Colonial Life is still insolvent because its liabilities exceed its assets.
This update comes from Finance Minister, Colm Imbert.
The Acting Prime Minister gave the explanation as he responded to a daily newspaper article which focused on recently published financials of Clico.
Minister Imbert added that the article gave the impression that Clico made a profit of 5 billion dollars for 2014 which has led to speculation as to whether the company should be removed from under the control of the Central Bank.
However, Mr. Imbert explained that the 5 billion dollars in question came from proceeds of the sale of the Methanol Company MHTL.
Acting Prime Minister and Finance Minister, Colm Imbert.