E-L Financial Corporation Limited Announces December 31, 2014 Year End Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 03/05/15 -- E-L Financial Corporation Limited ("E-L Financial") (TSX: ELF)(TSX: ELF.PR.F)(TSX: ELF.PR.G)(TSX: ELF.PR.H) today reported for the year ended December 31, 2014, consolidated net operating income from continuing operations(1) of $127.1 million or $28.41 per share(2) compared with $140.6 million or $31.84 per share in 2013. The $13.5 million decrease in net operating income in 2014 versus 2013 is principally due to the unfavourable impact of long-term interest rate movements relating to the insurance operation''s ("Empire Life''s") Individual Insurance product line in 2014 compared to the favourable movements in 2013. The decline in operating income was partially offset by a $3.2 million increase in E-L Corporate''s(3) operating income, resulting from increased dividend income from the deployment of $650 million into equities from the proceeds on the sale of The Dominion of Canada General Insurance Company ("The Dominion") in 2013.
E-L Financial earned consolidated net income from continuing operations of $394.5 million in 2014 compared with $596.6 million in 2013. The $202.1 million decline in net income is primarily attributed to a decline in E-L Corporate''s income from fair value through profit or loss ("FVTPL") investments which decreased from $396.0 million in 2013 to $229.8 million in 2014, reflecting the more favourable impact of global stock market movements in the prior year.
On November 1, 2013, the Company completed the sale of its formerly wholly-owned subsidiary, The Dominion, to The Travelers Companies, Inc. for gross proceeds of $1.08 billion, resulting in an after-tax gain of $266.4 million. This gain combined with The Dominion''s ten month earnings for 2013 of $44.7 million resulted in $311.1 million earned from discontinued operations.
Net income from continuing and discontinued operations resulted in E-L Financial earning total consolidated net income of $394.5 million or $96.51 per share compared with $907.7 million or $227.18 per share in 2013.
E-L Financial earned consolidated comprehensive income of $428.0 million or $105.04 per share compared to $871.6 million or $217.99 per share in 2013. Consolidated other comprehensive income ("OCI") was $33.5 million compared with other comprehensive loss ("OCL") of $36.1 million in 2013. The loss in 2013 is mainly due to the reclassification of significant gains relating to The Dominion''s liquidation of its common share portfolio.
E-L Financial''s net equity value per Common Share(1) at December 31, 2014 was $970.65.
"In 2014, we continued to benefit from the upward momentum in global equity markets. However, the returns on our investment portfolio were lower than the previous year as markets were not as strong. Our life insurance operations had another solid year, delivering a return on equity of 10.4%. The individual insurance line results were weaker due to a deteriorating yield environment as interest rates retraced their path lower from the previous year. This was offset by strong results in the other lines of business which benefited from favourable stock market conditions. Overall, we are very pleased. In addition, the board of directors would like to extend their gratitude to retiring CFO, Mark Taylor, for his dedication and commitment to the company for over 25 years. We welcome Scott Ewert who will assume the role of CFO on March 9, 2015," said Duncan Jackman, Chairman, President and CEO of E-L Financial.
Contacts:
E-L Financial Corporation Limited
Mark M. Taylor
Executive Vice-President and Chief Financial Officer
(416) 947-2578
(416) 362-2592 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 05.03.2015 - 13:10 Uhr
Sprache: Deutsch
News-ID 1342224
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
TORONTO, ONTARIO
Phone:
Kategorie:
Investment Services & Trading
Anmerkungen:
Diese Pressemitteilung wurde bisher 160 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"E-L Financial Corporation Limited Announces December 31, 2014 Year End Financial Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
E-L Financial Corporation Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
