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Regional insurance giants CLICO records huge after tax profits

Published:Saturday | February 8, 2014 | 12:17 PM

Four years after it almost collapsed, regional insurance giants Colonial Life Insurance Company (CLICO) has revealed that it recorded after tax profits of $3.8 billion in 2012.



Despite this, however, CLICO’s auditors say the company has a negative net worth of $6.5 billion.



The figures were contained in CLICO’s audited financial results for 2012 which were published on its website yesterday.



CLICO declared profits of $6.2 billion from its investing activities for the financial year, eclipsing the $2.2 billion loss from insurance activities.



The biggest contributor to CLICO’s investment profits, according to the audited statements, was the $3.8 billion gained from the disposal of more than 40 million Republic Bank shares in November 2012.



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