Empire Life sees huge leap in net income

Empire Life sees huge leap in net income | Insurance Business Canada

Life & Health

Empire Life sees huge leap in net income

Result attributed to a more favourable economic environment

Life & Health

By
Terry Gangcuangco

The Empire Life Insurance Company has released its earnings report for the fourth quarter and full-year 2023.

Here’s how the insurer performed in the periods:

Metric

Q4 2023

Q4 2022 (restated)

FY 2023

FY 2022 (restated)

Net insurance service result

$48 million

$58 million

$181 million

$193 million

Net income after taxes

$138 million

$13 million

$190 million

$59 million

Common shareholders’ net income

$111 million

$5 million

$156 million

$55 million

The company noted: “Empire Life reported fourth-quarter common shareholders’ net income of $111 million for 2023, compared to net income of $5 million for the fourth quarter of 2022.

“Net insurance service result decreased $10 million in the fourth quarter compared to the same period in 2022, primarily due to higher expenses in our wealth management product line.”

Commenting on the past year’s trading, president and chief executive Mark Sylvia said: “During 2023, we focussed on expanding our suite of investment solutions to provide our clients with choice and diversification opportunities. This included two growth-focused segregated funds to help Canadians achieve their financial goals.

“Additionally, the current market environment has resulted in sales trending toward our short-term investment products and has yielded positive investment results for the year.”

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