Mr. Scott Ewert reports

E-L FINANCIAL CORPORATION LIMITED ANNOUNCES JUNE 30, 2023 FINANCIAL RESULTS

E-L Financial Corp. Ltd. had a net equity value per common share of $1,819.34 as at June 30, 2023, an increase of 1.9 per cent compared with $1,785.66 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 international financial reporting standards 17 insurance contracts and IFRS 9 financial instruments. The first quarter of 2023 marked the first quarter of reporting under IFRS 17 and IFRS 9 for the company. Excluding the impact of these accounting changes, the growth in net equity value per common share, including dividends, would have been 7.7 per cent for the first six months of 2023.

For the second quarter ended June 30, 2023, E-L Financial reported a consolidated net income of $184-million, or $52.07 per common share, compared with a net loss of $506-million, or $142.50 per common share, for the same period in 2022. For the first six months ended June 30, 2023, E-L Financial reported a consolidated net income of $489-million, or $139.08 per common share, compared with a net loss of $733-million, or $206.24 per common share, for the same period in 2022.

Today, the board of directors of E-L Financial declared a quarterly dividend of $3.75 per common share payable on Oct. 17, 2023, with a record date of Sept. 29, 2023.

E-L Corporate

E-L Corporate reported a net income of $185-million for the second quarter of 2023 compared with a net loss of $473-million for the comparative period in 2022. The increase in earnings was due to a net gain on investments of $212-million in 2023 compared with a net loss of $697-million for the second quarter of 2022. E-L Corporate's global investment portfolio had a pretax total return, including dividend income, of 4 per cent in the second quarter 2023 compared with a pretax total return of negative 12 per cent for the comparative period in the prior year.

E-L Corporate reported a net income of $438-million for the first six months of 2023 compared with a net loss of $747-million for the comparative period in 2022. The increase in earnings was due to a net gain on investments of $535-million in 2023 compared with a net loss of $1,159-million in 2022. E-L Corporate's global investment portfolio had a pretax total return, including dividend income, of 11 per cent in the first six months of 2023 compared with a pretax total return of negative 19 per cent for the same period in the prior year.

Empire Life

Empire Life reported a net loss of $1-million for the second quarter of 2023 compared with a net loss of $33-million for the second quarter of 2022. The lower net loss in the second quarter of 2023 compared with 2022 is primarily a result of a more favourable economic environment.

Empire Life reported a net income of $51-million for the first six months of 2023 compared with $14-million for the comparable period in 2022.

Empire Life's life insurance capital adequacy test (LICAT) total ratio was 151 per cent at June 30, 2023, compared with 152 per cent at March 31, 2023, and 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 June 30, 2023, Empire Life had total assets under management of $18-billion.