E-L Financial Corp Ltd

ELF

Equity

ISIN null / Valor 687260

Toronto Stock Exchange (2026-05-27)

CAD 16.93-2.48%

E-L Financial Corp Ltd
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About company

E-L Financial Corporation Limited is a Canadian investment and insurance holding company that operates through two primary segments: E-L Corporate and Empire Life Insurance Company. The company holds a 99.5% interest in Empire Life, which provides life and health insurance, as well as investment and retirement products to Canadian clients. E-L Corporate focuses on managing a diverse portfolio of global equities, including direct and indirect holdings in common shares, investment funds, and private companies. A significant part of its operations includes a 56.6% interest in United Corporations Limited, a closed-end investment corporation listed on the Toronto Stock Exchange, which aims for long-term growth through equity investments. Additionally, E-L Corporate holds substantial stakes in Algoma Central Corporation and Economic Investment Trust Limited. The company's overarching strategy is to enhance shareholder value through capital appreciation and income from dividends and interest, with active oversight of its investments facilitated by board representation in its subsidiaries and associated companies.

Summarized from source with an LLMView SourceSector: Finance

Net equity value per common share

Net equity value per common share was $24.86 at September 30, 2025, an increase of 6% versus December 31, 2024 ($23.36) and 10% versus September 30, 2024 ($22.62).

Q3 2025 consolidated results

Consolidated net income was $570 million ($1.68/share) for Q3 2025, up from $497 million ($1.47/share) in Q3 2024, reflecting stronger investment results at E-L Corporate that more than offset weaker results at Empire Life for the quarter.

E-L Corporate performance

E-L Corporate reported Q3 net income of $477 million (vs $321 million in Q3 2024), driven by a net gain on investments of $581 million (vs $325 million). Its global investment portfolio delivered a pre-tax total return of 8% in the quarter (5% prior year). Year‑to‑date E-L Corporate net income was $827 million (vs $1,013 million) as net gains on investments declined ($884M vs $1,169M) and YTD pre-tax total return was 15% (vs 20%).

Empire Life performance and capital

Empire Life reported Q3 net income of $93 million (vs $176 million in Q3 2024) and YTD net income of $194 million (vs $264 million). The year-over-year decline was largely due to a lower net investment and insurance finance result and less favourable assumption updates in 2025. Empire Life’s LICAT total ratio was 145% at Sept 30, 2025 (151% at Dec 31, 2024), and Empire Life had $20 billion of assets under management at Sept 30, 2025.

Share split and per‑share presentation

The company completed a 100-for-1 common share split effective May 2025; all common share counts and per‑share amounts in the report have been retroactively adjusted to reflect the split.

Non‑GAAP measures

E-L Financial emphasizes non-GAAP measures such as net equity value per common share and assets under management to supplement IFRS reporting and to indicate accumulated shareholder value and trends in Empire Life’s business.

Summarized from source with an LLMView Source

Key figures

5.81%1Y

89.2%3Y

78.2%5Y

Performance

24.7%1Y

32.6%3Y

28.0%5Y

Volatility