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Malaysian Reserve
29-04-2025
- Business
- Malaysian Reserve
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 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 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 for more information.
Cision Canada
29-04-2025
- Business
- Cision Canada
Empire Life reports solid first quarter results Français
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 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 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 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 $19.6 billion. Follow us on social media @EmpireLife or visit for more information.
Associated Press
24-02-2025
- Business
- Associated Press
Manulife announces Automatic Share Repurchase Plan
C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945 TORONTO, Feb. 24, 2025 /CNW/ - Manulife Financial Corporation ('Manulife') announced today that it has entered into an automatic share repurchase plan (the 'automatic plan') under which its designated broker will repurchase Manulife's common shares pursuant to its previously announced normal course issuer bid ('NCIB'). The actual number of common shares purchased under the automatic plan, the timing of such purchases and the price at which common shares are purchased will depend upon future market conditions. The automatic plan, which was pre-cleared by the TSX, provides for the potential repurchase of common shares at any time, including when Manulife ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules, or otherwise. Caution regarding forward-looking statements This document contains forward-looking statements within the meaning of the 'safe harbour' provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995 with respect to possible future purchases by Manulife of its common shares. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual common share repurchases to differ materially from expectations include but are not limited to the fact that the amount and timing of any future common share repurchases will depend on the earnings, cash requirements and financial condition of Manulife, market conditions, capital requirements (including under LICAT capital standards), common share issuance requirements, applicable law and regulations (including Canadian and U.S. securities laws and Canadian insurance company regulations), and other factors deemed relevant by Manulife, and may be subject to regulatory approval or conditions. Additional information about material risk factors that could cause actual results to differ materially from expectations may be found in our most recent annual and interim reports and elsewhere in our filings with Canadian and U.S. securities regulators. The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof. We do not undertake to update any forward-looking statements, except as required by law. About Manulife Manulife Financial Corporation is a leading international financial services provider, helping our customers make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong. Not all offerings are available in all jurisdictions. For additional information, please visit Media Contact Manulife 201-925-1213 Hung Ko Manulife 416-806-9921
