Mr. Mark Taylor reports

E-L FINANCIAL CORPORATION LIMITED ANNOUNCES DECEMBER 31, 2014 YEAR END FINANCIAL RESULTS

For the year ended Dec. 31, 2014, E-L Financial Corp. Ltd. had consolidated net operating income from continuing operations of $127.1-million, or $28.41 per share, compared with $140.6-million, or $31.84 per share, in 2013. The $13.5-million decrease in net operating income in 2014 versus 2013 is principally due to the unfavourable impact of long-term interest rate movements relating to the insurance operation's (Empire Life) individual insurance product line in 2014 compared with the favourable movements in 2013. The decline in operating income was partially offset by a $3.2-million increase in E-L Corporate's operating income, resulting from increased dividend income from the deployment of $650-million into equities from the proceeds on the sale of the Dominion of Canada General Insurance Company in 2013.

E-L Financial earned consolidated net income from continuing operations of $394.5-million in 2014, compared with $596.6-million in 2013. The $202.1-million decline in net income is primarily attributed to a decline in E-L Corporate's income from fair-value-through-profit-or-loss investments, which decreased from $396-million in 2013 to $229.8-million in 2014, reflecting the more favourable impact of global stock market movements in the prior year.

On Nov. 1, 2013, the company completed the sale of its formerly wholly owned subsidiary, the Dominion, to the Travelers Companies Inc. for gross proceeds of $1.08-billion, resulting in an after-tax gain of $266.4-million. This gain, combined with the Dominion's 10-month earnings for 2013 of $44.7-million, resulted in $311.1-million earned from discontinued operations.

Net income from continuing and discontinued operations resulted in E-L Financial earning total consolidated net income of $394.5-million, or $96.51 per share, compared with $907.7-million, or $227.18 per share, in 2013.

E-L Financial earned consolidated comprehensive income of $428-million, or $105.04 per share, compared with $871.6-million, or $217.99 per share, in 2013. Consolidated other comprehensive income was $33.5-million, compared with other comprehensive loss of $36.1-million in 2013. The loss in 2013 is mainly due to the reclassification of significant gains relating to the Dominion's liquidation of its common share portfolio.

E-L Financial's net equity value per common share at Dec. 31, 2014, was $970.65.

"In 2014, we continued to benefit from the upward momentum in global equity markets. However, the returns on our investment portfolio were lower than the previous year as markets were not as strong. Our life insurance operations had another solid year, delivering a return on equity of 10.4 per cent. The individual insurance line results were weaker due to a deteriorating yield environment as interest rates retraced their path lower from the previous year. This was offset by strong results in the other lines of business which benefited from favourable stock market conditions. Over all, we are very pleased. In addition, the board of directors would like to extend their gratitude to retiring chief financial officer, Mark Taylor, for his dedication and commitment to the company for over 25 years. We welcome Scott Ewert, who will assume the role of CFO on March 9, 2015," said Duncan Jackman, chairman, president and chief executive officer of E-L Financial.

            CONSOLIDATED SUMMARY OF COMPREHENSIVE INCOME
                       (in thousands of dollars)
                                                
                                                   Dec. 31, 2014                                     
                                              E-L
                                        Corporate  Empire Life        Total

Net operating income                    $  51,109    $  76,003    $ 127,112
Realized gain on available-for-sale
investments, including impairment
writedowns                                 13,518        3,455       16,973
Share of income of associates              20,665            -       20,665
E-L Corporate's fair-value change in
FVTPL investments                         229,780                   229,780
Net income                                315,072       79,458      394,530
Other comprehensive income                  7,548       25,954       33,502
Comprehensive income                    $ 322,620    $ 105,412    $ 428,032

                                                   Dec. 31, 2013                                     
                                              E-L
                                        Corporate  Empire Life        Total

Net operating income                    $  47,913    $  92,678    $ 140,591
Realized gain (loss) on 
available-for-sale investments, 
including impairment writedowns            11,061       (2,459)       8,602
Share of income of associates              51,337            -       51,337
E-L Corporate's fair-value change in
FVTPL investments                         396,023                   396,023
Net income from continuing operations     506,334       90,219      596,553
Net income from discontinued
operations                                     -            -       311,126
Net income                                506,334       90,219      907,679
Other comprehensive income (loss) 
from continuing operations                 32,834       (5,235)      27,599
Other comprehensive (loss) from 
discontinued operations                         -            -      (63,701)
Total other comprehensive 
income (loss)                              32,834       (5,235)     (36,102)
Comprehensive income                    $ 539,168    $  84,984    $ 871,577