Q4 2023 highlights (compared to restated Q4 2022)
Common shareholders’ net income of $111 million (compared to restated net income of $5 million)
Earnings per share (basic and diluted) of $112.15 (compared to restated $5.32)
2023 highlights (compared to restated 2022)
Common shareholders’ net income of $156 million (compared to restated net income of $55 million)
Earnings per share (basic and diluted) of $158.70 (compared to restated $55.72)
KINGSTON, ON, Feb. 28, 2024 /CNW/ – The Empire Life Insurance Company (Empire Life) reported fourth quarter common shareholders’ net income of $111 million for 2023, compared to a restated net income of $5 million for the fourth quarter of 2022. Full year common shareholders’ net income was $156 million compared to a restated net income of $55 million in 2022. The increase in both the fourth quarter and full year compared to the prior year was primarily due to higher net investment and insurance finance results driven by a more favourable economic environment from interest rate movements and positive equity returns.
“During 2023, we focused 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,” said Mark Sylvia, President and Chief Executive Officer. “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.”
Financial highlights
Fourth quarter
Year
(in millions of dollars except per share amounts)
2023
2022 restated
2023
2022 restated
Common shareholders’ net income (loss)
$ 111
$ 5
$ 156
$ 55
Earnings per share – basic and diluted
$ 112.15
$ 5.32
$ 158.70
$ 55.72
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
Other Financial Highlights
2023
2023
2023
2023
2022
Return on common shareholders’ equity(1)
10.5 %
3.9 %
6.6 %
4.4 %
4.0 %
LICAT total ratio(2)
155 %
152 %
151 %
152 %
138 %
(1)
See Non-IFRS Measures section.
(2)
Amounts prior to 2023 have not been adjusted for the impacts from the adoption of IFRS 17 and IFRS 9. For additional details on the 2022 amounts, please refer to Note 2.4 New and amended standards and interpretations in our Consolidated Financial Statements.
The following table provides a summary of Empire Life results for the three months and the year ended December 31, 2023 and 2022.
For the three months ended
For the year ended
(in millions of dollars)
Dec 31, 2023
Dec 31, 2022
Restated