Empire Life

Empire Life
E-L Financial Corporation Limited

E-L Financial Corporation Limited

May 05, 2009 12:17 ET

DBRS Assigns Ratings to Empire Life

KINGSTON, ONTARIO--(Marketwire - May 5, 2009) - The Empire Life Insurance Company (Empire Life) and E-L Financial Corporation Limited (E-L Financial) (TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G) today announced new ratings by DBRS Limited (formerly Dominion Bond Rating Service) for Empire Life. DBRS is assigning Empire Life an Issuer Rating of A, a Subordinated Debt Rating of A (low), and a Claims Paying Rating of IC-2. All ratings have a Stable trend.

This is the first time DBRS has rated Empire Life. In explaining the rationale for the ratings, DBRS noted that the Company's focus on relationship marketing and superior customer service aimed at specific markets and distribution channels helped offset challenges presented by being a smaller company in an industry dominated by larger competitors.

"This strong rating demonstrates the strength of Empire Life as the eighth largest player in the life insurance industry in Canada and allows us to manage our capital ratio and continue to grow," says Mr. Les Herr, President and Chief Executive Officer, Empire Life.

The press release is available from DBRS at www.dbrs.com under "Press Releases".

About Empire Life

A subsidiary of E-L Financial Corporation Limited and in business since 1923, Empire Life provides financial security and wealth management solutions for the changing needs of Canadians. The Company's financial strength is rated A (Excellent) by A.M. Best Company, Inc., as at June 2, 2008 and reflects excellent capitalization, continued strong growth in segregated fund assets, consistent profitability and expanding distribution. The success of Empire Life comes from a commitment to being approachable and responsive to the needs of its clients and business partners, consistently solid investment performance and faith in its employees as future leaders.

Contact Information

  • The Empire Life Insurance Company
    Julie Tompkins
    Director, Corporate Communications
    613-548-1890 or 1-877-548-1881, ext. 3301
    E-L Financial Corporation Limited
    Mark Taylor
    Executive Vice-President and Chief Financial Officer