E-L FINANCIAL CORPORATION LIMITED
For the three months ended
Today the Board of Directors of E-L Financial declared a quarterly dividend of
E-L Corporate
For the first quarter of 2024, E-L Corporate reported net income of
Empire Life
Empire Life reported net income of
Empire Life's Life Insurance Capital Adequacy Test ("LICAT") total ratio was 157% at
CONSOLIDATED SUMMARY OF NET INCOME
(UNAUDITED)
E-L Financial Consolidated | First quarter | |
(millions of dollars) | 2024 | 2023 |
Contribution to net income | ||
E-L Corporate(1) | $ 495 | $ 253 |
Empire Life(1) | 52 | 52 |
Net income | $ 547 | $ 305 |
E-L Corporate | First quarter | |
(millions of dollars) | 2024 | 2023 |
Net gain on investments | $ 629 | $ 323 |
Investment and other income | 34 | 38 |
Share of associates income | 5 | 10 |
668 | 371 | |
Expenses | 12 | 14 |
Income taxes | 88 | 44 |
Non-controlling interests | 73 | 60 |
173 | 118 | |
Net income | $ 495 | $ 253 |
Empire Life | First quarter | |
(millions of dollars) | 2024 | 2023 |
Net insurance service result | $ 39 | $ 44 |
Net investment and insurance finance result | 55 | 47 |
Fee and other income(2) | 7 | 7 |
101 | 98 | |
Expenses | 25 | 30 |
Income and other taxes | 18 | 12 |
Non-controlling interests and net income attributable to the participating account | 6 | 4 |
49 | 46 | |
Net income | $ 52 | $ 52 |
(1) | Net of non-controlling interests and net income attributable to the participating account |
(2) | Included in non-insurance investment results |
Non-GAAP Measures
The Company uses non-GAAP measures including net equity value and growth in net equity value per common share to provide investors with measures of its operating performance that may not otherwise be apparent when relying solely on International Financial Reporting Standards ("IFRS Accounting Standards") financial measures. Net equity value per common share provides an indication of the accumulated shareholder value, adjusting shareholders' equity to reflect investments in associates at fair value, net of tax, as opposed to their carrying value. The growth in net equity value per common share and compounded annual growth in net equity value per common share is calculated as the change in net equity value per share for the respective period and includes dividends paid to common shareholders.
The Company also uses assets under management to provide investors with supplemental measures of Empire Life's operating performance and to highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS Accounting Standards financial measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers.
About E-L Financial
E-L Financial operates as an investment and insurance holding company. In managing its operations, E-L Financial distinguishes between two operating segments, E-L Corporate and Empire Life.
E-L Corporate represents investments in stocks and fixed income securities held directly and indirectly through closed-end investment companies and other investment companies. The investment strategy is to accumulate shareholder value through long-term capital appreciation and dividend and interest income from its investments.
Empire Life is a subsidiary of E-L Financial. Since 1923, Empire Life has provided individual and group life and health insurance, investment and retirement products to Canadians. Empire Life's mission is to make it simple, fast and easy for Canadians to get the products and services they need to build wealth, generate income, and achieve financial security. As of
SOURCE
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