Empire Life reports solid first quarter results
Q1 2025 highlights (compared to Q1 2024)
Common shareholders' net income of $70 million (compared to net income of $52 million)
Earnings per share (basic and diluted) of $71.11 (compared to $52.86)
KINGSTON, ON, April 29, 2025 /CNW/ – Empire Life reported first quarter Common shareholders' net income of $70 million, an increase of $18 million compared to the first quarter of 2024, driven by an increase in Net investment and insurance finance results in the first quarter of 2025 compared to the same period in 2024, and Net insurance service results which improved over the prior year. These positive results were partly offset by higher workforce costs within Non-insurance operating expenses to support growth and continued investment in the business.
'We're pleased with our financial results for the first quarter of 2025. Our net income and new sales and deposits in our insurance and investment lines were solid,' says Mark Sylvia, President and Chief Executive Officer. 'Our Life Insurance Capital Adequacy Test (LICAT) total ratio also remains strong, in line with our expectations following the implementation of the new LICAT guideline for segregated funds. Our organization will continue to focus our efforts on providing great customer service and supporting the independent financial advisors who sell our products.'
Financial highlights
First Quarter
(in millions of dollars except per share amounts)
2025
2024
Common shareholders' net income (loss)
$ 70
$ 52
Earnings per share – basic and diluted
$ 71.11
$ 52.86
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
Other Financial Highlights
2025
2024
2024
2024
2024
Return on common shareholders' equity(1)
18.1 %
17.4 %
24.0 %
12.7 %
10.4 %
LICAT total ratio
140 %
151 %
154 %
152 %
157 %
(1)
See Non-IFRS measures section.
The following table provides a summary of Empire Life results for the three months ended March 31, 2025 and 2024.
For the three months ended
(in millions of dollars)
March 31, 2025
March 31, 2024
Insurance service result
Insurance revenue
$ 373
$ 339
Insurance service expenses
(304)
(282)
Insurance service result
69
57
Net recovery (expense) from reinsurance contracts held
(19)
(18)
Net insurance service result
50
39
Investment and insurance finance result
Investment income (loss), excluding segregated fund account balances
Investment income
165
(96)
Change in investment contracts
(7)
(2)
Net investment result, excluding segregated fund account balances
158
(98)
Insurance finance income (expense), excluding segregated fund account balances
Insurance contracts
(78)
149
Reinsurance contracts held
—
4
Net insurance finance income (expense), excluding segregated fund account balances
(78)
153
Segregated fund account balances net investment and insurance finance result
Investment income (loss) on investments for segregated fund account balances
48
442
Insurance finance income (expenses) segregated fund account balances
(48)
(442)
Segregated fund account balances net investment and insurance finance result
—
—
Net investment and insurance finance result
80
55
Other income and expenses
Fee and other income
8
7
Non-insurance expenses
(36)
(21)
Interest expenses
(4)
(4)
Total other income and expenses
(32)
(18)
Net income (loss) before taxes
98
76
Income taxes
(24)
(18)
Net income (loss) after taxes
74
58
Less: net income (loss) attributable to the participating account
1
3
Shareholders' net income (loss)
73
55
Less: preferred share dividends declared and distributions on other equity instruments
3
3
Common shareholders' net income (loss)
$ 70
$ 52
Empire Life reported Common shareholders' net income of $70 million in the first quarter of 2025, an increase of $18 million compared to the first quarter of 2024. The period over period increase was driven by strong Net investment and insurance finance results due to favourable interest rate changes in this period compared to the same period in 2024, as well as improved Net insurance service results in the Individual Insurance product line.
Net insurance service result increased by $11 million in the first quarter compared to the same period in 2024. Contributing factors include improved mortality experience in the Individual Insurance product line relative to the first quarter of 2024, and some modest health claims experience improvements in the Group Solutions product line.
Net investment and insurance finance result increased by $25 million in the first quarter of 2025 compared to the same period in 2024. This was mainly due to the favourable effect of interest rate decreases in the current period compared to the unfavourable effect of interest rate increases in the first quarter in 2024. The positive results due to interest rate changes were partly offset by less favourable net investment gains from non-fixed income assets in the first quarter of 2025 compared to the stronger results on these assets in the first quarter in 2024.
Total other income and expenses was a net expense of $32 million in the first quarter, compared to a net expense of $18 million in the same period in 2024. The increase of $14 million is due to higher Non-insurance operating expenses related to workforce expenses.
The company's Life Insurance Capital Adequacy Test Total ratio was 140% at March 31, 2025, well above the requirements set by the Office of the Superintendent of Financial Institutions, Canada as well as Empire Life's internal targets.
Non-IFRS measures
Empire Life uses non-IFRS measures including return on common shareholders' equity, assets under management, annualized premium sales, gross and net sales for segregated funds and fixed annuities to provide investors with supplemental measures of its operating performance and to highlight trends in its core business that may not otherwise be apparent when relying solely on financial measures as defined in IFRS Accounting Standards. Empire Life also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Empire Life's management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and to determine components of management compensation. Empire Life believes that these measures provide information useful to its shareholders and policyholders in evaluating the Company's underlying financial results. Further information on these non-IFRS measures can be found in Empire Life's latest Management's Discussion & Analysis (MD&A), filed on Empire Life's profile available at www.sedarplus.ca.
Additional information
All amounts are in Canadian dollars and are based on the consolidated financial results of Empire Life for the period ended March 31, 2025. Additional information about Empire Life can be found in Empire Life's latest Management's Discussion & Analysis and Annual Information Form. These documents are filed on Empire Life's profile available at www.sedarplus.ca.
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products. The company's mission is to provide expertise and intelligent solutions to help Canadians navigate life with confidence. As of March 31, 2025, Empire Life had total assets under management of $19.6 billion. Follow us on social media @EmpireLife or visit www.empire.ca for more information.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
3 hours ago
- Malaysian Reserve
INVESTIGATION ALERT: Edelson Lechtzin LLP Announces an Investigation of Compass Diversified Holdings (NYSE: CODI) and Encourages Investors with Substantial Losses to Contact the Firm
NEWTOWN, Pa., June 11, 2025 /PRNewswire/ — Edelson Lechtzin LLP, a national class action law firm, is investigating potential violations of the federal securities laws involving Compass Diversified Holdings ('Compass') (NYSE: CODI), resulting from allegations of providing potentially misleading business information to the investing public. If you have non-public information that could assist in the Compass investigation, or if you are a Compass investor who suffered a loss and would like to learn more, you can provide your information HERE. You can also contact attorney Eric Lechtzin of Edelson Lechtzin LLP by calling 844-563-5550 or via e-mail at elechtzin@ THE COMPANY: Compass is a publicly traded investment company that acquires and manages businesses across various industries, including Lugano Holdings, Inc. ('Lugano'), which designs, manufactures, and markets luxury jewelry. THE ALLEGED WRONGDOING: On May 7, 2025, Compass issued a press release disclosing an ongoing internal investigation into Lugano's financial statements for fiscal year 2024. The company revealed that the investigation found 'irregularities in Lugano's [non-Compass] financing, accounting, and inventory practices' and that Lugano founder and CEO Moti Ferder resigned after disclosure of the preliminary findings. Following the press release, the price of Compass stock fell $10.70 per share, or approximately 62%, to close at $6.55 per share on May 8, 2025. ABOUT EDELSON LECHTZIN LLP: Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft, data security, and consumer fraud. For more information, please contact: Marc H. Edelson, Lechtzin, LECHTZIN LLP411 S. State Street, Suite N-300Newtown, PA 18940Phone: 844-696-7492 or 215-867-2399 ext. 1Email: medelson@ Email: elechtzin@ Web: This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Malaysian Reserve
4 hours ago
- Malaysian Reserve
Costco Executive Members Now Get Monthly Credit for Same-Day Delivery with Instacart
Starting June 30, Costco Executive Members in the US and Canada will receive a $10 monthly credit towards a delivery order on or Costco via Instacart SAN FRANCISCO, June 11, 2025 /CNW/ — Instacart (Nasdaq: CART), the leading grocery technology company in North America, today announced a new perk to enhance the value of Costco's Executive Membership. Starting June 30, Executive Members in the US and Canada will receive a $10 monthly credit toward or Costco via Instacart available on an order of $150 or more. Instacart enables delivery of Costco's warehouse items to members' doorsteps in as fast as an hour, combining a flexible delivery experience with the value of Costco's quality offerings. The monthly credit is automatically applied to a qualifying Costco order placed through or Instacart and is available exclusively to Executive Members. 'Costco Executive Members expect exceptional value – and now, they can get even more delivered to their door,' said Daniel Danker, Chief Product Officer at Instacart. 'Our new monthly credit makes it easier than ever for members across North America to get Costco's warehouse items with the convenience of fast and reliable delivery through Instacart.' Costco first partnered with Instacart for same-day delivery in 2017 and later expanded the partnership to include Costco's same-day delivery website powered by Instacart Storefront Pro in 2021. For more information or to start shopping, visit and About InstacartInstacart, the leading grocery technology company in North America, works with grocers and retailers to transform how people shop. The company partners with more than 1,800 national, regional, and local retail banners to facilitate online shopping, delivery and pickup services from more than 100,000 stores across North America on the Instacart Marketplace. Instacart makes it possible for millions of people to get the groceries they need from the retailers they love, and for approximately 600,000 Instacart shoppers to earn by picking, packing and delivering orders on their own flexible schedule. The Instacart Platform offers retailers a suite of enterprise-grade technology products and services to power their e-commerce experiences, fulfill orders, digitize brick-and-mortar stores, provide advertising services, and glean insights. With Instacart Ads, thousands of CPG brands – from category leaders to emerging brands – partner with the company to connect directly with consumers online, right at the point of purchase. With Instacart Health, the company is providing tools to increase nutrition security, make healthy choices easier for consumers, and expand the role that food can play in improving health outcomes. For more information, visit and to start shopping, visit Maplebear Inc. is the registered corporate name of Instacart.
Malaysian Reserve
13 hours ago
- Malaysian Reserve
New Research Data Reveals that Faculty Workload can Drop with Daily AI Use
Latest Tyton Partners report, in collaboration with D2L, examines the role of AI in higher education TORONTO, June 11, 2025 /CNW/ – D2L, a global learning technology company, and Tyton Partners have collaborated to release the annual Time for Class survey, which gathered insights from over 3,000 respondents on the current state and impact of Artificial Intelligence (AI) and digital technology in higher education. The Time for Class 2025 report finds that the more instructors use AI, the more they can see the benefits. Over a third (36%) of those surveyed who use generative AI daily report a marked decrease in their workload. At the same time, instructors and administrators reported that trying to monitor student use of AI has created more work for them. Additionally, the survey reveals that most higher education institutions do not have a generative AI policy, which can leave both instructors and students to navigate challenges in AI adoption without standardized guidance or tools. 'This survey offers a snapshot of AI's ongoing impact in higher education. It also reveals opportunities that can help make the learning experience more engaging, like adopting AI that is designed to better enhance the learning experience alongside sensible rules for AI that provide clarity about its role in learning,' said Dr. Cristi Ford, Chief Learning Officer at D2L. 'With the right AI tools in place, faculty can save more valuable time on specific tasks, creating more bandwidth to engage with students one-on-one.' The report reveals that, of the respondents: 36% of instructors who use generative AI daily have experienced a decrease in workload by using the technology to streamline course development, compared to 26% who have noticed an increase and 39% who have experienced no change. Instructors are open to using generative AI to help students solve in-class challenges, especially academic support (66%) and improving study habits (63%). 84% of students say they turn to people – an instructor or their peers, for example – when they are struggling in a course. More instructors (29%) than students (17%) think that students turn to a generative AI tool when they are struggling. Only 28% of institutions have an active generative AI policy and 58% are in the development stages of rolling out AI policies. Instructors identified academic integrity (46%) and student attendance (44%) as the top instructional challenges at their institutions and are open to using AI to address these concerns. 75% of administrators and 58% of faculty agree that it is their responsibility, or that of their institution, to teach students how to effectively apply AI to their studies. Embedded AI tools, like D2L Lumi, can be aligned to institutional policies and act as a guardrail for students and help increase learner engagement while assisting to reduce educator workloads. D2L Lumi is an AI-native offering within D2L Brightspace designed to help empower educators and learners with more personalized recommendations after quiz completion, instant feedback and grades, and practice questions aligned to course content. To understand the challenges and opportunities technology presents in higher education, Tyton Partners surveyed approximately 1,500 instructors across 700 institutions, 300 administrators over 250 institutions and over 1,500 students in the United States. 'Our research with D2L reveals a pivotal moment for higher education institutions as they navigate the integration of AI into teaching and learning,' said Catherine Shaw, Managing Director at Tyton Partners. 'While there is strong alignment around the importance of preparing students to use AI, institutions need clearer strategies and tools to do so effectively.' Read more about Tyton's findings, and what they mean for higher education, from D2L experts here. See more of Tyton's Time for Class results at About Tyton Partners Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients' aspirations a reality and to catalyze innovation in the sector. Learn more at About D2L D2L is transforming the way the world learns, helping learners achieve more than they dreamed possible. Working closely with customers all over the world, D2L is on a mission to make learning more inspiring, engaging and human. Find out how D2L helps transform lives and delivers outstanding learning outcomes in K-12, higher education and business at X: @D2L © 2025 D2L Corporation. The D2L family of companies includes D2L Inc., D2L Corporation, D2L Ltd, D2L Australia Pty Ltd, D2L Europe Ltd, D2L Asia Pte Ltd, D2L India Pvt Ltd, D2L Brasil Soluções de Tecnologia para Educação Ltda and D2L Sistemas de Aprendizaje Innovadores, S. D2 R.L de C.V. All D2L marks are trademarks of D2L Corporation. Please visit for a list of D2L marks. All other trademarks are the property of their respective owners.
