Empire Life posts $32M Q2 net income

The Empire Life Insurance Company reported a second-quarter net income of $32 million, down $3 million compared to the same quarter in 2024, the insurer said in a release Wednesday.

The decrease in net income was driven by an investment loss of $69 million and a drop in fee and other income.

These decreases were slightly offset by a net insurance service result that increased by $16 million in the second quarter compared to the same period last year. The change was primarily related to improved mortality experience in individual insurance segment and more favourable long-term disability claims experience in group insurance.

The net investment and insurance finance result fell by $10 million due to the unfavourable effect of interest rates compared to interest rate movements in the second quarter in 2024.

The company reported a life Insurance capital adequacy test total ratio of 142%. 

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.