Mr. Scott Ewert reports

E-L FINANCIAL CORPORATION LIMITED ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted a notice filed by E-L Financial Corp. Ltd. of its intention to proceed with the renewal of its normal course issuer bid (the bid) to be transacted through the facilities of the exchange or through alternative Canadian trading systems.

The notice provides that the company may, during the 12-month period commencing March 12, 2024, and ending March 11, 2025, purchase up to 173,086 common shares in the capital of the company in total, being approximately 5 per cent of the total number of 3,461,722 shares outstanding as at Feb. 27, 2024. The price which the company will pay for any such shares will be the prevailing market price at the time of acquisition. The actual number of shares which may be purchased pursuant to the bid will be determined by management of the company. Any shares purchased pursuant to the bid will be cancelled.

The average daily trading volume of the shares on the exchange for the most recently completed six calendar months is 368. Under the bid, the company may purchase up to 1,000 shares on the exchange during any trading day.

The timing of purchases will be determined by management of the company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash and other factors. The funding for any purchase pursuant to the bid will be financed out of the working capital of the company.

The company's previous normal course issuer bid (the previous NCIB) expires on March 8, 2024. Under the previous NCIB, the company obtained the approval of the exchange to purchase up to 177,854 shares, which represented 5 per cent of the 3,557,090 shares issued and outstanding as at the close of business on Feb. 24, 2023. The company purchased on the open market and cancelled an aggregate of 4,700 shares under the previous NCIB at an average price of $900.78 per share.

The board of directors believes that, in the event the shares trade in a price range that does not fully reflect their value, the purchase of the shares would be an appropriate use of corporate funds in the best interests of the company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold shares by increasing their equity interest in the company if the repurchased shares are cancelled.

About E-L Financial Corp. Ltd.

The company operates as an investment and insurance holding company. In managing its operations, the company 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 the company. 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 investment, insurance and group benefits coverage they need to build wealth, generate income and achieve financial security.

We seek Safe Harbor.