Canadian Life Companies Split Corp: Financial Results to May 31, 2009
July 29 2009 - 5:09PM
Marketwired
Canadian Life Companies Split Corp. ("CLC Split") announces its
semi-annual financial results for the six months ending May 31,
2009.
The six month period ending May 31, 2009 was one of the most
tumultuous periods in financial market history. Against this
backdrop, the market prices of the Canadian life insurance
companies in the portfolio mirrored this activity reaching lows in
early March but recovering significantly by the end of May. The net
asset value as at May 31 ended $0.69 higher to $15.35 per unit over
the six month period. Preferred shareholders received distributions
at the monthly targeted rates. As a result of the net asset value
remaining below $15 for most of the period, no distributions were
made to Class A shareholders. However, subsequent to the end of the
period, Class A distributions had resumed as the net asset value
per unit had increased beyond the $15 threshold.
CLC Split invests primarily in a core portfolio of four publicly
traded Canadian life insurance companies as follows: Great-West
Life, Industrial Alliance, Manulife Financial and Sun Life
Financial. Shares held within the portfolio are expected to range
between 10-30% in weight but may vary at any time.
Selected Financial Information from the Statement of Financial Operations:
For the six months ending May 31, 2009
($ Millions)
Income 3.578
Expenses (0.607)
-----
Net investment income 2.971
Realized option premiums and gain (loss) on
sale of investments (6.840)
Change in unrealized depreciation of investments (0.027)
-----
Decrease in net assets from operations before distributions (3.896)
Comparative financial information is available in documents
filed on www.sedar.com.
Contacts: Canadian Life Companies Split Corp. Investor Relations
416-304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)
www.lifesplit.com
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