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Oct 30, 2025 4:00 PM

Empire Life reports third quarter results

Q3 2025 highlights (compared to Q3 2024)

Common shareholders' net income of $93 million (compared to net income of $177 million)

Earnings per share (basic and diluted) of $94.60 (compared to $179.88)

KINGSTON, ON, Oct. 30, 2025 /CNW/ - The Empire Life Insurance Company (Empire Life) reported third quarter Common shareholders' net income of $93 million. This strong result reflected a solid Net investment and insurance finance result, due to positive impacts from interest rate movements. While Common shareholders' net income decreased $84 million compared to the third quarter of 2024, this is primarily attributable to an even more favourable Net investment and insurance finance result in the comparative period. In addition to this, the impacts of assumption updates were more favourable in the third quarter of 2024 than in the current period.

"In our third quarter, we experienced solid growth in our new sales and deposits within our insurance and investment lines. Our segregated fund assets have seen steady growth, surpassing $10 billion this quarter," says Mark Sylvia, President and Chief Executive Officer. "Our Life Insurance Capital Adequacy Test (LICAT) ratio also remains very strong due to our robust capital base."

Financial highlights

Third Quarter

Year to Date

(in millions of dollars except per share amounts)

2025

2024

2025

2024

Common shareholders' net income (loss)

$                   93

$                 177

$                 195

$                 265

Earnings per share - basic and diluted

$              94.60

$            179.88

$            198.36

$            268.68

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

Other Financial Highlights

2025

2025

2025

2024

2024

Return on common shareholders' equity(1)

12.3 %

17.6 %

18.1 %

17.4 %

24.0 %

LICAT total ratio

145 %

142 %

140 %

151 %

154 %

(1)      See Non-IFRS measures section.

The following table provides a summary of Empire Life results for the three and nine months ended September 30, 2025 and 2024.

For the three months ended

For the nine months ended

(in millions of dollars)

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Insurance service result

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