TORONTO, ONTARIO -- (Marketwired) -- 03/05/15

E-L Financial Corporation Limited ("E-L Financial") (TSX: ELF)(TSX: ELF.PR.F)(TSX: ELF.PR.G)(TSX: ELF.PR.H) today reported for the year ended December 31, 2014, consolidated net operating income from continuing operations(1) of $127.1 million or $28.41 per share(2) 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's") Individual Insurance product line in 2014 compared to the favourable movements in 2013. The decline in operating income was partially offset by a $3.2 million increase in E-L Corporate's(3) 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 ("The Dominion") 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 ("FVTPL") investments which decreased from $396.0 million in 2013 to $229.8 million in 2014, reflecting the more favourable impact of global stock market movements in the prior year.

On November 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 ten 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 $428.0 million or $105.04 per share compared to $871.6 million or $217.99 per share in 2013. Consolidated other comprehensive income ("OCI") was $33.5 million compared with other comprehensive loss ("OCL") 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(1) at December 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%. 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. Overall, we are very pleased. In addition, the board of directors would like to extend their gratitude to retiring CFO, 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 CEO of E-L Financial.

CONSOLIDATED SUMMARY OF COMPREHENSIVE INCOME

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                                                December 31, 2014
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                                              E-L
(thousands of dollars)                  Corporate  Empire Life        Total
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Net operating income                    $  51,109    $  76,003    $ 127,112
Realized gain on available for sale
 investments including impairment
 write downs                               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
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Net income                                315,072       79,458      394,530
OCI                                         7,548       25,954       33,502
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Comprehensive income                    $ 322,620    $ 105,412    $ 428,032
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                                                December 31, 2013
                                     ---------------------------------------
                                              E-L
(thousands of dollars)                  Corporate  Empire Life        Total
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Net operating income                    $  47,913    $  92,678    $ 140,591
Realized gain (loss) on available for
 sale investments including
 impairment write downs                    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
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Net income from continuing operations     506,334       90,219      596,553
Net income from discontinued
 operations                                     -            -      311,126
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Net income                                506,334       90,219      907,679
OCI (OCL) from continuing operations       32,834       (5,235)      27,599
OCL from discontinued operations                -            -      (63,701)
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Total OCI (OCL)                            32,834       (5,235)     (36,102)
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Comprehensive income                    $ 539,168    $  84,984    $ 871,577
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(1) Use of non-GAAP measures:
"net operating income" is net income excluding realized gain on available
for sale investments including impairment write downs, the Company's share
of income from associates and the fair value change in fair value through
profit or loss investments in the E-L Corporate portfolio, all net of tax.
The term net operating income does not have any standardized meaning
according to GAAP and therefore may not be comparable to similar measures
presented by other companies.

"net equity value per Common share" provides an indication of the
accumulated shareholder value, adjusting shareholders' equity to reflect
investments in associates at fair value, net of tax, as opposed to their
carrying value.

(2) All earnings per share figures are net of dividends paid on First
Preference shares.

(3) E-L Corporate represents investments in stocks and fixed income
securities held directly and indirectly through pooled funds, closed-end
investment companies and other investment companies.

Contacts:
E-L Financial Corporation Limited
Mark M. Taylor
Executive Vice-President and Chief Financial Officer
(416) 947-2578
(416) 362-2592 (FAX)