurance division – which is Dominion of Canada – which has now accumulated a YTD operating loss (non-GAAP) of $42.8-million compared to a loss of $11-million in the first half of the year. Life Insurance (Empire Life) continues to show a healthy operating and net profit YTD.
The headline net loss of $130.8-million YTD is largely due to the first-quarter write-down of available-for-sale investments, which was reported on PrefBlog.
The press release doesn’t have much detail and the financials are not yet available on SEDAR.