Canada Life has reported an 18 per cent increase in its embedded value worth to five billion Canadian dollars, equivalent to Can$31.17 per share. New business contributed eight cents per share, a 3 per cent increase on 2000, with acquisitions adding 44 cents per share.

Canada Life chairman and chief executive, Mr David Nield, said the result reinforced the company's significant value of its diversified international business. "The Can$700-million net addition to value during the year demonstrates that we continue to execute our strategy as we set it out - to grow organically, supplemented by strategic acquisitions, joint ventures and other networking arrangements in chosen markets," he said yesterday.