Mr. Scott Ewert reports

E-L FINANCIAL CORPORATION LIMITED ANNOUNCES MARCH 31, 2023 FINANCIAL RESULTS

E-L Financial Corp. Ltd. had a net equity value per common share of $1,775.42 as at March 31, 2023, a decline of 0.6 per cent compared with $1,785.66 as at Dec. 31, 2022.

This marks the first quarter reporting under the international financial reporting standard 17 (Insurance Contracts) and IFRS 9 (Financial Instruments). Accordingly, the March 31, 2023, interim consolidated financial statements reflect the restatement of prior-period amounts for these accounting changes. These accounting changes resulted in a reduction to common shareholders equity of $319-million as at Dec. 31, 2022.

The net equity value per common share as at Dec. 31, 2022, of $1,785.66 has not been adjusted to reflect the adoption of IFRS 17 and IFRS 9. Excluding the impact of these accounting changes, the growth in net equity value per common share, including dividends, would have been 4.9 per cent for the first quarter of 2023.

E-L Financial reported a consolidated net income of $305-million or $86.96 per common share at March 31, 2023, compared with a restated net loss of $227-million or $64.03 per common share in 2022.

Today, the board of directors of E-L Financial declared a quarterly dividend of $3.75 per common share payable on July 17, 2023, with a record date of June 30, 2023.

E-L Corporate

For the first quarter ended March 31, 2023, E-L Corporate reported a net income of $253-million compared with a net loss of $274-million for the comparative period in 2022. The increase in earnings was due to a net gain on investments of $323-million in 2023 compared with a net loss of $462-million in 2022. E-L Corporate's global investment portfolio had a pretax total return, including dividend income, of 8 per cent in 2023 compared with a pretax total return of negative 7 per cent in the prior year.

Empire Life

Empire Life reported net income of $52-million for the first quarter of 2023 compared with $47-million for the first quarter of 2022. The increase in first quarter earnings over prior year was primarily a result of a more neutral economic environment.

Empire Life's life insurance capital adequacy test (LICAT) total ratio was 152 per cent at March 31, 2023, compared with 138 per cent at Dec. 31, 2022, well above the requirements set by the Office of the Superintendent of Financial Institutions Canada, as well as Empire Life's minimum internal targets.

About E-L Financial Corp. Ltd.

E-L Financial operates as an investment and insurance holding company. In managing its operations, E-L Financial distinguishes between two operating segments, E-L Corporate and Empire Life.

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. The investment strategy is to accumulate shareholder value through long-term capital appreciation and dividend and interest income from its investments.

Empire Life is a subsidiary of E-L Financial. Since 1923, Empire Life has provided individual and group life and health insurance, investment, and retirement products to Canadians. Empire Life's mission is to make it simple, fast and easy for Canadians to get the products and services they need to build wealth, generate income and achieve financial security. As of March 31, 2023, Empire Life had total assets under management of $18-billion.