Canadian Life Companies Split Corp.: Initiates Dividend for Class A Shares and Declares Preferred Share Dividend

TORONTO, ONTARIO--(Marketwired - Nov. 19, 2013) - Canadian Life Companies Split Corp (the "Company") is pleased to declare a $0.60 per year dividend on its Class A shares (TSX:LFE). The dividend provides a current yield of 11.7% based on the November 18^th closing price on the TSX. The Class A shares have enjoyed strong capital appreciation this year due to the solid performance of its underlying portfolio. The company's board of directors will consider further increases to the dividend as the underlying portfolio increases.

The Company may declare monthly dividends on its Class A shares when the undiluted net asset value (NAV) per unit of the Company exceeds $15. The NAV as of November 15, 2013 was $15.33 therefore the Company declares its monthly distribution of $0.05 for each Class A share ($0.60 annually) and $0.05208 for each Preferred share ($0.625 annually). Distributions are payable December 10, 2013 to shareholders on record as of November 29, 2013.

The Company invests in a portfolio of four publicly traded Canadian life insurance companies as follows: Great-West Life, Industrial Alliance, Manulife Financial and Sun Life Financial. Shares held within the portfolio are expected to range between 10-30% in weight but may vary at any time.