TD Bank to report loss in insurance business due to bad weather

(Reuters) - TD Bank Group

said it expects to report a third-quarter net loss in its insurance business, hurt by floods in Alberta in June and hailstorms in the Greater Toronto area earlier this month.

The company expects the loss to be $240 million to $290 million after tax, which will be reflected in TD's wealth and insurance unit.

TD said it will also record some non-insurance related losses caused by bad weather in southern Alberta.

(Reporting by Sayantani Ghosh in Bangalore)

Source: http://news.yahoo.com/td-bank-report-loss-insurance-business-due-bad-105036677.html

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