Empire Life reports second quarter results

Q2 2025 highlights (compared to Q2 2024)

Common shareholders' net income of $32 million (compared to net income of $35 million)

Earnings per share (basic and diluted) of $32.66 (compared to $35.94)

KINGSTON, ON , July 30, 2025 /CNW/ - The Empire Life Insurance Company (Empire Life) reported second quarter Common shareholders' net income of $32 million, a decrease of $3 million compared to the second quarter of 2024. The decrease was driven by a lower Net investment and insurance finance result and a decrease in Fee and other income. These decreases were slightly offset by an improved Net insurance service result, related to favourable mortality experience in the Individual Insurance segment and improved claims experience in Group Solutions.

"We remain focused on responsible capital and liquidity management to ensure the efficient use of resources and drive shareholder value," says Mark Sylvia, President and Chief Executive Officer. "Our focus on financial stability is reflected in our recent upgraded ratings from DBRS Morningstar to A (high) from A thanks in part to our diversified earnings power and access to distribution."

Financial highlights

Second Quarter

Year to Date

(in millions of dollars except per share amounts)

2025

2024

2025

2024

Common shareholders' net income (loss)

$                   32

$                   35

$                 102

$                   87

Earnings per share - basic and diluted

$              32.66

$              35.94

$            103.76

$              88.80

 

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

Other Financial Highlights

2025

2025

2024

2024

2024

Return on common shareholders' equity(1)                                                           

17.6 %

18.1 %

17.4 %

24.0 %

12.7 %

LICAT total ratio

142 %

140 %

151 %

154 %

152 %

(1)   

   See Non-IFRS measures section.

 

The following table provides a summary of Empire Life results for the three and six months ended June 30, 2025 and 2024.

For the three months ended

For the six months ended

(in millions of dollars)

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024