Mr. Scott Ewert reports

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

E-L Financial Corp. Ltd. had net equity value per common share of $1,968.17 as at Dec. 31, 2023, an increase of 10.2 per cent compared with $1,785.66 as at Dec. 31, 2022, and an increase of 9.9 per cent compared with $1,791.68 as at Sept. 30, 2023. On a 10-year basis, E-L Financial reported a 9.5-per-cent compounded annual growth in the net equity value per common share, including dividends.

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 (IFRS 17) insurance contracts and IFRS 9 financial instruments (IFRS 9). Fiscal 2023 marked the first year of reporting under IFRS 17 and 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 16.9 per cent for 2023.

For the year ended Dec. 31, 2023, E-L Financial reported a consolidated net income of $933-million or $265.60 per common share compared with a net loss of $326-million or $96.03 per common share in 2022. For the fourth quarter ended Dec. 31, 2023, E-L Financial reported a consolidated net income of $501-million or $144.61 per common share compared with $376-million or $107.62 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 April 17, 2024, with a record date of March 28, 2024.

"Two thousand twenty-three was a monumental year for our insurance company, Empire Life, as we celebrated the company's 100th anniversary. I congratulate the people who have contributed to Empire Life's success and accomplishments over the past 100 years.

"Two thousand twenty-three was a year of strong performance in our investment portfolios and is consistent with our strategy to deliver long-term growth to our shareholders," said Duncan N.R. Jackman, chairman, president and chief executive officer of E-L Financial.

E-L Corporate

For the year ended Dec. 31, 2023, E-L Corporate reported net income of $778-million compared with a net loss of $381-million in 2022. The increase in earnings was due to a net gain on investments of $948-million in 2023 compared with a net loss of $767-million in 2022. E-L Corporate's global investment portfolio had a pretax total return, including dividend income, of 19 per cent in 2023 compared with a pretax total return of negative 11 per cent for the prior year.

E-L Corporate reported net income of $391-million for the fourth quarter ended Dec. 31, 2023, compared with $371-million in 2022. The increase in the net income was due to larger gains from the global investment portfolio of $516-million in 2023 compared with $451-million for the fourth quarter of 2022. E-L Corporate's global investment portfolio had a pretax total return, including dividend income, of 9 per cent for the fourth quarters of both 2023 and 2022.

Empire Life

For the year ended Dec. 31, 2023, Empire Life reported net income of $155-million compared with $55-million in 2022. The increase in year to date earnings compared with the prior year was primarily due to higher net investment and insurance finance results driven by a more favourable economic environment from interest rate movements and positive equity returns.

Empire Life reported net income of $110-million for the fourth quarter of 2023 compared with $5-million for the fourth quarter of 2022. The increase in fourth quarter earnings over prior year was primarily due to higher net investment and insurance finance results driven by a more favourable economic environment from interest rate movements and positive equity returns.

Empire Life's life insurance capital adequacy test (LICAT) total ratio was 155 per cent at Dec. 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. The Dec. 31, 2022, LICAT result has not been adjusted for the impacts from the adoption of IFRS 17 and IFRS 9.

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.