E-L Financial Corp Ltd

Latest Results (07.08.2024):

Net Income

E-L Financial Corp Ltd reported a consolidated net income of $933 million for the fourth quarter of 2023, a significant turnaround from a net loss of $326 million in the same period of 2022. This improvement was largely driven by a net gain on investments amounting to $948 million, compared to a net loss of $767 million in the previous year.

Empire Life Performance

Empire Life, a subsidiary of E-L Financial Corp Ltd, reported a net income of $155 million for the fourth quarter of 2023, up from $55 million in the same quarter of 2022. The increase in earnings was primarily due to higher net investment and insurance finance results, which benefited from favorable economic conditions, including interest rate movements and positive equity returns.

Comprehensive Income

For the fourth quarter of 2023, E-L Financial Corp Ltd reported consolidated comprehensive income of $932 million, compared to a comprehensive loss of $292 million in the same period of 2022. The other comprehensive loss for 2023 was $1 million, primarily due to the company's share of other comprehensive loss of associates, whereas the previous year's other comprehensive income was $34 million, mainly from gains on post-employment defined benefit plans.

Normal Course Issuer Bid

In 2023, E-L Financial Corp Ltd renewed its normal course issuer bid (NCIB) to purchase up to 177,854 common shares. During the year, the company repurchased 4,700 common shares at an average price of $900.78 per share, totaling $4 million. This is a decrease from 2022, when 40,660 shares were repurchased at an average price of $872.05 per share, totaling $35 million.

Substantial Issuer Bid

On November 7, 2023, E-L Financial Corp Ltd announced a substantial issuer bid (SIB) to purchase up to $100 million of its outstanding common shares. By December 31, 2023, the company had acquired 90,668 common shares at a price of $1,050.00 per share, totaling $95 million. This move followed a similar SIB in 2022, where the company purchased 103,626 common shares at $965.00 per share, totaling approximately $100 million.