Empire Life Releases 2011 Year-End Financial Results
Total Assets Grow to $10 Billion
(firmenpresse) - KINGSTON, ONTARIO -- (Marketwire) -- 03/29/12 -- The Empire Life Insurance Company (Empire Life) today released its 2011 year-end financial results.
Shareholders' net income was $32.3 million, up from $19.8 million in 2010. The Employee Benefits product line had a strong year with $15.1 million in net income, up from $12.8 million last year. Wealth Management results were also favourable with $16.2 million in net income, up from $9.6 million in 2010. Continued low interest rates had an unfavourable impact on the profitability of the non-participating Individual Insurance line resulting in a net loss for this line of $33.8 million compared to a net loss of $22.9 million in 2010.
The unfavourable impact of low interest rates on the Individual Insurance line was partly offset by favourable mortality experience and favourable changes in actuarial methods related to mortality. Low interest rates are a continuing issue for life insurance products and Empire Life will continue to review pricing of its products in light of this environment.
"Let's face it, 2011 was a tough year for life insurance companies. Overall, our results were positive given the volatile markets, continued low interest rates and other macroeconomic factors," said Les Herr, President and Chief Executive Officer. "Our strategy of having three major product lines has paid off, with strong results in two lines helping to offset the difficult environment in the individual insurance line."
Other results
The Empire Life Annual General Meeting will take place on Wednesday, April 25, 2012 in Toronto, Ontario. The management proxy information circular and annual report is being mailed during the first week of April to shareholders and participating policyholders who request notice of the meeting. The company's 2011 Annual Report is now available for viewing and download at .
About Empire Life
A subsidiary of E-L Financial Corporation Limited and in business since 1923, Empire Life helps Canadians build wealth and protect their financial security with competitive individual and group life and health insurance, investment and retirement products. The company's vision is to be the leading, independently owned, Canadian financial services company committed to simplicity, being easy to do business with and having a personal touch.
Twitter cue: #EmpireLife Releases 2011 Year-end Financial Results
Contacts:
Empire Life
Julie Tompkins, Vice-President
Regulatory Affairs and Corporate Communications
613 548-1890, ext. 3301
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Datum: 29.03.2012 - 09:00 Uhr
Sprache: Deutsch
News-ID 1097963
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