TORONTO, May 12, 2026 /CNW/ - E-L Financial Corporation Limited ("E-L Financial" or the "Company") (TSX: ELF) (TSX: ELF.PR.F) (TSX: ELF.PR.G) (TSX: ELF.PR.H) today reported a net equity value per common share of $24.48 as at March 31, 2026, a decrease of 3.8% compared to $25.45 as at December 31, 2025 and an increase of 10.4% compared to $22.17 at March 31, 2025.
For the three months ended March 31, 2026, E-L Financial reported a consolidated shareholders' net income of $32 million or $0.09 per common share compared to $86 million or $0.24 per common share as at March 31, 2025.
E-L Corporate
E-L Corporate reported net income of $26 million for the first quarter of 2026 compared to $16 million in 2025. The increase in earnings was due to a higher share of income from associates of $56 million for the first quarter of 2026 compared to $1 million in 2025. E-L Corporate's global investment portfolio had a pre-tax total return, including dividend income, of negative 1% in 2026 compared to a pre-tax total return of 1% in the prior year.
Empire Life
Empire Life reported a net income of $6 million for the first quarter of 2026 compared to $70 million in 2025. The year-over-year decline was primarily driven by less favourable market-related impacts in the current quarter relative to the same period in the prior year.
Empire Life's Life Insurance Capital Adequacy Test total ratio was 150% at March 31, 2026 compared to 153% at December 31, 2025, well above the requirements set by the Office of the Superintendent of Financial Institutions Canada as well as Empire Life's minimum internal targets.
CONSOLIDATED SUMMARY OF NET INCOME
(UNAUDITED)
E-L Financial Consolidated | First quarter |
(millions of dollars) | 2026 | 2025 |
Contribution to net income |
|
|
E-L Corporate(1) | $ | 26 | $ | 16 |
Empire Life(1) | 6 | 70 |
Net income | $ | 32 | $ | 86 |
|
|
|
|
E-L Corporate | First quarter |
(millions of dollars) | 2026 | 2025 |
Net loss on investments | $ | (119) | $ | (70) |
Investment and other income | 71 | 81 |
Share of associates' income | 56 | 1 |
| 8 | 12 |
Expenses | 14 | 13 |
Income taxes | (9) | (10) |
Non-controlling interests | (23) | (7) |
| (18) | (4) |
Net income | $ | 26 | $ | 16 |
|
|
|
|
Empire Life | First quarter |
(millions of dollars) | 2026 | 2025 |
Net insurance service result | $ | 35 | $ | 50 |
Net investment and insurance finance result | 12 | 80 |
Fee and other income(2) | 17 | 8 |
| 64 | 138 |
Expenses | 53 | 40 |
Income and other taxes | — | 24 |
Non-controlling interests and net income attributable to the participating account | 5 | 4 |
| 58 | 68 |
Net income | $ | 6 | $ | 70 |
(1) Net of non-controlling interests and net income attributable to the participating account |
(2) Included in non-insurance investment income |
Non-GAAP Measures
The Company uses non-GAAP measures including net equity value and growth in net equity value per common share to provide investors with measures of its operating performance that may not otherwise be apparent when relying solely on International Financial Reporting Standards ("IFRS Accounting Standards") financial measures. 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. The growth in net equity value per common share and compounded annual growth in net equity value per common share is calculated as the change in net equity value per share for the respective period and includes dividends paid to common shareholders.
The Company also uses assets under management to provide investors with supplemental measures of Empire Life's operating performance and to highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS Accounting Standards financial measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers.
About E-L Financial
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 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, 2026, Empire Life had total assets under management of $21 billion.
SOURCE E-L Financial Corporation Limited
View original content: http://www.newswire.ca/en/releases/archive/May2026/12/c4112.html
For further information please contact: Scott F. Ewert, Vice President and Chief Financial Officer, E-L Financial Corporation Limited, Telephone: (416) 947-2578 Fax: (416) 362-0792