E-L FINANCIAL CORPORATION LIMITED ANNOUNCES JUNE 30, 2025 FINANCIAL RESULTS
TORONTO, Aug. 7, 2025 /CNW/ - E-L Financial Corporation Limited ("E-L Financial" or the "Company") (TSX:ELF) (TSX:ELF) (TSX:ELF) (TSX:ELF) today reported a net equity value per common share of $23.29 as at June 30, 2025, a decrease of 0.3% compared to $23.361 as at December 31, 2024 and an increase of 9.7% compared to $21.241 at June 30, 2024.
For the second quarter ended June 30, 2025, E-L Financial reported a consolidated shareholder's net income of $365 million or $1.07 per common share compared to $232 million or $0.681 per common share in 2024. For the first six months of 2025, E-L Financial reported a consolidated shareholder's net income of $451 million or $1.32 per common share compared to $779 million or $2.291 per common share in 2024.
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On May 7, 2025, E-L Financial approved a 100 for one share split ("Share Split") of E-L Financial's issued and outstanding common shares. Each shareholder of record at the close of business on May 23, 2025 ("Record Date") that continued to hold their shares through May 30, 2025 ("Payment Date") received 99 additional shares for every one share held on the Record Date. All common share numbers and per common share amounts have been adjusted to reflect the Share Split as if it was retroactively applied to all prior periods presented.
E-L Corporate
E-L Corporate reported net income of $333 million for the second quarter of 2025 compared to $197 million in 2024. The increase in earnings was due to a net gain on investments of $373 million in 2025 compared to $214 million in 2024. E-L Corporate's global investment portfolio had a pre-tax total return, including dividend income, of 6% in 2025 compared to a pre-tax total return of 4% in the prior year.
E-L Corporate reported net income of $349 million for the first six months of 2025 compared to $692 million in 2024. The decrease in earnings was due to a lower net gain on investments of $303 million in 2025 compared to $843 million for the comparative period in 2024. E-L Corporate's global investment portfolio had a pre-tax total return, including dividend income, of 7% in the first six months of 2025 compared to a pre-tax total return of 16% in the prior year.
Empire Life
Empire Life reported a net income of $32 million for the second quarter of 2025 compared to $35 million in 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.
Empire Life reported a net income of $102 million for the first six months of 2025 compared to $87 million for the comparable period in 2024. The increase over prior year was primarily due to improved net insurance service results and net investment and insurance finance results, partially offset by increased non-insurance operating expenses.
Empire Life's Life Insurance Capital Adequacy Test total ratio was 142% at June 30, 2025 compared to 151% at December 31, 2024, well above the requirements set by the Office of the Superintendent of Financial Institutions Canada as well as Empire Life's minimum internal targets.
CONSOLIDATED SUMMARY OF NET INCOME(UNAUDITED)
E-L Financial Consolidated
Second quarter
Year to date
(millions of dollars)
2025
2024
