September 25, 2016 2:41 AM ET

Insurance

Company Overview of The Empire Life Insurance Company

Company Overview

The Empire Life Insurance Company underwrites life and health insurance policies in Canada. It operates through three segments: Wealth Management, Employee Benefits, and Individual Insurance. The company offers individual insurance products, such as non-participating and participating individual life and health insurance products; and benefit plans to employers, including medical, dental, disability, and life insurance coverage for their employees. It also provides wealth management products comprising segregated funds, mutual funds, guaranteed interest rate annuities, and annuities providing income for life. The company was founded in 1923 and is headquartered in Kingston, Canada. The Empir...

259 King Street East

Kingston, ON K7L 3A8

Canada

Founded in 1923

830 Employees

Phone:

613-548-1881

Key Executives for The Empire Life Insurance Company

Chief Executive Officer, President, Director and Member of Risk & Capital Committee
Interim Chief Financial Officer
Senior Vice President of Group Solutions
Senior Vice-President of Retail
Chief Technology Officer and Senior Vice-President
Compensation as of Fiscal Year 2016.

The Empire Life Insurance Company Key Developments

The Empire Life Insurance Company Appoints Ron Friesen as Senior Vice-President and Chief Financial Officer, Effective October 3, 2016

The Empire Life Insurance Company announced the appointment of Ron Friesen, CPA, CA, as Senior Vice-President and Chief Financial Officer, effective October 3, 2016. Ron Friesen is an experienced financial services executive, with more than 20 years in senior leadership roles in banking and insurance in Canada and the United States. Mr. Friesen takes over from Scott Ewert, CPA, CA, Vice-President and Chief Financial Officer of E-L Financial Corporation Limited, who assumed the responsibilities of Chief Financial Officer for Empire Life on an interim basis following the retirement of Gary McCabe earlier this year.

The Empire Life Insurance Company Declares Cash Dividend on Non-Cumulative Rate Reset Preferred Shares, Series 1, Payable on October 17, 2016

The Empire Life Insurance Company (Empire Life) has declared a cash dividend on the Non-Cumulative Rate Reset Preferred Shares, Series 1, being $0.359375 per share to be paid on October 17, 2016 to shareholders of record September 16, 2016.

Empire Life Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2016

Empire Life reported earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company's earnings on operations before income taxes were $35.0 million compared to $43.7 million a year ago. Income before income tax was $35.7 million compared to $57.4 million a year ago. Common shareholders' net income was $24.8 million or $25.21 per basic and diluted share compared to $44.6 million or $45.34 per basic and diluted share a year ago. ROE was 8.7% against 16.9% a year ago. For the six months, the company’s earnings on operations before income taxes were $84.9 million compared to $65.2 million a year ago. Income before income tax was $87.9 million compared to $90.9 million a year ago. Common shareholders' net income was $62.1 million or $63.02 per basic and diluted share compared to $70.2 million or $71.30 per basic and diluted share a year ago. Second quarter and year to date common shareholders' net income and ROE were lower relative to 2015 primarily due to higher net losses on hedging instruments, lower profit from the Employee Benefits product line and the payment of preferred share dividends in 2016. ROE was 11.0% against 13.5% a year ago.

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Recent Private Companies Transactions

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Date
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No transactions available in the past 12 months.
 

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