Compared to last quarter, Wealth Management results increased by 2% or CAD8 million. Moving to Insurance on slide 11. Net income of CAD228 million was relatively flat from a year ago. Higher results from new UK annuity contracts were offset by the reduction in earnings as a result of the sale of our home and auto insurance business last quarter. The reduction to earnings this quarter from the sale was in line with the CAD10 million to CAD15 million range that we provided previously. Compared to last quarter, earnings were down CAD136 million. Excluding the gain on sale, net income was up CAD99 million mainly due to favorable actuarial adjustments resulting from our annual review and higher earnings from two new UK annuity contracts.
Most of us are only familiar with the statistics of marriages ending in divorce. Many people taking on a franchise often do not have the required capital upfront to fund both the franchise cost along with the associated costs involved in setting up the restaurant, kitting it out with all the required catering equipment, arranging for the shop fitters to fit out the shop accordingly, fitting all the tables and chairs, and so go to the website on. Credit reports can be very revealing about the individual’s spending habits and financial management skills. Finance companies want to see sufficient funds available that you have at your disposal to cover expenses and if there is an unexpected expense like engine trouble. However, you would never go to court and use the other guys attorney. Usually people choose to buy a new lorry through financing, which can be a sensible option especially if you are hard on cash. What does it costs for property appraisals, business valuations, equipment appraisals, hourly rates for CPAs and Attorneys who have expertise in the type of business that is requesting funding?
Lorry financing is available at a bank or a private individual can also lend you money. Two key components to the financing side is the credit qualifications and the amount of money required either to start up and/or expand the operations. In fact, over the last five years, I’ve got the last three cars I use for my business for free. This makes any existing loan on your car needs to be paid off before you can avail this loan. If you don’t have the funds available at the end of the lease, the lender permits you to continue making payments on the residual until it is paid off, so either way you will take title to the item financed. There are occasions when a person may be an expert at the type of business they are running, but lacks the time or skills to develop a quality business plan. None of them will work, for a number of reasons.