E-L Financial Corporation Limited
TSX : ELF
TSX : ELF.PR.F
TSX : ELF.PR.G

E-L Financial Corporation Limited

March 05, 2007 13:31 ET

E-L Financial Corporation Limited Announces December 31, 2006 Year End Financial Results

TORONTO, ONTARIO--(CCNMatthews - March 5, 2007) - E-L Financial Corporation Limited (TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G) today reported that for the year ended December 31, 2006, it earned net operating income of $141.1 million or $40.44 per share compared with $130.4 million or $37.59 per share in 2005. Net operating income is before investment gains and income from the equity method investment.

Total net income, including investment gains and income from the equity method investment, for the year was $372.5 million or $109.97 per share compared with $293.7 million or $86.68 per share in 2005.



E-L FINANCIAL CORPORATION LIMITED

CONSOLIDATED SUMMARY OF REVENUE AND NET INCOME
For the year ended December 31
(thousands of dollars)

2006
-------------------------------------------------
Corporate General Life
investments insurance insurance Total
----------- ----------- --------- -----------
Revenue $ 223,730 $ 1,174,387 $ 922,677 $ 2,320,794
----------- ----------- --------- -----------
----------- ----------- --------- -----------
Net income:
Income excluding the
undernoted $ 16,943 $ 103,972 $ 20,178 $ 141,093
Amortization of
investment gains - - 25,590 25,590
Gain on sale of
investments 14,229 45,551 - 59,780
Income from equity
investment 48,874 - - 48,874
Change in unrealized
appreciation of portfolio
investments 97,183 - - 97,183
----------- ----------- --------- -----------
$ 177,229 $ 149,523 $ 45,768 $ 372,520
----------- ----------- --------- -----------
----------- ----------- --------- -----------

2005
-------------------------------------------------
Corporate General Life
investments insurance insurance Total
----------- ----------- --------- -----------
Revenue $ 222,014 $ 1,168,264 $ 810,913 $ 2,201,191
----------- ----------- --------- -----------
----------- ----------- --------- -----------
Net income:
Income (loss) excluding
the undernoted $ 12,347 $ 118,835 $ (791) $ 130,391
Amortization of
investment gains - - 25,187 25,187
Gain on sale of
investments 9,081 20,361 - 29,442
Income from equity
investment 43,678 - - 43,678
Change in unrealized
appreciation of
portfolio investments 65,005 - - 65,005
----------- ----------- --------- -----------
$ 130,111 $ 139,196 $ 24,396 $ 293,703
----------- ----------- --------- -----------
----------- ----------- --------- -----------



E-L FINANCIAL CORPORATION LIMITED

CONSOLIDATED STATEMENT OF INCOME
For the year ended December 31
(thousands of dollars except per share amounts)

2006 2005
------------- ----------
REVENUE
Insurance premiums $ 1,508,445 $ 1,491,240
Annuity premiums 120,425 109,468
Investment and other income 374,867 327,806
Amortization of realized investment gains 39,965 32,398
Amortization of unrealized investment gains 22,002 19,397
Income from equity method investment 56,850 52,432
Change in unrealized appreciation of
portfolio investments 124,951 132,094
Gain on sale of investments 73,289 36,356
------------- ----------
2,320,794 2,201,191
------------- ----------

EXPENSES
Claims and policy benefits 1,220,550 1,194,593
Commissions 331,405 318,936
Operating 195,618 178,487
------------- ----------
1,747,573 1,692,016
------------- ----------

Income before the undernoted items 573,221 509,175
------------- ----------

Taxes
Income 119,499 116,995
Premium 44,965 45,071
Investment and capital 3,109 3,398
------------- ----------
167,573 165,464
------------- ----------

Income before policyholders' and
minority shareholders' interest 405,648 343,711

Policyholders' and minority shareholders'
portion of income 33,128 50,008
------------- ----------

NET INCOME $ 372,520 $ 293,703
------------- ----------
------------- ----------

NET INCOME PER SHARE
Basic $ 109.97 $ 86.68
Diluted $ 104.21 $ 80.43

TOTAL ASSETS (including segregated funds) $ 11,206,412 $ 9,830,984

SHAREHOLDERS' EQUITY $ 2,397,721 $ 1,915,670


Contact Information

  • E-L Financial Corporation Limited
    Mark M. Taylor
    Executive Vice-President and Chief Financial Officer
    (416) 947-2578
    (416) 362-2592 (FAX)