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

E-L Financial Corporation Limited

October 31, 2006 13:58 ET

E-L Financial Corporation Limited Announces September 30, 2006 Interim Financial Results

TORONTO, ONTARIO--(CCNMatthews - Oct. 31, 2006) - 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 September 30, 2006, it earned net operating income of $29.6 million or $8.47 per share compared with $37.4 million or $10.85 per share for the comparable period last year. On a year to date basis, E-L Financial earned net operating income of $102.6 million or $29.63 per share compared with $94.2 million or $27.12 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 quarter was $77.7 million or $22.94 per share compared with $67.8 million or $19.99 per share for the comparable period last year. On a year to date basis, E-L Financial earned net income of $186.9 million or $54.96 per share compared with $194.6 million or $57.30 per share in 2005.



E-L FINANCIAL CORPORATION LIMITED

CONSOLIDATED SUMMARY OF REVENUE AND NET INCOME
For the nine months ended September 30
(thousands of dollars)

2006
---------------------------------------------
Corporate General Life
investments insurance insurance Total
---------------------------------------------
Revenue $ 77,734 $ 864,504 $ 658,084 $ 1,600,322
---------------------------------------------
---------------------------------------------
Net income:
Income excluding the
undernoted $ 11,218 $ 77,619 $ 13,778 $ 102,615
Amortization of investment
gains - - 17,395 17,395
Gain on sale of investments 3,484 21,709 - 25,193
Income from equity investment 13,744 - - 13,744
Change in unrealized
appreciation of portfolio
investments 27,992 - - 27,992
---------------------------------------------
$ 56,438 $ 99,328 $ 31,173 $ 186,939
---------------------------------------------
---------------------------------------------

2005
---------------------------------------------
Corporate General Life
investments insurance insurance Total
---------------------------------------------
Revenue $ 141,362 $ 867,597 $ 601,411 $ 1,610,370
---------------------------------------------
---------------------------------------------
Net income:
Income excluding the
undernoted $ 12,650 $ 70,781 $ 10,767 $ 94,198
Amortization of investment
gains - - 17,842 17,842
Gain on sale of investments 1,707 9,694 - 11,401
Income from equity investment 32,310 - - 32,310
Change in unrealized
appreciation of portfolio
investments 38,864 - - 38,864
---------------------------------------------
$ 85,531 $ 80,475 $ 28,609 $ 194,615
---------------------------------------------
---------------------------------------------


E-L FINANCIAL CORPORATION LIMITED

CONSOLIDATED STATEMENT OF INCOME
For the nine months ended September 30
(thousands of dollars except per share amounts)

2006 2005
---------------------------
REVENUE
Insurance premiums $ 1,124,310 $ 1,112,256
Annuity premiums 83,007 82,864
Investment and other income 259,742 243,216
Amortization of realized investment gains 26,329 23,928
Amortization of unrealized investment gains 16,641 13,916
Income from equity method investment 14,972 38,859
Change in unrealized appreciation of portfolio
investments 44,285 81,229
Gain on sale of investments 31,036 14,102
---------------------------
1,600,322 1,610,370
---------------------------

EXPENSES
Claims and policy benefits 886,146 905,344
Commissions 247,754 237,952
Operating 144,542 128,410
---------------------------
1,278,442 1,271,706
---------------------------

Income before the undernoted items 321,880 338,664
---------------------------

Taxes
Income 71,757 74,035
Premium 33,895 33,797
Investment and capital 2,400 2,361
---------------------------
108,052 110,193
---------------------------

Income before policyholders' and
minority shareholders' interest 213,828 228,471

Policyholders' and minority shareholders'
portion of income 26,889 33,856
---------------------------

NET INCOME $ 186,939 $ 194,615
---------------------------
---------------------------

NET INCOME PER SHARE $ 54.96 $ 57.30

TOTAL ASSETS (including segregated funds) $ 10,420,130 $ 9,507,998

CAPITAL AND SURPLUS $ 2,117,561 $ 1,818,429



Contact Information

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