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

E-L Financial Corporation Limited

May 07, 2007 11:48 ET

E-L Financial Corporation Limited Announces March 31, 2007 Interim Financial Results

TORONTO, ONTARIO--(CCNMatthews - May 7, 2007) - E-L Financial Corporation Limited ("E-L Financial")(TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G) today reported that for the quarter ended March 31, 2007, it earned net operating income of $10.3 million or $2.33 per share compared with $32.3 million or $9.31 per share for the comparable period last year.

Total net income, including investment gains and income from Equity method investment, for the three month period was $30.6 million or $8.43 per share compared with $88.3 million or $26.15 per share for the comparable period last year.

As a result of the adoption of the new CICA Financial Instrument Standards, the most significant effect was that net income in the comparable period last year included $26.6 million of appreciation on portfolio investments which is no longer included in the determination of net income.

The decline in general insurance results reflect a higher number of large commercial property claims, a higher frequency of weather related personal property claims and a higher automobile claims frequency.



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March 31, 2007
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Corporate General Life
investments insurance insurance Total
----------- ----------- ----------- ---------
Revenue $ 6,170 $ 287,858 $ 219,388 $ 513,416
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Net income:
Income excluding the
undernoted $ 3,642 $ 5,930 $ 706 $ 10,278
Realized gain on Available
for sale investments 360 12,560 6,416 19,336
Income from Equity method
investment 969 - - 969
----------- ----------- ----------- ---------
$ 4,971 $ 18,490 $ 7,122 $ 30,583
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March 31, 2006
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Corporate General Life
investments insurance insurance Total
------------ ----------- ----------- ---------

Revenue $ 69,830 $ 288,372 $ 217,552 $ 575,754
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Net income:
Income excluding the
undernoted $ 4,197 $ 24,887 $ 3,210 $ 32,294
Amortization of investment
gains - - 6,852 6,852
Gain on sale of investments 1,490 7,477 - 8,967
Income from Equity method
investment 13,652 - - 13,652
Change in unrealized
appreciation of portfolio
investments 26,576 - - 26,576
------------ ----------- ----------- ---------
$ 45,915 $ 32,364 $ 10,062 $ 88,341
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Contact Information

  • E-L Financial Corporation Limited
    Mark M. Taylor
    Executive Vice-President and Chief Financial Officer
    (416) 947-2578
    (416) 362-0792 (FAX)