The Empire Life Insurance Company reported strong full-year 2024 financial results with common shareholders' net income reaching $281 million, an 80% increase from $156 million in 2023.
The company's board of directors declared a cash dividend of $72.3294446 per common share, payable April 8, 2025, to shareholders of record on March 14, 2025.
For holders of Non-Cumulative Rate Reset Preferred Shares, Series 3, the board declared a dividend of $0.38668750 per share, payable April 17, 2025, to shareholders of record on March 18, 2025.
Fourth quarter results show common shareholders' net income of $16 million, down from $111 million in Q4 2023, primarily due to investment income in the prior year's fourth quarter that did not recur.
"Our strong year-end results reflect an ongoing commitment to provide expertise and intelligent solutions to help Canadians navigate life with confidence," said Mark Sylvia, president and chief executive officer.
The annual improvement was driven by favourable net investment and insurance finance results due to advantageous interest rate movements and updates to insurance contract liability assumptions.
Net insurance service results decreased by $5 million in 2024 compared to the prior year, primarily due to adverse claims experience in individual insurance and group solutions product lines, partially offset by improved expense management in wealth management.
Empire Life maintained strong capital adequacy with a life insurance capital adequacy test total ratio of 151% at December 31, 2024, well above regulatory requirements.
The company noted early success with its new segregated fund portfolios and First Home Savings Account launch, while maintaining its focus on "prudent capital management, innovation and service excellence" for 2025.
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