For the year ended December 31, 2025, E-L Financial reported a consolidated shareholders' net income of $1,234 million or $3.62 per common share compared to $1,563 million or $4.60 per common share as at December 31, 2024. For the fourth quarter ended December 31, 2025, E-L Financial reported a consolidated shareholders' net income of $213 million or $0.62 per common share compared to $287 million or $0.84 per common share in 2024.
Today the Board of Directors of E-L Financial declared a quarterly dividend of $0.04 per common share payable on April 17, 2026, with a record date of March 31, 2026.
"E-L Financial achieved outstanding financial results in 2025, driven by robust performance across our diversified portfolio. Our E-L Corporate segment delivered exceptional returns, bolstered by favorable public market performance and the continued strength of our global investment portfolio. This was complemented by solid growth from Empire Life, underscoring the stability of our life insurance business. In recognition of this tremendous calendar-year performance, E-L Financial declared a special dividend in early 2026," stated Duncan N.R. Jackman, Chairman, President, and CEO of E-L Financial.
E-L Corporate
For the year ended December 31, 2025, E-L Corporate reported net income of $1,034 million compared to $1,284 million in 2024 with two consecutive years of strong investment returns. E-L Corporate's global investment portfolio had a pre-tax total return, including dividend income, of 19% in 2025 compared to a pre-tax total return of 26% in the prior year.
E-L Corporate reported net income of $208 million for the fourth quarter of 2025 compared to $271 million in 2024 with a net gain on investments of $211 million in 2025 compared to $301 million in 2024. E-L Corporate's global investment portfolio had a pre-tax total return, including dividend income, of 3% for the fourth quarter of 2025 compared to a pre-tax total return of 4% for the same period in the prior year.
Empire Life
For the year ended December 31, 2025, Empire Life reported a net income of $200 million compared to $279 million in 2024. The decrease primarily reflects decreased net investment and insurance finance results due to less favourable impacts from interest rate movements and insurance contract liability assumption updates. Increased non-insurance expenses also contributed to the reduced year-over-year performance.
Empire Life reported a net income of $5 million for the fourth quarter of 2025 compared to $16 million in 2024. This result reflects improved net investment and insurance finance results, due to favourable non-fixed income asset performance, and stronger net insurance service results from the Individual Insurance segment. This was entirely offset by an increase in non-insurance expenses related to increased investments in information systems and workforce costs.
Empire Life's Life Insurance Capital Adequacy Test total ratio was 153% at December 31, 2025 compared to 151% at December 31, 2024 and 145% at September 30, 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
E-L Financial Consolidated
Fourth quarter
Year
(millions of dollars)
2025
2024
2025
2024
Contribution to net income
E-L Corporate(1)
